In the equities market you can buy and hold the SPY or another index and expect to receive atleast a 0.75 Sharpe and atleast a 0.4 PSR. You could also buy and hold SHY (short term bonds) and make a decent risk free(minimal risk) return. 

The forex market isn't designed to go up with buy and hold strategies. What is the benchmark or reasonable level of sharpe one could achieve ? What have you seen on the alpha market's, in research papers, and in other algorithms? Please post a link or reference source if you can. I guess another question to ask is what is the risk free rate of return in the FX market. If the overnight fed funds rate for banks os near 0....then why is the alpha market requirement of PSR to be 80% or higher? 

My guess is that anything about 0.25 Sharpe and 0.15 PSR would be above average for the FX  market.