Before I move on to my first few forex setups for this quarter, lemme take a quick walk down memory lane by reviewing my trades for Q1 2016 and the lessons I’ve learned from these.
Forex Trade Ideas
|DATE||TRADE IDEA||P/L in pips||P/L in %|
|Jan 5||GBP/NZD Pullback Short||+22||+0.03|
|Jan 7||EUR/GBP Resistance to Hold?||-105||-0.26|
|Jan 21||GBP/JPY Bearish Divergence||-300||-0.25|
|Feb 2||EUR/JPY Descending Channel||+395||+0.55|
|Feb 9||GBP/AUD Short-Term Channel||-300||-0.50|
|Feb 16||EUR/GBP Uptrend||Canceled||Canceled|
|Feb 19||GBP/CAD Short-Term Retracement||Not triggered||Not triggered|
|Feb 25||GBP/NZD Falling Wedge||+800||+0.58|
|Mar 3||NZD/CAD Channel Pullback||+245||+0.60|
No. of Forex Trade Ideas: 9
Trades Triggered: 7
No. of Wins: 4
No. of Losses: 3
No. of Break Even Trades: 0
Win %: 57%
Average Gain Per Winning Trade: +0.44%
Average Loss Per Losing Trade: –0.33%
Total P/L: +108 pips / -0.75%
I was off to a rough start this year, and two of my big losses for the first couple of months stemmed from my impatience to catch trends. I was too eager to hop in at market with my GBP/JPY and GBP/AUD short positions and, even though price eventually headed my way, the pairs had already hit their stops on larger pullbacks.
Soon after, I reminded myself to be more patient with my entries, waiting for retracements that could allow me to bag a better reward-to-risk ratio on my setups. Unfortunately, my next two setups (EUR/GBP and GBP/CAD) had way too conservative entries that I missed the chance to hop in the big moves. I made some adjustments, and soon enough these worked out for my succeeding EUR/JPY, GBP/NZD, and NZD/CAD plays!
I know I still gotta work on cutting my losers quickly, as both my losing setups hit my max stop. I also want to be able to press my advantage when price is going my direction by using STA strategies. The bottom line is that I have to remind myself to actively manage my trades and make adjustments along the way instead of simply letting them run.
That’s all I got for now, forex fellas! Got any tips on how I can still improve my trading performance? How did you guys do in Q1?