Good day, if you trade forex, you can drop any ideas, strategies, systems, signals etc, please no advertisements.

Any information seen here is taken at your risk and are all meant for educational purposes, thank you.

my broda, heard so much abt forex. what do you guys mean when you say a forex trader has drawdowns

emyworld:

my broda, heard so much abt forex. what do you guys mean when you say a forex trader has drawdowns

It is when a trader experiences a streak of losses. It is not a good time for a trader.

is there hope of bouncing back for the trader?

Mabsam,

I guess you should lead the way with the ideas. You day-trade?

emyworld:

is there hope of bouncing back for the trader?

Sure there is hope if the trader has the following:

1. Education

2. Discipline

3. Patience

He must not double up. He must not try to get back at the market.

no i dont, my trader said he had drawdowns?

pls do u trade and where is ur location?

The question was actually for babsam.

emyworld, if somebody is managing your account then I guess he should be good. Drawdown could happen to even George Soros. Strict money management should be employed.

Yeah I trade and in Lagos. Is there any issues?

do u trade on behalf of pple? if yes, hw many %

no I don't. I wount advise leaving ur acct mgr because of a temporal drawdown unless it has bcome regular.

pls do u have an idea of how long it takes one to bounce back

It depends on the % of account balance lost, and how good your trader is.

he told me it would take him 90-120 days to bounce back. if am to start on my own pls wat are the critical things needed? heard so much about the training here in abuja, but really dont know how real they are in terms of impacting the knowledge on forex

So you don't have any idea regarding the size of depletion on your account? Anyway, conservatively, it means he could have lost up to 60% of the account, more or less.

With your current state of mind, if you rush to learn forex now, you are SURE going to finish the remaining balance in just one or two weeks. Forex hates to be rushed so beware - that is the mistake most people make and turn back to say forex is the worst demon out there.

If he is sure it will take him 90 to 120 days to get back then you are better off allowing him run it instead of you trying to do it yourself.

Looking at it realistically, it would take you up to four months (if you are smart), to be able to learn how to make money from trading forex. First, you must learn how not to lose money before learning how to make it. But as it is now, all you are concerned with is to make money. That way brother, you'll lose whatever is left in your account.

Please thread carefully.

ok thanks a bunch for the advice. i appreciate.

Welcome.

There is no perfect trading system but good discipline and emotion make a good trader.

The dollar is gaining strength since last two weeks

I am a forex trader based in Unwana, Afikpo north, Ebonyi state

The ability to learn emotional and money management is what you need to succeed in forex trading?

Posts are missing here. Moderators, what's the problem?

money management is really something simple yet very hard to adhere to, right now i have a deficit of $755 from my account, my pos are in red but i believe in patience and i am trying to learn how to be more patience, don't ever double your pos when you are losing except when you are close to a retrace.

one more thing, do not trade forex with money you can't lose.

honeric01:

money management is really something simple yet very hard to adhere to, right now i have a deficit of $755 from my account, my pos are in red but i believe in patience and i am trying to learn how to be more patience, don't ever double your pos when you are losing except when you are close to a retrace.

one more thing, do not trade forex with money you can't lose.

Don't double even when you think you have a reversal. Get used to this and you'll be good. Learn when to use a SL. Most times, prices get back from losses to profit but when they don't, they threaten accounts. If you don't us SL then know when reversal is an impossible in a couple of days or even weeks, and cut your losses.

On which pair are you picking the losses? If you are on EURGBP then be careful.

Hi peeps.

Kashif, U seem to have a sound knowlegde of FOREX. How does sum1 start learnin this thing from the scratch. Please can u recommend any particular training centres here in Lagos, manuals, or websites one can use to get a grip of it.

Cheers.