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Forex Trade Alerts: Season 20 - Business (627) - Nairaland

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Re: Forex Trade Alerts: Season 20 by Theyoungmaster(m): 7:44pm On Nov 27, 2020
Pipsbasketings:
Contest Update: 15/Nov/2020 --- 28/Nov/2020

4 out of 7 made it to the next trading period.

Only the shown monikers will be moving to the 3rd trading period, semi-final: 29/Nov/2020 --- 12/Dec/2020

A big congratulations to them. we heartily await and hope for a recap of their individual strategy at the end of the contest...if they don't mind obviously.
Re: Forex Trade Alerts: Season 20 by IMAliyu(m): 7:54pm On Nov 27, 2020
kkins25:
So after being kicked out of the Xmas Contest, i have done some analysis of myself and have pinpointed the reasons for blowing half my account.

1) Too many charts: In terms of Focus, my eggs were spread through too many baskets. Making them insignificant. Since am still a juvenile trader, ive decided to follow just a few charts and trade just one at a time.

2) Falling for the Big Banks: i usually get stopped out just before the trade went my direction. when i was trading my plan, i didn't not factor in the fact that i was in battle with geniuses who knew exactly where i might put my SL...

3) Time frame beats Trading Plan: i was trading on the H1 TF. I Didn't factor-in the condition of the market on the short term. i was intra-day trading but was taking the contest of the overall market structure whiles ignoring the context of the immediate market conditions. so my mistake was making plans for the Long-run instead of the short term. Meaning even though my trading plans were OK for the long term, my small account size and position of entry/SL were not fit for the long run. hence making my SL an easy target for the big banks...

4) No patient to wait for favorable market entry conditions: when i missed a particular entry signal, i still enter with high odds of a ridiculous RRR, making my losses even more large. i should have waited for the market to provide another opportunity..

5) Reversal trading, an easy way to lose money: Reversals are the Big Banks deadliest weapon. it is way easier to SL hunt when the market is about to reverse or pretending to reverse. i lost the most when i was trading reversals.

6) Market moves in three direction not two: i often forget that the market can not only go bullish or bearish but also range-ish.

7) there is only good and bad execution, leave Hope out of it: Hope is a double edged sword with the edge facing you being the most deadly. When the market says 'A', make adjustments and plans for 'A' Dont Hope for 'B'.

cool Everybody knows about resistance and support, but no one knows which is legit except the Big Banks. No wonder 90% of traders loose money.

9) Finally, "THINKING BIG IS BEING GREEDY": Dont try to take from the more from the market than what it can give.

10) finally! finally!!, Think like the big banks not a Trader. Because at the end of it all, it is those that understand how the big banks operate that would be successful traders..


I would add, trade with the long term trend. NZD has taught me this lesson.

Don't over trade. Not everyday is worth trading.

3 Likes

Re: Forex Trade Alerts: Season 20 by Nobody: 8:12pm On Nov 27, 2020
Gold broke that significant 1850 support and also the red line level i suggested but i guess this is to give way for sentiment reset and capitulation for those who bought at the highs. Long term traders can still get a buying opportunity once the bottom is in place, afterall the overall market is bullish. It just feels like am enjoying myself learning new things everyday.

Re: Forex Trade Alerts: Season 20 by Seunisco: 8:19pm On Nov 27, 2020
guys, I have been trading for over a year and a half, constantly trading and learning my forex skill, my mentor got impressed, been with him for over 2 years, more like a good friend to me, he got impressed and gave me about 4 million naira to trade with, I am to give him a 30% return monthly and I'll get rewarded. I'm officially starting on Monday. any advices you guys can give me I would deeply appreciate. this is the first time I'm handling so much equity, a little scared you know. Any advise would be deeply appreciated guysss. thanks so muchhhhhhhhh
Re: Forex Trade Alerts: Season 20 by IMAliyu(m): 8:20pm On Nov 27, 2020
IMAliyu:

Here is my worse case scenario on AUDUSD.

However the macd is still declining on the 4h.
So, without a catalyst it may not happen.

So.. this looks like it's playing out.

If the price rejects off the resistance next week, it should make for a great short.

Re: Forex Trade Alerts: Season 20 by Seunisco: 8:20pm On Nov 27, 2020
I just clocked 21 btw
Re: Forex Trade Alerts: Season 20 by Karleb(m): 8:25pm On Nov 27, 2020
Seunisco:
I just clocked 21 btw
Happy birthday bro. I wish you more green pips.
Re: Forex Trade Alerts: Season 20 by Henry1258(m): 9:00pm On Nov 27, 2020
imsnominations@gmail.com
GreasyNomad1860
Enjoy
Re: Forex Trade Alerts: Season 20 by djwalata(m): 9:06pm On Nov 27, 2020
Seunisco:
guys, I have been trading for over a year and a half, constantly trading and learning my forex skill, my mentor got impressed, been with him for over 2 years, more like a good friend to me, he got impressed and gave me about 4 million naira to trade with, I am to give him a 30% return monthly and I'll get rewarded. I'm officially starting on Monday. any advices you guys can give me I would deeply appreciate. this is the first time I'm handling so much equity, a little scared you know. Any advise would be deeply appreciated guysss. thanks so muchhhhhhhhh
I laugh when I read d part 4m naira!
Don't mind m jare.
Was ur 1&½ years of trading a demo or real?
I still advice dt u start with 1k dollars at most if ur previous years of trading(which u said was impressive) was live trading.
Re: Forex Trade Alerts: Season 20 by ZedFX(m): 9:11pm On Nov 27, 2020
Seunisco:
guys, I have been trading for over a year and a half, constantly trading and learning my forex skill, my mentor got impressed, been with him for over 2 years, more like a good friend to me, he got impressed and gave me about 4 million naira to trade with, I am to give him a 30% return monthly and I'll get rewarded. I'm officially starting on Monday. any advices you guys can give me I would deeply appreciate. this is the first time I'm handling so much equity, a little scared you know. Any advise would be deeply appreciated guysss. thanks so muchhhhhhhhh

Great! great!! great!!!

Time to go pro!!!

kidding man.

to be sincere with you, tell your mentor or agree with your mentor not to fix a percentage monthly
why?
I believe and trust you as a good trader, even though I don't know you.
I believe in a very good run you can do minimum of 50% return but here's the catch.
I have been through this and here's what I realized.
Going with fix return is a kinda bullying the market kinda trading
you go to the market and say, I want to trade you and at the end of this month, I should be up 30%. That's bullying and no one bullies the market.

If you accept this simple idea(nothing professional, wise or too wise with it, just simple)
You'll like experience any of this three, a winning month, a loosing month, a break-even month.
now the you can't tell the market how much you take out of winning months, that's for sure, some month 5%, some 10%, some 50%, some 100%
you can't tell.
but surely you can have a say in loosing months. maybe say, your max for a month is 10%. Now this 10% means you can go three months -5%, -3%, -7% and it doesn't bother you.

To tell you the truth, what I have learnt from people you can atleast call experienced traders are that, returns are random.
I have seen someone 500% up YTD
some months draw down was around -2%, some -5%, some month wins is around 2%, some 3%, some 10% and a certain month around 120%

also I saw a history of over 2 or 5( I can't really recall) years, 5,000%(if am right) return but there's a certain 6 month period that the person went with only break-even and that occurred for like 2 times.

In summary all am saying is
1. Don't bully the market, no fixed returns, just trade.
2. Manage Risk
3. Manage Drawdown
4. Manage losers.
5. Trade, just trade, don't over trade.
6. size your positions properly.

One benefits of large account we don't really tend to consider much is that it provides great flexibility for position sizing.

for example
you'll see Oga Pipsbasketings having SL of 100 pips and that's likely just 1% or a few percent at risk.
on certain account sizes, you can't afford 100 pips SL and trade a position equivalent to a certain percent risk like 1%

7 Likes

Re: Forex Trade Alerts: Season 20 by ZedFX(m): 9:11pm On Nov 27, 2020
sorry, that was long

1 Like

Re: Forex Trade Alerts: Season 20 by djwalata(m): 9:15pm On Nov 27, 2020
AUDJPY sell looks imminent
Re: Forex Trade Alerts: Season 20 by IMAliyu(m): 9:28pm On Nov 27, 2020
Pipsbasketings:
In fact, I'm so much proud of you guys.

You all have made the ongoing contest a learning ground, though demo but live in its context. I'm sure it must have opened your eyes to existing/possible mistakes/error and for possible corrections.

It is a learning ground, unlearning, learning and relearning platform. For all who are out of the contest, pls do like kkins25, theyoungmaster and ogashman, tell us about your journey in the contest.

Regards

I have learned quite a bit from this, however my thoughts are in disarray right now to be able to specifically state them.

So I'll just state some of the errors I made and should avoid in the future.

1. I didn't wait for proper entries to form. I went in blindly without waiting for a confirmation.
2. I let fear and self doubt cloud my judgement. Hence did not take a number of winning trades.
3. Looking at charts too long, and over trading, forcing a trading that probably wasn't there.
4. Should improve my risk management.

Anyway next month would mark my 6th month of active trading, or atleast learning to.

5 Likes 1 Share

Re: Forex Trade Alerts: Season 20 by ZedFX(m): 9:41pm On Nov 27, 2020
See live or demo there's no big difference people.

is very good and advisable to trade demo first.

but all this stories of doing so well on demo and them going live to blow the account is fully about approach.

last year when i got deep with this FX thing, I started trading my demo and thank God by then I didn't have the idea or rather the adequate funds to go live.

so I got to grasp the basics and once I was done I went straight to trading proper.

now my very first issue with demo was that it gave me goosebumps at first, large capital, so high risk, massive profits quickly to the point you think, I wish this demo was real.

Sooner or later I found out inconsistency with my approach, switching strategy and at the end of the day couldn't still find one that clicked well.
okay, after research and studying the risk management is important school of wisdom was what I found out.
okay, now I can manage risk.

but still after this, I still didn't know what worked and what doesn't work(even uptill today, I still question how the market works)

Little more reading, studying and finding holy grail, I got to discover that actually nothing works(sad truth), only certain clues that leads to bias that seems to work.
so tweak a little risk management and everything became a bit clear.

now back to the demo trading
I then understood things clearly.
opened a new demo account.
blew it off the 200$ very purposefully.
that was my expected capital to go live.
I set target that is common to a beginner how I will make 20% monthly and do the math and double the account by 3 months.
very soon the new Seykota is coming through.
lols that didn't happen.

but what was frustrating was how I constantly went up and down in the demo. I'll be up like 10% and down 5%, this circle kept repeating and at first I saw it as frustrating but later on to discover I am grabbing bit by bit.

I never blew any of my demo account though I actually blew a live account in the early stages. just 10$ Sha lols.

so the issue of being great on demo and bad on live doesn't relate.

my heart use to pound when I open MT4 to see my trades on demo and early on in live.
so basically I was trading demo as if it was real. I cared so much about it.

so the idea is when starting especially starting out small, test your skill on the exact capital you wish to start trading live with.
cause, to be sincere it is not hard to trade small accounts but is limiting as I mentioned in my post above.
also, deal with percentages rather than figures. so when you're up let's say 50$ on a 200$ account in a week, you ask yourself how large is that? that 25% and if you're starting up newly you might then want to cool off small cause if you think it's just 50$ you'll want to go to 500$ without knowing you're up 25% already.
someone on a 10,000$ account having 25% is about 2,500$. so don't think your money is small, you have made enough.

now once you transition from trading a minimum capital demo account to trading successfully the same live account, then you can successfully handle anything above that and likely handle anything below.

6 Likes 1 Share

Re: Forex Trade Alerts: Season 20 by Seunisco: 9:56pm On Nov 27, 2020
thanks so muchhh Zedddd, was really insightfullll. I'm gonna draw up a trading plan that sticks to the 1 percent risk rulee.
it's only my trading psychology that scares me you know. I pray things work out fine. BTW are you on telegram?
Re: Forex Trade Alerts: Season 20 by Nobody: 10:40pm On Nov 27, 2020
Hi ZedFX, I tried to bold some of your points and write: bolded kiss kiss kiss, but I realized too many things would be bolded and would seem like spam cos they are long.

I cannot agree less; with this psychology/mindset, I surely see greatness in you. Keep it up. kiss kiss kiss
Re: Forex Trade Alerts: Season 20 by ZedFX(m): 11:41pm On Nov 27, 2020
Pipsbasketings:
Hi ZedFX, I tried to bold some of your points and write: bolded kiss kiss kiss, but I realized too many things would be bolded and would seem like spam cos they are long.

I cannot agree less; with this psychology/mindset, I surely see greatness in you. Keep it up. kiss kiss kiss

Thanks sir

1 Like

Re: Forex Trade Alerts: Season 20 by ZedFX(m): 11:49pm On Nov 27, 2020
Seunisco:
thanks so muchhh Zedddd, was really insightfullll. I'm gonna draw up a trading plan that sticks to the 1 percent risk rulee.
it's only my trading psychology that scares me you know. I pray things work out fine. BTW are you on telegram?

Yes, I'm on telegram.
Re: Forex Trade Alerts: Season 20 by ZedFX(m): 12:09am On Nov 28, 2020
how the week went. NZD clear winner, JPY looser. Fully risk on week

1 Like

Re: Forex Trade Alerts: Season 20 by Emeka71(m): 12:23am On Nov 28, 2020
Seunisco:
guys, I have been trading for over a year and a half, constantly trading and learning my forex skill, my mentor got impressed, been with him for over 2 years, more like a good friend to me, he got impressed and gave me about 4 million naira to trade with, I am to give him a 30% return monthly and I'll get rewarded. I'm officially starting on Monday. any advices you guys can give me I would deeply appreciate. this is the first time I'm handling so much equity, a little scared you know. Any advise would be deeply appreciated guysss. thanks so muchhhhhhhhh
And when you start trading live; that is when you would know that the market needs your money.
Re: Forex Trade Alerts: Season 20 by Nobody: 3:15am On Nov 28, 2020
kkins25:
So after being kicked out of the Xmas Contest, i have done some analysis of myself and have pinpointed the reasons for blowing half my account.

1) Too many charts: In terms of Focus, my eggs were spread through too many baskets. Making them insignificant. Since am still a juvenile trader, ive decided to follow just a few charts and trade just one at a time.

2) Falling for the Big Banks: i usually get stopped out just before the trade went my direction. when i was trading my plan, i didn't not factor in the fact that i was in battle with geniuses who knew exactly where i might put my SL...

3) Time frame beats Trading Plan: i was trading on the H1 TF. I Didn't factor-in the condition of the market on the short term. i was intra-day trading but was taking the contest of the overall market structure whiles ignoring the context of the immediate market conditions. so my mistake was making plans for the Long-run instead of the short term. Meaning even though my trading plans were OK for the long term, my small account size and position of entry/SL were not fit for the long run. hence making my SL an easy target for the big banks...

4) No patient to wait for favorable market entry conditions: when i missed a particular entry signal, i still enter with high odds of a ridiculous RRR, making my losses even more large. i should have waited for the market to provide another opportunity..

5) Reversal trading, an easy way to lose money: Reversals are the Big Banks deadliest weapon. it is way easier to SL hunt when the market is about to reverse or pretending to reverse. i lost the most when i was trading reversals.

6) Market moves in three direction not two: i often forget that the market can not only go bullish or bearish but also range-ish.

7) there is only good and bad execution, leave Hope out of it: Hope is a double edged sword with the edge facing you being the most deadly. When the market says 'A', make adjustments and plans for 'A' Dont Hope for 'B'.

cool Everybody knows about resistance and support, but no one knows which is legit except the Big Banks. No wonder 90% of traders loose money.

9) Finally, "THINKING BIG IS BEING GREEDY": Dont try to take from the more from the market than what it can give.

10) finally! finally!!, Think like the big banks not a Trader. Because at the end of it all, it is those that understand how the big banks operate that would be successful traders..


I love this. cheesy

1 Like 1 Share

Re: Forex Trade Alerts: Season 20 by Nobody: 7:27am On Nov 28, 2020
Contest Progress Updated

3rd Trading Period (Semifinal): 29/Nov/2020 --- 12/Dec/2020 opens on Sunday market open.

Wishing you guys success

1 Like

Re: Forex Trade Alerts: Season 20 by Crixxx: 8:08am On Nov 28, 2020
Everyone needs mentor me I also need a mentor o.
Re: Forex Trade Alerts: Season 20 by hidhrhis(m): 10:42am On Nov 28, 2020
kkins25:
So after being kicked out of the Xmas Contest, i have done some analysis of myself and have pinpointed the reasons for blowing half my account.

1) Too many charts: In terms of Focus, my eggs were spread through too many baskets. Making them insignificant. Since am still a juvenile trader, ive decided to follow just a few charts and trade just one at a time.

2) Falling for the Big Banks: i usually get stopped out just before the trade went my direction. when i was trading my plan, i didn't not factor in the fact that i was in battle with geniuses who knew exactly where i might put my SL...

3) Time frame beats Trading Plan: i was trading on the H1 TF. I Didn't factor-in the condition of the market on the short term. i was intra-day trading but was taking the contest of the overall market structure whiles ignoring the context of the immediate market conditions. so my mistake was making plans for the Long-run instead of the short term. Meaning even though my trading plans were OK for the long term, my small account size and position of entry/SL were not fit for the long run. hence making my SL an easy target for the big banks...

4) No patient to wait for favorable market entry conditions: when i missed a particular entry signal, i still enter with high odds of a ridiculous RRR, making my losses even more large. i should have waited for the market to provide another opportunity..

5) Reversal trading, an easy way to lose money: Reversals are the Big Banks deadliest weapon. it is way easier to SL hunt when the market is about to reverse or pretending to reverse. i lost the most when i was trading reversals.

6) Market moves in three direction not two: i often forget that the market can not only go bullish or bearish but also range-ish.

7) there is only good and bad execution, leave Hope out of it: Hope is a double edged sword with the edge facing you being the most deadly. When the market says 'A', make adjustments and plans for 'A' Dont Hope for 'B'.

cool Everybody knows about resistance and support, but no one knows which is legit except the Big Banks. No wonder 90% of traders loose money.

9) Finally, "THINKING BIG IS BEING GREEDY": Dont try to take from the more from the market than what it can give.

10) finally! finally!!, Think like the big banks not a Trader. Because at the end of it all, it is those that understand how the big banks operate that would be successful traders..

nice one bro
i really like te way u evaluated ur mistakes out
u may think this is just ur mistake but many people will learn a lot from it
looking at the point u listed ur no 4 point has covered number 3 and 5
you dont run after the price u wait till the price come and meet u
if u have a good entry u wont be afraid of the reversal or the big banks coming to come and hunt ur sl
kudos to the elders in the group, make i no mention name cos elders plenty for the group
the group has always being a space of learning for those who pay attention to every details
i wish u goodluck in ur future trade calls

5 Likes 1 Share

Re: Forex Trade Alerts: Season 20 by JAkpayen(m): 1:05pm On Nov 28, 2020
Pipsbasketings:
Contest Progress Updated

3rd Trading Period (Semifinal): 29/Nov/2020 --- 12/Dec/2020 opens on Sunday market open.

Wishing you guys success


Thanks for the update,

1 Like

Re: Forex Trade Alerts: Season 20 by ProsperoTrading: 1:34pm On Nov 28, 2020
Pipsbasketings:
Contest Progress Updated

3rd Trading Period (Semifinal): 29/Nov/2020 --- 12/Dec/2020 opens on Sunday market open.

Wishing you guys success

Good luck to everyone.

The goal for the 3rd trading period is $15. What if you made $30 in your 2nd trading period, doesn't that cover the 3rd trading period already?

Me and someone discussed this earlier, please clarify.


or do you have to make $15 irrespective of the previous period ending balance?
Re: Forex Trade Alerts: Season 20 by Donvic4u(m): 2:33pm On Nov 28, 2020
ProsperoTrading:


Good luck to everyone.

The goal for the 3rd trading period is $15. What if you made $30 in your 2nd trading period, doesn't that cover the 3rd trading period already?

Me and someone discussed this earlier, please clarify.


or do you have to make $15 irrespective of the previous period ending balance?

Another$15 sir...he clarified it previously
Re: Forex Trade Alerts: Season 20 by ProsperoTrading: 3:02pm On Nov 28, 2020
Donvic4u:

Another$15 sir...he clarified it previously
thanks
Re: Forex Trade Alerts: Season 20 by Ignatio(m): 5:32pm On Nov 28, 2020
Please what's the best broker to trade with?
Re: Forex Trade Alerts: Season 20 by Nobody: 10:33am On Nov 29, 2020
Hello brothers, I do not encourage acquaintances from a faceless forum of this form to avoid stories that touch; except for a very small number of fellows that have been here for a significant amount of time; as such, they are no more newbies.

1. Everyone in this thread is willing to help (not just me), ask all your questions, no matter how stupid it may sound, someone would answer.
2. If you have waited for a significant amount of time with no answer, search previous pages.
3. If you cannot still find an answer, and no one answers your question here, then feel free to dm me: my replies are mostly prompt.

I hope you understand, regards
Theyoungmaster:

I messed up big Time. I'm sure you noticed it.

PS. sir, is there any way you can take me under your wings? Maybe via whatsapp, fb, telegram profits email.... I'm ready and willing. I promise you to be humble and teachable. I need to be more profitable than I am in this business. Thanks in anticipation.
Jmarjr:

pls sir, can u be my mentor? Even if na whatsapp i dont mind pls sir.
Re: Forex Trade Alerts: Season 20 by Donvic4u(m): 11:44am On Nov 29, 2020
Pipsbasketings:
Hello brothers, I do not encourage acquaintances from a faceless forum of this form to avoid stories that touch; except for a very small number of fellows that have been here for a significant amount of time; as such, they are no more newbies.

1. Everyone in this thread is willing to help (not just me), ask all your questions, no matter how stupid it may sound, someone would answer.
2. If you have waited for a significant amount of time with no answer, search previous pages.
3. If you cannot still find an answer, and no one answers your question here, then feel free to dm me: my replies are mostly prompt.

I hope you understand, regards


Thanks for all your contributions boss...
Any outlook for this week?
Re: Forex Trade Alerts: Season 20 by harizonal123(m): 11:50am On Nov 29, 2020
Quote of the week

"Patience is the sole major factor for high returns. Those who cannot wait, cannot create wealth."

Over 360pips with zero loss just last week.Opened positions +20pips. Wishing everyone a pipful week ahead

1 Like

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