‘Forex is a gold mine” — Ifeanyi Uche

Hello:

This is an update of the major movements on the markets and what I’m doing about them on weekly basis; plus my losses and profits. I trade 10 pairs. I use hourly charts for strategic analyses. Whenever I’m trading, I’m totally immune to fear. I just stick to my rules, taking my trading triggers as I see them. If the trades don’t hit my stop loss, definitely they’ll move in my favor. The markets are either up, down or sideways, and the simple way to know the direction is just to look at it.

USDJPY

Trend: bullish

Although the trend is bullish, this pair is moving in a zigzag manner, and both buyers and sellers could be stopped out. I’m on a long position.

Order: Buy

Entry price: 91.242

Stop loss: 90.475

Take profit: 93.575

Trailing stop: 55-pip trailing stop applied

Status: Open, 90 pips

EURUSD

Trend: Bearish

This pair tried to push up, but it’s now coming down after a failed bullish attempt. If you bought on this pair, you could be in a negative position now, unless you’d gotten out before the bearish continuation.

GBPUSD

Trend: Bullish

I’m on buy order.This particular pair needs a bit of getting used to. One successful trader shared a testimony with me, saying this pair nearly ruined his marriage. He was sitting in front of his PC all day long – everyday, and losing. But when the wife was preparing the divorce papers, our successful trader experience a positive turnaround, and started making decent income form forex. His wife changed her mind and refused to divorce him.

Order: Buy

Entry price: 1.4531

Stop loss: 1.46432

Take profit: 1.47457

Exit at: 1.46432

Trailing stop: 73 pip trailing stop applied

Status: Closed, $325.25

USDCAD

Trend: Bearish

I was on a sell order, but my stop was hit. Though the USD is strong, it’s very difficult for it to withstand the CAD’s energy.

Order: Sell

Entry price: 1.04504

Stop loss: 1.05276

Take profit: 1.02176

Trailing stop: N/A

Status: Closed, -75 pips

AUDUSD

Trend: Bullish

My last week’s order on this pair resulted in a mess, and a buy order this week is also negative. I was on a buy order, and the market moved a bit in my favor before reversing. My stop was hit. You see, I don’t like scalping anymore because of the usually worse expectancy.

Order: Buy

Entry price: 0.84009

Stop loss: 0.83213

Take profit: 0.86317

Exit at: 0.83213

Trailing stop: N/A

Status: Closed, -75 pips

EURGBP

Trend: Bearish

I sold this pair on my Sure-fire strategy and was lucky: the only one so far. Were other losing trades a result of bad luck? If you also sold on this pair, congrats! Did you make a commendable amount of pips? Would you share the pips with your sweetheart, and would you even like some fries with your pips?

EURJPY

Trend: Flat, but slightly bullish

I’m still looking for a buy opportunity on this pair, though bullish attempts are constantly rejected. If not, I might sell whenever there’s an opportunity to do so. One beginner received a margin call on a single trade on this pair in the past. He risked 50% of his equity in the trade and later cancelled his stop loss, having decided to run the loss until there’d be a possible reversal in his favor. After the margin call, he informed me. I simply told him to take some sleeping pills with a cup of tea. He went to sleep. After he woke up form his long sleep, he wrote off the margin call experience like a nightmare.

EURNZD

Trend: Bearish

I sold on this pair and was right, but a bullish outbreak hit my trailing stop barely before the position was able to go negative. It was a Pyrrhic victory.

Order: Sell

Entry price: 1.80883

Stop loss: 1.80619

Take profit: 1.78659

Trailing stop: 82-pip trailing stop applied

Exit at: 1.80619

Status: Closed, $44.92

NZDUSD

Trend: Slightly bullish

My moving average is suggesting a bullish potential, but the bullish movements have constantly been rejected. I’m on a buy signal and it’s presently negative. The sellers might gain an upper hand.

Order: Buy

Entry price: 0.68182

Stop loss: 0.67415

Take profit: 0.70512

Exit at: 0.67415

Trailing stop: N/A

Status: Closed, -75 pips

EURAUD

Trend: Bearish

It might simply be OK for me to sell this pair after a rally in the context of a downtrend. If you were caught on the wrong side of the market, please don’t smash your PC with a sledgehammer. It wasn’t the fault of the PC. You know the markets are a refection of the forces of demand and supply. You have no control over such.

Order: Buy

Entry price: 1.46348

Stop loss: 1.46344

Take profit: 1.44030

Trailing stop: 80-pip trailing stop applied

Status: Open, 78 pips

Conclusion: Yes, forex indeed is a gold mine, and traders are miners. But being on the markets when your portfolio is at risk is no picnic. Once again, successful traders also do suffer losses after losses. They take losses always, but still emerge survivors in the long run. How they do this shouldn’t be a secret to you any longer. Dr. Emilio Tomasini believes a trader could say he survives the markets rather than saying he’s successful.

NPF (Non-farm Payroll) is coming on Friday. This isn’t a news item I’d ever like to idolize. I just treat it just like any other news or any other markets conditions. One might survive or avoid NFP and still lose to some other news item the following week. I used to follow some complicated trading methods, many years back. I wanted to have a thousand reasons for taking every trade, yet I wasn’t surviving the markets in the long run. It was a pity I was focusing on the wrong areas for a solution to my trading challenge. Trying to stuff too much information in one’s brain might make the brain explode. Whenever some news is released (actual figures or no actual figures) – whether buyers gain the upper hand over sellers, or vice versa, you’ll see it on your chart. Then trade accordingly; trade what you see.

Please see the saying below from Dr Van K. Tharp. This saying is one of his favorites:

“What are your beliefs about the markets? You don’t trade the markets, you trade your beliefs.”

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 trad

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