Week #1 FX trading review
April 5, 2007 – 7:21 pm
This is the first week of my new Forex trading journey. Well, am I lucky or unlucky? I have encountered almost all of the worst scenarios of my system, Dang! My weekly position was stopped and reverse and stopped again immediately after release of British Interest Rate Statement. The spike and reversal killed my positions.
In addition to my system, I over traded by trying out a couple of currency pairs, and worsen this week’s result. The trial is over, I will stop doing this immediately. Next week, I will follow the system without second thought.
The original system was designed to trade GBP/USD on weekly system and GBP/JPY on daily system. This week is kinda short for daily system, since I started trading the system on Tuesday and not trading on NFP Friday. So far, I did not enter/exit a trade prematurely, and followed position size rules strictly this week.
The actual result of this week for the system is as below, I do not initiate a new position for daily system on Good Friday, taking off on this ‘Combo’ day (Good Friday + NFP day):
Weekly System:
- Long GBP/USD: 1.9729, Stopped: 1.9699 P/L: -30 pips
- Short GBP/USD: 1.9679, Stopped: 19706 P/L: -27 pips (miscalculated stop level)
- Lose from top (the max unrealised profit achieved): 94 pips
- Total P/L: -57 pips
Daily System:
- Short GBP/JPY: 233.07, Stopped: 233.47 P/L: -40pips
- Long GBP/JPY: 233.47, Exit: 234.47 P/L: +100 pips
- Short GBP/JPY: 234.42, Stopped:234.92 P/L: -50 pips
- Long GBP/JPY: 234.92, Stopped:234.42 P/L: -50 pips
- Short GBP/JPY: 234.38, Exit: 233.98 P/L: +40 pips
- Total P/L: 0 pips
Non-system day trades (Currency pairs that are not part of daily system)
- Long GBP/USD: 1.9782, Stopped: 1.9742 P/L:-40 pips
- Short GBP/USD: 1.9742, Stopped: 1.9782 P/L: -40 pips
- Long USD/CHF: 1.223, Stopped: 1.219 P/L: -40 pips
- Total P/L: -120 pips
It was silly. Non-system day trades actually brought into -120 pip loss unnecessarily. Anyways, over all, I am still feeling ok with the system (provided I am not doing silly stuffs like making non-system day trades again). I know over time it will bring me pips.
Have a good rest over the long weekend.
Still, the truth is ,real man trades futures, his son trades Forex, I am trading both, for my wife. 
From the desk of Tradergav.com
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Tags: FX weekly review
Gav,
I currently stay away from trading any GBP pairs. GBP is too insane. I stick to mainly AUD and EUR pairs right now because they’re less spastic.
Hi Tom,
The insanity and the volatility is what I need for my system. That’s the main reason it is designed for GBP/JPY.
great quote at the end…i assume we can attribute that to trader gav
John: LOL. Thank you very much!
okay
Hi Gav, congrats on the new blog. We’re syndicating you on our finance channel.
Please support us too by putting Harro.com on your blog roll. Thanks.
All the best.
Cheers.
The Harro Team.
Hi Gav in relation to ur closing line… hehehe
“Still, the truth is ,real man trades futures, his son trades Forex, I am trading both, for my wife.”
something worth pondering :
http://www.forexfactory.com/showthread.php?t=23422
regards
jest
Hi Jest, Thanks for the article.
Well, though I might not be in Singapore for long, I have a very solid long term view on Sing Dollar. It will be a portion of my portfolio.
Well still , real man trades futures, his son trades forex, I am trading both, for my wife. LOL