Currency Pair Performance
When you start collecting trading data in your trading journal, over time you will discover what currency pairs you perform best trading with. There are some currency pairs you tend to be more profitable with because of the way they behave (remember : every currency pair has their own personality, some may click with your style of trading and some may not). Our trading journal would give you a breakdown of each currency pair and how well you perform with them.
With this in mind, you can start optimizing your strategy. For example, you might notice that you trade particularly well with AUD/USD but not so much with EUR/USD. In the name of optimization, you would then stop trading EUR/USD and instead focus more of your time on AUD/USD. This first level of filtering in our trading journal is really just to find out if there are any glaringly bad currency pairs in your trading portfolio.
Now, one question many people ask me in such situations is that sometimes they might do well for AUD/USD in strategy A but do badly for EUR/USD in the same strategy. However, they would then do well with EUR/USD on strategy B. Does that mean that they should stop trading EUR/USD completely?
Well, the answer to this question is really simple. Of course you should continue trading EUR/USD even though the currency pair performance table shows you that EUR/USD is bringing you negative returns. That is all part of optimization. This initial page showing you the performance of your currency pairs is meant to be as a general overall guide. Usually as long as you don’t see massive losses in one currency pair, it is quite alright. Think of this as the ‘top level’ filtering to determine really quickly in your trading week if there are any glaringly bad currency pairs to avoid.
Okay mister, if your trading journal is THAT good, are you able to track the performance of EUR/USD for a specific strategy?
Well, I’ll be glad that after possibly 30 cups of coffee, we have managed to get this feature done. It will be seen on the segment of currency and entry performance based on strategy tracking. However, in the meantime, it is important that you also head over to read our section on strategy optimization, it will definitely help you get a better understanding of how deep we can go in terms of optimizing our strategies.