pinbar: Due to my other commitments , i trade the daily tf now... just bought EA at 1.4631, sl : 150pips tp : 1.5225. breakout after a 2 weeks range.

Bro,
glad to know that you are trying to find what will work best for you. Trading daily tf is by no means an easy task! There's a lot the trader needs to know and be able to do so as to stay profitable on this tf.
Let's use your SL of 150 pips as an instance. Did you check the average daily range of this pair before choosing the pip value of your SL? This pair does an average of 145 pips every day (using 100 days as the look back period) yet you want to trade it with a SL just about the same size as its ADR₁₀₀.
Lets check something else:
(a)How many % of your account would you like to trade this daily tf with?
(b)And then, how many % of your account will you like to risk per trade?
If your answer to question (a) above is say 5% then be it known to you that you can only have a position size of just (5/1.5)% = 3.3% to really use per trade so as to risk 5% or else you will be risking an actual 7.5% if you take trades with 5% and a 150-pip SL.
Bro, my people say:
cloth wey morning sun nor dry, nor be evening sun go fit dry am oh!

Imagine how large my account size needs to be for 3.3% trade of the account size to be sufficient to pay my bills. Considering the fact also that I'm going to be seeing FEWER trading opportunities on this tf.

I have spoken about the fractal nature of this market and how that many traders think smaller tfs are un-reliable. This assertion that smaller tfs are un-reliable is very very wrong and should be done away with.
In my opinion,
smaller tfs give you more trading opportunities
Imagine a marketer that generates 100 leads each month (Marketer A)
then think of another marketer that generates 2,000 leads each month (Marketer B)
With every other thing being equal, who do you think stands a better chance of making more sales each month?

Now, your daily tf is that Marketer A that gives you less ''leads'' and ends up putting you in a position of disadvantage when it comes to number of sales per month.

Take out some time to ruminate over what I've just shared with you.
What you are going through is just normal in the development of the trader within you. Don't think it is the challenge of time frame.
Enjoy your day!
Meshach

meshpips:
...In my opinion,
smaller tfs give you more trading opportunities
Imagine a marketer that generates 100 leads each month (Marketer A)
then think of another marketer that generates 2,000 leads each month (Marketer B)
With every other thing being equal, who do you think stands a better chance of making more sales each month?
Now, your daily tf is that Marketer A that gives you less ''leads'' and ends up putting you in a position of disadvantage when it comes to number of sales per month.
Take out some time to ruminate over what I've just shared with you.
What you are going through is just normal in the development of the trader within you. Don't think it is the challenge of time frame.
Enjoy your day!
Meshach

Check out this out as well
Marketer A (100leads) where one Lead generates reward of 200 to 300 or even more pips and Marketer B generates 2000 leads where one lead gives reward of 10 to 20 pips.Not also neglecting the cost for each lead in form of spread and the risks involved for each trade because their will be losing trades as well and the higher the lead the higher the probabilitty of losses.

Then come to also think of it, who will you trust between your childhood friend and your friend of a year old?
The longer or daily tf is ur childhood friend and the smaller tf, ur latest friend n they say Esu tipe tipe dara
juuu...
And should we be after many trading opportunities or quality trading opportunities?
My view

infofirst:

Check out this out as well
Marketer A (100leads) where one Lead generates reward of 200 to 300 or even more pips and Marketer B generates 2000 leads where one lead gives reward of 10 to 20 pips.Not also neglecting the cost for each lead in form of spread and the risks involved for each trade because their will be losing trades as well and the higher the lead the higher the probabilitty of losses.

Then come to also think of it, who will you trust between your childhood friend and your friend of a year old?
The longer or daily tf is ur childhood friend and the smaller tf, ur latest friend n they say Esu tipe tipe dara
juuu...
And should we be after many trading opportunities or quality trading opportunities?
My view

Nice analogy bro,
at the final count, the trader's skill set is what will still determine how much he will earn.
Just for the sake of putting my money where my mouth is and for practical illustration to fellow Nairalanders, I open up a challenge to any trader here who will like to trade on daily tf against my intra-day tf for one trading month.
We will make make public our investor password so that all Nairalanders can judge for themselves.
Anybody ready to take up the challenge against me?
Meshach

meshpips:
Nice analogy bro,
at the final count, the trader's skill set is what will still determine how much he will earn.
Just for the sake of putting my money where my mouth is and for practical illustration to fellow Nairalanders, I open up a challenge to any trader here who will like to trade on daily tf against my intra-day tf for one trading month.
We will make make public our investor password so that all Nairalanders can judge for themselves.
Anybody ready to take up the challenge against me?
Meshach

Dont compete with any one bro but with ur self?For me, i compete with my self n i wish u d very best as you await that response to ur request.

There is this star who was asked to perform and when asked how much he will earn after performing with another super star? guess what he said? That he just want something above the amount the other super star will get after performing cos he has been looking for opportunity to be above him and after performing, He was give a cent or a dollar am not sure now and he was surprised and the organizer told him that the other super star did the performance free of charge.Never ever compete with any one...

Source: Inspire the sleeping giant within.
Its different from competition between the Williams sisters oh.

Then again, i think its better to start trading with longer tf then when one is good like meshpips or better then he can go ahead to smaller tf
My view.

meshpips:
Nice analogy bro,
at the final count, the trader's skill set is what will still determine how much he will earn.
Just for the sake of putting my money where my mouth is and for practical illustration to fellow Nairalanders, I open up a challenge to any trader here who will like to trade on daily tf against my intra-day tf for one trading month.
We will make make public our investor password so that all Nairalanders can judge for themselves.
Anybody ready to take up the challenge against me?
Meshach

One month of "successful" trading does not prove the sustainability of a trading system. Past results are never an assurance of future results. Markets tend to trend less than 33% of the entire time. One doesn't necessarily have to trade every single day to be profitable. The largest profits in a year can be made in just two months. Truly successful and sustainable trading may actually require more of waiting and less of clicking no matter the timeframe. That's the nature of the job.

ayox2003:

Bro, lets assume you already have a good trading methodology.

Most people started with high hopes and they got frustrated out of the game. Atleast, u still dey trade and ur money never kpafuka. Here are my own tips for trading the market.

1) Know what u want from FX: Are you trading because you wanna be rich? Are u trading because you love trading? Are you trading because you wanna have multiple streams of income? You have to figure out why you are really in this sh't. You can do this by meditation. For me, I'm trading because I love trading and I wanna make a good amount of money off my charts each time I place a trade.

2) Work on your mindset: Personally, whenever I boot my PC to trade, I silently tell myself that the market is ALWAYS right. Market is the teacher while I'm one of her numerous students. So when I trade, I just make sure I align with what the market says at the moment or what I believe the market would say. Mind you, the market trends just 20% of the time, the other 80% is either a range or wuru-wuru pattern. So it means you get the best trading opportunity virtually once in a week. So no let anything border you when u loose. Na because teacher they teach you some lessons.

3) Risk: Here are some questions one must answer.
a)Is there any real trading opportunity in the market today? If yes, how much can I afford to loose? The amount you can afford to lose will be your stoploss. And it must not be an amount that would make you cry. Haba!
HINT: After you have decided on how much you wanna lose, then tune your lot-size to fit your stop-loss. For instance, some trades require a little much more stops, instead of using your 'normal-traditional' stops, you could slash it, at last na the same amount e go comot, na 'breathing-space' different.

b) Where is my take profit? Different answers: TP must be before a strong resistance/support, TP must be atleast the amount you have risked(if you risked 50kobo as SL, then TP must be atleast 51kobo or more),

4)Entry point: Best is to use a pending order but as I normally trade at night, which is the worst time to trade, I dey enter market so that I go sleep quick Best time is US and European session. No matter the temptation, avoid entering when there is a major news only if you are sure of yourself. I used to trade news but had to stop so that I wont be used to it.

Always research and read articles, control your emotions and dont over-trade. As a matter of fact, you might end up reading 300 articles in a month and only one would add to your trading 'arsenal' - keep reading, dont stop. Finally, nothing is wrong with you. Teacher market is teaching us all how to trade and till we die, we will forever remain its student.


Frawzey

Thanks bro for the tip. My account draw down is 3percent for now , after having made 12percent in my first month courtesy of beginners luck. Now i have learnt that all money made during trending period can be erased during choppy periods. I think savvy traders know how to respond to this quite easily. luckily, i learnt money management and strict position sizing early enough , and this has kept so far . Now i am aggressively researching about intraday order flow, i believe this should take my trading to the next level. wishing everyone one pipful day ahead.

Kirinwa:


Don't ever go gkfx.That broker is very baaaaad.Imagine minimum withdrawal is $50 .They are manipulative.They are anti customer.I won't wish them on my worst enemy.

ThanksI was even considering them. Meanwhile liteforex has low leverage and high spread.Imagine paying 34 pips spread on a four digit broker for a profit of 40 pips! Na waoh.
It seems all Nigerian brokers have k-leg.
Although am considering forextime, I need more reviews about them. Iheanyiebenezer is interested in affiliate bonus and his reviews both biased and unacceptable.

DOES ANYONE ELSE USE FOREXTIME?

You've made your point Bruv.Your challenge ain't necessary.Intraday is preferable.Remember there's correction and reversals.It's better to trade what the market has for you each day.For me I combine daily and 4 hour for entry and a news release to cheer it up. Enjoy.

meshpips:
Nice analogy bro,
at the final count, the trader's skill set is what will still determine how much he will earn.
Just for the sake of putting my money where my mouth is and for practical illustration to fellow Nairalanders, I open up a challenge to any trader here who will like to trade on daily tf against my intra-day tf for one trading month.
We will make make public our investor password so that all Nairalanders can judge for themselves.
Anybody ready to take up the challenge against me?
Meshach

I can't even remember the last time i took a trade off the 1hr TF...the lowest has been 4hrs even at that can't remember my last trade on it.On the daily charts i have taken just 5 trades this month with just one loss and 4 winners.i still met my target which is the END POINT!

I enjoy the peace of mind and less stress it affords.

Nial Fuller's said: http://www.learntotradethemarket.com/forex-articles/why-i-hate-day-trading

http://www.learntotradethemarket.com/forex-trading-strategies/why-trading-the-daily-charts-will-improve-your-trading-results

All timeframes are tradable. Good morning all.

fxbomovi: All timeframes are tradable. Good morning all.

Yes bro! its just an individual thing.

@Pipo my man, how far? i see you oooo

hmmmmm.One of my last trades for the month taken off the daily TF.

Experience they say is the best teacher.Mondays and Wednesdays have not been rated as good trading days for day traders.Apply caution.

its so sweet to let profit run.

fxbomovi: its so sweet to let profit run.

And sometimes its good to run with your profit

@FXproph i hail ooo..

endfx1:

And sometimes its good to run with your profit

lol... I always know when to do that.

EU struggling with 1.3296 resistance area since last week Friday...a 4hr close above 1.3297 will signify a bullish breakout.

Next target will be 1.341xx area

Finger's crossed..

Why do we have bad Nigerian brokers?In choosing brokers I consider...

Good customer care support
Fast withdrawals and deposits
Low spread and high leverage
Good and surfer friendly website
Quick trade execution,no slippage
Fixed spread etc

Fxwarrior:

ThanksI was even considering them. Meanwhile liteforex has low leverage and high spread.Imagine paying 34 pips spread on a four digit broker for a profit of 40 pips! Na waoh.
It seems all Nigerian brokers have k-leg.
Although am considering forextime, I need more reviews about them. Iheanyiebenezer is interested in affiliate bonus and his reviews both biased and unacceptable.

DOES ANYONE ELSE USE FOREXTIME?

EJ, GJ buy seems odd but that's it

endfx1:

And sometimes its good to run with your profit

EA 304PIPS, AU 190PIPS, GJ 73PIPS, UJ -45PIPS....GUYZ WATS UR TAKE ON ESPECIALLY UJ? DO U STILL THINK IT WILL RISE?? AND DO U C ANY CONTINUATION ON OTHERS?

Fxwarrior: EJ, GJ buy seems odd but that's it

Monday and Wednesday madness.

USDCAD short in the making...the dominant trend is down and take a look at the bounce off the 50EMA with a likely bearish pin bar formation.Also the outside bars to compliment the move..

If it forms as stated above i will place a sell stop 5pips below the low of the pin with SL 10pips above its high TP at 1.0142

Hmmmmmm....less than 30min to action.

hello house
sometimes i dont think the problem we have in forex is about the system or timeframe what i largely believe is the intention behind our trading...i personally believe that any account funding less than 500USD is a demo account and greed will certainly come into play...forex is a business and must be treated as such, its the value of a pip that will determine you greed level, i see no reason why i should be greedy if making 10% of my account will give me 2000USD at the end of the month. small account size gives rise to greed and greed gives rise to a blown account...i personally trade 4hr timeframe

IF D BREAK HOLDS.....WUD LIKE TO WAIT FOR A CONFIRMATION ...WUDNT MIND SELLING UJ....

My suggestions are posted by 6pm EST each day. Overall there is strength in the EUR, CHF, JPY and
USD. Overall there is weakness in the AUD, GBP and CAD. Trading Directions I am favouring for the next 24 hours Buy Trades - EUR/GBP, EUR/AUD, EUR/CAD, USD/
CAD Sell Trades - GBP/USD, GBP/JPY, GBP/CHF, CAD/
CHF, AUD/USD, AUD/JPY, AUD/NZD, AUD/CHF VERY IMPORTANT: These are not specific trades. Do not blindly place trades in the directions given
below. Use your own trading strategy and look at
taking setups that occur in the same direction as
my daily analysis.




ANDREW.

Wow! I just saw one of my subscribers upload his own chart.
I'm very glad that he has done this.
I hope the others will do same.
https://www.nairaland.com/1371793/forex-signal-service-time-tested/1#17137008
Thanks a million Dipocian. I appreciate your effort.
This stuff is for real.
Join the train today!
Meshach

morning all my risk on Gu didn't work out yesterday

eyeing to Long eur/cad again today

elewedu: You have all this books and u cant read it to make money in forex, instead u are marketing free ebooks for 20dollars.....u must be loser. Just pouring my vexation on d poor guy, foex no be by book jare....i don read tire my brain don dey near boiling point.

gerald2:

Mr Elewedu don provoke
Na so dem dey do.Marketers.