Since I’m taking off early to enjoy the holidays with my fellow one-eyed monsters, I’m wrapping up my trading year with this Q4 performance review. Did I do better this time? See for yourself!
Forex Trade Ideas
|DATE||TRADE IDEA||P/L in pips||P/L in %|
|Oct 11||GBP/AUD Short-Term Pullback||+25||+0.012|
|Oct 18||EUR/AUD Triangle Breakdown||+60||+0.04|
|Oct 26||EUR/NZD Long-Term Floor||+50||+0.11|
|Nov 3||Quick Pullback on GBP/NZD||Canceled||Canceled|
|Nov 9||AUD/JPY Post-Election Downtrend||-495||-0.50|
|Nov 10||GBP/CHF Resistance Turned Support||Not triggered||Not triggered|
|Nov 21||CAD/JPY Channel Breakout||+355||+0.72|
No. of Forex Trade Ideas: 7
Trades Triggered: 5
No. of Wins: 4
No. of Losses: 1
No. of Break Even Trades: 0
Win %: 80.00%
Average Gain Per Winning Trade: +0.22
Average Loss Per Losing Trade: -0.50
Total P/L: -5 pips / +0.38%
Ha! A positive quarter… I’ll take that!
I know my wins for the past three months aren’t exactly jaw-dropping but I’m really happy with how it all turned out. I started off playing my positions cautiously, locking in gains whenever I had the chance or when fundamentals showed the slightest signs of shifting. I was able to book three consecutive wins thanks to this strategy, which also did wonders for my trading confidence.
As it turns out, though, I was probably feeling waaay too confident right around the U.S. elections when I saw a huge move on AUD/JPY that I tried to chase. If you had also been trading around that time, you probably recall how sentiment made a sharp turnaround and brought on risk-on vibes that lasted for days!
I wound up erasing my earlier gains and more with that fateful post-election setup, but what I’m particularly proud of this Q4 is my one good trade on CAD/JPY that made all the difference. I reverted back to my cautious self in watching this one unfold, rolling my stops up along the way while pressing my advantage and keeping close tabs on market developments. This allowed me to end the quarter on a positive note with my self-esteem intact.
Unfortunately, this wasn’t enough to bring my entire year in the green, as I chalked up losses for the most part of 2016. All things considering, it was a turbulent one that had a lot of twists and turns, not to mention a flash crash, but I couldn’t help but wish that I had been able to grab profitable opportunities on the crosses or managed my positions better.
I also had fewer trades taken for the period as I was more picky with my setups, although I did post a bunch of watchlist ideas throughout. Moving forward, I’ll try my best to take advantage of these setups that materialize and actively monitor my positions, as I did with my CAD/JPY winner.
As I’ve learned in my previous performance review, I kept reminding myself to ditch the habit of re-entering and mismanaging my risk. I also noted that I needed to pay closer attention to short-term moves and potential reversals so that I could catch more wins… and I did! My win ratio has considerably improved but I still gotta work on reducing my average loss per losing trade by cutting losses when I need to.
That’s all I got for now, forex fellas! Enjoy the holidays and see y’all in 2017!
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