Q1 2016 Forex Blog Review

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%

Takeaways:

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?