₦airaland Forum

odiaero:

Yes, robot can make much trades with no lose being lucky and follow a trend, but lets see the result after 3 months when the trend changes simultaneously confusing the robot, disaster

my thougt exactly

prof edet:
Hello all Naija Pro forex traders, Top of the morning to you all.

@ Concept

@ Jakpayen


i stated last week that the Euro was going down the drain, despite wide speculations otherwise even from respectable signals all around the globe indicating that it was shooting skyward, but guess what, they were all wrong. It's just that my compadre took me memory lane of old school manual trading, instead of the easy life auto. Well i tot it wise to blow the whistle, and fire the warning shot.

I will dissect the market, and see what i iwill come up with for my NL investors in FX for this week.

Meanwhile, see what my autobot had for me this morning, comparing with page 67

the robot have taken a total of 124 trades and the highest win is 80$. am very sure the lowest lot the robot is using is a standard lot (1pip = 10$). meaning ur highest win is 8pips. to an average trader thats a ridiculous win cos there is no way u take a loss of 8pips when it comes (during the cause of the trades u would av seen like -20pips against u and u didnt close. so wats the risk/reward ratio??). also i look at the summary it seems u have cleaned out the profit factor which would told some other stuff about the robot.
bros am not quering ur robot am just saying there are just some other things u are hiding, so many of them

prof edet:
Hello all Naija Pro forex traders, Top of the morning to you all.

@ Concept

@ Jakpayen


i stated last week that the Euro was going down the drain, despite wide speculations otherwise even from respectable signals all around the globe indicating that it was shooting skyward, but guess what, they were all wrong. It's just that my compadre took me memory lane of old school manual trading, instead of the easy life auto. Well i tot it wise to blow the whistle, and fire the warning shot.

I will dissect the market, and see what i iwill come up with for my NL investors in FX for this week.

Meanwhile, see what my autobot had for me this morning, comparing with page 67

morning bros. ur fx robot claim always amuse me small. how can u claim that robot is making 100% without any drawdown. the robot can as well be a soothsayer. no way in the world will any system, robot for that manner make 100% profit on all trades when we all know that every situation in trading is unique and therefore cant experience the same result. there are just so many things that could happen at any particular time. unless and ofcourse u are not using stoploss meaning if the market should go against u, its certainly coming back to where u enter and possible give u 5 to 20pips profit. and with the prevailing market structure any sideways system will make money 100%, i want to beliv thats exactly what the robot is riding on. let see what will happen to the system when a strong market happen next year. also u are only showing us chart information and not the individual trade taken. with that we can look at the number of pips u make per trade, ur time of entry and exit, the duration of each trade. am not against automated system but claiming 100% is what am not comfortable.there have been so much work on how the market can be automated with the advent of neural network trading methods but its just wont work flawlessly. the closest have been arbitrage trading if u know what i mean. modest profit can only be made with robot for now not exorbitant profit like u are claiming. robot cannot outperform an effective trader, i repeat never

unclenna:
@all, thank you for your advice. You know what institutional traders do: they don't trade with stop loss and they have more than enough cash to stand any negative market thereby neglecting that particular market and entering other trades. Becos they have enough cash there account will not be closed out. I said i can with stand the south even as i take other trades. Am happy we have concern brothers here.

u are ryt bro to some extent. institutional traders do have loss threshold and most time stay in their losing trade cos they are hedging all the way against them. if they are losing selling, they will be buying at the break of all major resistance on the way up there by reducing their overall exposure. the other thing is do u av the kind of fund the institutional traders trade with??if u are a retail trader lyk me, i dont think it will do u any good holding on to losing trades, u will only be tying down ur capital. bros lets dance to the rythm of the market movement.
just y two cent as am no near a pro

Concept:
Gbamm!! U nailed it. Trading psychology for paper, for mouth, no be lie. I still do those things, I am really trying to overcome it. Like one of my friends here on Nairaland advised me, he said I should just shift to mechanical trading, if I know impulse will make me to exit or enter trade pre-maturely. Mechanical trading = Set Target after signal set up, may be 30 pips and leave the rest to crazy market but I no go lie you the thing dey hard me. I see it as method for newbie although if I can apply it to my trading my profit today, loss tomorrow will reduce drastically.

bros am a mechanical trader too. mechanical tradin is not about setting profit and loss. set loss yes but definitely not profit. i entered my trade with my stoploss intact but allow the market forces to determine what profit i take out from the market. like i said its all about psychology/attitude. we need to know who we really are to succeed in this biz.knowing who we are will definitelty take us close to 3 years, i bet my arse on that. using myself as a case study, i can look at chart and tell u where the market is headed and will be right 80% of the tym (why cant i turn that to money??). i have come to realize that setting a daily target is just suicidal for me, i only set monthly target and by the 2oth day if i av not met it i dont disturb myself. what i do is this i sincerely understand the best that my system in a month and then discount that by about 40% meaning everything being equal i should be able to make that monthly. i myt make double or tripple of that monthly will be very rare to make below it on a monthly basis. with that i eliminate unnecessary anxiety on myself and face the reality. another thing i do is i dont trade mre than a pair on a particular account, this also help my calmness and my analysis. it took me three good years to realize all this and its just me. it will definitely not be applicable to other folks.
i encourage you to read Douglas book trading in the zone or follow this library of article on forexfactory http://www.forexfactory.com/showthread.php?t=39892

Concept:
Many a time, it does happen to incur losses which logically you would have avoided, psychological issue is the bane of this business. By what 80% of guys have put into forex, none suppose to be having negative trade but it must come sha niiii. The contributions of many guys here showed the depth of the personal training they had, if you will agree with me nobody can teach you forex, what you need is the basics, the rest is will,zeal,determination and the rest of likes that do not quit so easily. I just pray we all have our chance to keep on arresting pips after every avoidable mistakes we have made.

u are very correct bros. i have been doing this thing for some years now, something like 4 years. i have burnt more than 15 accounts. i have made millions trading this stuff and i have lost it all. i have come to realize that the millions i made was more of a fluke and the loss was not my analysis problem but my attitude to trading. i use to pride myself as a very gifted analyst.i av read so many books talking about psychology and the important of it. yes i accepted in theory but the question is do we all truely accept it. Douglas book trading in the zone told us that market analysis is just like 20 to 40% of trading while attitude takes the rest ( i believe it). 99.99% of traders only accept that attitude is important to trading but we only accept in theory not practical. the other misconception is that we want to change who we are over nyt which is quite impossible. it has to take a process which is why i dont so much respect any trader with less than 3years trading no matter the success u av recorded

Zeddicus:
And this is the fastest way to erode whatever profit one has made and also incur losses. For me i only enter trades at the beginning of any move validated by my system.

i keep asking people why they will prefer to add to a losing trade why not cut loses and look to re-enter at a later price it u are so sure that the price will go up. what we most certainly end up on when adding to a losing trade is trading what we want to see and not what the market is saying like someone put it down here. the people that trade in that manner are long term trader or the position trader, and they usually trade a very small lot (i mean scaling into trades.they would av predetermined the total they are willing to lose from the begining and start scaling in based on fraction of their predetermine loss percentage while bearing in mind that the price may drift against them further or at worst lost it all). the question to my brother unclenna is are u willing to lose it all ( i mean all the trades u are in and in red)?? if yes will it affect you psychologically, emotionally and purse wise? if no congrat bros else look to re-position ur portfolio.
as for me i will never enter a trade without predetermining my stoploss. normally i use stoploss of 50pips for signal based on 1hr time frame. once the market dictate stoploss above 50pips, i automatically adjust my lot size to equal my original 50pip risk threshold ( the 50pips is a predtermined percentage of my account). this way am able to remain sane throughout my trading time.
it just my own view anyway

beejaay:
good morning bros. what are the rational behind those signal. dont you think trade calls need to backed with reason why people should follow you. im just saying cos of newbies that will wanna jump ship even when its not the best to follow other peoples trade.

am looking to sell the mofo and what do u think will happen if am a newbie and i saw your calls (u said buy and am seeing sell without any analysis from u), dont u think it will muffle things up for me and again bros addind to losing trades is not always the best unless u are a highly sofisticated player. multiple trades in red only gurantee more greed and more fear. as a rule of thumb for me i dont ever hold more than a trade on a pair, i can only add to it if am in green and comfortably locked in pips. but again thats my own way and definitely not a smart trader like u. also no near being a successful trader
every newbie in this forum,, i encourage u to read the two books by Jack D. Schwager titled The Market Wizard and The new Market Wizard. it helped me maybe it will help u too

unclenna:
buy EU @ 1.3338 now and gu @ 1.5629. Time 6:58am nig time. Put a pending order to buy more EU and GU in case the price fall more @ 1.3268 and gu @ 1.5586

good morning bros. what are the rational behind those signal. dont you think trade calls need to backed with reason why people should follow you. im just saying cos of newbies that will wanna jump ship even when its not the best to follow other peoples trade.

Zeddicus:
All invalid. One reason why i never take signals immediately.

good one. candle closes are key to trading

aguiyi:
dont worry,it is +/-50pips

tp and sl is useless over d wkend.if d market shd open 500pips against u dts where ur sl wil get filled and nt d -50pips. Bt nt d same 4 tp cos of d greedy nature of brokers xcept u are using ecn or stp account

beejaay:
on wat basis bros??in a situation like this weekend tradin is nt advisable.technical analysis bcome a trash.newzealand guys are nt in this move and such cnt knw where there money wil go on sunday.and do u knw dt stoploss is useless over d wkend?if d market open 500pips gap thats where your trade is gona get close even when your stoplos is 30pips.just my 2cent

trades get closed automatically at d end of a trading day and reopen at d begining of another trading day but we dnt notice this durin d week cos of d cocurent runing of trading sessions but visible on monday cos of d wkend break.this make tp and sl useless over d wkend

aguiyi:
am buying the eu from here 1.3366 till monday

on wat basis bros??in a situation like this weekend tradin is nt advisable.technical analysis bcome a trash.newzealand guys are nt in this move and such cnt knw where there money wil go on sunday.and do u knw dt stoploss is useless over d wkend?if d market open 500pips gap thats where ur trade is gona get close even when ur stoplos is 30pips.just my 2cent

Are we there yet.enjoy the pips broses in d house

EJ lets go there, usdchf lets keep moving. are we there yet?

see the bastard rejection on EU too. 200EMA is damn too strong.

see rejection on usdchf and GU. lost almost 60pips each back to the market from both pairs just like that without much work from those mofo (should have taken it and run away since monthly target is 300pips per pair that i trade). thank god i took my 100pips on audusd and run away

beejaay:
just took a short on USDCHF with 30pips stoploss. lets see if it get power to break 200EMA on the way down.

cool thing. usdchf just as expected. took out 100pips from audusd, the candle is too high for my likening.Gu is also playing as expected. this candle close will determine for ej.

just took a short on USDCHF with 30pips stoploss. lets see if it get power to break 200EMA on the way down.

beejaay:
just bought GU with a tight stop of 20pips. got stopped out of my previous buy at BE. lets see how it play out

GU is playing out well, locked at BE+1, stopped at BE on EU short. AUDUSD bought from yesterday is still playin and flying. keep it coming fore.x

cristog120:
LETS WATCH OUT

na so bros i dey watch with my binocular battle ready on my two krokoro eyes. whichever plays out go meet us there (if na bull fine and if na bear sweet)

just bought GU with a tight stop of 20pips. got stopped out of my previous buy at BE. lets see how it play out

cristog120:
bulls are still in charge. no shaking till 3549 or more. still waiting. i dont scalp cos its bitten my finger severally and i lost bigger move.

DONT FOLLOW ME.

bros no bull yet on my system. there is just too much confluence on the way up. those stupid EMA and SMA are yet to be cleared. i took a short from the rejection of 200EMA and locked it to BE+1 already. if there is ever gonna be bull then what happen to GU yesterday must happen to EU also (i mean a wicked spike which is why its save to be on the saver side). checkout EJ the same thin happened to that pair and now a damn spike to the downside (was in a short of that too and now +60pips and counting). i wnt rule anything to happen at the moment cos the bull/bear bias is much the same with some small deviation to the bear side in the short run. but again this fore.x anything can happen. we are in serious triangular consolidation and eagle eye watching is necessary

how go dey go for the market? are we there yet like that bros used to say.

thats exactly how it happens. if a pair is getting stucked by numerous soldiers and cant move in a steep manner, and also dont wanna go gather momentum, then its always what we just see on GU a serious kapooch to break and displace and the soldiers (this is always so cos one news or the other is released which myt not be part of the regular news on the forexfactory). lost 15pips on that strong rally to the upside on GU. short at the test of the horizontal resistance while waiting for PA re-arrangement for buying which shd happen tomorrow or next.

aguiyi:
, i no dey oo

na so bros. everything is timed. we all watch 24hrs jack bauer (to me that film is best close to reality)

beejaay:
you are spot on bro. 61.8%fib of the last up move just got rejected last hour. took a buy around that region to with a 50pips stoploss which will be managed later. meanwhile my sell from from the 61.8% fib level of the down move before is still running. the same thing just happened on eurjpy also

adjusted my stoploss to 30pips from 50pips buying on EU. hourly close below 61.8%fib of the last up move. same on EJ. overall exposure of 60pips

i was having a discussion with one extra informed trader i was lucky to chat with on the internet (name withheld) about the best time frame for intraday and swing traders. i had to later agree with him after so much discussion that the best tf is one hour for intrady and swing while 4hrs can be best for swing trading sometyms. some of the reasons he gave me was that majority of the news that got released usually happen around mid hour or begining of new hour and that session overlapping occur at the beginning of another hour. if one can relax and watch 1hr, majority of the news would av been digested and understood by the market. remember there are various participant in the market, those that are buying, those that are selling, those that are outside waiting to enter the trade and the government looking to save its currency