BullBearMkt:

...I'm still following the bulls, but dollar's strength could possibly reverse everything - watching

...out

I've done real good. I love Forex. Endless possibilities.
I want to buy an apartment, I don't know how long it will take me, maybe 3 years or more.
Time will tell. If I got some good capital, I could do that in 1 year

currentprice:


trade going my way at the moment, no plan to leave trade over the weekend. I will TP soon

it will move very fast btw now and 5.30

fingers crossed

Trade move to BE to cool temper

currentprice:


Trade move to BE to cool temper

...Daily is still bullish for me & hanging around the corner for opportunity to enter, probably next week

Tunderr:
I've done real good. I love Forex. Endless possibilities.
I want to buy an apartment, I don't know how long it will take me, maybe 3 years or more.
Time will tell. If I got some good capital, I could do that in 1 year

I really admire your courage, just follow the market , buying of ur house may come sooner than you expect, for about 7yrs I have been making avoidable mistakes, I am very sure 2019 will be a turn around year for me.for the fact that the endless opportunity exit in the market is a big enough motivation for me

currentprice:


Trade move to BE to cool temper

it look going down more. there might be gap down on Monday but enough is enough for my side

All trades close with cool profit. back to my drawing table

BullBearMkt:

...Daily is still bullish for me & hanging around the corner for opportunity to enter, probably next week

by God grace, we will chop the BULL together Boss

currentprice:


by God grace, we will chop the BULL together Boss

...a big Amen!

Fxwarrior:


Just restarted it. I can't even say I have ever finished babypips school. Its been on and off so am starting afresh.

better

Fxwarrior:


Did you take the gold call?

No ooo, I'm scared of metals and commodities. I'm beginning to understand fx market small smal, lemme stick there. For e.g, I tried plotting a chart yesterday and later abandoned it, today the chart fulfilled (a drop to 1.126 Eur/usd zone) I was shocked cus i didnt even believe the graph yesterday so i didnt trade it as I'm being careful.

redsox11:
Sure you're just playing around there lol






Don't stay too long on babypips school, it's for absolutely for beginners. So as to learn forex terms, candles, indicators et cetera.

When you know what; sell is , buy is, what indicator is, overbought , oversold , types of orders, limit/stop etc... When you learn all those , please don't over stay there.

Move on and learn trading by trading on demo, get a system/ a methodology, look for one that soothes you. For example, if you have a 9-5 job, you will need a system with that timing factor in.




+44 pips today. 4 days winning streak and counting. Done for the day/week.

Seems 44 or 45 pips is your lucky number

Fxwarrior:


Dont extend the target.400 pips in a day is not bad. Gold is volatile and you can lose profits in a twinkle of an eye.

some crazy profits there

Fxwarrior:


400 pips delivered.

Happy weekend guys.

Na fear dey catch me ni

Tunderr:
I've done real good. I love Forex. Endless possibilities.
I want to buy an apartment, I don't know how long it will take me, maybe 3 years or more.
Time will tell. If I got some good capital, I could do that in 1 year

good luck fellow trader, nothing good than buying house with your cash rather than mortgage finance. when the deed is done don't forget to send us invitation for house warming.

Tunderr:
You're better, I couldn't even manage that. Imagine 1200% in just 2 weeks. A lot of good traders out there.

We're going to get there some day.

ayesco202:
We're going to get there some day.

In such competitions most traders use big lot size which is not advisable for long term trading success. Many an account is blown in that competition.

Some traders are satisfied netting 10% in a month. What is important is consistence.

athaliya:


Na fear dey catch me ni

To minimize fear, use small lot size and trade few pairs. Not all pairs are worth trading. Trade pairs that have good movement/ predictable. Set stop loss.

I recommend Gbpaud and Euraud. Gold reacts to price action and is more profitable than currency pairs but it needs experience.

Fxwarrior:


In such competitions most traders use big lot size which is not advisable for long term trading success. Many an account is blown in that competition.

Some traders are satisfied netting 10% in a month. What is important is consistence.

Excellent point.

It's a pity that many of us still dont understand the shady stuff that happens in this industry. A large majority of contests like these are usually rigged by the brokers. The end game is publicity and the 1% of traffic, generated as a result of the competitions, that will end up opening and crashing live accounts.

Let's even assume 1200% in a week is real, it is not responsible trading and will never be. In fact, whether you are making 5% or 100% weekly, it is pointless to real investors until your Value at Risk is analysed. If you are making 100% a month with 80% VAR and another trader is making 10% a month at 20% VAR, the second trader is almost guaranteed to outlast you and he will be the one regarded as the better trader in real professional circles.

Again, it is easy to make 50-100% of $200-1000 in a week, taking sizable risks but will your emotions allow you to repeat the same level of risks with 10,000? What of 100,000? lol That's when you will know that -100 pips get levels.

Anyone not looking at forex trading risks and returns professionally and only focusing on respectable quarterly and annual returns will most likely end up funding multiple accounts as they keep struggling. Excel sheets can show you how easy it is to risk 5% per trade, make 50% a month and turn $1000 to $1m, but in real life, we know how it goes.

This is a business. Not your way of quickly hammering in a very short time. Again, those that survive are those that have a long term view and focus on becoming professional in every ramification but most especially in setting trade sizes and targets.

Shevychen2:


Excellent point.

It's a pity that many of us still dont understand the shady stuff that happens in this industry. A large majority of contests like these are usually rigged by the brokers. The end game is publicity and the 1% of traffic, generated as a result of the competitions, that will end up opening and crashing live accounts.

Let's even assume 1200% in a week is real, it is not responsible trading and will never be. In fact, whether you are making 5% or 100% weekly, it is pointless to real investors until your Value at Risk is analysed. If you are making 100% a month with 80% VAR and another trader is making 10% a month at 20% VAR, the second trader is almost guaranteed to outlast you and he will be the one regarded as the better trader in real professional circles.

Again, it is easy to make 50-100% of $200-1000 in a week, taking sizable risks but will your emotions allow you to repeat the same level of risks with 10,000? What of 100,000? lol That's when you will know that -100 pips get levels.

Anyone not looking at forex trading risks and returns professionally and only focusing on respectable quarterly and annual returns will most likely end up funding multiple accounts as they keep struggling. Excel sheets can show you how easy it is to risk 5% per trade, make 50% a month and turn $1000 to $1m, but in real life, we know how it goes.

This is a business. Not your way of quickly hammering in a very short time. Again, those that survive are those that have a long term view and focus on becoming professional in every ramification but most especially in setting trade sizes and targets.

An insightful post. I wish you get to post this often as a reminder to us.

I like that point that 100 pips get levels. 100 pips can be $100 000 to one and $10 to another. At the moment, my aim is to grow my account so that 100 pips will take care of my yearly expenses.

Forex is far better than football betting as you can't guarantee the outcome of a game but you can guarantee the outcome of a trade.

Fxwarrior:


An insightful post. I wish you get to post this often as a reminder to us.

I like that point that 100 pips get levels. 100 pips can be $100 000 to one and $10 to another. At the moment, my aim is to grow my account so that 100 pips will take care of my yearly expenses.

Forex is far better than football betting as you can't guarantee the outcome of a game but you can guarantee the outcome of a trade.

I catch up on weekends and will always chip in when I feel the need to.

Not sure anyone can guarantee trade outcomes but I agree Forex is in a different league to football betting because with a good strategy, you can predict directions to a high level of accuracy. Even when you are wrong, you can take a small loss and switch positions to recover and make more.

Shevychen2:


Excellent point.

It's a pity that many of us still dont understand the shady stuff that happens in this industry. A large majority of contests like these are usually rigged by the brokers. The end game is publicity and the 1% of traffic, generated as a result of the competitions, that will end up opening and crashing live accounts.

Let's even assume 1200% in a week is real, it is not responsible trading and will never be. In fact, whether you are making 5% or 100% weekly, it is pointless to real investors until your Value at Risk is analysed. If you are making 100% a month with 80% VAR and another trader is making 10% a month at 20% VAR, the second trader is almost guaranteed to outlast you and he will be the one regarded as the better trader in real professional circles.

Again, it is easy to make 50-100% of $200-1000 in a week, taking sizable risks but will your emotions allow you to repeat the same level of risks with 10,000? What of 100,000? lol That's when you will know that -100 pips get levels.

Anyone not looking at forex trading risks and returns professionally and only focusing on respectable quarterly and annual returns will most likely end up funding multiple accounts as they keep struggling. Excel sheets can show you how easy it is to risk 5% per trade, make 50% a month and turn $1000 to $1m, but in real life, we know how it goes.

This is a business. Not your way of quickly hammering in a very short time. Again, those that survive are those that have a long term view and focus on becoming professional in every ramification but most especially in setting trade sizes and targets.

Well stated. Reading this post before trading daily is highly recommended. Nice one boss.

Shevychen2:


Excellent point.
Let's even assume 1200% in a week is real, it is not responsible trading and will never be. In fact, whether you are making 5% or 100% weekly, it is pointless to real investors until your Value at Risk is analysed. If you are making 100% a month with 80% VAR and another trader is making 10% a month at 20% VAR, the second trader is almost guaranteed to outlast you and he will be the one regarded as the better trader in real professional circles.

Anyone not looking at forex trading risks and returns professionally and only focusing on respectable quarterly and annual returns will most likely end up funding multiple accounts as they keep struggling. Excel sheets can show you how easy it is to risk 5% per trade, make 50% a month and turn $1000 to $1m, but in real life, we know how it goes.

This is a business. Not your way of quickly hammering in a very short time. Again, those that survive are those that have a long term view and focus on becoming professional in every ramification but most especially in setting trade sizes and targets .

@ the bolded sir, I used to think otherwise before until the real dawn was set in. When youtrade higher lot with real money, you will not enter any how if you still want to keep your money.
Personally I have determined this year that focusing on working strategy is far better than focusing on return calculations. When your strategies are right, you just need to keep repeating AAA set ups with patience. Then if need be, increae your lot size by applying return calculations. Personally am not the type that can set up long sl( though depending on your risk level). I trade intraday market with Fixed sl/tp using EA. Gone are the days that market will drop like 350-500pips weekly . And it could go on like 3 to 5 weeks dropping or gaining strength and good traders could net up to 3000pips in weeks. Just analyse the weekly/monthly chart these days, it hardly move well. Game has changed totally. Just look at eurusd and usdjpy that traders term most liquid pairs those days, at times , hardly now a day will one squeeze 30 pips out of their trend. It will just be flipping up and down around bands.

If one need to make it in this market , to me most important thing is patience, patience and patience. Market will always move abnormally once or twice a week. And if are smart, you will have good profit . Let market move, then join. Trying to predict the direction of the market when the market is calm, when you are not pro, is disaster.
In sumary Forex trading is a business and if you want to last, know what is working for you. Follow grade A set ups. With patience, let the market refresh, then do the needful by applying your AAA strategy.Focus on the working strategies rather than huge returns.Know what are key areas, orderflows and apply them well if market kicks. Never , I repeat, never follow those strategies used on those competition or contests on live accounts . You won't last. They are just there to collect the brokers money which is difficult in the long run because by the time they win, the term and conditions will make them return that money to the broker with even more loss. Imagine trading over 50lots within a month on the account before you can withdraw the profits as part of t&c. That's a disaster in waiting. And lastly be patience , and patience and patience before you click BUY/SELL. Focus on niche pairs, be like currentprice trade for profit. We will laugh last.

priceaction:

Now this is what I called smart guessing.
He is my chief financial director that I don't joke with recently. Can you beat this if applied well? Some of my guidance from him in quotes....

1. Someone's sitting in the shade today because someone planted a tree a long time ago

Classic Buffett. He's talking about the long term compounding effect of money. The math can get heavy but the simple fact is that money well-invested doubles every few years or so. Then that money doubles again.

2. Rule No.1: Never lose money. Rule No.2: Never forget rule No.1 ----- One of my favorites

Active traders love this quote, which is funny because they leak money like a broken bucket. They pay too much in commissions and take losses for no good reason. What Buffett is really talking about here is avoiding having to sell your investments because of your emotions.

3. Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.

Buffett often talks about Mr. Market, a fictitious business partner of every investor. Mr. Market has a severe personality disorder. Some days he thinks business is great and would never sell his shares to you. Other days he's catastrophically depressed and wants out at any price.

It can seem a bit cold, but your job as a serious long-term investor is to recognize those days when Mr. Market comes in ready to sell and to use that moment to buy however much you can. You needn't time the market to achieve this; it can be done in small steps through smart rebalancing.

4. You only have to do a very few things right in your life so long as you don't do too many things wrong This is how you know my secrets ....One of my best too. Be patience, Trade less , lose less, win more, with higher win2loss ratio, then keep compounding. Then if done well within a year, you are the champs.

This really sums Buffett up in one sentence. You don't have to pick the right stock today, tomorrow or ever. You really just have to save enough and invest it prudently with a reasonable expectation of return.

Once you have that down, leave things alone. The mistake you're itching to make is the single biggest danger you face as an investor. Engage your money life, but don't believe for a minute that you call the shots in the markets.

Just some of what I always read over and over many times a week. Also am a fan of jack ma.

This was my first post on this site this year and am still guided by it.

Am thinking aloud. How did I come across Forex trading? Well there's this newspaper "Success digest extra" where advertisers or info marketers hype one business idea or the other.

Forex was captioned a goldmine and I was interested. Marketiva was a broker during that 2007 that I opened account with.

It was a period when usdjpy was crashing and I was buying low, erroneously thinking the value will rise so I can close in profits. For where?

It kept crashing, I removed stop loss until I received a margin call. That was my story.

Fxwarrior:
Am thinking aloud. How did I come across Forex trading? Well there's this newspaper "Success digest extra" where advertisers or info marketers hype one business idea or the other.

...

Is that magazine still active?

teemy:

Is that magazine still active?

I can't tell. One thing is that it has gone out of circulation.

Fxwarrior:


I can't tell. One thing is that it has gone out of circulation.

Heeya

Fxwarrior:
Am thinking aloud. How did I come across Forex trading? Well there's this newspaper "Success digest extra"..........

It kept crashing, I removed stop loss until I received a margin call. That was my story.

Bros, don't start. You don tay for the game. I opened my first live with alpari UK 2008. The one that went insolvency. You should have mastered alot of market sentiments now and gain a lot of experiences. I never miss success digest because of that infanyi guy that always contribute to the magazines in Forex section or so. I even went for his seminar once and bought his services but in actual fact, if I have known what I knew then, no need for all those rubbish. Though we learn each day.
The guy will just go to forexfactory, waiting for red flagged news selling to us on phone as a signal. This kind of signal was like if gbpusd forecast is greater than actual.....buy buy buy buy for tp/sl of 30 pips, I never knew anything like trend, SD, order flow, or totally stay away from high impact news especially when they follow themselves on different pairs. Na so I go dey refresh ff during news, and click Pam. The thing go just go against me and take my sl despite the news favour the currency. I go shout loud say, chai, these brokers are thieve they will trade against you. Then increase my lots to recover my money and then, again more loses. I dey change brokers like mad, until it finally down on me that this is a total different business that needs patience and good personal understanding, and nobody can teach you to be successful..Thank God say we dey do extra jobs to keep refunding.. ; me and my captain friend, ( since 2007 we are still in the game together)... .
From alpari to hotforex, to exness, to fbs to oanda to instafx ( the worst of them all) and more, name them, all live accounts.
I later realised that , though there are lots of crook brokers, ( that's why you need to do your research well before you choose one, it is a personal choice), losses are not caused by them, you gave them your money and they never trade most of the time against you because we don't cut our coat according to our size, we lost. Our job as a trader is to protect our capitals in all ramifications and trade like a sniper in entry and exit not to be in the market all the time. We want fast money but in reality we don't know how market moves and how to explore it. There are times to trade, there are times to watch. Am writing this episodes because of our new friends joining in recent times.
I later realised that those selling mostly their calls or strategies are not live traders. They are just marketers and hungry people including that infanyi then. Thanks for forexfactory too that opens many eyes to good system and great guys. I don't have money to dash brokers again. But to take from them. Hopefully we keep up the game with full patience this coming year.
The question now is can we know the market in full after our little experiences? Question that has 1000s answers.......

Shevychen2:


Excellent point.

It's a pity that many of us still dont understand the shady stuff that happens in this industry. A large majority of contests like these are usually rigged by the brokers. The end game is publicity and the 1% of traffic, generated as a result of the competitions, that will end up opening and crashing live accounts.

Let's even assume 1200% in a week is real, it is not responsible trading and will never be. In fact, whether you are making 5% or 100% weekly, it is pointless to real investors until your Value at Risk is analysed. If you are making 100% a month with 80% VAR and another trader is making 10% a month at 20% VAR, the second trader is almost guaranteed to outlast you and he will be the one regarded as the better trader in real professional circles.

Again, it is easy to make 50-100% of $200-1000 in a week, taking sizable risks but will your emotions allow you to repeat the same level of risks with 10,000? What of 100,000? lol That's when you will know that -100 pips get levels.

Anyone not looking at forex trading risks and returns professionally and only focusing on respectable quarterly and annual returns will most likely end up funding multiple accounts as they keep struggling. Excel sheets can show you how easy it is to risk 5% per trade, make 50% a month and turn $1000 to $1m, but in real life, we know how it goes.

This is a business. Not your way of quickly hammering in a very short time. Again, those that survive are those that have a long term view and focus on becoming professional in every ramification but most especially in setting trade sizes and targets.

YOu've got terrific point, one I can't argue against.

I've come to believe later on that, you can operate more than 1 account. You can trade very aggressive or semi aggressive on one and trade very conservatively on the other account. There's no right or wrong way trading forex if you are very good and know what you are doing.

I know a guy that does 100% / month, he started off with 10k, after 5 month, he withdrew $300k , yes you read that right, 300,000 US dollars.
The next challenge was to take $25k to 120k in 3 months plus, he withdrew all again.

What am I saying? There's no right or wrong way to trade, there is no limitation(unless the one you set for yourself). It's not everybody that will trade conservatively. The problem is, if you don't know what you are doing or don't have appetite for such risk , you have to trade very low risk, so you can keep yourself in the game longer and learn more as you are trading.

Fxwarrior:


Forex is far better than football betting as you can't guarantee the outcome of a game but you can guarantee the outcome of a trade.

It's sure far better than football betting , at least to us, football betting people will tell you, football betting is better and have more guarantee.

I think there's no guarantee anywhere, a very good set up can go to hell before you blink your eyes. Maybe over more than few trades, you can say you will be positive overall. We are just playing the odd.

Shevychen2:


Not sure anyone can guarantee trade outcomes but I agree Forex is in a different league to football betting because with a good strategy, you can predict directions to a high level of accuracy. Even when you are wrong, you can take a small loss and switch positions to recover and make more.

I couldn't agree more with you.

priceaction:


Never , I repeat, never follow those strategies used on those competition or contests on live accounts . You won't last. They are just there to collect the brokers money which is difficult in the long run because by the time they win, the term and conditions will make them return that money to the broker with even more loss. Imagine trading over 50lots within a month on the account before you can withdraw the profits as part of t&c. That's a disaster in waiting. And lastly be patience , and patience and patience before you click BUY/SELL. Focus on niche pairs, be like currentprice trade for profit. We will laugh last.

Not really Bro, those strategies could work perfectly fine in normal live trading, the difference is , they will have lower leverage in live trading and won't be able to enter with bigger lot size like they do in the contest.

Fxwarrior:
Am thinking aloud. How did I come across Forex trading? Well there's this newspaper "Success digest extra" where advertisers or info marketers hype one business idea or the other.

Forex was captioned a goldmine and I was interested. Marketiva was a broker during that 2007 that I opened account with.

It was a period when usdjpy was crashing and I was buying low, erroneously thinking the value will rise so I can close in profits. For where?

It kept crashing, I removed stop loss until I received a margin call. That was my story.

Wow you've been in the game like forever , new found respect for you. I got relate with you with more respect. Those years when news trading dey in vogue.

priceaction mention 2008 too, Wow.

@ priceaction, it look like I senior you in this business if you don't mention "North finance" as one of your broker. I started with North finance