“You gain
strength, courage, and confidence by every experience in which you really stop
to look fear in the face. You must do the thing which you think you cannot do.” - Eleanor Roosevelt
You
could have possibly seen my monthly analyses on some exotic crosses. The
crosses analyzed aren’t the only instruments traded with the type of analysis
used. Below you’d find some pairs and crosses on which I opened positions on a
monthly basis. Personally, this is what I do, not what’s recommended that
others should do. Below are just 10 of my open trades. The maximum duration for
each trade is one month, and we should note that the orders have been running
before this article was written.
1.
Instrument: EURNZD
Order: Sell
Entry date: August 1, 2012
Entry price: 1.5155
Stop loss: 1.5368
Take profit: 1.4568
Status: Open
Profit/loss: 3 pips
2. Instrument:
AUDJPY
Order: Buy
Entry date: August 1, 2012
Entry price: 82.13
Stop loss: 8.12
Take profit: 88.12
Status: Open
Profit/loss: 94 pips
3.
Instrument: GBPCAD
Order: Sell
Entry date: August 1, 2012
Entry price: 1.5693
Stop loss: 1.5906
Take profit: 1.5106
Status: Open
Profit/loss: 21 pips
4.
Instrument: GBPAUD
Order: Sell
Entry date: August 1, 2012
Entry price: 1.4908
Stop loss: 1.4908 (breakeven)
Take profit: 1.4320
Status: Open
Profit/loss: 104 pips
5.
Instrument: NZDJPY
Order: Sell
Entry date: August 1, 2012
Entry price: 63.57
Stop loss: 63.57 (breakeven)
Take profit: 64.27
Status: Open
Profit/loss: 70 pips
6.
Instrument: AUDCAD
Order: Buy
Entry date: June 18, 2012
Entry price: 1.0528
Stop loss: 1.0322
Take profit: 1.1122
Status: Open
Profit/loss: 57 pips
7.
Instrument: NZDUSD
Order: Buy
Entry date: August 1, 2012
Entry price: 0.8123
Stop loss: 0.7921
Take profit: 0.8721
Status: Open
Profit/loss: 62 pips
8.
Instrument: AUDUSD
Order: Buy
Entry date: August 1, 2012
Entry price: 1.0507
Stop loss: 1.0305
Take profit: 1.1105
Status: Open
Profit/loss: 64 pips
9.
Instrument: USDCAD
Order: Sell
Entry date: August 1, 2012
Entry price: 1.0016
Stop loss: 1.0219
Take profit: 0.9419
Status: Open
Profit/loss: -1 pips
10.
Instrument: NZDCHF
Order: Buy
Entry date: August 1, 2012
Entry price: 0.7932
Stop loss: 0.7717
Take profit: 0.8517
Status: Open
Profit/loss: -2 pips
The position sizing is 0.01 lots
for each $2000 (thus making it 0.05 lots for each $10000). When an order goes
positive by 70 pips, I move the stop to breakeven. From 200-pip profit upwards,
I use 50% trailing stop.
Conclusion: Speculation remains one of the most challenging endeavors
under heaven. You grapple with speculators on the opposite side of your trades
and always you grapple with your emotions as well - whenever you decide to open
or smooth orders. Obviously, there must never be open positions without stop
orders.
This article is concluded with the quote below:
“I have been trading for almost eight years now, have taught thousands
of people worldwide and worked for a fund, yet I would be a lair if I said that
I never doubted
my plan when taking a trade from time to time. It is human nature to doubt
oneself from time to time. I wouldn’t be human if I didn’t! However the
difference between me and a novice trader is actually quite minimal. I will
never let my doubts get in the way of taking a trade which meets the criteria
of my trade plan.” - Sam
Evans
Your questions and opinions are highly welcome.
Thank you.
With best regards,
Azeez Mustapha
Forex Signals Strategist, Funds
Manager &Coach
For more articles at FXempire.com, go to:http://www.fxempire.com/author/mustaphaazeez/
Open an account here: eng.fxclearing.ca/ib/915
Copyright (C): Fx Empire, LLC
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trading signals, please send me an email titled: “A Request for Free Trading
Signals.”
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NB: There is risk of loss in
trading, but it is possible to be a successful trader.
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