₦airaland Forum

GBPJPY looks bearish on a short term if you can risk 50 pips... I'll start posting my chart analysis soon and my reason for taking each trade...

Theyoungmaster:
GU has printed a rising wedge. Let's watch for the massive drop.

Waiting for more confirmation.


Break-Retest-Entry

Seconded, there might be a possibility to sell, price is testing weekly supply area... But then we might be wrong, I wont short this market until I see a strong reversal candlestick maybe a shooting star ..

Three important components of trading

* Risk/money management
* Psychology
* Strategy


Alot of traders focus so much on strategy, and not paying enough attention to psycology and risk/ money management forgetting that in a situation where your strategy and psycology fails, risk management is the only thing that can rescue and give you an opportunity to trade another day....this is my opinion and I stand to be corrected.....

Crixxx:
EUR/USD looks good finally

What do you see??

Pipsbasketings:
Contest Closed: Prosperotrading made the $15 profit goal.

---

Donvic4u and Surely22 can now stop trading, ignore the currently running makeup contest.

To everyone that made it to the semifinal, regardless of whether you made the goal of $15 or NOT, regardless of whether you made some small profits on top of the $100 capital or not. Here is my final resolution:

I will top the (2nd position: ₦32,000 and 3rd position: ₦18,000) with ₦10,000 to make it a sum of ₦60,000 and share equally amongst the 3. My major goals of coming up with this contest are:
1. To Show love.
2. Remember my goal No. 1
3. To challenge ourselves, our abilities and discover more about ourselves in this business.......this business is purely real.
4. To let love reign (If at the end of the contest, there is enmity amongst the contestants, then this will not be fulfilled).
5. Remember my goal No. 4

A big congratulations to everyone who contested from the very beginning: 1/Nov/2020, my prayer is answered that this contest eventually comes to an end, it's been a long journey so far, not too easy for me but we all won at the end.

Special congratulations to Prosperotrading for coming 1st, and special congratulations to Donvic4u, Mrbillionaire, and Surely22 for getting to the semifinal. You 4 can now dm me your account details, funds to be disbursed on Wednesday, 24th of December to be used towards Xmas.

All thanks to Teemy and JakPayen for financially supporting this idea: more grease to your elbows.
Merry Xmas & Happy New Year in advance.

You are indeed an inspiration, thank you for this, congratulations to the winners and everyone who participated in the contest....

ogashman:
After hitting SL now going as planned

A victim of stop hunting I guess...

skylane:
please good day my people,what is the fastest and sure easy way to fund my deriv account on synthetic indices?

Use Bitcoin or a payment agent for fast deposit and withdrawals....

ZedFX:
after reading that post.
ask yourself this:
1. are you willing to accept the risk that comes with investing in forex?
knowing that the rule states that past performance do not guarantee future performance. also that you risk losing your capital,
2. have you checked the past records of the trader to at least be sure he has a good track record.
3. do you expect to receive the 20% monthly?
cause that is not possible. if you follow around here you will understand that a contest has been on for consistency in terms of returns and the numerous people that participated only one is left in the final evaluation period. The funny thing is people doubled account within a certain period and yet things took a dramatic turn.

so get this straight, it is very possible not to be able to make a consistent result from the market even if you are a pro and have a 99% working strategy, cause if your strategy is too good, you may find few setups some months and good number some months, so your inability to make a consistent return is not because you are bad or not good enough, it base on market condition and opportunities. now, if you try to force things, the market gives you a slap in the face, which you can do nothing to but only to accept and humble, if you refuse, and try an act of revenge, he gives you an uppercut punch the second time, still has not learned? the third time is usually a smackdown or Monday night raw, ask the wrestling fans about that

you nailed it bro, @ afobam this is the best advice you can ever get on this issue, no trader performs optimally when they are under pressure or obligated to meet a certain percentage, that's how traders takes revenge on the market and force trades which eventually leads to further calamities......

ogashman:
4.Usdcad

Looking out for what happens at that broken support line.

Bias: buy or sell

Price is at a very key level, this is the kind of setup I like to see.... .... Now we watch out for a strong reversal candle like a pin bar.....

IMAliyu:
Determining the highs and lows and pulling the trigger at the right time is often the difficult part.

I'll keep testing and see what what style fits me more. Trading daily charts or interday trading from here.

There are many ways to do that.. Top down approach or analysis is one of the determining factors to know where you stand at any given time you open your chart....in my opinion.. Higher time frames usually overrides whatever you see on the lower time frames.. depending on how you see the markets...

IMAliyu:
So, after some testing and experimenting, I've come back full circle to basic price action, support and resistances and trend lines.

Ditching indicators, except for the 200 ema.

No matter how sophisticated a strategy seems to be, it all boils down to the basics, the concepts of buying low and selling high, thats the basics of every strategy....of course no one wants to buy high and sell low...

Mrbillionaire:
OK boss make you no go change your mind o. Peace!

Sharp guy....

infofirst:
I go with this suggestion too.

Like i posted a picture yesterday that i tagged consistency. It is safe to conclude based on this contest that despite the fact that the possibilities in fx is unlimited, some performance can not b repeated consistently irrespective of your level of expertise.

Yes boss

Karleb:
It's safe to say that an average Nigerian trader can't do 30 percent ROI consistently for 3 months.

So why try?

I have a question regarding the contest though.

Don't forget to ask your question, maybe we can learn one or two things from it.....

Pipsbasketings:
OK, Gold's discussion continues.

Yesterday, I posted this gold so we could discuss and see out it would play out. Here is the before and after our discussion. Price is still doing what we expected. As I mentioned, it wasn't time yet to take a decision (buy or sell), since this time, the price has been respecting both top and bottom channels.

If you have bought or sold in a few days ago, you may have been trapped in this channel.

Tell me what you see now.

@blackman007, ask your question

Its still in a range, but the way it is now, it is showing strong sign of bullish momentum, by forming a double bottom... But it is not yet time to go long, therefore our waiting continues.. my opinion anyways, and I stand to be corrected...

Pipsbasketings:
OK, Gold's discussion continues.

Yesterday, I posted this gold so we could discuss and see out it would play out. Here is the before and after our discussion. Price is still doing what we expected. As I mentioned, it wasn't time yet to take a decision (buy or sell), since this time, the price has been respecting both top and bottom channels.

If you have bought or sold in a few days ago, you may have been trapped in this channel.

Tell me what you see now.

@blackman007, ask your question

Thanks for the opportunity sir,
Here goes my questions....

(1) do you have any material or book that you can bless me with to upgrade my trading style, and for personal self development. Could be on trading psychology or price action, or both

(2) what is the difference between horizontal channel and a range??

(3) do you use Fibonacci retracement tools? And how do you know which point on the chart you start drawing from, is it directly from the swing high or low??

(4) what are the pros and cons for keeping a position over the weekend? I noticed that a lot of traders dreads doing this, please expatiate on it sir......

Its weekend....boss @pipsbasketings, I have some questions sir...

Pipsbasketings:
Today's Discussion - Gold Analysis

Tell me what you see

Price is consolidating, so of course we wait till it breaks out either to the up or downside, retest to form a new low or high before we buy or sell.... my opinion anyways and I stand to be corrected....

Jupiter7:
Yes sir, I would definitely start with the demo account first and use it for a couple of months, before opening a real account. Sir are there any others you would recommend for me that allow Nigerians to trade. Hotforex has a lot of negative reviews lately on Googleplay store.

As far as I know hotforex is a reliable broker base on the little time I've been using them, the point is that there is no broker without a negative review on the internet, if you play by their rules you should be fine... with that been said, I'm not saying they are the best maybe you should do a little bit of research to know which broker to settle for, all what I've said is based on personal experience with them....you deposit with ease and get your withdrawals with ease....

WallStreetfx:
EURNZd sell

A potentially nice RRR.

Theyoungmaster:
I've got buy bias in both pairs. Hoping for more confirmation. A buy stop order at 1 ATR above current price will be a good RR.

In case of the EURUSD, it has formed an ascending channel, if I am to take this trade, I'll wait for price to test the downward side of the channel before even thinking of buying, and you are not buying from an area of value, price is even far from your moving average, patience is needed in this business....my opinion though and I stand to be corrected...

Pipsbasketings:
Withdrawal processed (fx)....This is like my 4th withdrawal within a month from the fx market.

I'm doing this because I have observed a lot of people have lost hope in fx, a lot don't even have the confidence to trade live, thus only demo trade for years.
I'm doing this because a lot cannot show forth results of their handwork, many don't even have the result to show at all.
I'm doing this because a lot of people are very swift to mock those that are unfortunate in this fx business especially when they blow accounts.
So in similar fate as to when people blow account, we should also announce when we win too.
Many aren't even confident to show they trade live or demo, no one cares actually as long as you make your calls; but, building trust and genuity in any fx group starts from this.
Many don't even believe that there are forex traders that process withdrawal every blessed month and get paid by the brokers.

But, as the policies of FTA NL, don't show account history running profits when you never called those trades: it is the easiest way of luring people to scam them. These scammers only come here to show running pips when the trades luckily or fortunately favor them, they don't even let us know they entered the trades in the first place. They don't show us the ones (negatives) that are currently running against them. When they do this, watch out: it is a sign to win people's hearts to take them outside this thread and scam them (knowingly or unknowingly).

So, am I justified in posting my success? 100%. I do this only because I called the majority of my trades here, and I make sure I update you guys on how it goes per time. Above all, I'm doing this to convince and to encourage you all that you can live only on forex - yes, it is possible...See it that way.

Never see it like I'm the type that will take your money, a BIG NO.........
I'm only making sure that everyone has the right mindset and believe that this biz can be life-changing for you and your family.

If 2020 wasn't your year, 2021 can be for you.
Success to you all
cc: Seun

Your words are so encouraging and strengthening, God has already blessed you and will continue to bless you no doubts.... Please continue the good work, and I want to use this opportunity to appeal to other bosses in the house not to neglect us or this thread, this forum is nothing without them......we need more people like you.....things I have learnt for free on this thread since last year are stuffs other gurus are charging a lot of money to teach.....kudos to you sir...respect.

Crixxx:
Looks like EU is beginning to range.

Yea its getting a breather.. Before it continues or reverse....

WallStreetfx:
Market dey para for today

Lolz..... Na so we see am ooo..

Pipsbasketings:
(1) What is the significance of trading using different trading sessions?
It helps to wait for and track trade activeness, volumes, volatility, etc. It helps you to avoid ranging or silent markets, it helps you to scalp or intra-day trade. It helps you to trade FX like day-to-day office work and provides you with a consistent everyday routine or schedule, i.e.; time to trade, time to sleep.

Why do traders prefer one trading session to the other?
FX business is made up of diverse traders in terms of both trading strategy and trading style. Trading session is paramount to some type of traders (scalpers, intra-trader) and not a factor to others (swing and position traders). Swing and position traders may only observe the effect of trading sessions on their already open/running position at an instant but not on the entirety of their positions (open/close). So it depends on what category the trader falls.

As for me I just trade whenever there's a setup .... Or what are the factors that determine the trading session one should be looking at?
You are right, the setup you see and jump right into is already an ongoing product/manifestation of the trading sessions, reason I do not bother about the trading sessions, the last time I thought about trading session would be about 4years ago. I don't even know what they are and their times to be sincere with you.
Factors: I believe those that trade based on trading session look for an overlap of the most active sessions, again, I don't trade it - scalpers/Intra-day traders should know better.

(2) How can one in-cooperate news to his trading strategy or style to tilt the odds in their favor?
I don't trade news, I am 100% technical, 0% fundamental. The fundamental guys can tell you how.

Or is it possible to base only on technicals and ignore the news?
100%, the technicals you see is the manifestation of the fundamentals. I just follow suit. There are 100% technical traders, 100% fundamental traders, and mixed traders, it all depends on what you are comfortable doing.

Finally, my view on fundamentals is (again, this is personal) that there are two major news impacts:
1. The short term impact news (those common ones you see on FF or FPA calendars - the effects last only about 10mins-1hr. This news, I don't care about because I don't scalp or intra-day trade. Most of these short term impact news are indicated with red (high impact news). Scalpers and intra-day traders take advantage of this but we swingers or position traders don't care.
2. The long term impact news. You can hardly find these kinds of news on FF or FPA calendars, and if you do, they don't indicate how long it would last on the FF or FPA, in fact, they could show as low, medium, high impact on the calendars but they may last for months and even years. An example is Brexit. These are the news we (swingers/position traders) love, Imagine news that says Gbp will be very weak throughout the first quarter of the year 2021, we still don't care about the news to trade; what we care about is following the manifestation of the news.

Hope you grasp

I grasp/grab sir....

Pipsbasketings:

Happy Sunday sir.. Please I have some questions...

(1) What is the significance of trading using different trading session? Why do traders prefer one trading session to the other? As for me I just trade whenever there's a set up.... Or what are the factors that determines the trading session one should be looking at?

(2) How can one in-cooperate news to his trading strategy or style to tilt the odds in their favor? Or is it possible to base only on technicals and ignore the news? Because I have met a handful of traders trading without paying little to no attention to the news.... please expatiate on this... thanks in anticipation to your response.. (other veterans can also share their views on this)...... these might be my last questions this weekend, till next weekend...so I won't derail the thread during active trading sessions...

Fxwarrior:
Monday will decide. If it's strongly bearish, then it's to sell at Tuesday open.

For gold if 1850 is broken strongly, then 1880 is possible.

Good to have you back sir....

djwalata:
Even d best of d bests traders do ve negative trades but I made an average of 70-120cents almost everyday then.
I started trading since 2010( live) but losses throughout till around 2017 when I started following Justin Bennett, I stay glue with his principles, daily tf almost all d time. He teaches with ease.
I gain a lot from him.

Daily timeframe for entry?

djwalata:
Very possible to turn small account to big one.
I actually started with 500 cents account (5$) which I actually profited to 10,000+ cents(~100$)
after about 5months b4 I internally transferred it to my dollar account.

Interesting, I'll like to reiterate that it takes a lot of discipline to trade or grow either a small or large account....it all boils down to discipline....

meshpips:
The chance of doing this is very slim without over trading.

@schevygen made this analogy some time ago:

You can trek from Lagos to Abuja but this will take a long time.

You can get on a plane from Lagos to Abuja in a much shorter period of time.

Wanting to grow a small account until it becomes big is like wanting to trek from Lagos to Abuja.

I understand your stand point, what I want to believe is that it is advisable to always start small, if one can't manage a small account how can they manage a large account? Or is there a secret behind managing a large account?

meshpips:
My opinion about the quest for knowledge . . .

1. Learn about the basics (building blocks, elementary stuff)

2. See how you can apply what you learnt in (1) above to the actual markets. Different situations will be put forth before you by the market and you will need to use your understanding of the very basic stuff to deal with them.

3. Regarding risk, the smaller your account size, the larger you will most likely risk so you will need to seek bigger capital IN A CONTROLLED ENVIRONMENT (like Proprietary trading firms offer) so that you can trade a bigger account size, risk very little and still make decent profit at the end of the month.

Nice one boss, as regards to your last point, does it means that one cant grow a small account to a larger amount?? everyone can't just have access to trade for a proprietary trading firm...

Pipsbasketings:
Chai, great question.
I see no difference between tops/bottoms and reversals, it's just the wording.
Modified: I can add that reversals are traded like, waiting for a particular candle formation or some sort of signal to confirm it is reversing before entering; while tops/bottoms are taking at a particular price based on a bounce from resistance and support or trend line without the need to wait for any sort of confirmation candle.

Again, I don't trade it, meshpips and some others that trade it here can give more details on this.

We would rather establish that reversals/tops/bottoms is different from retracement.
I see retracement as a pullback before a continuation. see attached pips, credit: babypips

.

Forex is as easy or as hard as we think it is...I'm only only looking for ways if possible to simplify my strategy, so any newbie can easily use it and be profitable with the right mindset....and I'll like to chip this in, I always screenshot your answers to my question for future reference, they are so informative and educative.... I can't thank you enough....