₦airaland Forum

DXYY:
What happened to the first trade?

Cashhy11:
I think if forex Stoplosses works like the betting method, we'd all be better off. In the sense that once you enter a position and state down your SL, it should be deducted straight away from your balance, so it's either you're paid if it hits your TP or not paid because it hit your SL. I think Trading will be easier

That's why they always say only risk what you can lose, because we forex traders really hate that word. Football bettors knows this and accept but we don't. Set and forget is the way to go if you want to achieve something similar to such a mindset too and not tamper with your trades after entering.

We put a SL because we believe it can go against us, but same us are not mentally ready once it starts going our SL direction. Most trade will always show patterns we are wrong, some will even turn your Short position to support and use it to target your SL lol.

What I do is, once i enter trade, I don't monitor it on the lower time frame I entered from but on the higher timeframe I spotted it. So if it wants to go against me, I will watch from there. Imagine getting a trade signal on 4hr timeframe for example, before another 4hr candles form, there will definitely be ups and downs, watching the ups and downs unfolds on a 5mins timeframe will drive you nuts and make you doubt your position and see why you shouldn't have entered the trade.

But on the 4hr timeframe, the trade is still going as planned, you were just disturbing yourself on the lower timeframe with the headaches on the lower timeframe. Forex is designed to confuse us, it must not be clear to us for them to make money off us, it must always look as if it could go up or down at any point in time. So if you're not sure of your stand, you close early even when in profits and close early before it goes your way too.

Image below was a backtest I ran sometime last month on AudNzd and the result was massive. Very simple method and it's what I also use to day trade currently. Support and resistance on Weekly and check for rejections candles around the zones on the daily. Most of them were around 1:3rr or slightly higher. In the image below, that's 4wins and 2losses, should easily give up to 10% if risking 1% per trade since a win has covered for the two losses already and even added additional 1r.

If I wanna start swinging it, I know well enough not to tamper with checking lower timeframes like 1hr etc to know if to close or not but the daily only. And also make use of set and forget, TP or SL. I've just been busy with prop account that I don't have time to properly forward test the swinging method live to know what my win rate would be if all taking all the pairs into consideration.

Cashhy11:
You see that Jpy pair is a devil and drawdown legend if caught at the wrong side. I learned heavily during Boss Infofirst competition last year. I hate erratic instrument, and that Jpy pair is the worst out there. Ordinary Jpy yellow folder news sef can spike up to 100pips and above in 1min. Imagine trading 1% of your account with 20pips SL. That's daily drawdowns already.

If I would advise, I'd say just stick to one JPY pair, trading EJ, UJ and GJ all at once is synonymous to putting all those lots combined on just one of them. GJ is the most volatile amongst the three, so just pick it alone and let go of the rest. Having 3 opened positions simultaneously on JPY pairs is suicide if caught on the wrong side. It's even worse if you're trading like that on a prop account.

Seems you are a swing trader, you're good to go with Jpy, just reduce the the simultaneous positions you have on them.
Look at the screenshots below and see how similar they all looked. I drew those lines on Monday and only adjusted after CPI on Thursday, and see how they are all rejecting at supports on Friday. So taking them all because they gave signal is just similar to taking just one of them and put all the lots on it.

samfelly:
Eya, sorry, chief. Dey careful with news. Better to concentrate on one account when trading news

mrblake:
hope I haven't entered one chance ?

nzechu:
Abeg my fellow swing traders, Are we buying or selling eurusd/GBPUSD/audusd, I don de see double for these streets

mrblake:
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GabsonFX2:
Fundednext 100K Account - Phase 2 completed within 3 days - Attached.

Total trades = 29
Win rate = 89.66%
Long won = 85.71%
Short won = 90.91%
Please WHAT IS THE CONSISTENCY RULES OF FUNDED NEXT?


This is the BOGO (Buy one, get one) account I recently obtained. I will receive an additional $100K now that I have passed phases 1 and 2 of the challenge.
I will also be getting a live $100K funded account with Fundednext

I have also added this phase 2 account's explorer to my forexfactory profile.

samogo1:
Abeg what's the affordable propfirm now that are genuine.

2pep:
Exciting news
Kudos to fundednext

OfficialP:
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Happy green new week

GabsonFX2:
Infinity Forex Trader Rules to comply with for payout guarantee....

I traded cautiously to abide by all these rules of consistency, be it lot size or the 33% rule - I met them all, I did my maths........

Now, I'm waiting 14 days for my payday ($8K profit on the line), and I'm curious. What I read about them on trustpilot reviews is troubling

Fingers crossed!

doyin01:
Binance p2p is no more available for nigerians living in Nigeria ..using VPN can get your account blocked..so how can we convert our crypto or usdt to naira ?? We should also be talking about that too and not just whether bitcoin is rising or not