Monthly Trading Signals (August 2012)

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“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 (break even)
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 (break even)
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 break even. 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

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About: Mustapha Azeez

Azeez Mustapha is a trading professional, an officialanalyst and representative at Instaforex Companies Group, a blogger at ADVFN.com, and a freelance author for trading magazines. He is working as a trading signals provider at some websites. He is also a unique content contributor at Fxempire.com, plus his numerous articles are being posted on other websites like www.ituglobalforex.blogspot.com.

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