Q3 2016 Forex Blog Review

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%

Performance Review:

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?