We’re down to the last few months of the year, and I’m hoping to up my forex game by first reviewing my performance for the third quarter. Here are the setups I had then.
Forex Trade Ideas
|DATE||TRADE IDEA||P/L in pips||P/L in %|
|July 8||EUR/NZD Descending Channel||-217.5||-0.25|
|July 12||GBP/CHF Long-Term Support||+100||+0.09|
|July 19||NZD/CAD Trend Line Break||-250||-0.25|
|July 25||EUR/AUD Triangle Support||+20||0|
|July 26||AUD/NZD Triangle and Channel||-125||-0.25|
|Aug 2||GBP/CHF Descending Triangle||-125||-0.30|
|Aug 18||GBP/AUD Retracement Setup||Not triggered||Not triggered|
|Aug 31||NZD/JPY Double Bottom||Not taken||Not taken|
|Sept 2||EUR/GBP Channel Retracement||+10||+0.005|
|Sept 7||NZD/CAD Long-Term Range Breakout||-162.5||-0.30|
No. of Forex Trade Ideas: 10
Trades Triggered: 8
No. of Wins: 3
No. of Losses: 5
No. of Break Even Trades: 0
Win %: 37%
Average Gain Per Winning Trade: +0.03
Average Loss Per Losing Trade: -0.27
Total P/L: -750 pips / -1.25%
Bahh, my numbers for Q3 were much worse compared to my performance in Q2! What went wrong?!
For one, my win rate was far from impressive as it fell below 50% for the quarter. To make things worse, my winning trades were way smaller than my losers, which actually wound up taking the full loss. I can attribute this to being too slow to cut my losses and hesitant to exit early to book profits when I had the chance.
Looking at each of those setups shows that I got mostly hit by fakeouts and quick reversals so I really should’ve been more prudent in closing early when fundamentals shifted against my trade. It didn’t help that price action for the crosses was a bit choppy during the period and traders seemed fickle in reacting to short-term catalysts.
In hindsight, I probably should’ve steered clear from swing setups and focused on short-term moves instead. That way, I could’ve set slightly tighter stops that would’ve given me a better R:R and allowed me to book decent profits versus holding on to a position for too long in hopes of reaching an ambitious profit target.
If there’s anything I was able to improve on, it’s that I was able to ditch my habit of re-entering and mismanaging my risk while I’m at it. Then again, there weren’t much trends to capitalize on for the past few months. I seem to be off to a good start so far this quarter but I hope I don’t jinx it!
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 Q3?