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Trading In The Right Way |learning |earning |trading |acts Of The Market| by eaglefx(m): 8:40pm On May 12, 2022
Good evening to you all .....

Writing this here to help us all grow in forex and to also share my experience so far in the forex market .

I won't ask for your money at all to trade

I won't provide signals

Just me writing to my younger self as regard forex trading

feel free to contribute and participate

Re: Trading In The Right Way |learning |earning |trading |acts Of The Market| by eaglefx(m): 8:41pm On May 12, 2022
Take this two case study
Study 1
A blind man will always be slow and , and he wont rush is way to his destination, but instead he will quietly with his walking aid locate his destination, he wont bother about the time to get there because is only interest is to get to his destination.
Study 2
A man who is not blind will always have the choice to follow the way of the blind man with the same pace or move with his own pace ,but he will most times choose to move at his own pace by adding SPEED, he will be instead bother about the time and not the destination, because he already knows where he is headed .
In the first scenario the destination is important and not the speed
In the second scenario the SPEED and TIME is important and not the destination
The two brings me to my main point for today's talk
WHAT I WOULD DO IF AM TO START LEARNING TRADING OVER AGAIN
Spending 10 years learning this craft all by myself, as being a whole lot of hell for me but at the end of it all the light was surely at the tunnel.
So here are my insights on how to start over again
1) GET A MENTOR
You wont know the value of a mentor until you get to mentor someone, of recent I visited one of my mentor and we discussed a whole lot just about me, my business and the way forward.
The way we feel after praying to God is the same way you feel after speaking to a mentor
So back to the point
while starting up there was no one there for me , I have to learn the hard way with the market and then with someone there to answer my questions( Oluranti S. Owolewa) , he was enough for me ,while I continued learning my way.
The downside to learning on my own was , i learnt every information both the Vague one, the useless one and the the useful ones.
But I realized that the more I gather information the more confused I become.
Now this is where the role of a mentor comes into play
they are there the guardian angel sent to you to show you the RIGHT PART throughout the process and just like our case study , they know the destination and they are the only one to give you the speed you need with confidence.
2) Stick TO ONE TRADING STRATEGY
I wasted a whole lot of my time here, due to I was so focused on making returns and any strategy that isn't working well for me i change them ASAP , I remember staring with RSI- ICHIMOKU-HARMONIC PATTERNS- ELLIOT WAVES and then it keeps going till got the message.
At that time I only needed someone to tell me the best way is to trade like the institution and then I wont have spent years Into irrelevant things.
so sticking to one system , of course institutional way of trading is the best.
3) BACKTEST
This is very important
The best gift a trader can give to himself is to back-test at all times the trading system, I remember those days I used to do my back-test every night whether with my phone or my laptop and at the end of it all it paid off . As a newbie trader you want to make back-test your best PRACTICE
4) DON'T FOLLOW ANYBODY SIGNALS (This is personal )
In my journey as a trader I have only followed just two traders signals and in three occasions.
here is what I belief and it hasn't change
I) I believe that I needed to learn how to catch the fish , and not to receive the fish
II) The signals made me lazy .
But here is what I did with the signals , each time I received any of it , I look up to my chart trying to get the reasons why they are either buying or selling
So here are my top 4 I would do if am to start over again in my trading learning phase.
Tomorrow I will talk about during trading period .

Re: Trading In The Right Way |learning |earning |trading |acts Of The Market| by eaglefx(m): 7:22pm On May 18, 2022
What I would have done if am to start trading over again { PART 2 }
Yesterday I wrote about what I would do during my learning stage ,
Today, I will be writing about what I would do while trading as a demo trader or live trader .
Where we get things wrong while growing is here in the Trading aspect , if only I was told this in my early stage.
We tend to focus more on the technical aspect while trading and omit the other important aspect which is the self awareness that combines our response to emotions ,risk management and psychological. And we remain in this RAT hole till we come to realized it
. so its better you save the stress of BEING STUCKED here and follow this due process.
"In learning we listen to the market but in trading we listen to ourselves more"
So here are the Top Five points you need to watch out for while trading
1) keep a trading journal
2) Work with one trading system
3) Focus on one timeframe sequence
4) Pay more attention to self awareness which includes
I) Trade management
II) Risk management
III) Psychological and emotional management
5) Pay attention to you entry and your exit (ALWAYS HAVE A EXIT PLAN BEFORE ENTERING )
Input this practice into your trading and see changes
Till I write you again
Victor Obiaeli
Re: Trading In The Right Way |learning |earning |trading |acts Of The Market| by eaglefx(m): 8:10pm On May 18, 2022
USDCAD ROADMAPS
Wyckoff |Volume

we've seen price completes the wyckoff cycle for the sellers to take charge of the trend for a Bearish phase with the main timeframe as the key level area .
we look for price to get to the 1.24890 Region for the sellers but we might have the bearish phase overcome by the BUYERS with reactions from the 1.3050-1.3090 a key decision where we might see price become decisive for a bull run continuation or a bearish take over .


we already have the low of the week formed at the WAVE 5 level to complete the wave 1 of the drop that started last week and we need to see price terminate at the 1.29-1.30 region for the corrective wave 2

SO we keep our hands tight as we watch price gets to that region and TRADE BASE on the REACTION of market around that region.

Advice
i don't based my entries based on the predictive (analysis) but based my entries on market reactions around my key zone ( Reactive approach ) .


Forexmahadum


You can subscribe to my youtube channel to learn more
while i keep updating this thread

www.youtube.com/forexmahadum

Re: Trading In The Right Way |learning |earning |trading |acts Of The Market| by Qqqp: 8:39pm On May 18, 2022
Nice one


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Re: Trading In The Right Way |learning |earning |trading |acts Of The Market| by eaglefx(m): 3:00pm On May 19, 2022
OBSTACLES WE HAVE TO OVERCOME AS TRADERS

Trading can be so funny at all times and the journey to becoming consistent in profit is a difficult path that most traders are still looking forward to, some are not interested in the consistency in the long run but are happy with the little losses and profits they make at all most times ,some are just interested in making the big lot size trade and coming out with withdrawals but those who enjoy the beauty of the market are those who consistently make profit yearly.

They don't mark their progress by the month but by yearly and funny how it used to be little compare to the BIG target we retail traders have.

Here are three obstacles traders need to overcome in other to be consistent year in year out

1) PREDICTIVE AND REACTIVE

Our ability to focus on price will not only make us better but it will make us become more of a reactor to market price.
we ought to be predictive during our analysis but when it comes to active trading we need to be more REACTIVE, many traders find it very difficult to switch from predictive to reactive and then they cloud their trading entries with the PREDICTIVE MINDSET and continue holding the trade filled with a drum full of ASSUMPTIONS .

But when we go in with price using the REACTIVE method we tend to follow the market and then flow with the market tune.


we need as traders to stay clear of the predictive aspect during trading and become a reactive trader


2) MECHANIZED /DISCRETIONARY
Mechanized is a system where we follow laid down rules and principles in trying to trade the market , following strictly the rules and regulations irrespective of the market movement.


DISCRETIONARY is a system whereby we are free to deviate from our trading system. this type kills trader faster especially the newbies. (In my own opinion)

trading success are made base on following a laid down rules and principles to trading at all conditions


The ability for a trader to become stick to his rules is a good discipline that can only give birth to constant practice, as traders we should overcome this habits of trading with no laid down principles and become a rule based trader .




3)SURRENDER

it's funny how the word surrender is the third and the last

Well, you see just like religion we claim most time to submit to our GOD but our actions aren't convincing enough that we have fully surrendered

the same thing it is for the market

we are suppose to submit all this three important things at the moment we open up our laptop to trade

1) Emotions
2) Psychology about the market
3) Knowledge about the market

this three are the destroyer of most traders account and until we accept the truth that what we know about the market , our psychology about the market is just mere opinions until the market prove us right and until we surrender our emotions away from trading
we will still find it very difficult to win in the market.




Till I write you again tomorrow


Victor Obiaeli



www.youtube.com/forexmahadum
Re: Trading In The Right Way |learning |earning |trading |acts Of The Market| by eaglefx(m): 12:24pm On May 20, 2022
Diary of trader
The emotions and psychology behind a loss and profit



Market is in a key level area and we have a good consolidation at that levels we might see price push up from this region besides we already have a break in the market structure from the lower timeframe.

I can enter this trade right now and then fix my stop loss at the next market structure level where I believe the market wont get to my losses will be 30 pips and then I am selling the high.

I took the trade and the market retraced to back to the market structure level (note my stop loss happens to be below it ) I became calm all of a sudden when was able to spot a particular bar formation and then once again I assumed that the market structure level will hold and then took my entries this time two positions and I became relaxed

just then I remembered my principles that states
PREDICTIVE VS REACTIVE

so i reflected upon my positions again and made the firm resolve to come out based on my positions have been solely on ASSUMPTIONS by me and not REACTION from the market

The immediately I came out from two position with losses leaving behind my initial position with stop loss.

And after my reflection I realized my technical mistake and then I joined the trade to the sell side but this time , although the technical analysis was correct but the entry was still based on assumptions and then I came out from the trade with losses

by then my losses already accumulated even though they are little


price then hot my initial buy stop loss and then i was out but my sell bias was confirmed so i took my first REACTIVE entry and the market went my way in luckily I was able to enter with a large risk that gave me profits at not just break even but with a little +% rise .



KEYPOINTS
1) Trades taken based on assumptions all failed me (because i used the discretionary approach )

2) The only Reactive entry gave me my profit for the day (entry taken based on my rules )


3) Every key level in the chart is a level area , only when the market reacts to it and by changing direction confirmed it as a KEY LEVEL AREA


4) i assumed my account is wide enough to take the first trade because i wanted to take a trade , never minding that i was gambling (we need differentiate the emotions of when we gamble and when we trade)

5) my gamble is enough to carry the trade (which was a gamble ) we sometimes allow our gambling trades to run with the excuse of our account is big enough to handle the loss

6) market consolidation in addition to different price action pattern doesn't necessary means the end of a trend until THE END IS CONFIRMED

7) Always remember the trading rules and always wait for MARKET REACTION AND CONFIRMATION

BE A RULES BASED PRICE REACTION TRADER


Guys this is my diary for two , what do you think ? have you experienced anything as this like this before
tell us in the comment section below


Have a blissful weekend


VICTOR OBIAELI


visit my channel for for the weekend
www.youtube.com/forexmahadum

Re: Trading In The Right Way |learning |earning |trading |acts Of The Market| by eaglefx(m): 5:43pm On Jun 13, 2022
"In trading, you have to be defensive and aggressive at the same time. If you are not aggressive, you are not going to make money, and if you are not defensive, you are not going to keep the money."

-Ray Dalio.
Re: Trading In The Right Way |learning |earning |trading |acts Of The Market| by eaglefx(m): 5:43pm On Jun 13, 2022
I CHOOSE SUSTAINABILITY

You see the root of every plants are different , at different levels , some even at their ripeful age they can be easily uprooted and then removed entirely from the floor without much stress.
example the corn we eat

while we have the Palm kernel tree , the root can never be easily uprooted and it takes time, heavy resources and man power to pull down just one palm kernel tree

Two men can take a day to cut down two plots filled CORN

but those men wont take A day to pull down ONE PALM KERNEL TREE.

In life the ROOT MATTERS A LOT

A deep root doesnt come with LESSER TIME but a LOT OF TIME

A shallow root doesn't necesarily take TIME


The corn can be planted and uprooted within 6months and the palm kernel will still be in the growing stage

some kernels takes 15years to become fruitful and withon the space of 15years the corn will have been harvested on different occassions

But the beauty of the palm kernel is this

once it got to its ripe stage

EVERYTHING ABOUT IT IS USEFUL and it LAST a whole lot of TIME..

My grandmom still harvest from the PALM KERNEL my great grand father planted .


everything takes time

You just have to PATIENTLY WAIIT AND PLAN WHILE GRINDING


To Your Success

Victor Obiaeli

Re: Trading In The Right Way |learning |earning |trading |acts Of The Market| by Amely: 12:38pm On May 22, 2023
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