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Psychology+price Action+risk Management= Profitable FX Trader / How To Become A Forex Trader & Build An FX Mindset / I Dont Only Teach The Basics, I Will Turn You Into An FX Elite In Short Time. (2) (3) (4)
|The 360° Life Of An Fx Trader by LoneWolfFX: 1:54pm On Jan 01, 2018
Happy New Year NAIRALANDERS,
I hope the Christmas and new year jollification is going down well?, in any case mine is going smoothly, I have got fried rice, jollof rice, sallad, dodo, chicken, or pounded yam, egusi, and bush meat to choose for lunch .... Anyways, before I toss a coin to make that decision, I have some little gist for us.
Let me start by introducing myself: I am a self thought forex trader who has been trading the currency market for about 8 years plus now, in those few years I have had my own fair share of the ups and downs in the market and I am here to add a little Flavour (not the musician oh) to this highly speculative and beautiful career of currency trading.
In the FX market, different traders make money off the market applying different skills. The list is actually endless when it comes to techniques or styles of trading. Which ever style anyone adopts, the main goal is to actually being CONSISTENTLY PROFITABLE. I trade the market using only CHART analysis, and some few rules I have forged and maintained over the years, so that makes me a pure TECHNICAL TRADER, although there are some MAJOR NEWS events like the BREXIT and some KEY ELECTIONS which cannot be ignored when they occur.
Now I know many of us are reading through this post with either a frown or smile on their faces for so many different reasons which may include:
1) Forex is gambling hence it's against my religion
2) Nobody makes money through forex
3) Forex is a GET RICH SCHEME
4) The only people who make money through forex are those who sell materials and forex coaches
These key points i just listed, if permitted can be further broken down into Roman Numerals I - X
For the purpose of CLARITY as regarding this beautiful profession, I have decided to open a NAIRA DENOMINATED LIVE account with one of the Nigerian based brokers, I will be trading and publishing my performance using FXBLUE. Please no one should get overwhelmed by the size of my Naira account , it is actually a CENT account and the real value is N49,405.55, the plan was to make it a N50,000.00 naira account but the rate messed me up . You can also observe that on the top left corner of my trading account there is a visible REAL emblem, showing that this account is not a demo. Going further down you will observe that my account registered on FXBLUE also shows is a REAL ACCOUNT.
As soon as I start trading this new year, some of my live trades and analysis will be posted here, however I will be more consistent with the live trades I pick on my Twitter handle @01_Lone_Wolf.
Thanks for your audience and wishing you a successful 2018
|Re: The 360° Life Of An Fx Trader by LoneWolfFX: 10:41am On Jan 02, 2018
Good morning everyone,
Yayyy!!!, there goes my first trade for the year
|Re: The 360° Life Of An Fx Trader by imoh4king(m): 11:30am On Jan 02, 2018
You must be a newbie in d trading world....
|Re: The 360° Life Of An Fx Trader by LoneWolfFX: 12:19pm On Jan 02, 2018
Hahahaha, and you must be Life's speculator Imoh4king ,
How you doing buddy?, thanks for the comment sir
|Re: The 360° Life Of An Fx Trader by LoneWolfFX: 8:18pm On Jan 02, 2018
A brief analysis of what went down today and what's about to go down later today.
I am currently on an NZD/JPY trade, which I risked about 3% of my capital and would be expecting a lil over 6% as returns(that is if I allow it to hit my TP).
Another trade I am looking at and may get into by tomorrow is the AUD/NZD which is a classical breakout from a descending channel, and this will give us a Risk/Reward ratio of about 1:1.5.
|Re: The 360° Life Of An Fx Trader by LoneWolfFX: 8:32pm On Jan 04, 2018
What's up Nairalanders,
Its been a little shaky trading this week, partly because I am still trying to get used to the appropriate lot size to use on the Naira trading account which is in kobo and the fact that the year is just beginning and the market's rhythm is still a lil questionable
Without wasting too much time, I am posting my results for the week and things to watch out for are:
a) Weekly Returns (Which is in negative)
b) Peak Draw downs
c) Trade win % : The amount of good trades vs the amount of bad trades
d) Pips gained/lossed
e) History: Trade duration.
I will also be showing screenshots of trades on my mobile platform.
|Re: The 360° Life Of An Fx Trader by LoneWolfFX: 3:24am On Jan 05, 2018
Taking a short trade for Friday and we call it a wrap...https://twitter.com/01LoneWolfFX/status/949104014649692160
|Re: The 360° Life Of An Fx Trader by dforexguru(m): 7:43am On Jan 05, 2018
Take things easy bro, Forex seems easy and stress free but the reverse is the case.
My advice, try and focus on one currency, this will really enhance your win rate.
|Re: The 360° Life Of An Fx Trader by LoneWolfFX: 4:09pm On Jan 05, 2018
Thanks for the input mate, but its obvious you never read my thread from the beginning hence "your advice"...Anyways, do have a fruitful new year.
|Re: The 360° Life Of An Fx Trader by LoneWolfFX: 2:51pm On Jan 07, 2018
Happy Sunday fellow nairalanders,
How was your weekend? mine was great and from my analysis of the charts, its gonna be an explosive week.
To start with, I was able to clear some of my negative percentage on total return from last week by picking a good trade on Friday to reduce my total return from -4% to -3.2%.
That said, analysis on some of the new week's setup are GBP/JPY which I notice a breakout on 152.794(a buy) and another breakout on USD/CAD 1.24375 which is an indication of a massive sell.
Wishing you all a beautiful week ahead and see you all on my next review
|Re: The 360° Life Of An Fx Trader by LoneWolfFX: 10:37am On Jan 14, 2018
Happy Sunday folks,
A brief summary of how it all went down last week and my results.
Returns = -10.4%
Trades for month = 11
Good trades = 3
Bad trades = 8
Two and a half more weeks to the end of January's hustle, -10% down on my account and a more dramatic representation of what went down last week(https://www.instagram.com/p/Bd5NTLtBRGU/?taken-by=01lonewolffx).
Stay blessed as we roll into the new week
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