Is this or any other strategy perfect?

‘’Certainly not, there is no perfect trading strategy and there doesn’t need to be. If there was, that person would have all the world’s money. However, wrapping some simple rules and logic around your trading is they key to stacking the odds in your favor. Even Las Vegas does not win all the time. They do well over time because they realize they don’t have to always win. They just need to stick to their rules that allow them to keep the edge. Which means betting against people who don’t have the edge.” — Sam Seiden

Hello:

This is an update on some of the movements on the markets and what we’re doing about them, plus our losses and profits. The analyses are based on daily charts – looking at the Big Picture. Our preferred leverage is 1:100 and our position size is 0.01 lots for each $1000. The risk on each trade is 1% in a situation of an initial stop. We use the Price Behavior rules for strategic decisions and our customized indicators for tactical entries. We open primary positions without predetermined exit target in mind, riding the trend for as long as it continues. The value of patience will forever be emphasized. As long as we stick to our rules and keep our risk low, we’re immune to fear. The worst thing anyone can do is to change the rule of the game halfway through. There are high-risk entries and low-risk entries, and even with low-risk entries, success isn’t 100% guaranteed.

AUDUSD

Primary trend: Bearish

The market has been indecisive for some time but the bearish pressure is stronger at the moment. We’re already on a short position on this pair. We’re no squares when it comes to a simple decision about the direction of this pair

Order: Sell

Entry date: July 28, 2010

Entry price: 0.8918

Initial stop: 0.9018

Current stop: N/A

Trailing stop: N/A

Exit price: N/A

Exit date: N/A

Status: Open

Profit/Loss: -9 pips

NZDUSD

Primary trend: Bearish

This market is also indecisive; yet the high probability trade is to sell short. We have a price at which we’d like to enter – a price at which it’ll be clear the bulls are in trouble. No matter what happens on the markets, a well-rounded risk control plan would always save our socks.

Order: Sell Stop

Entry date: July 27, 2010

Entry price: 0.7229

Initial stop: 0.7329

Current stop: N/A

Trailing stop: N/A

Exit price: N/A

Exit date: N/A

Status: Pending

Profit/Loss: N/A

EURCAD

Primary trend: Bullish

We’re looking for a fresh bullish signal on this pair. Sellers have been overpowered often and often since the beginning of this week. A resourceful trader ought to be able to pull the trigger constantly on this ‘easy’ cross.

Order: Buy Stop

Entry date: July 28, 2010

Entry price: 1.3507

Initial stop: 1.3407

Current stop: N/A

Trailing stop: N/A

Exit price: N/A

Exit date: N/A

Status: Pending

Profit/Loss: N/A

EURAUD

Primary trend: Bullish

We’re holding a long position on this instrument. The process of trading is very simple. It has nothing to do with clicking the mouse harder.

Order: Buy

Entry date: July 28, 2010

Entry price: 1.4497

Initial stop: 1.4397

Current stop: N/A

Trailing stop: N/A

Exit price: N/A

Exit date: N/A

Status: Open

Profit/Loss: 78 pips

EURNZD

Primary trend: Bullish

We sold this cross yesterday and our Stop was hit. We were glad to exit early since it gives us a great opportunity to find another entry price later today. What an exciting moment we’re preparing for! We’re always glad when we follow our rules. This instrument gave us 684 pips last week. The bulls have come to power on this cross, though it doesn’t mean the price will always go in a straight line. Perfectionism doesn’t apply to trading. If you’re a perfectionist who doesn’t want to see anything negative in your trading, the best thing you can do is never to trade in your life.

Order: Sell

Entry date: July 27, 2010

Entry price: 0.7627

Initial stop: 0.7727

Current stop: N/A

Trailing stop: N/A

Exit price: 0.7727

Exit date: July 27, 2010

Status: Closed

Profit/Loss: -100 pips

AUDJPY

Primary trend: Bearish

As good as the AUD is, it’s clearly weaker than the JPY. Our technical analysis points to a bears’ regime. We’re looking for a ‘sell’ position on this cross, and should there be a confirmed bullish ‘coup d’etat’, we would buy at 79.47. However this seems unlikely for now.

Order: Sell Stop

Entry date: July 27, 2010

Entry price: 77.47

Initial stop: 78.47

Current stop: N/A

Trailing stop: N/A

Exit price: N/A

Exit date: N/A

Status: Pending

Profit/Loss: N/A

Conclusion: Just as a reminder, we move our initial Stop to breakeven once we gain up to 100 pips. We lock 50% of our profits once the market moves up to 200 pips, and then we continue to follow the rest of our Trailing Stop and exit rules. For the sake of transparency, I’ve recently opened FXCBS and Alpari UK demo accounts – to be attached with my reports on Sundays. Even last week signals were entered late on the FXCBS demo with good results.

Please read a saying of Dr. Van Tharp below. It’s one of his favorites:

“In that same way, I’d like to point out that these updates reflect my beliefs. If my beliefs and your beliefs are not the same, you may not find them useful. I find the market update information useful for my trading, so I do the work… and am happy to share that information with my readers. However, if your beliefs are not similar to mine, then this information may not be useful to you. Thus, if you are inclined to do some sort of intellectual exercise to prove one of my beliefs wrong, simply remember that everyone can usually find lots of evidence to support their beliefs and refute others. Just simply know that I admit that these are my beliefs and that your beliefs might be different.”

Your questions and opinions are highly welcome.

Thank you.

With best regards,

Azeez Mustapha

Forex Signals Strategist, Funds Manager &Coach

Email: amustapha@fxinstructor.com

NB: There is risk of loss in trading, but it is possible to be a successful trader.

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