Hi guyz,am looking to begin forex trading 1Q 2015 but I have no idea wch broker to trade with. I really need honest advice on this issue because av heard n read a lot abt brokers and their acts,scares d sh*t outa me...oh and goodjob here guyz...didatic stuff. I hope y'all keep d dice rolling

today trade is going to be risky one.

looking to take my trade @ d rejection of yesterdy cycle

natruetalk:
today trade is going to be risky one.

looking to take my trade @ d rejection of yesterdy cycle

just sold oil with 100pips SL

it is a risky one cos. d bull is flexn muscle and price also stay above 55.55 but i sold cos i expect d price to closed d week bearish

might jump out if d seat is too hot for me

natruetalk:


just sold oil with 100pips SL

it is a risky one cos. d bull is flexn muscle and price also stay above 55.55 but i sold cos i expect d price to closed d week bearish

might jump out if d seat is too hot for me

ok sir follow u

omejeo:
ok sir follow u

just watch ur back and close d trade if u c 40pips up from here

natruetalk:


just watch ur back and closed trade if u c 40pips up from here

ok sir thanks

natruetalk:


just sold oil with 100pips SL

it is a risky one cos. d bull is flexn muscle and price also stay above 55.55 but i sold cos i expect d price to closed d week bearish

might jump out if d seat is too hot for me

Oga see as u wan put sand for my Garri

natruetalk:

just sold oil with 100pips SL
it is a risky one cos. d bull is flexn muscle and price also stay above 55.55 but i sold cos i expect d price to closed d week bearish
might jump out if d seat is too hot for me

trade closed with +30pips

don't like d movement at dt 55.5x zone

Hello dear friends, it almost the end of the year, and am glad to see most traders happy because of their trading account is also smiling at them.But from my personal observation i tend to spot most Mistakes successful Traders Avoid, these are the biggest mistakes most traders make especially the newbies. If you avoid these simple mistakes as a newbie, you will find yourself among the minority successful traders in the forex market.


1. Trading with Emotions

I think most traders lose money because they cant keep their emotions of trading. People usually get in a trade based off of logic but when a trade goes against them,their emotions tend to do the thinking.
one thing to remember is that the market does not care that you need to pay bills or buy a brand new car, it will do what it's going to do and you cant make it do otherwise. Always define your risk, and if you lose money, just say next and move on, dont keep focusing on the last trade for revenge trading.

2. Not Having Discipline
You need to have discipline if you are gonna make it as a trader. you have to be able to stick with your trading plan religiously, and not deviate one bit from it.

3. Not Having a Trade Plan
If you dont have a trading plan, you are going to fail as a trader. A plan is what is going to keep you out of trouble when your emotions start doing the thinking for you.
Just follow the plan no matter what. A good trading plan should consist of what to do if i'm right and what to do if i'm wrong before i get into the trade. anytime you start a new trading plan, begin on a Demo/Practice Account, and once you reach a successful level, switch your trading to a live account.

4.changing a Trade plan During Trading

Changing a trading plan during trading is usually caused by fear. A plan should be based of statistics that work overall, not every trade will work out. In my early days of trading career in forex trading, after entering a trade, i would walk away from the computer after setting my stoploss and takeprofit orders, and let the trade continue, because I use to have a hard times during those period dealing with my emotions, and would lose more money because of changing a trade plan due to a seductive movement in price change.sometimes i feel this is the easiest way to make money while building your confidence in the process


5. Not having a Proper Money Management

A lot of traders think it's cool to trade using 20% margin or more, this is one of the biggest mistakes traders make. Being able to live to trade another day has been my trading philosophy. successful traders risk 5% margin or less on a single trade. if you risk 20% margin on a single trade and made a loss, then you can only trade five times with that 20% margin risk, but when using a 5% margin, you will be able to trade 20 times should in case a loss should occur.

6. Not Increasing your Commitment with Success
Many times while in a winning trade, you will be tempted to add additional lots to increase profits, but if the market direction should reverse right after you placed the additional trades, you will be taking a big loss when you should have been taking a profit. Staying under 5% margin risk per trade is critical, no matter what.

7. Adding to a losing trade
Many traders will add to a losing position believing when it goes back up, they will make more money. what usually happen is they end up losing much more money. If you are wrong on a trade, just take the loss and wait for another trade setup with high chance of success. don't forget to always cut your losses short and let your profits run

8. Using Mental Stops in place of Stop Loss orders

People tend to not use a stop due to the fear of being "stopped out", so they use a mental stop instead. Positioning your stop in the right place will allow your trade to breathe. you will lose more by not using a stop because what usually happens when using a mental stop is you tend to say "just give it more time,it will return back", but in most cases, it never does and you end up losing much more than you should

natruetalk:


trade closed with +30pips

don't like d movement at dt 55.5x zone

dis thin still look sellable to me my fear is the 55.55 zone

well am thinking of risking back my 30pips.

natruetalk:


dis thin still look sellable to me my fear is the 55.55 zone

well am thinking of risking back my 30pips.

Market get as e be today, me I nor dey trade today jare.

natruetalk:


dis thin still look sellable to me my fear is the 55.55 zone

well am thinking of risking back my 30pips.

ok just re-enter my sell @ 56.08 SL 57.08

note - dis is a gut trade and am going to close the trade with 30pips loss if the move go against me from here

benpuzzy:
The risk is worth trying, bought Oil at the market price, though with low risk and still waiting for a defined direction on Gold

What else can BENPUZZY say? Adjusted my SL to +100pips, additional position added

BULLS AND BEARS FIGHT WHO WILL WIN

omejeo:
BULL AND BEAR FIGHT WHO WILL WIN

For sure, pigs will be slaughtered! Till Monday for me o jare

natruetalk:


ok just re-enter my sell @ 56.08 SL 57.08

note - dis is a gut trade and am going to close the trade with 30pips loss if the move go against me from here

no basis to hold dis trade beyond here

trade close -28pips

Shop closed 4 d week

benpuzzy:


What else can BENPUZZY say? Adjusted my SL to +100pips, additional position added

Shop closed with +484pips on two positions.........."FX IS SWEET".........

To God be all the glory

Today 20th Dec,2014....I join to celebrate with our 1st Lady Naijababe on
the occasion of her anniversary. Mum,
we pray God continues to bless you and
your family. You've inspired me a lot in your simple n humble ways. May you continue to shine as a light to your world.

I wish you many happy
anniversaries ahead.

Cheers!

fatjo:
Hi guyz,am looking to begin forex trading 1Q 2015 but I have no idea wch broker to trade with. I really need honest advice on this issue because av heard n read a lot abt brokers and their acts,scares d sh*t outa me...oh and goodjob here guyz...didatic stuff. I hope y'all keep d dice rolling

Which broker did you demo trade with and for how long?

I placed my stoploss @ 185.40 for GJ and target is 194.00
Whatever happens its not a loss to me cos I locked in some profits with my SL. This is my last trade for the year 2014.

@ naijababe
Happy bday. Wishing u many more years

Frenchmen and Endfx, thank you.

@madam naijababe
...On this special day, i wish you all
the very best, all the joy you can ever have
and may you be blessed abundantly today,
tomorrow and the days to come! May you
have a fantastic birthday and many more to
come... HAPPY BIRTHDAY!!!!

A special wish for a special person. Mama Oil, may you live long to reap the fruits of your hard labour

Words can't express what I'd want to say.
So......... I 'd just say Happy Anniversary .
You r indeed a special being...
Good having you around....

naijababe:
Frenchmen and Endfx, thank you.

Didn't see anything about.. ur BDAY on ur profile or on FP...

Salutations at Naijababe, and wish you the best in your union.

@Naijababe, Happy birthday!!! wish u long life & prosperity(more pips for u).

am kind of happy cuz seeing a female in this biz should make us guys not to dull our self by loosing.

am inspired & i believe most traders here are also inspired by you.

@Naijababe
Ah, my AMAZON, I remain loyal o. May your days continue to be fruitful and wish you a blessed anniversary.

OMG! Guys, it is not my birthday yet, still a few days to go but it was my 11th wedding anniversary exactly a week ago. I think endfx remembered from last year but got his dates mixed up . Either way, thank you all for your goodwill messages and kind words. I am truly in awe. May all our dreams come true