‘The ladder to success is never crowded at the top.” — Napoleon Hill

Hello:

Attached are the results of 2 of my accounts. All results are similar both on demo and live accounts – only equities are different. I prefer to see my trades as pips when they are running and as the base currency when they are closed. I like what is put in a simple form, not a complicated analysis.

Trade Not Taken:

USDCAD. There was no clear direction on this pair, though it has broken to the upside for now.

Losses:

GBPUSD Sell = -$191.62

EURJPY Sell = -$194.06

EURNZD Sell = -$126.69

EURGBP Sell = -$242.29

USDJPY Sell = -$173.29

Most of my predictions above were correct. Only that my stops were hit in most cases before the markets moved in my favor. If I’d enlarged my stops, they’d have brought bigger losses if the reversals were sustained, and if I don’t use stops, then I’d be a suicide trader. I’m lucky because I was able to take losses.

Profits:

EURUSD Sell = $454.62 (72-pip trailing stop applied)

EURAUD Sell = $272.68 (80-pip trailing stop hit)

Open Trades:

AUDUSD Sell: $251.46 (73-pip trailing stop applied)

NZDUSD Sell: 276.54 (55-pip trailing stop applied initially, and later adjusted to 75 pips)

As you can see on the attached statements, my risk management technique prevented me from a significant drawdown despite 5 losses (provided my open trades are ignored). My drawdown is a maximum of -2%. But if the open trades are considered, then I recovered my losses and moved ahead by +2% last week. My open trades are even now risk-free. I’m showing you this so that you can see that trading success has nothing to do with entries, but exits. If you’re really good at trading, then you’ll survive losing streaks.

I got an idea a week ago, during a serious meditation. This strategy has been with me for a long period of time, and I’m now using it on a demo with slightly different risk management, entries and exits tactics. I’ll compare the results on it against the system I presently use; on a weekly basis. I’ll be updating you accordingly. I name this system’’ Mustapha Sure-fire.” The first week trial made 8.52% percent returns (the results are attached as well). I’m going to run it for 7 weeks more. Then I’ll know whether it can replace the system I presently use.

I implore you readers, always risk very low when trading. High leverage is good indeed, but it’s a double-edged sword. The safety of your accounts is far more important than the profits you want to make. If I tell you lies, and you discover the truth by experience or thru someone else, I’ll just be like one of those crooks. If I tell you the truth about forex, showing you my own results as they are, plus how you can survive too. You may hate me at first, but it’s possible you’ll later appreciate me. Have a wonderful week!

Your questions and opinions are highly welcome.

Thank you.

Yours sincerely,

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.

Related Posts:

  • Trade Report (April 19 – 23, 2010)
  • Weekly Trade Report (May 3 – 7, 2010)
  • Trade Report (April 5-9, 2010)
  • Mid-week Markets Update (May 12, 2010)
  • Trade Report (April 12 -16, 2010)
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