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Nairaland Forum / Nairaland / General / Business / Forex Trade Alerts: Season 21 (323131 Views)
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Re: Forex Trade Alerts: Season 21 by Nobody: 5:35pm On May 27, 2021 |
Theyoungmaster: |
Re: Forex Trade Alerts: Season 21 by Theyoungmaster(m): 5:38pm On May 27, 2021 |
infofirst: Yes o! I made a whooping 787pips yet I'm languishing at 9th all because I trade mostly 0.01 to 0.03lot sizes while the new topper made just 208pips. Pips made should be the benchmark. Not going in with outrageous lot sizes. It's well. Modified; In this current contest, My pip count is higher than every other person whose account is open to access....aside @Seunesco. Y'all be making me feel I was a bad trader with huge lot sizes. SMH. |
Re: Forex Trade Alerts: Season 21 by Nobody: 5:43pm On May 27, 2021 |
infofirst:My opinion is to let the max lot be 0.01 and max open order 10. |
Re: Forex Trade Alerts: Season 21 by Elliotwaveforec: 5:44pm On May 27, 2021 |
infofirst: Ok |
Re: Forex Trade Alerts: Season 21 by Theyoungmaster(m): 5:52pm On May 27, 2021 |
NetValueFX: That'd be 0.1 lots exposed at the same time. Twill be difficult to track risks properly and still avoid 10% DD on a $1k account. My input though. Final say lies with my oga at the top. |
Re: Forex Trade Alerts: Season 21 by Nobody: 5:55pm On May 27, 2021 |
Hmm, I have always said: make a 100% profit within one month, show me and I will run away from you forever..... 2 Likes |
Re: Forex Trade Alerts: Season 21 by Nobody: 6:04pm On May 27, 2021 |
Theyoungmaster:It all depends on what one is trading. Having 10 trades at 0.1lot is not same as having 1 or 2 trades at 0.1lot unless those 10 trades are same pair. So for me, I think someone trading different pairs will definitely survive 0.1 compared to someone trading trading 1 pair at 0.1 1 Like |
Re: Forex Trade Alerts: Season 21 by Nobody: 6:05pm On May 27, 2021 |
Boss, I checked just now. If I were to trade, I would have entered from the close of that candle (arrow point) and would have been on about 170.0pips with that candle formed today. As it stands now, I will no longer advise a long because this could be a fake breakout (who knows), but if you still want to long it, feel free to do so ONLY by the end of today so that you don't get caught by any retracement leading to many -ve; if you long it by the end of today, you will be looking to close it if any day candle closes below the top blue line. Good job bro. Elliotwaveforec: 1 Like
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Re: Forex Trade Alerts: Season 21 by Theyoungmaster(m): 6:06pm On May 27, 2021 |
NetValueFX: You've made a salient point. I agree. |
Re: Forex Trade Alerts: Season 21 by jerryson1: 6:10pm On May 27, 2021 |
Ah. What happened to our first position holder |
Re: Forex Trade Alerts: Season 21 by Elliotwaveforec: 6:21pm On May 27, 2021 |
GabsonFX: Please, the TF of the chart, daily or 4 hours? |
Re: Forex Trade Alerts: Season 21 by Fxwarrior: 6:22pm On May 27, 2021 |
Gold is rallying. Let's hope it gets to 1928 |
Re: Forex Trade Alerts: Season 21 by WallStreetfx(m): 6:44pm On May 27, 2021 |
Theyoungmaster: |
Re: Forex Trade Alerts: Season 21 by Nobody: 7:06pm On May 27, 2021 |
More than 50% of Us got Disqualified; that sends a deep message. Big ups to our top traders of this contest, it's no easy feat making profits & less easier maintaining them. @mayork2n what happened you had such an impressive performance. 6 Likes |
Re: Forex Trade Alerts: Season 21 by WallStreetfx(m): 7:37pm On May 27, 2021 |
USDCHf 1 Like
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Re: Forex Trade Alerts: Season 21 by Donsheddyguru: 8:05pm On May 27, 2021 |
Let me make my simple suggestions.... Some traders are scalpers... While some traders are swng traders that aim for alot of pips... The rule should try to accommodate every one..... Some traders trade multiple pairs... While some trade just one pair.... For me I think sticking with just Currency pairs will do alot of good.... And make the contest a bit fair.... I can suggest max 0.05lots If you're trading single pair... Max open lot should be 0.05 you can decide to go all in once or open 5 different positions with 0.01 each.... If you're trading multiple pairs you are not allowed to open max 5 pairs at 0.01 lots or you can decide to open two pairs at 0.025 lots each depends on you.... But total sum of open lots shouldn't exceed 0.05.... That way the contest will be fair It's not all about pips.... Someone can decide to open 5 positions at same time targeting let's say 20 pips... Trader A might decide to go all all with 0.05 lots In a single position in the same pair and the system will record 20 pips.... While Trader B might decide to open 5 positions with 0.01 lots target same 20 pips at the same time Well the system will record 100 pips.... Note both of them target same pips but used different method or approach... Taking same risk That's it bro 2 Likes |
Re: Forex Trade Alerts: Season 21 by Donsheddyguru: 8:06pm On May 27, 2021 |
Some one like me I don't target number of pips... I work with percentage profit.... Helps me not to over trade.... |
Re: Forex Trade Alerts: Season 21 by docus: 8:07pm On May 27, 2021 |
Elliotwaveforec:Daily 1 Like |
Re: Forex Trade Alerts: Season 21 by TheYoda: 9:46pm On May 27, 2021 |
Donsheddyguru:Counting pips alone won't cut it, highest pips just means, instead of entering 0.1 lot size , i will enter 0.01 x 10 ... To get more pips count. Any suggestions? leverage would have been the best bet, because leverage normally should reduce what lot size and how many trades you can enter at the same time. but I think the leverage is not working as I see people are able to enter as much as they want. See Mayor floating loss right now, how did he get to open that many positions? are those account really 1:30 leverage? and people mention Qpet was able to enter 11 lot size . I don't see how they are able to enter that much lot size on the stipulated leverage. Guys am I missing something here? |
Re: Forex Trade Alerts: Season 21 by TheYoda: 9:56pm On May 27, 2021 |
And alot of things to learn here with Mayor account, that type of strategy is very dangerous, if you don't have stop loss, and you are scalping. He took him 7-9 days to get those gains BUT just 1 day, he's got -$500 floating loss. You see how much 1 bad day set him back to? You can even have 60 days profitable day but if 1 bad day is going to kill you. You don't need anybody to tell you, you have to change something. Maybe use equity stop loss, say you have -5% in a day , you should close all trade, close mt4. I'm sayin this because I've been there, done that, rake up many wins, 90 days of good trading, about 92win rate until I got a bad day, blew half my account. Thats not the main problem , but the psychological damage and emotional toll . Well enough said. 5 Likes
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Re: Forex Trade Alerts: Season 21 by infofirst(m): 10:05pm On May 27, 2021 |
TheYoda: The leverage does not work for indices with some brokers. Hotforex is a good example. The very reason we did not allow indices trading 1 Like |
Re: Forex Trade Alerts: Season 21 by TheYoda: 10:16pm On May 27, 2021 |
infofirst:Oh I see, wasn't aware of that. Now I see how they can enter more lot size / more trades now . |
Re: Forex Trade Alerts: Season 21 by Nobody: 10:16pm On May 27, 2021 |
TheYoda:If this very losing trade was his first trade and its a live account, na yard people go gather settle this matter. 2 Likes |
Re: Forex Trade Alerts: Season 21 by Kaesyrn(m): 10:18pm On May 27, 2021 |
infofirst: Opè oohhhhh 1 Like 1 Share |
Re: Forex Trade Alerts: Season 21 by infofirst(m): 10:20pm On May 27, 2021 |
@Donsheddyguru I am afraid the rule can not cover every one. I can only try and adjust to ensure we are close to best practices. As much as only pips does not count. You still have to learn to make the pips. If you target 10pips to make 5%. Thats still going to lead to over trading. No room to allow your trades to breath as well and all that. Its better you learn to trade to make atleast 50-100pips per trade. |
Re: Forex Trade Alerts: Season 21 by infofirst(m): 10:21pm On May 27, 2021 |
TheYoda: Except we kind of restrict brokers. Icmarkets am pretty sure will not allow one to trade indices 11lots with $1k balance. 2 Likes |
Re: Forex Trade Alerts: Season 21 by Nobody: 10:34pm On May 27, 2021 |
infofirst:The lot size restriction is more than enough. 1 Like |
Re: Forex Trade Alerts: Season 21 by Donsheddyguru: 10:42pm On May 27, 2021 |
infofirst: This one will make sense too... |
Re: Forex Trade Alerts: Season 21 by Donsheddyguru: 10:45pm On May 27, 2021 |
infofirst: Like I said... Using pips alone to judge won't stop over trading.... Someone can decide to use 0.01 lots size and at the same time open too many positions.... Thereby risking too much too |
Re: Forex Trade Alerts: Season 21 by Theyoungmaster(m): 10:50pm On May 27, 2021 |
infofirst: That'll be a bit much boss. |
Re: Forex Trade Alerts: Season 21 by Theyoungmaster(m): 10:51pm On May 27, 2021 |
Donsheddyguru: Boss @Infofirst already said "MAXIMUM OF 5 POSITIONS CAN BE OPENED AT THE SAME TIME". There's no over trading with that. |
Re: Forex Trade Alerts: Season 21 by Nobody: 11:05pm On May 27, 2021 |
Donsheddyguru: Supported. Some focus on pips, some on risk. Let the rules accommodate all pls 1 Like |
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