Hi Guys

I am buying USD/JPY at 76.77. SL at 50pips. Move SL to BE at 50pips if we see it. I expect this to be a slow movement. Check charts below. Happy pips.

Trichet speech may have boosted EU bearing in mind the he'll soon be handing over from being ECB gov'nor.

Naiijababe’s simple guide to trading success

I am not the highest contributor here but I am a growing trader and from time to time like to share my experience.

In the wonderful world of trading, much can be gained and a whole lot more can be lost; if you manage to acquire the skills and the right mental attitude and discipline, then you truly have a skill for life. These are not in any particular order; I wrote them as they came into my head. Enjoy folks and happy hunting

• Trading is not a get rich quick scheme, like every other endeavour in life; it requires a good depth of knowledge and strict discipline. Put in the work, remain focused and disciplined and you can reap truly amazing financial rewards
• Set clear goals and stick to it
The number of times I have seen people trying to trade every opportunity and then lose their entire account is almost countless. I have been there and if there’s one thing I know now, it’s that I can’t trade every opportunity. For example, I only trade 5 instruments and a I have a goal of 300 pips per week, if I meet my goal on Monday, I won’t trade for the remaining days in the week.

• Take time to learn – The one thing you don’t want to do in this business is dive in head first, it will only lead to one end and that end is not nice

• Learn to love your losses – Losing a trade is a normal part of trading, when you lose a trade, analyse it again and see where you went wrong (if you did at all). I have made trades that ended in a loss and upon reassessing the trade again knew I’d do the same thing again. The market is what it is; sometimes it just doesn’t do what it should.

• Make a trading plan and stick to it – This is probably one of the most difficult aspects of trading, entering trades that you have not analysed can also lead to one thing and you all know what that is.

• Learn to diversify – I have heard people say on this thread that a beginner should only trade one instrument; I beg to differ. When you are learning try trading two pairs at least and no more than four. Make sure your choices are not all major pairs. If I was asked to recommend pairs for a beginner I would recommend the following with reasons shown
EU or GU – Poster child for the avid learner, rarely whipsaw or behave out of sync
EU/GBP – Good for beginners mainly due to average daily range (in other words, you stand to lose less if a trade goes against you)
My main reason for suggesting more than one pair is to avoid putting on blinkers when you start to trade other pairs. No more than four because you get easily distracted and not learn the peculiar nuances of each pair
• Correlation – When trading, it’s important to know the correlation between your instruments and other instruments even if you don’t trade them, e.g the dollar correlates negatively with crudes, commodities correlates positively with CAD and AU pairs, EU correlates with CHF etc.
• Operating costs – As I said before, trading is a business; you should put your operating costs in perspective and whilst I realise that you can’t control costs like electricity and internet subscription, the one thing you can control is spread. Why trade 20pips spread instruments when those with 1 -4 pips spread abound?!
• Own your decisions – Success will be far from you in trading if you don’t learn to own your trading decisions. This is why it’s important to not just depend on anyone to generate signals for you but for you learn and understand the reasons for your trading decisions
• Be decisive and remain disciplined – What type of trader do you want to be, a contrarian, a trend, breakout or momentum trader? Do you want to day trade or swing trade? Decide which it is and be disciplined enough to follow your system even when you are not doing well. Let me make something clear here; you should only continue to follow your system if it has brought you success in the past ( no system guarantees a 100% success)
• Don’t get high on your success or trade when you are not emotionally calm e.g. one of the worst mistakes you can make is to enter a trade in anger or vengeance having just lost – I can guarantee you that the market will punish you for it.
• Use available resources well – Websites like fxstreet and babypips have gems of information and learning tools that will aid your success.
• Keep it simple – I have seen charts overloaded with indicators that I can’t I can’t even see what price is doing. Why do u need 5 EMAS, MACD, stochastic, RSI when every single of this indicator tells you the same thing.
• Use a birds eye view – This means you should take a general look at you entire screenshot first and not just your last two or three bars/candles.
• Finally, manage your account like your life depends on it. Apply the 2 and 5 % rule – Only risk 2% of your account at any given time ( personally, I use 6%) and when you’ve lost 5% of your equity take time away from trading for a week at least to get a fresh perspective ( personally, I use 10%)

I hope this helps and where I have expressed contrary opinion to what you do, bear in mind that it’s not a criticism- These are just my own rules and they work perfectly for me.

Happy hunting, hunters

Just posted one of my longest posts and the bot got me. Mtchew!!!

Stepped off ECAD for 30 pips profit. Gut feeling tells me to stay in till I hit 80 pips, but rules remind me this long trade was against sell signals on 3 timeframes! Such are the decisions we make in this business.

Banked +99 pips so far today. Will check later to see what happens to that floating negative.

Alas -- the colourful life of the contra-trend trader!

Hey guys did you just notice a crazy gap in the 15 mins chart of EU or was it just me?

i8millar:

Just posted one of my longest posts and the bot got me. Mtchew!!!

I saw it, it may soon show up later.

honeric01:

I saw it, it may soon show up later.

I hope so jare. How u dey? Has the hunt been paying? Havent trade in while, been travelling

Final Say:

Hi Guys

I am buying USD/JPY at 76.77. SL at 50pips. Move SL to BE at 50pips if we see it. I expect this to be a slow movement. Check charts below. Happy pips.

Quite a coincidence, my signal gives exactly 76.77 as well for this trade!!

Sadly, I can't take anymore new trades until tomorrow, or at least the asian session.

Meanwhile, I believe this is one of those trades that could be held for a long while (days or weeks) since UJ is near its all-time-low (i.e: cheap SL at stake compared to the vast upside).


Or, what do you think?

Smithereen

U are correct. But u know we just take the market as it comes. We take what the market gives us. We dont dictate for the market as u may know. So, I only watch out for where I can safely exit when the market tells me to do that. But its going in profit already anyway. SL is cheap and good profit prospect to the upside as u said. Its an opportunity. Happy pips.

i8millar:

I hope so jare. How u dey? Has the hunt been paying? Havent trade in while, been travelling

It happened to me too. well in a "fix" right now, just watching the market, no action from my end here

Naijababe’s simple guide to trading success

I am not the highest contributor here but I am a growing trader and from time to time like to share my experience.

In the wonderful world of trading, much can be gained and a whole lot more can be lost; if you manage to acquire the skills and the right mental attitude and discipline, then you truly have a skill for life. These are not in any particular order; I wrote them as they came into my head. Enjoy folks and happy hunting

• Trading is not a get rich quick scheme, like every other endeavour in life; it requires a good depth of knowledge and strict discipline. Put in the work, remain focused and disciplined and you can reap truly amazing financial rewards
• Set clear goals and stick to it
The number of times I have seen people trying to trade every opportunity and then lose their entire account is almost countless. I have been there and if there’s one thing I know now, it’s that I can’t trade every opportunity. For example, I only trade 5 instruments and a I have a goal of 300 pips per week, if I meet my goal on Monday, I won’t trade for the remaining days in the week.

• Take time to learn – The one thing you don’t want to do in this business is dive in head first, it will only lead to one end and that end is not nice

• Learn to love your losses – Losing a trade is a normal part of trading, when you lose a trade, analyse it again and see where you went wrong (if you did at all). I have made trades that ended in a loss and upon reassessing the trade again knew I’d do the same thing again. The market is what it is; sometimes it just doesn’t do what it should.

• Make a trading plan and stick to it – This is probably one of the most difficult aspects of trading, entering trades that you have not analysed can also lead to one thing and you all know what that is.

• Learn to diversify – I have heard people say on this thread that a beginner should only trade one instrument; I beg to differ. When you are learning try trading two pairs at least and no more than four. Make sure your choices are not all major pairs. If I was asked to recommend pairs for a beginner I would recommend the following with reasons shown
EU or GU – Poster child for the avid learner, rarely whipsaw or behave out of sync
EU/GBP – Good for beginners mainly due to average daily range (in other words, you stand to lose less if a trade goes against you)
My main reason for suggesting more than one pair is to avoid putting on blinkers when you start to trade other pairs. No more than four because you get easily distracted and not learn the peculiar nuances of each pair
• Correlation – When trading, it’s important to know the correlation between your instruments and other instruments even if you don’t trade them, e.g the dollar correlates negatively with crudes, commodities correlates positively with CAD and AU pairs, EU correlates with CHF etc.
• Operating costs – As I said before, trading is a business; you should put your operating costs in perspective and whilst I realise that you can’t control costs like electricity and internet subscription, the one thing you can control is spread. Why trade 20pips spread instruments when those with 1 -4 pips spread abound?!
• Own your decisions – Success will be far from you in trading if you don’t learn to own your trading decisions. This is why it’s important to not just depend on anyone to generate signals for you but for you learn and understand the reasons for your trading decisions
• Be decisive and remain disciplined – What type of trader do you want to be, a contrarian, a trend, breakout or momentum trader? Do you want to day trade or swing trade? Decide which it is and be disciplined enough to follow your system even when you are not doing well. Let me make something clear here; you should only continue to follow your system if it has brought you success in the past ( no system guarantees a 100% success)
• Don’t get high on your success or trade when you are not emotionally calm e.g. one of the worst mistakes you can make is to enter a trade in anger or vengeance having just lost – I can guarantee you that the market will punish you for it.
• Use available resources well – Websites like fxstreet and babypips have gems of information and learning tools that will aid your success.
• Keep it simple – I have seen charts overloaded with indicators that I can’t I can’t even see what price is doing. Why do u need 5 EMAS, MACD, stochastic, RSI when every single of this indicator tells you the same thing.
• Use a birds eye view – This means you should take a general look at you entire screenshot first and not just your last two or three bars/candles.
• Finally, manage your account like your life depends on it. Apply the 2 and 5 % rule – Only risk 2% of your account at any given time ( personally, I use 6%) and when you’ve lost 5% of your equity take time away from trading for a week at least to get a fresh perspective ( personally, I use 10%)

I hope this helps and where I have expressed contrary opinion to what you do, bear in mind that it’s not a criticism- These are just my own rules and they work perfectly for me.

Happy hunting, hunters

Hi Guys

I hope some people took the GBP/USD BUY trade call at 1.6407 when I posted the chart. At least that is giving 40pips profit by now. I took it at 1.6379 last Friday. SL already moved to BE. Hope to have a good run if the market gives it. If not, we take whatever the market gives. No dictation for the market o. Happy pips

Wow.
I just came online to find that my recovery GCH sell order all the way up @ 1.3516 (!) has been triggered. I've manually closed it now @ 1.3440 for a profit of 71 pips. Still left the losing leg open.

So, now I've banked +170 pips today -- and my floating negetive is reducing. Hmmm unless this british pound wan jump comot from my computer screen, it shan't escape my chopping.

But this must be a rare day o, for GCH to range 356 pips within one session! Na who die?

Can't do much else for now.

Make I go come.

happy pip hunting @ all

@blocgicon, can i get trading format on my mail at yhwumi1@gmail.com. thanks a million

Closed UCAD @ 0.9792 for 34 pips profit. I believe it has more upside, but I want this slow-creeping mofo off my mind for now.

Total banked today: +204 pips.

Whether I dey go up, abi I dey go down, I just dey go bank, bank, bank (adapted from Femi Kuti).

Change Your Forex Broker Today.

Choose The Broker Who Pays You To Trade.

We Pay You Every Month You Trade On Our Platform.

Emailto: oladimeji.oluwo@knightscapitalng.com

Open A DEMO Account Today

http://kc-markets.com/whatwedo.htm

I found this somewhere and thought it was funny

Good day to you,

Some reading whilst we are going nowhere slowly,

1. SOCIALISM: You have 2 cows, and you give one to your neighbour.

2. COMMUNISM: You have 2 cows. The State takes both and gives you some milk.

3. FASCISM: You have 2 cows. The State takes both and sells you some milk.

4. NAZISM: You have 2 cows. The State takes both and shoots you.

5. BUREAUCRATISM: You have 2 cows. The State takes both, shoots one, milks the other and then throws the milk away.

6. TRADITIONAL CAPITALISM: You have two cows. You sell one and buy a bull. Your herd multiplies, and the economy grows. You sell them and retire on the income.

7. SURREALISM: You have two giraffes. The government requires you to take harmonica lessons.

8. AN AMERICAN CORPORATION: You have two cows. You sell one, and force the other to produce the milk of four cows. Later, you hire a consultant to analyse why the cow has dropped dead.

9. ENRON VENTURE CAPITALISM: You have two cows. You sell three of them to your publicly listed company, using letters of credit opened by your brother-in-law at the bank, then execute a debt/equity swap with an associated general offer so that you get all four cows back, with a tax exemption for five cows. The milk rights of the six cows are transferred via an intermediary to a Cayman Island Company secretly owned by the majority shareholder who sells the rights to all seven cows back to your listed company. The annual report says the company owns eight cows, with an option on one more. Sell one cow to buy a new president of the United States, leaving you with nine cows. No balance sheet provided with the release. The public buys your bull.

10. FRENCH CORPORATION: You have two cows. You go on strike, organize a riot, and block the roads because you want three cows.

11. JAPANESE CORPORATION: You have two cows. You redesign them so they are one-tenth the size of an ordinary cow and produce twenty times the milk. You then create a clever cow cartoon image called 'cowkimon' and market it worldwide.

12. GERMAN CORPORATION: You have two cows. You re-engineer them so they live for 100 years, eat once a month, and milk themselves.

13. ITALIAN CORPORATION: You have two cows, but you don't know where they are. You decide to have lunch.

14. RUSSIAN CORPORATION: You have two cows. You count them and learn you have five cows. You count them again and learn you have 42 cows. You count them again and learn you have 2 cows. You stop counting cows and open another bottle of vodka.

15. SWISS CORPORATION: You have 5000 cows. None of them belong to you. You charge the owners for storing them.

16. CHINESE CORPORATION: You have two cows. You have 300 people milking them. You claim that you have full employment, and high bovine productivity, and arrest the newsman who reported the real situation.

17. BRITISH CORPORATION: You have two cows. Both are mad.

18. IRAQI CORPORATION: Everyone thinks you have lots of cows. You tell them that you have none. No one believes you, so they bomb the **** out of you and invade your country. You still have no cows, but at least now you are part of a Democracy.

19. WELSH CORPORATION: You have two cows. The one on the left looks very attractive.

20. AUSTRALIAN CORPORATION: You have two cows. Business seems pretty good. You close the office and go for a few beers to celebrate.

21. BELGIAN CORPORATION: you have two federal cows and two regions. Neither region can agree as to who gets which cow, so both cows are sawn in half.

^
lmao

Hi Pals. I hope you are pipping? Good!

I met the house full of pips, meaning dollars is rolling into the bank. Brilliant!!. I blew my morning trade, going south was too early. I was stopped @ 50pips S/L. I am off for the week @ work from tomorrow till Friday, we go jolly together.

breakout possible anytime soon on eur/usd daily chat

Time 22.45 GMT Long eur/jpy @ 111.50 to 111.90

@ 5am GMT I short eur/usd from 1.4520 - 1.4470

Stochastic: Overbought in 5,15,30 minutes 1 hr & 4hr still eur/usd do not look going south. I exit my positions, my vision is blur for now but my bias trade will be to short.

It is clear now I joined from 1.4525 to 1.4465 however I am suspecting the movement might be stronger down.

Guys make una wake up now and do business." Aro loja oh" I want to be sure I am analysing right. Final Say pls how do I post my screen shot?

^^^^

Maybe you should buy from 1.447x rather than sell?

honeric01:

^^^^

Maybe you should buy from 1.447x rather than sell?

Ok pal Thanks a lot but kindly tell me the way to post screen shot. May be seeing my chart may also convince you.

^^^

Print screen (click that button on your keyboard), then save on paint application, that's all you need to put your statement here.

BTW, why do you need to convince me?

honeric01:

^^^

  Print screen (click that button on your keyboard), then save on paint application, that's all you need to put your statement here.

BTW, why do you need to convince me?

We are all traders and rubbing minds together will help our decisions because sometimes the way you see is not always at pal with others until some test and retest are done. I think no clear master in trading , market dictate the pace. Thx in a million for your help.

@ concept,
u no dey sleep?