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PaxForex starts October with 85 pips

PaxForex starts October with 85 pipsOctober is off to a slow start as far as pips are concerned, but we an excellent start when it comes to reducing floating trading losses. Additionally we have over 400 pips in floating trading profits which we have not realized yet otherwise we would have started October with over 500 pips in profits or more than half of what we have achieved all of September.

Overall our forex portfolio has performed exceptionally well during the first week of October as we have predicted during our last update. Our floating trading losses are at 2013 lows and represents less than 6% of our total portfolio. We seek to further reduce this number during October by another 1%.

Our floating trading profits allow us to be comfortable to breach the 1,000 pips per month mark. Our biggest losing position is the AUDCHF which accounts for roughly 40% of all our floating trading losses followed by the EURAUD which accounts for another 20%. We will seek opportunities to exit those positions during the fourth-quarter.

Overview of profits for the week which ended October 4th

  • EURGBP: 60 pips
  • EURUSD: 25 pips

Total: 85 pips

Monday, September 30th

EURAUD Short Recommendation

We recommended a short position at 1.4535 with a take profit target of 1.4085 (EURAUD Second Put). This was an addition to our previous short position which we took on May 14th at 1.3085. On its own our new position carries a floating trading profit of 156 pips, but combined with our initial short a floating trading loss of 1,138 pips. This represents a decrease of 297 pips compared to last week. We will maintain our take profit target of 1.4085 for both our short positions.

Tuesday, October 1st

GBPUSD Short Recommendation

We recommended a short position at 1.6275 with a take profit target of 1.5950 (GBPUSD Final Put). This order came close to our entry point, but was not triggered and started to correct sharply. It would have been an addition to our two previous short positions which we took on September 9th and September 18th at 1.5700 and 1.5950 respectively. We have cancelled our pending sell order. This currency pair carries a floating trading loss of 349 pips. This represents a decrease of 258 pips compared to last week. We will maintain our take profit target of 1.5800.

Wednesday, October 2nd

USDJPY Long Recommendation

We recommended a long position at 97.00 with a take profit target of 99.00 (USDJPY Approaches Support). This currency pair has not yet approached our entry level and we will keep our pending order open for next week.

Thursday, October 3rd

EURCAD Short Recommendation

We recommended a short position at 1.4075 with a take profit target of 1.3875 (EURCAD Double Top). This currency pair carries a floating trading profit of 114 pips and we will maintain our take profit target of 1.3875 while adjusting our stop loss to 1.4000 to secure 75 pips in profits.

Exit of trades from previous weeks

EURGBP Short Position

We closed one of our EURGBP short positions for a profit of 60 pips on October 1st.

EURUSD Short Position

We closed one of our EURUSD short positions for a profit of 25 pips on October 2nd as our stop loss order was triggered.

We had a total of four trading recommendations this week. Two were additions to previous trades of which was one was triggered and the other one was cancelled. We also had two new trades, one of which was triggered and the other order remains pending for next week. We have closed two positions from previous weeks for profits of 85 pips which equals our weekly total profits.

In addition to our two execute trades from this week we also carry twelve trades from previous weeks. We have one USDCHF long position which carries a floating trading loss of 28 pips. This represents a decrease of 17 pips compared to last week. We have adjusted our take profit target to 0.9250.

We have one USDCAD long position which carries a floating trading loss of 58 pips. This represents an increase of 11 pips compared to last week. We will maintain our take profit target of 1.0375.

We have one NZDUSD short position which carries a floating trading loss of 169 pips. This represents an increase of 34 pips compared to last week. We will maintain our take profit target of 0.8100.

We have two GBPCHF short positions which carry a floating trading loss of 383 pips. This represents a decrease of 194 pips compared to last week. We will maintain our take profit target of 1.4300 for both short positions.

We have one EURUSD short position which carries a floating trading profit of 67 pips. This position was added this week after our initial position was closed for a profit of 25 pips as our stop loss was triggered. We will keep our take profit target of 1.3425.

We have three EURGBP positions, two long positions and one short hedge, which carry a floating trading loss of 360 pips. This represents an increase of 16 pips compared to last week. We will maintain our take profit target for both long positions at 0.8500 and adjusted our take profit target to 0.8300 for our long hedge.

We have one EURCHF long position which carries a floating trading profit of 43 pips. This represents an increase of 45 pips compared to last week. We will maintain our take profit target of 1.2400.

We have three CHFJPY short positions which carry a floating trading loss of 72 pips. This represents a decrease of 318 pips compared to last week. We will maintain our take profit target of 107.00.

We have one AUDUSD short position which carries a floating trading loss of 310 pips. This represents an increase of 120 pips compared to last week. We will maintain our take profit target of 0.9130.

We have three AUDNZD long positions which carry a floating trading loss of 814 pips. This represents a decrease of 236 pips compared to last week. We will maintain our take profit target of 1.1600.

We have two AUDJPY positions, one long position and one short hedge, which carry a floating trading loss of 663 pips. This represents a decrease of 1 pip compared to last week. We will maintain our take profit target of 97.30 for our long position and 90.75 for our short position.

We have three AUDCHF long positions which carry a floating trading loss of 1,915 pips. This represents a decrease of 366 pips compared to last week. We will maintain our take profit target of 0.9265.

Rollover/Merger Update:

Our previous Tier I A was merged with Tier II A as our new Tier I A was initiated and our Tier I B was merged with out Tier II B as we do not have any new Tier I B holdings. This rollover and merger occurs at the end of each quarter.

Our floating trading profit for Tier I A stood at 181 pips. This represents an increase of 181 pips or 100.00% compared to last week. Our floating trading loss for Tier II A stood at 1,376 pips. This represents a decrease of 770 pips or 35.88%. Our floating trading loss for Tier II B stood at 4,840 pips. This represents a decrease of 780 pips or 13.88% compared to last week.

We hope you enjoy your weekend and that we will see you back on Monday.



Comments
Apollo
@ Adnan: Thanks for you comment. While we do operate a professionally managed institutional account here at Paxforex, retail traders with smaller deposits can follow our trading as well.

They just need to open mini accounts and trade smaller lot sizes (0.01 lots for example). While they would have 5,000 pips in floating losses it would still only be just over 5% of their accounts plus they would have earned over 12,000 pips so far in the first nine months of 2013.

It all comes down to risk management and trading the proper lot size plus having the right trading account for your capital.

@okolo: You are welcome.
10/7/2013 8:28:09 PM

okolo okechukwu
Thanks for your sincerity.
10/7/2013 9:39:23 AM

Adnan
Great Trading. Over all more than 5000 pips floating trading loss. Appreciate your trading decisions.
Keep it up.
You can afford 5000 pips floating loss but a retail trader with equity less than $10K can't afford it, your trade recommendations are good for banks and financial institutions but a fulltime damage for retail traders and loss of poor retail traders is basically your meal.
10/7/2013 8:45:34 AM


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