₦airaland Forum

geedot:
Gold has been on my watchlist for weeks now without me acting. The last time price was around this zone, it sold down, but not much as I had anticipated because I expected it to come back for some retest.

It came back to the zone on Friday and there were lot of buy volume activity at the top but price started stalling again as I had envisaged. Could be that the buyers are being absorbed or maybe some shorts stopping out. One thing certain is price is not moving as it should with such heavy buying happening at the zone.

I've entered a short and have another sell limit order at the recent high. Let's see how this unfolds in the next coming weeks.

@blackman007.

LucartFx:
5R isn't that too much for a beginner? At least 2R is good for a start . What really matters is consistency not the R:R

geedot:
You don't need any more technicals skills. You just need discipline and backtested data to build confidence in any system you decide to stick with.

Don't go live again till you've built that confidence demoing and following your own personal rules strictly. Wish you all the best.

Geovanni412:
@blackman007, just follow the above advice especially if you are a day trader or scalper

In addition, try and limit number of pairs you are trading if market is ranging to one or two

There is no correlation system that can help you in a range market. Range market here means the high or low of the monthly is yet to be broken. In range market, two correlated pairs will rarely move simultaneously in the same direction.

geedot:
I've really made up mind to not meddle on this thread affairs again after some attacks awhile back. But I couldn't help but reply because of your honesty about your struggle. After checking your old posts, I discovered you've been soliciting for trading helps months back.

Now, first of all, most of the advises you were given here are majorly from traders that are still struggling as you are too. What baffles me is why would a struggling trader be advising another struggling trader when they can't even grasp it themselves.

Back to the topic, I think you maybe asking for too much by looking for a 5X risk to reward system. You are going to need a very strong psychological frame of mind to handle the heavy losing streaks that comes with such system.

Instead of typing long, please check out this forexfactory thread. Copy the link in bracket here : [forexfactory.com/thread/993625-how-to-be-consistently-profitable-but-i-bet?].

It has everything you need and more. Just 4 pages. Read and assimilate.

It's as if it's written for you. I wish you all the best.

VeeVeeMyLuv:
Psychological round numbers 0, 00, 000, 0000

samfelly:
Omo, that Dax guy just dey cash out, steady, while SAYing LESS

successsam121:
God bless you oga Sam for this recommendation.

@Blackman007
All what you need is Price action with SnR as you can find it on the link recommended above. That site will help you a lot Unlearn in order to relearn. Forget about all those YouTube rubbish. 80% of them are not profitable traders but fx hustlers.
Start with daily tf. This will help you improve on your impatience and greed (5x on trades that you are not sure or confident about) and also over trading.
Regardless of the strategy employed to make profit, always endeavor to make a withdrawal of 50% of profit made, at least. Pay yourself first because past performance doesn't guarantee future profit o.
One can double or triple one's account in a month or less. It's doable but with right mindset.

OneMillionBTC:
Swing

Elliot Wave

OneMillionBTC:
Some persons traded for over 15 years, 10 years, 5 years, and 1 year before they started making consistent profit from the market. We all have our journey to take and it doesn't have a normal fixed time. I think you are on the right path though. One thing we should start working on right away to increase your profitability is your win-to-loss ratio. I can see you are paying attention to risk to reward ratio, now add win to loss ratio . What I mean is, find a way to remove trades that don't give you profit. Keep removing such trades until there is none left to remove. Imagine you are in a trade that has a risk to reward ratio of 1:4 and this trade has a 98% chance to be profitable, and you can do this all the time. To show you more practically what I am saying, for your sake I will drop my next 2 trades here. If you can dedicate an account to follow them you will make some good money.

CaptainJune:
I took almost an hour writing a reply to this and just as I was about to conclude I accidentally erased them... Annoying.

DXYY:
@blackman007, @jendoslim and @Ibrahimlagosian

This is my own opinion

I think you need to find a mentor a profitable one, mentors are there for upcoming forex traders to be able to shorten there learning span, find a mentor that suits or trade how you will like to trade I.e either swing or scalping, and start practicing now to find this mentor is up to you, one way to get a mentor is do not trust a mentor that sells only courses or post only profits without giving trade calls. Let them practicalize what they preach, Show life signals. Once you get a good mentor all that will be left is practice practice and practice it might take a while before you get it and you might even be questioning the mentor but do not relent keep practicing with time you too will become your own boss.

OneMillionBTC:
Some persons traded for over 15 years, 10 years, 5 years, and 1 year before they started making consistent profit from the market. We all have our journey to take and it doesn't have a normal fixed time. I think you are on the right path though. One thing we should start working on right away to increase your profitability is your win-to-loss ratio. I can see you are paying attention to risk to reward ratio, now add win to loss ratio . What I mean is, find a way to remove trades that don't give you profit. Keep removing such trades until there is none left to remove. Imagine you are in a trade that has a risk to reward ratio of 1:4 and this trade has a 98% chance to be profitable, and you can do this all the time. To show you more practically what I am saying, for your sake I will drop my next 2 trades here. If you can dedicate an account to follow them you will make some good money.

randy01:
Problems with most trader is changing of strategy every week or month.no perfect strategy with 100% win rate.just try to stick to one and as you have shown interest in structure and liquidity.have you check out thisdax YouTube channel.his course have changed many.just six video course he upload people are dropping passed challenge prop account and payout certificate testimony on his Twitter channel every week.
There's also chax the king maker.the latest video he upload is exactly how I have been trading for sometimes.it guarantee 1:5 when it hit TP.there is alot of poi in all this liquidity concept.order block,fvg, mitigation block,flip zone e.t.c just pick one poi and stick to it.i stick with order block since all this while and know different valid and invalid order block.just stick to one thing.

And if you trade lower tf just stick to one or two pair.i use to have more than 30 pair on my watchlist but now I have only two.more pair are for high tf traders.

You have been here for long so am sorry to say no technical analysis mentorship can help you cause you will know most things tutor is going to teach.just filter all you know already and stick to it.order block with confirmation entry is goated with 5rr for me.

Work on your self brother.there is more to trading than technical analysis

Petah:
can i input my opinion?

CaptainJune:
You are welcome. What you need is how to determine bias then you can use the knowledge of structure and liquidity for entry on a lower TF.

CaptainJune:
Okay. It is clear now why you haven't been profitable after such a long time. Strategy hopping. Every consistently profitable trader I know has stuck to their strategy for many years, good or bad. Two months ago, I spoke to a trader who has been making very decent gains in the US stock markets since 2005 and has just begun forex trading. He has been using the same system for almost two decades. I have stuck to my own system for many years before I started seeing the light. It is not the strategy, it is the person.

ICT is more than enough to make you a good trader. The problem is that you may have wanted to learn eveything he teaches and eventually gave up. Just pick only two or three concepts out of the hundreds of concepts and stay with it. Keep developing yourself in the chosen concepts. You can decide to specialise in trading only Liquidity Purge And Revert and throw the rest out as garbage. Focus on one thing, brother. You can decide to trade only Silver Bullet. Choose ONE particular ICT concept you love and stick to it, rain or shine.

On X (twitter), someone once showed proof of payouts and passing challenges using ICT. When asked the ICT concept that helped him become successful he said the only ICT videos he ever watched was ForeXmas. It was the concept taught in those videos he learnt, practiced till he mastered them.

No matter how good the strategy, it will still fail if you don't work on it. There is no magic bullet but I can recommend a trading system. You still have the duty to learn it and follow the rules.

Ibrahimlagosian:
Omo,just went through your posts oh ,you have been in fx for half a decade ?

CaptainJune:
Bro, it is good to seek help from others. I am not a trading expert but I think there must be a reason you don't seem to be profitable yet that you are missing. Have you been hopping from strategy to strategy? A simple moving average as trend with hidden divergence as trigger using RSI, and confirmation with MFI should make you consistently profitable.

Have you been trading with the trend? Have you been disciplined to wait until the trend is confirmed before taking a trade?

There are many reasons for not been profitable after many years invested in learning to trade. You are in the best position to tell us. Lastly, are you seeking to be recommended a trading strategy you feel can launch you on the path of consistent profits?

justmi1:
If you have good money, relocate to abuja and start a bakery, laundry shop or a good restaurant. Thank me later. Grew up in Lagos. If you want to live come to Abuja cos people don't live in Lagos, people die there. Stress in Lagos is killing.

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Cashhy11:
Realistic lot sizes? I didn't get that part, I use lot sizes based on position sizing I'm risking per trade. That lot size was just equivalent of the $100 I risked for that particular trade. If it was a 1k account, the 1% of that would have required 7.4lots instead of the 74lots you saw up there. Mt5 does the calculation for me, so I just input lot size after setting my SL to get the amount to risk.

If I want to go in, I go all in after I'm sure. So don't really need funding anytime soon to test, demo will cut it for me for now. I will hit you up when I'm ready to go live. Thanks.

Cashhy11:
Price is only gonna go up or down. Try not to over-analyze it, as nothing is guaranteed. You're not the bank moving the price, so all you can only do is find a simple strategy to maneuver this terrain.

Most retail traders orders are not sent anywhere, they are done in-house, every gain you make is your broker's loss. So we are literally like a demo trader with virtual funds. So we can only predict what big banks are doing and make money off it.

One of these days, I will find time and drop my trading rules. Very simple and effective. Maybe someone can add a thing or two to their system.

Alexas58:
I trade anywhere I see opportunity…
I’m applying the technical analysis method!
I closed my buy limits on Aud jpy today!

If it had hit 102.5 today
It would have been a great drop
And I could have easily scalped it… but it didn’t
I went off
I’ve learnt how to add timing to my orders!




But it’s crazy cos I have to set lots of limit orders !

Maybe 5-6 a day…


Send me ur username
I’ll add you up

realone12:
It's been a rough ride. The tears, the pain, the set back and the disappoinments finally yield something positive. For the record, first payout from forex trading. Many more to come inshAllah

GabsonFX2:
Have a pattern you create and nurture in your mind. trade only the pattern; now note: the pattern will fail a couple of times, but one or two of her wins should cover up all the losses and make gains. Don't deviate from it. Remind me again mid next month, we will talk about it better and deeper.

GabsonFX2:
I woke up to see that that long bearish candle formed b4 bed turned bullish, on the H4, then the next currently forming candle went all bullish again but started retracing big, still bullish as we speak.

All these just tell me to keep on waiting, I was tempted to go down again to H1 to pick my short from there, but the lesson here is: to be firm, I'm not going down no more. My trading style is to swing on D1 or least H4 but to scalp on M5, M15 or M30 and no more, depending on what market displays.

Summary: I wait more on the side, may be there is no trade for me today.

GabsonFX2:
Meanwhile, I have again added the explorer of my $100K fundednext funded account to my forexfactory link in signature.

I will now stop trading the account (since my last Friday's gold shorts), only 0.01 lot will be done on it for another 3days just to meet up with the withdrawal minimum requirement.

Profit = $7053
Profit share = $5,642
15% of challenge profits (since 5% profits is met) = $1950
Challenge fee refund = $530 ish
Total = $8,122