This last quarter of 2023 was a real gut-check for me. For the first time, the number of consecutive winning streak faltered, and the losses piled up higher than the wins.
My confidence started to fade, replaced by a nagging doubt about my trading abilities. I was obsessed with recovering my losses, but the fear of further setbacks paralyzed me. Greed and fear became my constant companions.
It was a tough lesson in humility, forcing me to confront my insecurities in the face. Want to see more of this challenging period? Check out my full report below.
KEY TAKEAWAYS
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Table of Contents
Overview of the Trading Experiment
- Approach Taken: I use technical analysis (support and resistance), no indicators, no bots, and no news. My broker is Hot Forex (HFM) and I use MT4 on my Android phone and desktop computer.
- Initial Setup: My starting capital is $200. I trade XAU/USD, like all Leo Advantage students, and trade in H1 (hourly) timeframe.
- Trading Strategy: Swing trading.
- Target: 20% of my trading account net profit from Forex trading.
All My Fx Trading Progress Reports
New to my journey? Find out why I’m doing a Forex Trading Experiment here.
Here are the links to the rest of my quarterly progress reports.
Annual progress reports:
Performance Summary for 2023, Quarter 4
- Closed P/L (Profit/Loss): $-614.97
- Total Trades Executed: 22
- Target: Earn 20% of my trading capital per month.
- Comparison with Expectations: Ended the quarter with -$614.97 loss.
| Profit | Loss | |
|---|---|---|
| Largest | $136.32 | -$232.80 |
| Average | $83.57 | -$91.68 |
| Consecutive | 3 | 4 |
This quarter was challenging, ending with a closed profit/loss of -$614.97. My target was to earn 20% of my trading capital per month, but unfortunately, I wasn’t able to meet that goal again. Far from it.
I executed a total of 22 trades during the quarter, but the outcomes weren’t as favorable as I had hoped.
My largest profit was $136.32, while my largest loss came in at -$232.80. On average, my profits were $83.57, but my average loss was -$91.68. I did have a positive streak of 3 consecutive wins, but it wasn’t enough to offset the overall losses.
Zooming Out: Performance from the Beginning
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Lessons Learned
- I was beating myself up from last quarter’s account sabotage. My old insecurities crept in and made themselves known. I realized that I was merely pretending that I had overcome them. I didn’t. I just buried them and didn’t process them.
- More time in the market doesn’t mean more wins.
- I needed to pause and work on my psychology.
- Just because I wanted to win doesn’t mean I would. I needed to do the work to win. Intention is not enough.
- Have a maximum SL, but it doesn’t mean that you need to let it hit. You can also get out before it gets worse, if you know that it will get worse.
- Not trading is also a profitable decision.
Challenges and Drawbacks
- Difficult Trades: The last trade for this quarter. I just let it hit my maximum SL.
- Mistakes Made: I still dwelled on my previous wins and losses.
- Adjustments Needed: Understand myself, so I can manage myself during trading hours.
Plan for Next Quarter
- Adjustments to Strategy: Tweak the strategy to find one with a better RRR (risk-reward ratio) and that I can manage.
- Goals for the Next Quarter: Tweak the strategy to make it work for my personality, not the other way around.
- Things to Focus On: Finding my trading edge.
All My Fx Trading Progress Reports
New to my journey? Find out why I’m doing a Forex Trading Experiment here.
Here are the links to the rest of my quarterly progress reports.
Annual progress reports:
