I will either make it in Forex, or die trying

Mission #19 Progress

After some struggle, the market has moved in my favor.

I have moved the stop loss to the entry price.

Mission #19 Completed

The downward pressure on the Euro could not be sustained, and the trade was taken out at breakeven.

Mission #20 Begins

Mission #20 Progress

The market has is moving in my favor and I have set the stop loss to the entry price.

Mission #20 Completed

I have closed the trade for a profit of 77 pips.

Mission #21 Begins

Mission #21 Completed

The FOMC meeting minutes was about to be released and I have set the stop loss at the breakeven price (the trade was about 10 pips in profit).

In the end, the stop order was triggered and the trade was closed at breakeven.

Mission #22 Begins

Mission #22 Progress

The market has moved in my favor and I have moved the stop loss order to the entry level.

Mission #23 Begins

Missions #24 & #25 Begin

Mission #23 Ends

The jpy suddenly strengthened across the board, and I have managed to get out of Mission #23 with a net pip of -1, but thankfully with a (small) capital gain.

Mission #26 Begins

Phew... what a busy day of trades being triggered!

Mission #22 Ends

This has been my second biggest winner in terms of capital gain, so far. A total of 161 pips.

Mission #25 Ends

The eur made a strong rally yesterday, after the ECB meeting/announcement yesterday of improving conditions in the Euro Zone.

Mission #25 suffered heavy casualties as a result, and I aborted the mission to cut off any further losses.

Mission #24 Ends

Just like Mission #25, this mission was aborted in light of the sudden eur (and chf) strength and gbp weakness.

This is my second largest loss so far, of -98 pips.

Performance Review

26 missions have been embarked on so far, with the following results:



The last mission is still underway, and is currently generating a healthy paper profit.

Due to the last couple of consecutive losing trades, the total result so far has been negative.

The good news is that the recording of these trades (and their review) has revealed the following:

1. The trade entry criteria is effective (52% wins, 28% breakeven, 16% losses)
2. 98.97% of my wins are due to single entry trades (i.e. second and third entries not triggered)
3. Losses are usually caused by strong prices moves
4. Losses mostly involve the gbp currency
5. Every time the stop loss is triggered, prices subsequently do not return back to the entry level (i.e. the market trend reverses and it's not a fluke move)
6. My net loss result is mostly due to position sizing

Based on these observations, I will now attempt to reduce the size of the losing trades and increase the size of the winning ones. I will keep what's working and drop what isn't.

From now on, I will can either trade with (in order of aggressiveness):

1. Two entries 2 x ATR apart, with stop loss 4 x ATR away; or
2. One entry, with stop loss 3 x ATR away; or
3. One entry, with stop loss 2 x ATR away

Also, I can consider to:

1. Avoid trading the gbp currency
2. Trade in the opposite direction when the trend changes (after 2 x ATR against the trend has been breached)

For now, I will go with the option in bold.

As I collect more data about my subsequent missions, I will adjust the parameters accordingly.

Mission #26 Ends

Another successful mission, this time with a +163 pip profit.

Mission #27 Begins

The first mission with the modified rules of engagement, begins.

Mission #28 Begins