Davigled:


Got taken out on gold, I will be watching EU and I won't touch gold again, cos I don't want to revenge trade

Meanwhile us30 buy at current price stoploss 50 pips take profit at 38200

Slow it down. Not to ground zero but a little bit down. To regain your psy

Davigled:


Yeah all Sims except for glo network

Cool

Donvic4u:


Alright

I just sent you a DM here. I'll need
your reply to my email so I can forward the pdf to you.

My FX learning journey starts pretty soon.

peteregwu:
If you are trading and you yet to be consistent in making profit, don't kill your account by overtrading or using huge lotsize. Take it down to 0.01 - 0.02 so that it won't affect your equity when you are on a losing streak. Until you see yourself making consistent wining streak every week....that's at least 70% more than your losses, then you can start gradually increasing your lotsizes. But before you start making consistent winnings, ensure you must have dealt with demo account before jumping into live. But if you still prefer the live account when you are not consistent, then take it down to the least lotsize or else, you will see yourself messing with your equity all the times.

reminder

Davigled:


Got taken out on gold, I will be watching EU and I won't touch gold again, cos I don't want to revenge trade

Meanwhile us30 buy at current price stoploss 50 pips take profit at 38200

bros mi, do make u arrange ur bags, make we enter bus when de go south south on Monday for gold o. Make sure say u get plenty space for drawdown of stoploss sha, no tight stops. After the move don start I go draw the map.

Trade with risk management though, make e no be say driver girlfriend break him heart him con change direction o, de go sokoto

Davigled:


I'm calling it a day, my psychology is really forked right now, I am stupidly confused and I have had the worst week since the beginning of the year, my God I feel very hurt right now emotionally, because I have been on a Lossing streak since the start of the week and I keep asking myself, is it not the same market that I have been trading, my brain is hurting at the moment and I wonder if I can be going through this pain on a demo account I wonder what would happen to me in on a live account, abeg ooo make bp and heart attack no kill me...

Oh Jesus help me, pls help me

My mentor asked me if I've been into a stage where I felt like giving up coz everything seems not to work, I said yes.. He told me that stage is very important and once anyone is in that stage, one should do what message the stage is passing which is to take a break... Giveup for like 2 or 3 weeks and you ll see how strong you will come back.. Make sure you keep adding to the portfolio of knowledge during the break..."Ram wey reverse, Na power hin go bring no be say he dey run"

dmahn:


My mentor asked me if I've been into a stage where I felt like giving up coz everything seems not to work, I said yes.. He told me that stage is very important and once anyone is in that stage, one should do what message the stage is passing which is to take a break... Giveup for like 2 or 3 weeks and you ll see how strong you will come back.. Make sure you keep adding to the portfolio of knowledge during the break..."Ram wey reverse, Na power hin go bring no be say he dey run"

How will taking a break improve performance?

Can Onana turn into prime Neuer if they start benching him?


I'm just asking...this 'forest' business, I think it is best we define our own answers.

Would you run away from your shop for a few days because you didn't make any sales?


Or would you analyse your account records to understand why you are not making sales, what the competition is doing differently?

Geovanni412:


How will taking a break improve performance?

Can Onana turn into prime Neuer if they start benching him?


I'm just asking...this 'forest' business, I think it is best we define our own answers.

If fx trading is a business, would you run away from your shop for a few days because you didn't make any sales?

Or would you analyse your account records to understand why you made sales and the periods during which sales were best?

Sometimes taking a rest is good for ones brain.

Cos most failures comes from one trying to revenge trade, one just failed, he now tries to no gree for the market, that money I lost I must get it back. Na so u go de make more mistake de go.

But it doesn't mean that one should stay away completely, but u get wat I mean

geedot:
There's no way to find a fixed RR my brother. Since I'm a staunch R&S follower, the next TP for me is the next support/resistance. Market moves from zone to zone most of the time. For example, in a bullish market, if market successfully breaks a resistance and able to turn it to stay above the broken resistance, you can be rest assured the market is heading to the next resistance. No one knows how long it's gonna take, but most of the time, it's heading there.

So after this knowledge, the next thing is how to draw concrete supports and resistances. I will recommend downloading Forex mastery by Dapo Willis. The guy is a goat!

Trading is so easy, just draw them down and start watching for moves around them, using the weekly to check where market is really heading, and go daily to wait at the next bustop which is the Support and Resistance.

This is how most of my trades look like, when I'm planning on going bullish on a pair based on my weekly bias, I just wait for it to hit my SorR on the daily and bounce, then I join. Look at the Gold, see how it respected the S&R zones? I'm just waiting for it to hit that purple horizontal line before going long, or hitting that pink downwards arrow zone before going short.


I Should have longed gold at that bounce on the support on Thursday, but I don't trust supports that were formed by a resistance as much as I trust the one formed as support in the past. I mean when market is tanking down, it's very easy for them to ignore a newly formed support that was initially a resistance and blast through it. But the good side is that, most time when it does, just wait at a former support that has supported in the past at least once, it's gonna react when it gets to it.
These are daily charts by the way, on EU I'm waiting for a retest of the support so I can join the bus and ride it up to the next zone, should give me about 1:3rr hopefully.

@Geovanni412, did you follow the EU trade up, I got in with 30pips SL, should have gotten out with 100pips yesterday which is even more than my initial 1:3rr, but I was waiting for it to touch my next resistance which is about 250pips(1:8rr) away from me, another name for greed and over confidence. Now I'm only in 30pips profit.

Even the EA trade I quoted Dman about that I think it's coming down to gain momentum and find support at the 1.64× zone to continue the bullish move to the next resistance is also currently running 70pips in profit.

AUDCAD doing nice too, missed Nzdcad, gbpchf cadjpy by just few pips to my entry point.
All trades are with 40pips max SLs.

The GBPSGD went 70pips my way before talking me out for 20pips loss when I adjusted the initial SL from 40. Reason why I don't like adjusting SLs sometimes, it's SL or TP for me once I enter trades. If I had adjusted my EU SL, it would have stopped me out also because it came back to my entry after a 100pips move to the upside. I didn't bother entering the GbpSgd again because the swap fees were just too much for me.

Still staying put on gold, it's not going up and it's not coming down. Well, I will be waiting whenever he made up his mind. Never rush to join trade in the middle, they reverse a lot, it will be bad entering in the middle and it reversed back to where the move initially started from. Instead set a buy/sell limit at the spot the move initially started, if it reverses, good, if it doesn't, fine also.

No trade is better than many trades with losing trades cancelling out winning ones.
Pull up your charts and check how often trades comes to retest the initial spot reversals start from. Patience to wait is important.

Geovanni412:


How will taking a break improve performance?

Can Onana turn into prime Neuer if they start benching him?


I'm just asking...this 'forest' business, I think it is best we define our own answers.

Would you run away from your shop for a few days because you didn't make any sales?


Or would you analyse your account records to understand why you made sales and the periods during which sales were best?

You asked a question, instead of you to wait for response at the bolded question, you are answering it yourself

OK let me teach you psychology , We call it incubation in psychology, it's one of the problem solving techniques we use, it's just the unconscious processing of problems, when they are set aside for a period of time, that may lead to insights... What happens after you have been looking for the other pair of your shoe for a while and you can't find it, you incubate, it ll shock u how the mumu pair will just show face after you've stopped looking for it

You left the most important part of the message which is to keep adding to the portfolio of knowledge during the break.

You can see he's injured emotionally, will you allow an injury player keep playing or you rest him for a while?

nzechu:

Sometimes taking a rest is good for ones brain.

Cos most failures comes from one trying to revenge trade, one just failed, he now tries to no gree for the market, that money I lost I must get it back. Na so u go de make more mistake de go.

But it doesn't mean that one should stay away completely, but u get wat I mean

Taking a rest is good

But the point I'm making is this...

If you take a break, you get fresh ideas then you abandon your old ideas then you apply the fresh ideas till they fail then you take a break again

For me, it is a cycle that never ends

Take a break , yes but use it to analyse the losing trades, stick to your trading method, and cut out the setups that your statistics shows are losing trades

I believed xauusd would fall from 1921-1925 area today but I didn't take the trade like I would normally have done, because the data in front of me (my losses) are telling me that I have more chances of losing these trades based on my tendency to panic once I see it move like two bars in my favour on 30 min chart.

That's the point I'm trying to make. Play the game according to your own tendencies and not how you think the strategy plays out in your head when you win.

geedot:
@Geovanni412, did you follow the EU trade up, I got in with 30pips SL, should have gotten out with 100pips yesterday which is even more than my initial 1:3rr, but I was waiting for it to touch my next resistance which is about 250pips(1:8rr) away from me, another name for greed and over confidence. Now I'm only in 30pips profit.

Even the EA trade I quoted Dman about that I think it's coming down to gain momentum and find support at the 1.64× zone to continue the bullish move to the next resistance is also currently running 70pips in profit.

AUDCAD doing nice too, missed Nzdcad, gbpchf cadjpy by just few pips to my entry point.
All trades are with 40pips max SLs.

The GBPSGD went 70pips my way before talking me out for 20pips loss when I adjusted the initial SL from 40. Reason why I don't like adjusting SLs sometimes, it's SL or TP for me once I enter trades. If I had adjusted my EU SL, it would have stopped me out also because it came back to my entry after a 100pips move to the upside. I didn't bother entering the GbpSgd again because the swap fees were just too much for me.

Still staying put on gold, it's not going up and it's not coming down. Well, I will be waiting whenever he made up his mind. Never rush to join trade in the middle, they reverse a lot, it will be bad entering in the middle and it reversed back to where the move initially started from. Instead set a buy/sell limit at the spot the move initially started, if it reverses, good, if it doesn't, fine also.

No trade is better than many trades with losing trades cancelling out winning ones.
Pull up your charts and check how often trades comes to retest the initial spot reversals start from. Patience to wait is important.

Chief, I was waiting till 11am close to enter eurusd only for the werey to pump before then.

At that point, I just left it alone. Took only a long trade on xauusd which I closed early in the morning. (overnight hold)

At the bolded, prefer waiting till close of day to decide on such matters in terms of buying. In terms of selling, I no do again...stop hunt don show me shege too much recently unless I am confident it is a pure downtrend, I will wait for the buyers.

My statistics show me that I am not as good as I thought at picking sell setups. Next thing, market don trap me and my 20-30 pips stop loss and frustration go start.

Geovanni412:


Taking a rest is good

But the point I'm making is this...

If you take a break, you get fresh ideas then you abandon your old ideas then you apply the fresh ideas till they fail then you take a break again

For me, it is a cycle that never ends

Take a break , yes but use it to analyse the losing trades, stick to your trading method, and cut out the setups that your statistics shows are losing trades

I believed xauusd would fall from 1921-1925 area today but I didn't take the trade like I would normally have done, because the data in front of me (my losses) are telling me that I have more chances of losing these trades based on my tendency to panic once I see it move like two bars in my favour on 30 min chart.

That's the point I'm trying to make. Play the game according to your own tendencies and not how you think the strategy plays out in your head when you win.

ok sir

nzechu:
ok sir

Hope you got the nostro acct email?

Anyway, me, I just dey share things wey I dey observe for the market as I learn them

This is 2024, God forbid we keep repeating the same mistakes as dollar dey go to N 2k before end of year.

All efforts for the week gone down the drain in just one trading day . Was up 4% on challenge acc remaining 2% to complete stage one. Instead of taking it slowly I wanted to complete the stage today so I move to stage two by Monday. Mumu me, market flog me wotowoto back to square one. Lesson learnt. Going back to my trading plan. Trading TFT competition did more harm than good to my psychology I no dey trade competition again make I leave am for the ppl wey Sabi am. Even the 25% I was targeting to get free acc I no see after being up almost 17% last week I am down to down to 12%. Success in trading through gambling is fleeting, taking things slow and controlling risk is the sure way.

Geovanni412:


Hope you got the nostro acct email?

Anyway, me, I just dey share things wey I dey observe for the market as I learn them

This is 2024, God forbid we keep repeating the same mistakes as dollar dey go to N 2k before end of year.

I didnt

dmahn:


You asked a question, instead of you to wait for response at the bolded question, you are answering it yourself

OK let me teach you psychology , We call it incubation in psychology, it's one of the problem solving techniques we use, it's just the unconscious processing of problems, when they are set aside for a period of time, that may lead to insights... What happens after you have been looking for the other pair of your shoe for a while and you can't find it, you incubate, it ll shock u how the mumu pair will just show face after you've stopped looking for it

You left the most important part of the message which is to keep adding to the portfolio of knowledge during the break.

You can see he's injured emotionally, will you allow an injury player keep playing or you rest him for a while?

I get your point, chief

But sometimes the way you gather the insight fit cause even more confusion.

If the insight is based on your trading history, then I think it is ok but if it is based on you looking at chart and seeing one 'new' pattern on 4h when you trade 30 min chart, then it's likely a trip that leads to nowhere in practice,.especially if you are a day trader using 20-30 pips as stop loss.

You get what I mean.

.

Geovanni412:


I get your point, chief

But sometimes the way you gather the insight fit cause even more confusion.

If the insight is based on your trading history, then I think it is ok but if it is based on you looking at chart and seeing one 'new' pattern on 4h when you trade 30 min chart, then it's likely a trip that leads to nowhere in practice,.especially if you are a day trader using 20-30 pips as stop loss.

You get what I mean.

Sure boss. I get your point.. The market is a battlefield. Going to the field everyday will bring daily injuries. Any strategy that allows us to see opportunities everyday needs to be reviewed

Hello Guys,

I have a verified FBS account and I wanted to create
a cent account but it was not possible and I cant
only get one done through a referral by an IB and I don't have one.

How do I create a cent account guys. I want to fund
it this weekend.

Thanks.

Good evening fams, I really appreciate all the bosses here for their kind response and advice. Well it's the stupid indiscipline trader here reporting hisself. So I started the year well on a right footing, I joined TFT and Fundednext Jan competition which I am still on. plus a 5k 5%ers bootcamp account purchased on my behalf by the benevolent boss DXYY, I truly am still grateful sir for your generosity towards me. Honestly I must confess that trading has really been tough in January but nevertheless I still was able to make 11% on my TFT and almost 13% on my Fundednext account respectively, meanwhile my 5k 5%ers account has been in a knee jerk kind of situation where I was moving in and out of drawdown. I was thrilled with my performance all though not astounding but I was happy to see myself hitting 10% again for the third consecutive time since the situp challenge being the first an also I was impressed with myself for being able to stick to strick risk management on the competition accounts as I only traded 1 lot on gold, bitcoin and indices. My risk per trade was 0.5% i.e I was keeping all my risk at $500 per trade on a 100k account. I saw it as a huge progress in my journey to be able to hit 10% trading 1 lot on a 100k demo account. But unfortunately I gave it all back this week. I over traded and coupled with having a loosing streak, I ended up giving all that I toiled since the beginning of the month back to the market. More so, I was really annoyed to see my analysis playing out as I had anticipated while my stops kept being taken, I really was livid. Today i nearly lost my senses completely seeing my analysis playing out but getting stopped out before price moved in my direction, just when I was tempted to push the button again I stumbled into my trade history and saw all the losses I had incurred since the beginning of the week. I was devastated and I felt a very sharp twinge of pain in my heart and also in my brain. I had to forcefully call myself out here on the thread, because as I always say, I want to hold myself accountable so that I can find my consistency in trading. So I painfully closed all my positions that were left open for a small profit, as I want to reset and start afresh again from the drawing board. I must confess that I felt really overwhelmed with pain earlier on but I feel better now. While I was in pain, I questioned my abilities, am I a bad trader?, Was my performance so far a fluke?, Or was i just getting lucky with my trades all this while? This were the questions that were running through my head while I was grieving. Besides that , I also had some profitable trades which ended up in a loss as I didn't take profit due to my greed, this also added to my anguish. And so I sat myself down and write down all that I did wrong which led to my perilous ordeal. Here's what I observed;
• I traded in choppy market condition and forced trades due to fomo, I'm always on the charts and I have this urge to always need to have a trade going on.
• I over traded due to trading many pairs which confused me at some point, there were times I was feeling confused because I was tracking alot of things which made me over analyse
• My biggest problem so far is impulsiveness, fomo and the urge to trade everyday which stems from my addiction.

The only credit I will give my self was maintaining the discipline on my risk at 0.5% else I would have been disqualified in both competition and maybe blown my 5%ers account. It hurts me to see my analysis playing out while trades ends up in a loss. I am really pained that I ended up ruining all my hardwork from the start of the month so far in a space of one week due to overtrading. Today's ordeal was quite traumatic for me and I have resolved in all sincererity to cut down the pairs that I trade, I will strictly be trading gold and US30 henceforth. I am posting it here so that, in the case I backslided and start trading other pairs, pls do not hesitate to call me out, I am holding myself accountable and also responsible by doing this. And then also I will put myself on a daily drawdown of 2%. Once I incure a 2% loss of my account in a day, I will definitely be taking the rest of the day off the charts. I apologize for writing this long epistle. Pls all advice, criticism and scolding are welcome.

dmahn:
The H4 uptrend line on EURAUD failed to be broken.... I need a very strong EURAUD bullish candle tommorow

The bulls came but didn't come in as strong as expected on EURAUD. I will wait to see if they can keep growing to my POI on Monday or Tuesday so that I can place my short again with huge lots

The current state of my accounts

My TFT account

Before this week (1st pic)

After this week (2nd and 3rd pic)

My Fundednext account

Before this week (1st pic)

After this week (2nd and 3rd pic)

I even gambled on gold today with the hopes of recovering some of my losses but as always, the market gave me a resounding smack... 😭

Davigled:
I even gambled on gold today with the hopes of recovering some of my losses but as always, the market gave me a resounding smack...

gold is always watching you.. it never tolerate any form of gambling

nzechu:
bros mi, do make u arrange ur bags, make we enter bus when de go south south on Monday for gold o. Make sure say u get plenty space for drawdown of stoploss sha, no tight stops. After the move don start I go draw the map.

Trade with risk management though, make e no be say driver girlfriend break him heart him con change direction o, de go sokoto

Egbon, ah dey come follow you after ah don treat the malaria and typhoid wey market dash me today

DXYY:


Register for TFT and fundednext competition account for next month, if you make 20 percent for the month you get a free evaluation account, this days lack of money isn't an excuse in forex
alot of opportunities are available for the serious minded.

Why didn't I know about this since

blackjack21:


Why didn't I know about this since

And did I mention that I achieved all that in just 8 days