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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?

This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.