My friends, welcome. I’m Osayuki from Benin City in Nigeria. Many may not be aware of this, but Nigeria is very fond of the forex market and there are millions of forex traders in my great country. The problem is that many are, unfortunately, not profitable and are seeking to take advantage of forex trading in order to better their life. Benin City, currently best known for its rubber and oil industry, offers a great way of life for those who are serious about working hard for it. Where many of my friends see problems, I see opportunity which is what led to the creation of my FX Criss-Cross Strategy.
Benin City, formerly Edo, used to be the capital of the great Edo Kingdom of Benin which ceased to exit after the conflict with the British Empire in 1897. It wiped out the kingdom, the city was plundered and razed. I believe that my people can once again overcome the problems we face and rise to a great economic power. I see forex trading as a great part of our future as it allows families to supplement their income with an independent source of money. I studied history at the University of Benin, but after my graduation I struggled to find my way on life. I came across forex trading as I travelled around Africa and it was during my criss-cross campaign that I started work on my forex strategy.
You can truly learn a lot when you keep an open mind. I financed my travels though day labor, but after I returned to Benin City I needed something stable to get started. The wealth of the Edo Empire came from trading and I believe our past shines a light to our future. I took on a job at a rubber factory in order to have a stable income. I learned from experience that capital is needed in order to make capital. I enlisted the help of six friends over the course of the next two years, all who were excited about forex trading and its potential. Four worked together with me at the rubber factory and two were from my times at the University of Benin.
We pooled together our capital which was the first big change I made to my overall trading approach. Maybe one of the biggest mistakes traders make is to underestimate the skills and professionalism required in order to manage a profitable portfolio. I understood after three years of losses that you cannot trade forex on the side and that it requires effort and time. In order to combat this dilemma, I decided to follow trading signals provided by forex brokers and forex traders. My friends and I spent about two years following those recommendations, but not trading based on them. We needed a good actual track record of performance. During the two-year period we were able to weed out a lot of fake signal providers and learned to trust a handful.
This gave us have of my FX Criss-Cross Strategy. Some of our signal providers were profitable during certain times only, some had great volatility in their performances and others issued long-term signals. The overall basked of trading recommendations was great, but in order to ensure that we trade on the most profitable ones we needed to create a system to fine-tune them. So my trading strategy is not about creating one from scratch, but about filtering what is available for free by others and build on their work. This may sound simple, but trust me it is a lot harder that you think.
My friends and I all started to follow different signal providers in order to have more diversity. Each evening we come together and everyone brings two to four trading signals to the meeting. The first step is to separate fundamental analysis from technical analysis. The dominant fundamental trend is the one we filter the technical analysis with. For example, if we have a total of 10 fundamental reports and four of them suggest a stronger Australian Dollar, then this the trend we go with. This ensures that we take positions which have high profit potential as we also seek to limit downside risk.
The second step is to filter the technical trading recommendations based on our fundamental baseline. So if we are long the Australian Dollar then we will seek only technical trading set-ups which are in line with our fundamental approach. Once we narrowed down the list, the third and final step is to filter the results. Let’s say we have five trading recommendations and two call for a long AUDUSD trade, two for a short AUDCHF trade and one for a long AUDJPY trade. We will trade the AUDUSD and AUDCHF trading recommendation and ignore the AUDJPY as we have bigger agreement on those two.
Lot sizes are based on how many trades we have for the day, but we always keep 50% in cash. This allows us to add to existing positions if the opportunity arises while it also ensures that margin calls are something we don’t face. Through this criss-cross of trading recommendations we have created a trading strategy which returns us over 30% per year. I hope I was able to get you excited about the prospects of forex trading. You can use my FX Criss-Cross Strategy if you like, comment below with any questions you may have and I will help you get started. We trade three accounts at PaxForex as a trusted forex broker is as important to a profitable trading account as the right strategy and mindset.
