₦airaland Forum

samfelly:
I dey see am, broda. Forex na the latest 'cul.tis.t' o . All the traders dey collect, woto woto .

Thank God I be Scalper, I don scalp and bounce back o. I dey fit control things if I use only one position of 0.1, but the minute I use the 2 max position, na stew I go dey cook .

I don make up my mind to dey use just a single position

infofirst:
Thank you for the observations. The contest is not like any regular contest. If we are trying to learn from it, making it private will defeat the aim. We see differently thou but I do not see any correlation between making it public or private and the contestants performance.
I asked some questions just before the contests starts, if you go through some of those responses and the trading habits, you will see most are not trading what they called their strategy. One can conclude that most are not having any trading strategy in the first place. The activities here are supposed to be a kind of journal for us. Every one can not participate in the contest but we should not deny them the chances of learning from traders behaviors and some investors interested in partnership will be denied too.

And when you look further, one can tell most are not having any risk management plan.
And if you have no trading strategy, no risk management, you can not have the right trading psychology.
Strategy + risk = psychology + consistency

infofirst:
>:



You can open 0.01 and close immediately to make up for the days.
Once 0.2 lot is opened. Opening ng 0.01 and closing immediately will not be an issue

abham:
The gap below just got filled.
Hopefully price melts down to desired 41…ish.

This pair margin na $4.33 for 0.01 on octafx.

MONEY247:
I cut cap for you.....
You are doing well...bro

MONEY247:
More opportunities abound.....
Caught 40 pips.......

It's a good pair...

successsam121:
Its always a war between Fundamentals and Technicals just like as it is Between Russia and Ukraine now. And now that US his increased interest rate....?

Fed Chair, Jerome Powell said the U.S. economy is strong and should "flourish" even in an environment where borrowing costs are rising and stimulus is being removed. "It's clearly time to raise interest rates and begin the balance sheet shrinkage," he said.

I guess technicals will look in that direction in coming days.

Still a humble learner.

successsam121:
Great, you got the gist.
Your head dey there, boss.

Still a humble learner

abham:
Hopefully we’re heading to 4104.4 to grab liquidity before moving up so I’m bearish on S&P 500.

Modified:
I’m anticipating AU to be bearish this week.

I’m open to your criticism.

successsam121:
I would suggest you hold on and/or reenter the former set up with a wide stop loss and drop the later entries except you are a dedicated scalper.

Still a humble learner.

GreatestManEver:
SL hit

abham:
Good afternoon, I was looking to sell the asset.

Attached is my trade plan and peep the time I typed the note make e no be like say market don move I come dey give bias.

I’m looking at .7244 and .7094 for liquidity grab.

GreatestManEver:
kumulus
abham
money247
which way for our pair?
AUDUSD

abham:
My outlook on S&P 500. If price gets to the upper part of the grey area, I’ll look for reversal patterns as the D1 IPA has been filled. If there is no reversal then no trade.

On D1 recent high to low, price is in a Premium range and that’s where the IPA is located.

If the trade goes as analysed, I’ll take partials off at 50% of price range 4296.7 and hopefully let the remaining run to 4104.2.

Not sure if I should take this trade when reversal prints or till after NFP tomorrow.

I’m open to your criticism.

DannyFX2638:
No let anybody decieve you .. If u won give up .. just give up.. you done try boss .. the thing is .. forex trading is somehow luck .. everyone is just looking for hedge against the market ..I.e something or patterns that works majority of the time it appears on chart .. that is why risk to reward is very important.. imagine Trading 1:3 or 1:3 RR . If you loss twice and hit TP once.. You will be on profit.

Englishisamust:
Omo he go hard for you to backtest. I don't know your financial status try and get system for this thingoo

Englishisamust:
You don't have laptop??

Gramps:
I think backtesting help in confidence boosting and patience. I try to create time for it and I'm seeing results already, and you can do it in a way that you backtest both winning trades and trades you would have taken that ended up in a loss, so that you can have ratio of wins to losses, so a loss taken in a trade using your model doesn't bother you much.

GreatestManEver:
I go still Dey lowkey be that. E go surprise me sha but I notice either you or Money247 good for sell calls so I don’t play with it
This current 4H candle and next will paint the best picture

GreatestManEver:
Now AU is ready to move up ,unless it fills the 4H hammer. If not ,buy AUDUSD for all the good reasons ,I’ve been busy and AUDUSD has been enjoying itself ,now we can talk
Make I off my scrubs sleep wake up fezzz

Englishisamust:
Use Forex tester if your strategy is base on mutiple timeframe analysis. But you will have to pay 150 dollars to get it. If your strategy is based on one timeframe use FX blue trading stimulator or soft4x trading stimulator it is free

Tony142:
The parameters to consider depends on your strategy, the rules of your strategy should be your parameters

As for the software, if it is back testing u can use your normal demo account to do it, but if it is forward testing then use a trading simulator (to make it faster)

Tony142:
Foolish people attack other people opinion, while smart people ask question about others people opinion in order to know more, so with this your question I think u are smart



In my years of trading I discovered that there are 3 types of profitable strategy cut off mark, when a strategy meet this cut off mark then it is considered a good strategy


For example, let assume u applied for medicine and surgery at the university of lagos (UNILAG)

And the university said that in order for any student to be admitted into medicine department he or she most have a minimum jamb score of 320, this is to say that the cut off mark for medicine in unilag is 320




Now, let assume u score 290 in jamb, u will not be admitted into medicine by unilag, why?...because u did not meet the cut of mark (320)



Since I love inventing things, what I did was that I invent a "strategy cut off mark" that all strategy most meet in order for it to be considered as a profitable strategy




Below is the 3 strategy cut off mark I invent



1. 80% win rate + 1:1 RR
2. 50% win rate + 1:2 RR
3. 30% win rate + 1:3 RR




Note: the 3 strategy cut off mark above is just the minimum amount needed for a strategy to be considered profitable, for example if u have 90% win rate + 1:2 RR u are profitable while because this strategy is above the 1st strategy cut off mark, so when I say 80% win rate + 1:1 RR, it does not mean it will always be 80% win rate + 1:1 RR, it can be above it too, what matters is that your strategy meet the cut of mark


For your strategy to be considered as a good strategy it most meet one of the above cut off mark or else it is a useless strategy


So, how do u know if your strategy meet the above cut off mark?....very simple all you have to do is to use a trading simulator to backtest or forward test the strategy with atleast 1,000 signals, 1,000 signals is the minimum trades set up u have to take or back test before u can conclude if your strategy is good or not, after using the 1,000 trades signal then compare your results with the strategy cut off mark above to see if your strategy passed the cut off mark or not, if it does not passed it then you will have to re-write jamb again (look for another strategy to test)




Back to your question, in order for you to know if u are just being lucky or not is to check if your strategy have being tested with all the types of market




There are 3 types of market

1. Trending market
2. Ranking market
3. Choppy market




Every strategy has a particular market that it works best in, for example let assume u have a strategy that works best in a trending market, and the market has being in an uptrend for the past 3 months, if 80% of your trades is a BUY, u will win 80% of your trades, why?...because the market is in an uptrend for the past 3 months and most of your trades are BUY, so the market will favour you because u are following the direction of the trend so you will be having a lot of winning streak, but guess what? When the market change to a ranging market or choppy market u will started losing money, while? Because your strategy is only good In a trending market, but now the market is no longer trending it has changed, it is now ranging or choppy so you will surely lose money




So the way to know if u are being lucky or not is to make sure u test your strategy in all type of market condition (trending, ranging & choppy)



If after testing it in all the 3 types of market and the strategy passed the strategy cut of mark above then congratulations, you have got a solid strategy





One of the way to know a good or bad strategy is to backtest or forward test it, but since I hate stress and love inventing things, I decided to invent 2 ways to know if a strategy is good or not without even backtesting or forward testing it, but I do not want to go into that, I have reveal enough secret already, so that is it

Englishisamust:
As he don be nw. If I ever break my trading plan again make I no dey successful in this business.. you can add your own so that I can be discipline by force. I don't know the spirit controlling me to be trading setup that doesn't align with my rules.

Blackicegold:
To the senior men in the house. I hail all. As an intermediate person in this forex business, please I would appreciate Pdf and videos that would help me in my trading, I’m a final year engineering student but since ASUU is on strike, I’m trying to make the best out of it