The first quarter of the year is done. It has been a rough year for me so far and what I’m doing here I know many people will hide away from or be ashamed of posting. Don’t get me wrong it’s not a great feeling showing that to everyone but I stand by my full transparency and honesty and that is just who I am and what it is. So here is my Q1 of 2019
As you see 3 months in and I’m down. It’s a first time for me that I’ve finished a whole quarter negative which is slightly demoralising but I know I havent done much wrong in these 3 months and haven’t stepped out on any max drawdowns. As you see there was 2 mistakes made in trade management which were out of my control but they occured anyways and they had to be recorded as bad trades. Overall these mistakes cost about 1-2% which is slightly frustrating but I couldnt do much about them.
So what has been the major causes of this? The main problem with my trading has been my second position hitting. It didnt carry its weight July-December 18 and really has dragged me down this year. Here is a little comparison chart to show the difference between 2 positions and just 1.
As you see there is a massive difference in the winners. I would be around break even which I wouldnt complain about after the January I had. January was frustrating as I was just losing and losing and I took a big hit. I also started on the Monday 7th January but on the Wednesday/Thursday there was 2 signals which would have met my rules and made me about 4% between them and that was really the case of this quarter. Many little things just didn’t go my way, or thats what it seemed like anyways. Missing a winner due to being in for T2 and stopped out a few times by the spread are just a few examples but it is what it is and it’s done.
Now got that little frustration out the way, what were the positives of this quarter. Believe it or not there was quite a few of these. As you know I take a percentage based approach now which has made me perform better than a fixed position size before and it is something I can develop with experience in terms of risk per trade depending on the setups etc. Another positive was my Christmas work paid off very nicely. FTBs retested with targets came to good use. I hit target a few times and they all outdone the conventional/previous method I was using. This kept the drawdow slightly smaller and the winners slightly bigger. Also cyphers were added in January of which 2 were winners and 1 loss so my work and backtesting really paid off and got reeinforced.
Psychologically I think I handled it quite well. I was frustrated a bit during the drawdown which I dont think is unusual for my stage. However I dont think it had anything to do with the monetary value of it as it didnt seem to be my money in the first place being in account it was just a game. March provided a good healthy confidence boost reminding me that I can win and through out all of this winners or losers I still learn more and more from the markets. On the flip side when I won it felt nice but here is what is going to really keep me going for the future no matter what.
March was a 5% month. On my account size that is around £125. My part time job pays me around £280 a month which is money earned full of hate every shift, hour or minute in that place. That is around 36 hours of work for that money. So if I told you the actual execution of trades during March was around 1-2 hours tops it really puts things into perspective on the value for time and freedom forex can provide. Now obviously here I am manipulating the situation for my brain not taking into account the losses and all the time I have spent backtesting and what not but in the long term which for me is a lot of years ahead being 19 I think it’s time well spent.
Moving forward. I am getting rid of second positions on some setups and adding more weight to the first position on the rest. I am slightly tweaking my TCT approach to suit it a bit more to my personality but still doesn’t seem perfect and I will be working on that until it fits me ‘perfectly’ as that is very important in my opinion. I am demo trading on a swing trading account which in 2 months went from a big drawdown to break even and I will be day trading on a seperate demo account for some practice and confidence starting Q2. These things aren’t backtested and you can keep up on my second account on instagram.
So there you have it. My quarterly review, the good and the bad. Hope you found some value in there and can relate to some of the things I said as well as appreciating the full transparency and honesty because when you search all these instagram traders, a lot of them will manipulate results to only show the good and the small losses. They do add to the frustration as you see everyone else ‘winning’ and you’re losing but just be the best version of yourself stick to your rules and system and carry on. Be sure to follow my social media for more of this stuff and yea…