₦airaland Forum

How i go explaining this like a novice attempting to sound like i know what i am talking about. Here goes nothing;

My wife is a professional makeup artist, and she often complains that black women know nothing about maintaining their skin. African women especially, know they live in a sunny/hot climate and just expose their skin to the elements. No thought about using products with sun screen. Before you know it, their is skin is devoid of any moisture and heavy wrinkles start to appear. This is the same wrinkled skin these women will apply makeup on. Worse still, some women don't have nightly beauty regimen. They apply makeup which stays on all day and go to bed with it too. She doesn't complain too much though; she makes a killing giving tips to these women. The more, the merrier.

mcmukoko12:
[size=18pt]NO wonder the white are always sick of cancer of the head, waist, eyes, nose and bumbum. If they continue eating their rice. NAIJA LOCAL RICE IS THE BEST IN THE WORLD. IT HAS IMPORTANT NUTRIENTS.[/size]

And more stones. . . .

needinfo:
good to know that.also, does alpari accept nigeria and also, do they need any form of verification like id card, drivers licence etc to fund or withdraw your money.what is the minimum amount they accept for deposit.

To be honest, i do not know if they accept Nigerians or not. You have to contact their customer support to find out. I hope that helps.

deleo16:
bro please how is the deposit and withdrawal like what method did you use to fund and withdraw

Alpari=Debit card

Xm=Skrill. Didn't want them to have direct access to my account.

For Deposit they are pretty much the same; instant.

For Withdrawal, Alpari is faster. Xm could be faster but they want you to sign up for their debit card for that to happen.

needinfo:
wanted to ask which of the broker you make use of more.xm or alpari uk but noticed that the thread for 2014 has been locked.so i guess i can ask her.so out of xm and alpari uk, which do you make use of more for live trading and why

I use Alpari Uk more because that is my major account. I feel more comfortable with a broker situated in Great Britain. So, if any funny business with my account props up, i can hope on a plane and go sort it out. Plus the regulatory agencies, i feel, over there, will take things more seriously. I started using XM by chance. At the time they were offering 50 percent bonus on every deposit whether you are an old or new client. I deposited some funds and i have not regretted it since then. One thing i have noticed about them is the diverse means of deposit they offer; from western union, skrill to credit and debit cards which is good. Another good thing about them is there are no re quotes. You know how annoying that can be? They seem to be the only brokers, past and present that i have used that don't do that. Why i am a little skeptical about XM is there location. They are situated in Cyprus. As you well know, Cyprus is a haven for fraudsters and the govt over there is semi corrupt. I never let my account grow past a certain amount before i withdraw it.

So, there are pro's and con's to both broker; Alpari has the "i am a big boy and you can join me or not, i don't care" mentality, and Xm has the "i am just starting out, so i have to do anything to keep you" mentality.

I just showed this to a friend of mine who lives opposite me in an unidentified European country . He thinks i photoshopped the page and i'm trying to pull a fast one on him. He says and i quote "there is no way politics can be that ridiculous in your home country". I have been trying to make him understand for months that there is so much he takes for granted and he should thank his God that he was born an American.

Me thinks it will be a grave mistake if you'all vote Buhari into office. For a man to keep contesting like every time like this reeks of desperation. Plus He is too much of a muslim radical to rule Naija. Good luck to you'all though.

naijababe:
Happy new year folks, a very hearty thanks for the birthday wishes, I don't know how oga natruetalk found out but I appreciate all the wonderful wishes and prayers all the same. My oga 12ema, I find your posts very insightful, you are truly doing a wonderful job. Many of us started learning the wrongs things, your posts are truly gems for newbies and 'oldies' alike who wish to pay attention.

I made some decisions in December which ties very closely to your post above, I will personally call you out in three months and let you know the results

I wish you and your family happy new year and all the success in this trading year as well.

FOR THE NEWBIES: BACK TESTING A STRATEGY.

Before one endeavours into a new strategy, one must thoroughly analyze the pro's and con's of the said strategy in a logical and mathmaticaly detached prognosis. It is not enough that anyone gives you a strategy claiming it will perform miracles for you without first seeing for yourself how it would impact your win to lose ratio, equity curve, and draw down percentage. Truth be told these three aren't that important because, almost every strategy has an edge, and that is what you are looking for; except if your strategy is flipping a coin before you take a trade. But, the reason you want to to know these three is to to know how much percentage to risk when placing a trade. If through back testing you discover a strategy has a 70:30 win ratio, i would feel more confident risking the max of 5 percent on any given trade. If i realize the system only wins 29 percent of the time, i probably would not want to risk more than 1 percent of my account per trade. One important reason to know draw down percentage is the higher you risk on an account and you go through a losing streak, which happens to all of us, the longer is takes to recover your losses in order to balance out. A trader who risks 1 percent percent per trade will recover faster than a trader who risks 5 percent per trade. 'nuff said.

I recently did a random back test of the 4 hr GBP/USD pair starting from Jan 2010. I used a strategy of 12/144/169 EMA cross overs. My findings were very interesting. The back test parameters were; if the 12 crosses over the 144/169 we buy or sell depending on the direction of the market. We would not use more than 3 percent of a 1900 dollar account and our stop loss would be a cumulative 60 pips. The reason i did it was because, i was looking for a better way to trade where i would not have to check my trades for at least a week. I trade the 60 minute time frame at present and it is starting to be too short for me. Right off the bat in Jan we had on the 27th, an 883 pip move and we just followed price from then on till december 2014. You can check it yourself, it's on every MT4 platform. Conclusion of the back test was:

Total trades: 64
Total loss: 26
Total pip loss: 1503
Average pip loss per trade: 58
Total wins: 38
Total pips won: 10613
Average pips win: 279
Win ratio 2:2

Total Profit: $96,191.

So what does this tell me? it tells me i can migrate from the 1hr to the 4hr time frame effortlessly in 2015. It tells me that i have less trades per year which is good. It tells me that the average trends runs for almost 300 pips which is more than the 1 hr time frame. It tells me that there are less whipsaws on the 4 hr time frame. It tells me to expect an average of 20 trades per year. It tells me that my average SL will probably never exceed 70 pips. Finally it tells me that i should have been trading the 4 hr based on my system.

You should try it.

Good luck this trading year.

dovelike:
Thats a big boy....in the picture.

But what he just said is annoying.What is with all this 'haters haters' sef? Even my kid brother has haters WT*?

The ink has not even dried from the OP's post yet and they have arrived.

REASON 11: To make sure they are not buying a fualty product.

Happy trading year; Courtesy Michael Covel


https://www.youtube.com/watch?v=REfoRyxAz_0

She looks like she's giving a POV handjob. God forgive me. Couldn't resist saying that.

adeniyia33:
@ Oga 12ema, thanks for sharing and the opportunity for someone like me to tap into your experience and pool of knowledg..God bless u real PIP come 2015.
Please upload the excel sheet nah...

Happy nu yia

Sorry didn't know i can't upload excel directly to NL. Happy new year.

This sucks. NL doesn't allow attachments over 250kb.

THIS IS FOR NEWBIES AND ONLY FOR THE NEWBIES. IF YOU HAVE BEEN TRADING FOR MANY YEARS AND ARE FORMED, THIS PROBABLY IS NOT FOR YOU.

Attached is an excel spreadsheet (we are only interested in the one labeled COMPOUNDING), which i use to help me attain my financial liberation in trading. I did not create the spreadsheet (i am not that gifted), but, i did tweak it juuusssst a little bit to suit my trading style. Hopefully it will help you understand how math, money management, compounding and patience can help you survive the market and attain your financial dreams. Also, it does help if you trend trade and, if you are a scalper who expects quick daily or weekly returns, then this probably is not for you. Here is a breakdown of how to use it. It is quite simple;

It is a sequence of 300 trades. Expect to make, if you are lucky, 60 trades per year. in the sheet column we have the trades, date, contracts, lot size, risk percentage, risk per lot, stop loss, dollar risk, how many pips you actually made per trade, your starting balance which is in bold, and the percentage change of your account after each trade. The columns we are interested in are; risk percentage (f), stop loss (H), pips per trade (J), percentage change (L), and balance (k). You can play around with these columns (i did not protect the worksheet), and unless you are really good with excel and math, i suggest not to mess around with the rest.

Column F defines your risk; i suggest not to ever go over 5 percent.
Column H defines your SL; That is just the maximum. Price does not need to go 80 pips against you when trend trading. But if it does you lose no more than 5 percent of your account or whatever percentage you designate for yourself.
Column J defines how many pips you actually made per trade. All you have to do is input it yourself either negative or positive.
Column k is your balance. 'nuff said.
Column L lets you know how your account changes after each trade when you win or lose.

What you will find most interesting with the workbook is the larger your account becomes, the larger your contracts per trade and the less your percentage change per trade. In order words your money is working without sweating. But, this takes time and it sucks in the first year. If you take the leap of faith you will doubt and question yourself in the first year because your growth rate will look like peanuts until the following year.

I hope this answers all the email requests. I cannot answer everyone individually, Best of luck in the new trading year.

Goodluck.

This is why more and more people are becoming atheist. When you have fraudsters wearing the guise of prophets. Poverty in Nigeria is a freaking disease. How else do would you explain people flocking to him all in the name of hope/salvation/financial breakthrough. Let him come and try that nonsense in the west and see how far that gets him.

I really don't get the Google one.

needinfo:
are you making use of xm and alpari for live trading.don't mean demo.also. Are you refering to alpari uk that is based in united kingdom or alpari nigeria

Yes i use both for live trading. And the Alpari broker is the UK one.

Edd1e:
boom, just exactly d brokers i use too. thnks 4d response.

Anytime!

Edd1e:
sori, if i may ask, do u really use ema to trade nd which broker do u use?

Yes. 12ema is the most useful indicator that i use to identify and measure volume and momentum in a breakout when trend trading. And, i use XM and Alpari.

honeric01:
I have traded and knows alot of people that have traded and compounded for years with patience but I am yet to see anyone who built their acct as a part time trader to $100k in 3-4 years. Have you? do you know anyone Within Nigeria who achieved this as a PT trader?

That is easy to explain. When your foundation is wrong from the onset and you expect to realize profitable results what do you expect? my brother i am 50 trades away from that amount. I am certain you do not know anyone that has done it because you do not know anyone that trades profitably. I personally know three, excluding my mentor and myself. You remember our marketiva days? i would expect that by now your understanding and concept will have changed. But no!!! you are still stuck in the old ways. If at more than 10 years you have not learnt anything then i cannot help you. I have laid out the secret and it is left to the new ones to accept and implement; the old ones are stuck in their ways. Come December 2015, ask yourself "what if i had done what this guy said in December 2014 where would i be now?" There is a reason why only 5 percent succeed in forex.

Good luck.

honeric01:
I know you won't be profitable every month, same with business. when.I say trade forex full time with $10k (1.9m), that does not mean all my source of income would be just forex. I don't think there is anyone (sensible) in this present world that has just one source of income but you can trade forex full time with $10k if you're the type I discussed previously and still compound your capital. even with 100k, you won't still be profitable every month.

Lastly, $10k to alot of trader is huge just as $100k is huge to most. but to wait till you have $100K as capital before you trade forex full time is like waiting for Phcn give us 20 hrs power for 6 months.

we're talking Nigeria here, be realistic.. $100k is #16.9m. how many people can wait to have this?

But then if you can, then fine, but this shouldn't be used as yardstick for average traders in Nigeria.

Thanks for your input again. That is the price one may have to pay to be really successful. Patience!!! we are talking of a mere 3 to 4 years. I would ask myself "how bad do i want this?"

honeric01:
Like I said, a $10k is the $100k acct you're looking to for some people. what you intend achieving with an $100k acct is what some people want to achieve with a $10k. it depends on the individual and you can't fit every one into the same room.

I answered your question in my previous post but here is it again, any profit you make in a month, you withdraw 50% of it and add the other 50% to the capital, this takes care of the question.

Let me get this straight; one intends to live on a 10k account and hoping that every month is profitable will withdraw 50 percent of that sum for subsistence. Haba bro's. That is hoping one makes at least 20 percent consistently at a minimum which is impossible. You may not realize this but i know for a fact that you and i have been trading for the same length of time. That's more than 10 years ago. Looking back, would you still say my opinion on patience and growing an account is wrong. Imagine knowing what we know now, trading the right way and compounding profits for 10 years; how much will that be today? Time flies like crazy in this business and it must not be wasted.

honeric01:
Same with business, we end up not making profits sometimes in a month (i have a business and have witnessed this too), what happens when we don't make profit from the businesses some of us run?

For those working, what about some months you dont get paid? you're owed salaries, what do you do? it's still the same thing brother, treat forex as either your boss paying you salary or your business giving you daily/weekly or monthly profit.

Omo, that is why many are stuck in the same mentality that will never make them succeed in this business. I did not grow my account in months, it took three years to get to where it is today. It was not easy nor was it fun. But i did away with the old ways where emphasis is on strategies and not managing money. Where risk elimination is a strange word. That is why i said get another source of income to compensate. When you depend on 10k account for subsistence, you put unnecessary pressure on yourself and the account. You don't have to start with a large account. You can start with as little as 2k and in 4 years have over 100k. This takes patience, compounding and money management. 3 to 4 years is not long. Before you know it, it's already here. Well, all i can do is show the new trader's what worked for me and how to reach true financial liberation. Not monthly 300 dollar withdrawals. That is not true financial liberation.

Quick question; you believe in compounding your profits right? That is what all great traders do and say. And you must agree it takes a long time to feel the effects of compounding. So, how do you effectively compound profits when you keep withdrawing from it?


https://www.youtube.com/watch?v=Ib0rsJ6Rr98

honeric01:
Bro, this is why i said it all depends on the individual and their state of mind. to you, trading with $10k is going to be very hard, $10k is about 1.9M naira, most businesses in Nigeria dont have 1.9M as their total stock, yet these traders/business owners live from these businesses... how manage? their mindset, they treat the business with all seriousness.

My point? you don't need $100k before you go into FX full time, all you need is your mindset to be right, treat any amount you have now as your business stock, see the money as your overall business worth, then take trade as products, winning trades as business profits and lost trades as bad/defective goods.

On how to handle $10k without digging into it? like i said, it depends on the individual, for a single man, 20% monthly profit on $10k is $2k which is #390k, you shouldn't spend more than $1k which is #195k in a month, what should a single be spending almost 200k on in a month? the other $1k should be re-invested into the business.

For a married man with 1 or no kid, he can also start with $10k and achieve the same goals, it is all about the individual, to some $2k per month is HUGE, to some $2k is small, so you work accordingly to your lifestyle.

Monthly returns are never the same. And you can have 2-3 straight losing months, i know i have. What do you do then? My belief is the whole point of trading is to grow your capital base for serious financial freedom.

honeric01:
Half truth is dangerous, i believe trading forex full time must not be until you've $100k as capital, talking from experience.

For a bachelor, depending on how you spend money on living, with $5k-$10k, you can trade full time.

For married ones, with $10k upward, you can trade forex full time.

But then, it also depends on your preparedness. all in all bro, it depends on the individual because with $100k, you can still end up broke if you cant manage $1k.

That's what i have to say concerning your post (Seems the writer is from the west), everything else is okay by me oga sir.

Chairman, you and i know that what you believe and reality are two different things. If if were that easy then the 100k would be easy to achieve right? It is not easy, and the reason it is not easy is because people have funny beliefs about forex trading. I too had those beliefs but thankfully my eyes are open. With all modesty, i have a very bouyant trading account but i am not delusional enough to believe i am anywhere close to making it. I still have a 9 to 5 job i devote myself fully to. For me trading is for real financial freedom and not withdrawing 300 dollars monthly. You say 10k, are you not going to grow the 10k? and how do you grow the 10k if you keep dipping into it?

honeric01:
^^^

Anything less than $100k? lol oga stop that kind of gospel. how many Nigerians do you think have seen $20k before not to talk of owning $100k?

Oga mi; cool down and read the whole thing na. Even i don't have 100k. Hopefully next year sha. The point is to be patient and build your account small small. You just pick one point out of context, haba. Are we trading to be withdrawing 100 dollars monthly or for financial freedom?

FOR THE NEWBIES:

As we navigate into the new year, take this time to take stock of your trading in the past year. I will try to enlighten you on some of the things you need to focus on in order to survive in this business for the coming year. Note that i said survive instead of "make it" or "be rich". For the relatively new traders, your venture into this business is all about survival. How do go through 2015 without blowing your account and calling your broker to fund it again? Here we go;

1. To make forex a sole source of income you need serious capital. Anything less than $100,000 and you are risking emotional turmoils which would lead you into failure. With $100,000 you can maybe rake out a constant and sustainable monthly income. Now, not everyone has that kind of money so you have to build it which takes time. This brings me to my next point.

2. Focus on another source of income. Since building a large account takes time, you need something else to cushion your financial needs and to take away the need to dip into your trading account or try to pressure yourself into making outrageous bets when trading. Relying solely on your trading with a small account is suicidal.

3. Focus less about systems and more on money management. The truth about trading is not about looking for a constant winning strategy, but about looking for the most efficient way to manage your money. I personally know traders who trade with systems that generate 3 wins out of ten and sometimes even 2 but these guys are multimillionaires. How does that happen? They don't care about systems they care more about risk exposure and eliminating that exposure as quickly as possible. A trading strategy simply means an edge, pattern, or a constant that occurs occasionally in the market or on your chart that can be exploited. A pattern happens on occasion, you don't know why when and how, but it happens. All you are doing as a trader is managing your capital to exploit this opportunity. Another way to think of it is statistics and probability.

4. Your primary focus as a trader is to eliminate risk as soon as possible on any trade. So, with a $1,000 account risking 3% will expose you to $30 as risk. There is no guarantee that your first ten trades will be successful so if you lose ten times you lose $300, think about that. Risking more shortens your lifespan as a trader. Might as well go to Vegas and gamble. The larger your account becomes the quicker you reduce your exposure. The sooner you bring it down to 1% the better.

5. Use a strategy you believe in and fits you as a person. Don't go using a winning strategy that Mr A uses if it doesn't fit you psychologically. A patient person cannot scalp. A impatient person cannot trend trade long term. A trader who has a 9 to 5 job should not use a strategy which requires him to check his charts constantly. Because it worked for Mr A does not mean it will work for you.

6. Compound your profits. Compound your profits. Compound your profits. Compound your profits. Compound your profits. Compound your profits. Compound your profits. Compound your profits. Compound your profits. Compound your profits. Compound your profits. Compound your profits. Compound your profits. Compound your profits. Compound your profits. Compound your profits. Compound your profits. 'nuff said.

7. Never ever borrow or sell anything to raise capital. Never trade with what you can't afford to lose. (from experience).

8. Never ever forecast the market or believe you know where price is going. It will shock you every time.

9. Have a vulcan mentality or be like Mr Spock. You win you win; and you lose you lose. No emotions. Winning 300 pips today without controlled emotions could mean losing 400 pips tomorrow.

10. Read this write-up again and again until you get bored.

My thoughts on sex before marriage. Think of it like this; would you buy a car without test driving it? If you don't check out the ride to make sure it can perform as advertised and drive it out of the lot, guess what? you are stuck with it permanently.

Wendy80:
Marriage isn't about Ukwu

hmmm. I kinda disagree. Physical attributes is one of the first things that draw the opposite sex to each other. Especially for men. And that first "thing" stays in your sub conscious forever. It could be boobs, "ukwu" , lips, whatever. Why do think most men start chasing younger chicks after years of marriage. Because that "thing" they first saw in there wives is not there anymore or is completely degraded. So, relationships which lead marriage to most men start of with being about "ukwu" then develops to something else. For me it was first about the "ukwu" and those long long legs that go on forever. 15 years and then some she still maintains it just the way i like it.