₦airaland Forum

omejeo:
boss 12ema which tf did u sugest to backtest it

The system is most effective on large time frames. I started with and still trade the 5min TF. You get a lot of noise and signals but the upside is, you always catch the beginning of a trend. I don't usually have time for that. Now i have migrated to the hourly, less signals but powerfull results. I would say backtest with the 15min TF.

Quote from Richard Dennis: “I always say that you could publish my trading rules in the newspaper and no one would follow them. The key is consistency and discipline. Almost anybody can make up a list of rules that are 80% as good as what we taught our people. What they couldn’t do is give them the confidence to stick to those rules even when things are going bad.” – From Market Wizards, by Jack D. Schwager

Optimisticgondy:
Thanks boss for sharing this with us. Did you also target triple of your risk in your backtest?

Sorry, but i just saw your post. I don't set a target, i just follow price and i take whatever it gives me. I do however lock in profits when price achieves a 3:1 by moving my stop close to it but not enough to get stopped out too quickly. One thing you must be cognisant of is what he said about the rules. It took me a while to get it; you only place a trade once price breaks and closes above/below the first candle preceding the low/high of the swing. In other words price must break and close inside the mid 21ema band. The number one thing to look out for is a hammer candlestick pattern which is the foundation of the swing. Over time you will start to discover moves that are almost 80 percent accurate. I have attached some charts of some of the signals the system gave me this week (even as i type this it just gave me a usdjpy trade and from what it says, it does not look good for jpy pairs) and what to look out for. The system made over 800 pips this week alone. Like i said un-freaking-believable. Remember, backtest, backtest, backtest, backtest, backtest, backtest, backtest, backtest, backtest, backtest, backtest, backtest, backtest, backtest, backtest, backtest, backtest, backtest, backtest. Please and please, don't take my word for it.
Goodluck

natureboy50:
Dj xclusive's so cute
No homo though

And you say no homo? A heterosexual man would "he is a handsome chap". Not "cute".

naijababe:
@ 12ema, Bollinger bands can be tricky if the instrument being traded is not volatile, otherwise, the frustration would make a trader enter trades where there are none.

For, I realise that if one know candlesticks very well you don't need anything else. In fact choosing to trade just pin bars and engulfing patterns would probably achieve the same if not better results.

You are very correct. That is the main reason I use a stop loss. you can't go wrong with that.

FOR THE NEWBIES: HOLY GRAIL? MAYBE?

As i sit and type this, i am filled with goose pimples. I am about to share a system that i discovered online and which has completely changed my views on trading and made me achieve results that i once thought were un achievable. I am a a huge proponent of improvement of oneself or method in other to get or be better, trading or otherwise. I usually scan youtube in order to better myself and improve on my trading and a couple of years ago, i first came upon this system and i waived it aside and dismissed it as a failed trader trying to sell a system. For some reason in december last year, i decided to give it a go and backtest it with a 500 dollar real account. Using my style of money management, i turned it into a 2500 dollar account in a month. For me that is un-freaking-believable. The system has everything you can think of in a perfect trading system. Almost zero risk, donchian style breakouts, swings and the almighty trend following, all rolled into one. The narrator doesn't say all this, but after trading it for a month, i saw all these in this system. A word of warning though, i plead with you to thoroughly backtest it to death if you do decide to use it. Never ever take anyone's word. You need to be familiar with the rules. The first thing you will notice is the amount of trades you will take, and the small losses you'll have, but as with the dice game i posted a while back, you just keep rolling that dice and wait patiently. Have you ever gone fishing? i have and it sucked. I didn't actually fish but i went with friends that day, and all they did was stand in the middle of a damned stream, drinking beer, and kept tossing that freaking line over and over again. I'd rather watch wet paint get dry. But, eventually they would catch a nice bass or trout which made everything worth it. This is the exact same thing. You'll need patience though, lots of it. As a trader with some experience, i wanna say this is the closest i've ever come to trading a holy grail system. You decide for yourself.


https://www.youtube.com/watch?v=S8br7mqjYts

Gejfreesupport:
This is a better caption than the former.


Howbeit, this calls for serious thinking..

It is more of an insult and much worse than his earlier antics. The previous was more of a joke but this; Are we saying that the older generation are all useless? There are many at that age who can contribute effectively to the growth of Nigeria. Ok, all those presidents he listed, which among them did anything sustainable for the country? At least they were supposedly young and virile, right. Nigerians need to pull their heads out of their ass.es and start thinking logically. I am neither supporting jonathan or buhari, as far as i am concerned they are both cut from the same cloth.

eminent007:
sure u meant to say "All well and good"

Obviously you know what a typo is; congratulations.

Since this is the most useless topic on NL so far, i'm going to post a recipe for Banana Bread. I believe it will be more useful to your lives than this:

Banana Bread Recipe

Prep time: 10 minutesCook time: 1 hourYield: Makes one loaf.
No need for a mixer for this recipe! Clean-up is easy too, if you want, you can mix everything in one bowl.
The best bananas to use for banana bread are those that are over-ripe. The yellow peels should be at least half browned, and the bananas inside squishy and browning.

Ingredients
2-3 very ripe bananas, peeled
1/3 cup melted butter
1 cup of sugar (can easily use 3/4 cup, or drop it down to 1/2 cup if you want it less sweet)
1 egg, beaten
1 teaspoon vanilla extract
1 teaspoon baking soda
Pinch of salt
1 1/2 cups of all-purpose flour

Method
Preheat the oven to 350°F (175°C), and butter a 4x8-inch loaf pan.
In a mixing bowl, mash the ripe bananas with a fork until smooth. Stir the melted butter into the mashed bananas.
Mix in the baking soda and salt. Stir in the sugar, beaten egg, and vanilla extract. Mix in the flour.
Pour the batter into your prepared loaf pan. Bake for 1 hour to 1 hour 10 minutes (check at 50 minutes) at 350°F (175°C), or until a tester inserted into the center comes out clean.
Remove from oven and cool completely on a rack. Remove the banana bread from the pan. Slice and serve. (A bread knife helps to make slices that aren't crumbly.)

You're welcome.

Some men are really weird. They sleep with everything in skirts and expect to marry a virgin. I wonder what goes on their warped male machismo minds. Do they think they are the only player in town? Whoever expects to marry a virgin in this day and age is totally naive. If you find one all when and good but if not, suck it up.

silverdam:
Tiwa's career has ended already, from the moment she got pregnant, shakara don end, nothing for her. As for Yemi Slade, she's trying but she needs to stop being tacky if she wants to dethrone for real.

Define tacky.

abfany:
I'm also seriously considering going on low cut. The wahala of making my hair is too much.

I guarantee you will change your mind in a heartbeat. My wife is a bonafide fashionista and took the low cut trendy look. Although the low cut look suit her to a T, after 6 months she started growing her hair again. Apparently, she says, braids and attachments are easier to maintain.

sexycat:
So this is the reason why she broke up with her hubby!! She was actually shopping for younger and fresher boyz so that she can be getting enough straffing so why did she say her inlaws were unjustly alleging her of infidelity? This is the height of it all because its barely 6 months she divorced.

Not condoning her behaviour, but there is no time limit when it comes to searching for a relationship after a divorce. Did you read the OP's post? her former husband is already in love and is about to re marry. The same amount of time he had to fall in love is the same amount of time she is using to sow her wild oats. Live and let live.

Story does not make any sense. Committing suicide because a 5 year old caught you fornicating. And why is she drinking milk from a wine glass? This does not make sense.

FOR THE NEWBIES: WHEN NOT TO PLACE/EXIT A TRADE.

I know you are gearing up for a new trading week, and i'm sure you are ready to pounce at the slightest opportunity your trading strategy mandates you to. Before you place a trade this week, i need you to be conscious of these killers to your success.

1. Praying that the trade will be a winner. The moment you pray, or wish that the trade will be fruitful, then you might as well not place the trade. You are basically calling on emotions that have no bearing on forex trading or any business for that matter. Google does not wish or pray for profit, they follow a well thought out business module which ultimately guarantees them profits consistently. There is no miracle waiting to happen, or fairy god mother sitting on the sidelines ready to grant your wish. Your strategy must and should be mechanical in nature, where there are set parameters for entry and exit at all times.

2. Urging an ongoing trade. I cannot count the number of times i did this as a newbie. I would place a trade with ridiculous leverage and the moment the trade begins to go against me i start to cheer the trade to go my way. Instead of closing it as soon as possible, i begin to develop a weird brave belief that the trade will turn in my favor. You know what? it never does.

3. Someone said so. This one is the worst. You have no idea of the "someones" strategy, MM, RR, but you take the advice anyway. Might as well just light a match to your money and set it on fire.

4. Changing strategies at whim. Since we all know that strategies don't work all the time and that it needs time to meet it's probability criteria, then why not give it time. If the strategy you used yesterday, is not the one you are about to use today, then stop, backtest for a while and come back. Have you ever wondered why during ongoing (case in point, ducascopy) forex competitions, the same trader never wins all the time? That should open your eyes to the impact of strategies and probability. Your strategy will never win all the time.

Goodluck.

http://www.axitrader.com/files/pdf/The-Definitive-Guide-to-Building-a-Winning-Forex-Trading-System.pdf

Xslaze3xd:
ok.... But wait ooooo..... I nor qet broda sef..... All hail Jungle Justice........ *Irony tho*..... I know jungle justice is Bad but we all know that the judiciary of this country is not working..... If the police arrest this quy.... Na 10k qo bail am... Finish... Instead of a leqal court trial and proper sentencinq if found quilty..... Lobatan....

Granted that the judicial system is flawed, but it does not give any citizen, other the state, the right to take the life of another human being, unless in self defense. Nigerians are too used to gore and it's not normal.

Xslaze3xd:
nice... I love jungle justice



*MODIFIED
am FTC on A Sunday..... A sign dat I will win my Bets today

I hope you are not serious. Do you know how dangerous and naive your comment is? I hope one day your brother is not mistakenly called a thief, and then you'll wish jungle justice did not exist.

westmest:
Nigeria is not that bad bro. The only problem is that we are too enlightened. Believe me. Nigerians are enlightened i have guinean friends, thier condition is worse than nigeria. And they don't have issues with it. Because they are used to that life. They are really poor beleive me. Nigeria could be better but it is not that bad.

You must be high.

Which kain tin be dis. That is not what he said. When asked about reaction to the paris terrorist incident, he cautioned journalists about their responsibility when reporting news. To make his point clear he looked at his aid and said "it is understandable that if you insult my mother you would expect a punch, right?" pointing out that people will always react in certain situations when provoked. NL is becoming notorious for headlining ridiculous articles.

wierdpsycho:
dayummm i want to be like you when i.grow up

Now, that's funny. Haven't laughed like that in a while.

willscolf:
"d forex market is always dia" dey use 2 say bt wit wot has happened courtesy of d CHF pairs,nd all d report goin on in dis forum nd oda ones,along wit som brokers going bankrupt nd d possibility of only dose who hav upto $100,000 can trade,do u tink dis forex market is still always dia? Anyway me stil dey one angle dey observe

To help quell your curiosity we need to look at another similar scenario. America's economy is almost entirely built on the housing market. The housing market sustains the middle class. Once you are done with college, get married and have a job, it is expected that you will buy/build a house of your own. The housing market fuels various employment opportunities from plumbing, landscaping to real estate. In 2008, the case-shiller home price index reported it's largest drop in history and it was down hill from then on. Fannie Mae and Freddie Mac were the biggest hit. One needs to understand how big these guys were. They held credit the size of small countries and it took the U.S government 900 billion to save them and other huge institutions from going under. It was so bad that it spilled over to the vehicle manufacturing sector as well. Even the stock market took the most hit. Prior to 2008, you could walk into a bank and ask for a 50k loan and, if you had a job you would get it on the spot. Those were the good old days. The main cause of the problem was irresponsible institutions giving out credit to every tom, dick and harry who walked into their doors and asked for a loan to buy houses regardless of if they could make their mortgage or not. The burst bubble ended that trend in a heart beat. Comparing it to the forex market: Well, it's practically the same thing. Over extending and accepting leverage 500:1 when you know you cannot afford it, is probably not the smartest thing to do. Now in America, there are tougher regulations and legislation when it comes to credit and the housing market. People save more and use less credit cards; in order words the economy is gradually bouncing back. Same with the forex market. Mark my words, there are going to be serious changes for the better. So, will you say because a lot of homes were foreclosed and families ruined the American people should have abandoned the housing market? of course not. They learnt from their greed, made changes and are better for it. The lesson they learnt was, manage your finance properly and don't spend what you cannot afford. Wouldn't you say that is similar to what retains in the forex market? Irresponsible brokers will think twice on how they broker trades from now on and the smart ones will abolish the 500:1 nonsense. As a responsible trader, you don't need that much leverage. America's regulatory agencies are now vindicated. They made all brokers in the US peg their leverage at 50:1 a long time ago and continously sanction any broker who don't apply that to an American trader. How many brokers in America have you seen lamenting about the chf crisis? The brokers crying are mostly from Europe. This is why all European brokers don't accept U.S citizens. As a U.S citizen, you have to move out of the country to trade with a European Brokerage firm. What has happened is a good thing. It is time to weed out the wheat from the chaff. And yes, forex is here to stay and nuture the financially responsible broker and trader alike. You wouldn't stop flying because of a plane crash now would you? 'nuff said.

Sirkay78:
Thanks for this report u mension that for being Price Action trader should stay away from news do you think news does have effect on price action?

Know this; As a retail trader, your job is not to know the why or how price moves. Your job is to observe and exploit a particular pattern on your chart which occurs consistently or occasionally, using very responsible money management techniques. Listening to news is tantamount to predicting/analyzing price. You don't need all that. You'll only get hyped and worked up for nothing. Think about it. You know price regularly bounces at a particular support or resistance point. So, let's say your strategy is to buy or sell at those points, what has news got to do with it? The only way to make money with that hypothetical strategy or any strategy for that matter, is to continue pulling the trigger whenever the strategy's tested parameters are met. CONSISTENTLY. Regardless of news, price will always do what it wants to do. Just follow it. 'nuff said.

Since this is the most idiotic story ever reported, I'm just going to post a blueberry pancake recipe.


Ingredients:
1 1/4 all-purpose flour
1 1/4 teaspoons sugar
1 tablespoon baking soda
1 tablespoon baking powder
1 egg
1 cup milk
1/2 cup frozen blueberries, thawed


1) Large bowl sift together flour, baking powder, baking soda and sugar.
2) Small bowl mix egg, and milk

Heat a lightly oiled griddle or frying pan over medium high heat. Pour or scoop the batter onto the griddle, using approximately 1/4 cup for each pancake. Brown on both sides and serve
hot.

Since this is the most idiotic story ever posted, I'm just going to post a blueberry pancake recipe.


Ingredients:
1 1/4 all-purpose flour
1 1/4 teaspoons sugar
1 tablespoon baking soda
1 tablespoon baking powder
1 egg
1 cup milk
1/2 cup frozen blueberries, thawed


1) Large bowl sift together flour, baking powder, baking soda and sugar.
2) Small bowl mix egg, and milk

Heat a lightly oiled griddle or frying pan over medium high heat. Pour or scoop the batter onto the griddle, using approximately 1/4 cup for each pancake. Brown on both sides and serve
hot.

stagger:
You are lucky your stop was triggered. Usually in these situations, it is like the bottom of a bucket falling out, and with massive selling, the stops do not hold. Do you know how a stop loss works? A stop loss is triggered when the broker is able to match your order to sell as a particular price to another trader who wants to buy at that same price. It happens in milliseconds.

If there is side volatility as occurred yesterday, there are usually no buyers for the pairs at the stop loss level and the trade/account will keep on going negative until trading is frozen altogether. Many traders accounts on FXCM and Alpari are now in the negative, meaning that they owe the broker. Don't forget that in forex, brokers are the ones that will absorb these losses because it is their share of the capital (the leverage) that is at risk here.

Going forward, I believe we will see some major changes to the leverage rules, the way it has occurred in the US (where maximum leverage allowed is 50:1) and Canada (where leverage is pegged at a maximum at 18:1). This means that very soon, anyone without as much as $100,000 raw cash will be unable to trade forex. This is the only way brokers will protect themselves.

So traders beware! Understand the market and how it works and don't come here boasting about your stop loss setting prowess. God simply saved you.

Basically, what you are saying is i did the right thing and came out unscathed. Thank you. I hope you understood my post in it's entirety. I vividly remember saying " This is assuming your broker did not go belly up ". Meaning if it did, then there was nothing anyone could have done about it. well, actually there was. Offering and using leverages of 500:1 is the root cause of a lot of these brokers and traders demise in this case. Serves them right. Greedy pricks. Experienced trader who have been stressing on minimal risks know what they are talking about. My initial post on this matter was directed to the traders whose brokers were not affected but still did not use sound money management. There were a lot of them. And what makes you think i was not affected? Alpari is one of my brokers but i am not too worried. I don't have to wash my dirty loins in public. Even though i was not in a trade on Alpai's platform at the time, a portion of my funds are tied down at present, but as a trader i don't let emotions ruin my mojo. Eventually i will do the dance of submitting a claim to the fscs to get my funds back since they are mandated to segregate retail client funds. This is a business, and as with any business one can take significant hits on occasion. Thank God i have more than one account. You call it boasting. I call it experience. Have a good day.

argon500:
Coca-Cola is cr*zy ooo.. Why mocking APC and PDP? chai Dia ris God oo

You have a weird definition of mockery.

L2CD766:
people always tend to forget the FX golded- never trade what you cannot afford to lose......... more pips to your account bro

Agreed

FOR THE NEWBIES:

What a week. I hope you were able to wade, through the shark infested waters we call forex. I was amazed at some of the comments, on FTA, and forex factory as well, concerning this Swiss thingy. I was thoroughly insulted on forex factory. My only offence was posing a very simple question; how in Gods name would the change in the Swiss financial policy have affected you if you had used a stop loss and applied proper, responsible money management? This is assuming your broker did not go belly up. A lot of people got butt hurt because i asked this question. I was in awe of the number of traders lamenting over their losses. Then i thought to myself, i was in a usdchf trade. How come i am not shaken? why? Because i used a stop loss. I lost exactly 80 pips which accounted for 3 percent of my account. No sweat. See why i have been harping on money management? One had the nerve to say SL are for losers. I closed the page at that point. Anyway, I never listen to news. I know from history that chf pairs can be very volatile at times, so when it happened i thought it was business as usual. As new traders, stay away from news. It has nothing to do with your success as a trader. Consistency, discipline and money management is what makes you successful in this game. When you dwell on news, is same as analyzing and predicting price. It assuredly will not end well. I just wanted to throw this out there. For all those that i have yet to reply their mails, i will this weekend. Good luck.

oyin01:
Ikare is a very peaceful town where people of different religion, tribes, occupations stay in peace. Yesterday over 3 banks were robbed these banks including First Bank. (the newly built structure,) keystone bank, eco bank and others were shaken. It was learnt that solders who were on guard at the enterance of the town went to Ado Ekiti to provide more security for Jonathan. It has been confirmed that about 40 people were wounded and about 20 dead already. May God rest the soul of the deprarted.

I keep saying this, Nigerians are too disensitized to images of killings, gore, and violence. It's not normal.

Nigerians are too disensitized to killings and dead people

rallymento:
Just saw this body on my way to work, this incident must have happened late hours of yesterday. I believe the politicians are at it again. I don't want to say that runs girls are the most vulnerable ones, we are all at risk. Lets be careful and be vigilante. This incident happened at the lagoon around Alaska estate axis Lagos.
Rip to the dead

I am so glad i got the phuck out of this country. To make it worse, Nigerians are so used to it. It doesn't phase them anymore seeing dead bodies lying around. Jesus.

krall:
Is it wrong? No dress code was given. They way the interview is, I don't know how it was for others but at my turn, after asking me some questions, I was told to climb a small stage and demonstrate. I wore long sleeve shirt, tucked in properly ironed trousers with socks and my leather sandals.
When one woman sighted my leg she chuckled and whispered in another's ear and they started gossiping my sandals.
It killed my morale and I began to wonder when it became a bad thing to wear sandals. I have many that I used to wear but now I no longer have the courage to.

This is how the sandal looks like like on the leg. My leg is not fine so I won't use it.

You might as well say it's ok to wear a police uniform to work as a banker.