bojbest:


We dont trade for the money, we trade for the financial freedom it gives.

The guy has very genuine reason to trade forex, thats passion even tho we all know its hard and we lose money during the process.

Donvic4u:



U looking at it from d good side, I'm looking from d neutral point...

Trading for the sake of poverty is VERY dangerous...
We are all trading for the potential freedom not the immediate recompense

redsox11:
I'll start averaging in on GJ if price re-test today's high, around 130.69. SL 30pips.
I'll short it around there.

Trade averaging, say I'm prepare to risk 3%($100) on a trade, instead of entering one big lot size, I won't, I'll spread it out. That's the basic idea.

You can act on it by using attacking sequence or recovery. Entering more trades when price is going in your favor (attack sequence) or against you.

BUT FIRST, know what you're prepare to risk before averaging.

redsox11:
Started averaging on GJ, to show averaging, pending at the high with same SL.
I've got a short right on now @ 130.33 , my SL is 30pips above today's high.

PJAMES1:
GBPJPY
Long idea.
We are looking for a retest and rejection off the neckline of the inverted head and shoulders pattern.

Ooba:
It doesn't seem this babe/man get more juice to give

maryjames9:


Wait for it. Though, I prefer learning, trading and reading comments of guys like current price and redsox to sharing juices. Have a great weekend

teemy:
Teemy reporting here for duty.

This is for newbies and those who need a brush on their forex basics.



https://www.youtube.com/watch?v=u-tOh5FREsQ


https://www.youtube.com/watch?v=Hx-nWTxst1g


https://www.youtube.com/watch?v=prjmga7yKsg


https://www.youtube.com/watch?v=_RCZrLyb8tg

To a greater new year folks.

Fxwarrior:
I still reiterate that having an account of $100 or even $200 is demoralizing. It takes the highest level of discipline and patience to manage it before seeing realistic returns unlike someone with $1000 balance who nets average of $150 (#51 000) weekly which is encouraging.

sircrabo:


Pls Bro, i have a problem understanding forex factory stats. I see "actual, forecast and previous". Pls how do i interpret this to know when to buy or sell a currency ? Should the forecast be higher than previous before i place a buy order or what ? Though i trade following the trend using a H1 time frame but i need some guidance from fundamental news. pls help out. Thanks

sircrabo:


Pls Bro, i have a problem understanding forex factory stats. I see "actual, forecast and previous". Pls how do i interpret this to know when to buy or sell a currency ? Should the forecast be higher than previous before i place a buy order or what ? Though i trade following the trend using a H1 time frame but i need some guidance from fundamental news. pls help out. Thanks

maryjames9:


I don't do forexfactory. I however have myfxbook installed on my phone from Android play store. It contains calendars on currencies with HIGH, MEDIUM and LOW IMPACT. By default that is the setting and by default major currencies will give you alert of vibration and ringing. You open the app, you can disable news for LOW and MEDIUM impact news or add and subtract currencies you want to receive alerts about if you like by going to SETTINGS on the top right of the app.

Now, looking at the app, Now there is ACTUAL, FORECAST AND PREVIOUS data. GREEN on Actual means that currency is BETTER THAN FORCAST or BETTER THAN EXPECTED. For example if RETAIL SALES for USD turned GREEN, USD is expected to rally against any other pair, then you could sell Gbpusd,EurUsd,NzdUsd and buy UsdJpy, Usdchf....

If however, it turned RED, it means WORSE THAN EXPECTED OR FORCAST. this implies, USD will be weaker compared to all its pairs. Then you gotta for example buy EurUsd, GbpUsd, NzdUsd and sell pairs like UsdJpy,UsdChf.....

However, there are certain occasions this rule don't work. You discover that market sometimes react opposite to the news. Sentiments atimes often make matters rally against the expectations from news especially when the trend is against the news.

I advise you to go check BABYPIPS.COM and read over and over for more detailed information.

PJAMES1:


Will it hold?
Fingers crossed.
Next candles most important.

kimozaman1010:
Technical analysis is the best gee

kkins25:
im a beginner forex trader, i have only began the trade for about 4 months now.
when it comes to forex trading, you then realize that the term "beginners luck" really does exist.
Also, i think trading with demo accounts as practise is really no good as your reaction to the devil of a trade is quite different from the real deal.
so i decided to begin small, i opened up a $10 dollar account, and made a profit of 30% in a few days. but lost everything yesterday on a freaking EUR/USD trade which turned south out of nowhere. only today that i found out that a twitt by trump caused the usd to slump.. wtf

kimozaman1010:
Technical analysis is the best gee

Inehmesit:
Hello KKins, I will be really honest with you, I have gone through your nairaland profile, and I think we both have a thing in common (the way you think and reason), the few threads and topics you’ve created made me say that, can I talk to you on what’s or any other platform? I am also a Forex beginner too, I have a few questions for you.

sircrabo:


Technical the best? Pls explain. I do follow the trend using the H1 time frame. That's the only strategy I know how to use, but attimes the candles don't reverse when I think it would instead it goes further down or upwards.

If I may ask, what indicator do you think is more reliable on the Mt4 platform?

bojbest:


Bro, drop ur details I can assist you with the materials and videos. Also you get to ask me questions etc. I’m not charging I’ll just help, you put in the work.

I love the reason WHY you want to learn and people like you tend to survive during the hard times of forex.

Donvic4u:


To trade and come out of poverty

Pls should I tel him??

bojbest:


Bro, drop ur details I can assist you with the materials and videos. Also you get to ask me questions etc. I’m not charging I’ll just help, you put in the work.

I love the reason WHY you want to learn and people like you tend to survive during the hard times of forex.

kkins25:

not so sure bruh.... spill the beans on nairaland please

maryjames9:


I don't do forexfactory. I however have myfxbook installed on my phone from Android play store. It contains calendars on currencies with HIGH, MEDIUM and LOW IMPACT. By default that is the setting and by default major currencies will give you alert of vibration and ringing. You open the app, you can disable news for LOW and MEDIUM impact news or add and subtract currencies you want to receive alerts about if you like by going to SETTINGS on the top right of the app.

Now, looking at the app, Now there is ACTUAL, FORECAST AND PREVIOUS data. GREEN on Actual means that currency is BETTER THAN FORCAST or BETTER THAN EXPECTED. For example if RETAIL SALES for USD turned GREEN, USD is expected to rally against any other pair, then you could sell Gbpusd,EurUsd,NzdUsd and buy UsdJpy, Usdchf....

If however, it turned RED, it means WORSE THAN EXPECTED OR FORCAST. this implies, USD will be weaker compared to all its pairs. Then you gotta for example buy EurUsd, GbpUsd, NzdUsd and sell pairs like UsdJpy,UsdChf.....

However, there are certain occasions this rule don't work. You discover that market sometimes react opposite to the news. Sentiments atimes often make matters rally against the expectations from news especially when the trend is against the news.

I advise you to go check BABYPIPS.COM and read over and over for more detailed information.

sircrabo:



Sorry to disturb you again. If i go through a forex calendar, and i get a buy order for say "USD", do i place a buy order on currencies that have usd on the left (usd/chf) or on the right (eur/usd) i made that mistake severally in the past and it affected me. Pls explain the position of the currencies to me when placing orders. Thanks.

You are my new FX mentor now o. Get ready for my questions

Mbitiouz69:


How much can I use to invest and which broker, I want to use to promote my music and get me a better life and education

sircrabo:


Pls Bro, i have a problem understanding forex factory stats. I see "actual, forecast and previous". Pls how do i interpret this to know when to buy or sell a currency ? Should the forecast be higher than previous before i place a buy order or what ? Though i trade following the trend using a H1 time frame but i need some guidance from fundamental news. pls help out. Thanks

teemy:


Fundamental analysis involves using economic data to predict future price movement. Forexfactory provides the data in the arrangement you described as
previous - The data the last time it was released
Forecast - What it is believed the next release would be
Actual - The actual data when it was released.

E.g Nigerian census.
previous - 180m (from last census)
Forecast - 200m
Actual - "blank (yet to be released at next census)"

Favourable news for the country means favourable currency and vice versa.
E.g in 2005/6 there was a news I saw on CNN of Japan raising her interest rate from 0 to 0.5%. This means money kept in japan banks would have an interest increase in thus would encourage investors to keep money in japanese banks .

More savings in yen - more demand for yen - more strength to the yen. Good for the yen. On that day alone Gbpjpy moved down by 900 pips (9000 points).

Now another scenario.
Japan has a tsunami causing a nuclear disaster at its fukushima plant. planes, cars and people were floating all around as seen in CNBC. This was bad for japan and by extension the yen. BAd for the yen, Gbpjpy moved up by 60 pips (600 points). But guess what, it then reveresed downwards for 200 pips (2000 points)! Unexpected right? especially as the bad news was still making headlines the would over.

Now back to the question on what to do, I would like you to take a good look at the examples above ad understand that sometimes it goes as expected and other times it goes unexpected and also can whipsaw both ways.

Those days I remember, a strategy common was entering pending stop orders a few minutes to the news hoping that the right direction would be entered. That was when brokers came up with huge slippages and also bad fill prices waaay off your entry trigger price. Same for buy and sell at same price with 10 pips Stoploss but even at that if slippage does not do you bad, it can be whipsawed both ways and both stops triggered. Some brokers even notify you they don't want news traders!

Whatever strategy you decide on, take note that there are risks involved ans as such money management is key to your progress. If you need more answers, keep asking and as there are many on this thread that can help guide you. With time, you will get to what you want.

Wishing you well - Teemy

bojbest:



Lol. Bro its better to get a job to do that than invest into forex.