₦airaland Forum

Gasive:
Trading higher timesframes is the best. You will have a long term view of the markets, it will help you control your emotions, it will help you control over trading, and many more. But it has its challenges too and that's impatience and discipline.
Since I started trading higher timesframes it hasn't been all rosy but I'm making progress. I wish I started earlier.
I'm still learning but from my experience so far, these are things you should consider;
- do you have a solid entry and exit rules? If you don't you will get burnt really bad.
- will you have the patience to wait for a setup that will conform with your strategy?
- can you handle the disappointment that comes with waiting for weeks for a setup only for it to fail?
- can you control yourself and emotions when a winning trade suddenly becomes a losing trade? It happens often.
- do you have the risk appetite to support 200 to 300pips DD?

You have raised a lot of valid points, but if you look closely all these are common to whatever time frame you pick. The good things about higher time frame is that the setups are normally rock solid and often less susceptible for being "fake" or gives ample time to for you to decipher if it wrong.

It just matter of practice and discipline we can follow such but because we are use to lower time frame and easy access to our mobile mt4 pnl, we tend to interven much in our trades (emotion).

I will be considering taking my challenge/ competition account off my phone soon so that it can help me reduce such interference. There is NO short cut to this we just have to cultivate the WAITING approach but before and after setup on higher tf.

Yes with such risk management adopted in the competition now you can comfortably withstand 200 to 300 pips DD provided you're trading higher tf.

infofirst:
Lack of trading strategy/plan/system
Poor risk management/Greediness
Impatience
Indiscipline

Which one is stopping you from profiting in the forex market? And what are you doing to overcome it?

Impatience has been hitting me lately.
And dragging me back and forth.

I kept going through short tweets on trading psychology to overcome the impatience of late.

This is one of greatest stumbling block many traders are facing and I inclusive.

I am begining to look more at higher time frame, 4H TFT upward to control my impulses to interven in a trade.

Also spend less time on the chart. Set and forget once overall analysis has been completed without undue reanalyzing the charts every time.

GabsonFX2:
I wished I never tried to smart out US30 and silver, I wanted to catch the pull back but it kept on dipping. I started adding more long and more long, until I hit daily DD. Today was just so difficult.

Wishing you all best, bye

Prank of the Month! lol. That trading style is NEVER your way of trading. Its a joke cum sarcastic. Enjoy your wins.

OneMillionBTC:
I have given many clues here on how successful traders trade. I have noticed however that many traders will not just learn for whatever reason. They keep blowing account and yet don't change.

I see the way some persons trade here and I see myself in them 10 years ago. You can't make money "guessing" the market. You have to be too sure about your positions to be successful in this biz.

I can assure you one thing, when you master the art of trading, You will be amazed at your results. I can make 100% profit on any account size in less than 3 months. Let me just drop a screen shot of an account I have been trading for two months now, about to hit a 100% profit soon.

Well done boss. Pls is this a naira account? because I can see 200k profit with mini lots.

Thanks

Donsheddy:
10k and 6k phase 1 completed....

Congratulations sheddy!!! Slow and steady you go withdraw soon.

Thumbs up bro.

samfelly:
Hmm, some traders get mind o. God know say I no go fit sleep well for night. I go just suddenly wake up and shout 'Ah, owo mi ti jono!'

LMAO , but on more serious note is all about calculated risk adjusted returns and sound money management.

You could be even be 300pips down and yet your portfolio still be no more than 1% DD.

You're too funny bro

Donsheddy:
Week 8 Done lemme take a break from this week and hit again next week....

Took some corrections from my Previous mistakes...


200k now 1.02% in profit
6k now 6.45% in profit
10k now 6.32% in profit
Tft competition 2.72%


Last week Friday i took a gamble in my tft competition that sank me down to 5% dd...
This week i recovered and closing in profit

Congrats bro. Slow steady you will get there. Thumbs up.

Is this assessment true?

Supremefx:
Regardless of what’s happening, this regulation is for the good of traders. So it’s kinda a welcome development to help yet filter through legit and fraud. Because only the legit can really stand the test of time without preying on traders

Exactly...It's a welcome development for traders. And those with one or two shady activities would be cleaning faster than ever before being get caught.

JasonNOTStatham:
When translated: One have to worry about gamblers and hedgers, why? they are rewarded with prizes meant for true traders.

But the problem from psychological point of view is that you will be tempted to behave like them and hence affect you badly in the long run.

One thing l have discovered is that you need a clear thought process as a trader to make consistent calls. No undue external pressure whatsoever. Even making consistent calls a single distractions in any form can crash your many days, months of hardwork in just a blink of an eye. And most dangerous of such distractions is gambler spirit. Bigger lot size, over leveraging etc.

So the disadvantage out weigh any merit or worrying or concerns you might have with them. The best is focus on yourself and process you will get more profit than them soon of you're patient.

karkinase:
You think so..I don’t see prop firm as the future the business model is like a pyramid scheme not sustainable

The business model is very legit and also sustainable if they strictly adhere to it. Its very simple, if you're an expert then trade our fund for us.

But the failure rate is very alarming and these people started exploiting that avenue to make more money (greediness) forgetting the basis of their business. That's is why on normal ground it does not make sense allowing supposedly professional trader to take challenge more times. It clears show they are not an expert they are looking for and hence can't trust their money with.

You see this FX business is very tough and to master it you've to painstakingly endure many challenges with rigorous study, hardwork discipline. But it's quite unfortunate even somebody that's a newbie want to get challenge account.

If you watch a video made by MattLCEO of MyfundedFX, he clearly spell out the details of it, that's one of reason i love the guy. Only few traders make it to end and have a good, clear consistent track records that can be copied from their own end. So majority of prop firms only pay real expert from from failed challenges. But they might looking inward now to implement their model to the letter.

karkinase:
Seems MFF might be gone and forgotten.. don’t see them coming back.. anyways prop firms are like a bubble and seems we might have reach the peak. Remember they are means to an end and not an end itself.

The charges against seems like broker dealer acting as bucket shop. Trading a counterplay to their customers while dubiously manipulating price against them. If this true then this very good for traders and we all need the sort of protection and regulations because it will get worse if other prop firms follow the same model. I think FTMO also use similar approach but don't think they manipulate the price much like MFF.

That's means the quality of any prop firms we largely depends on type of brokers they are using as their liquidity provider. You cant compare CFTC or FSA regulated brokers with any others.

EASYLIFE4US:
Is it possible for any of us to find out why this is happening, we have to do something cos it's so frustrating and definitely mind blowing to see a fellow trader hitting over 33% of a 100k in less than a day

Why stressing yourself with GAMBLERS. Your goal has a trader is to see how you can consistently make a decent profit not this unsustainable percentage profit in a day. Even doing that to pass a competition does not worthy because that's probably how is going to trade going forward and I can bet it it wouldn't make it to funded account. If he does he will loose the account in a jiffy.

You see there are NO short cut to these things. You either trade responsibly and last long than just trading recklessly and go burst in short time. Can't you see the start of those that won TFT competition last time. Just few make it funded without those useless stat they posed during competition. It's really annoying.

Please don't bother to look at leaderboard again, just focus on your trading and see yourself progressing excellently. Don't ever consider those gambler has anything they are the worse.

pristinee:
Congratulations to you guys.... Wishing u success.

@tradingGod
@charly20
@realone12
@greatcheers

Congratulations to the winners!!!

infofirst:
Maven Prop Trading has acknowledged our community and intends to regularly provide support to traders by offering giveaways. The initiative, spearheaded by @ekesoft and @supremefx, and he will henceforth be sharing updates on Maven's giveaways, promotions, events, and other relevant information here. Please kindly help to like and share such posts in the future. As a gesture of gratitude, we have noticed that competition accounts in recent times have come from Maven, and we plan to continue utilizing them. The upcoming giveaway will consist of three $5,000 accounts, which will be randomly awarded to active members of our group. The selection of the winners will take place 48 hours after this post, and interested participants are required to be following the
@supremefx Twitter page : https://twitter.com/supreme_fx_/status/1689905238747107328?s=46&t=Xz3VkWCa0KAWSim_gopNZw

@maven Twitter
https://twitter.com/maventrading?s=21&t=Xz3VkWCa0KAWSim_gopNZw

Maven discord link
https://discord.com/invite/maven

Ekesoft/ supremefx affiliate link https://maventrading.com/ref/845/

Note Fam, if we make this effective, there will be more and bigger ones in the future. You can help to share and like those links if not interested in the giveaways still.

Done! Let's go there...it's going to be fun.

realone12:
but boss why are you so Nice?

the joy you derive in seeing people doing well is unexplainable.
never have I seen someone so determined to help everyone.
always quick to announce glad tidings. and again, warned us about dangers and fraudster.
may All the good you have done come back to you in multiple fold..

although I'm not on Twitter.. I don't use Twitter for some personal reasons..that make me automatically ineligible for this giveway..
I wish all my colleagues here best of luck.

May God continue to exalt him. This is how he even do also on private level.

Lanshile:
Infofirst I want to follow this cos of it were up to me I can't afford the 10k account so I want to trade the account with this process or the account should be made public for every FTA member to see the progress I make
Thanks a lot once again infofirst

Congratulations!!!

infofirst:
As some pipish and mesish and vapish people are on full time to scam us on this thread. Some amazing folks are striving to bring rewarding information and offers to improve us here as a family. May those offers come tru.
Be on the look out.

So quick one, what can a $10k challenge giveaway do for you if you win it here randomly without any competition ? How long can you pass it? If you are to nominate someone to get the giveaway instead of yourself, who will you nominate here?

#1 That's going to go along way in easy out things in Nigeria context at the moment, even a meagre of 1% or 2% profit (90-280k) on the funded account

#2 As long as is it take No more rushing (either 1 month or 3 months)

#3 I will dominate Donsheddy. I cherish is meticulousness and discipline

greatcheer:
hmm try to understand this balance based draw down cos I was depending on it and still chop disqualification with maven prop. I was waiting for trades to retrace unto say balanced based by the neck me with their dq email.
some say its when you close ur trades.
I think this balanced based is a trap

Balance based DD simply means at the end of each day around 10pm Nigeria time your next daily DD will be calculated based on your current balance irrespective of equity or pnl either positive or negative.

Example you have current balance of $6000 and equity is $7000 (or $5000 negative pnl) your next day DD is 5% of 6k = $300 . That means your balance should not fall below 6000-300= $5700. If it does then you go chop dq.

But reverse is the case if it equity based. Instead it will be 5% of $7000 or ( 5% of $5000) and will be either $350 ( or $250). In that case your balance for day must not fall below 6000-350 = $5650 ( or 6000-250 = $5750).

MFF is a bit trickish. They would rather look at what is higher between your balance or equity at the end of day to calculate their next dd.

Hope you get the gist now?

dmahn:
Omo ... Wetin dey always xup for that phase 2 level, it seems everyone is failing at that phase.. What could be the cause.. Abi how can someone pass 8% successfully and ordinary 5% will be giving us trouble

@the bolded that's genesis of losing. The psyche that's ordinary make us thinking is easy but it's never easy. Even to get 1% profit is not easy simply because any moment you enter the market there is tendency of losing your already acquired profit or capital.

Have you not experience a brutal Lossing or DD just simply because of just 50$ in the market?

You need to treat every target as serious as any. Because there is no Ordinary profit target.

GabsonFX2:
Gold and Silver did this.....addition to portfolio $100K account

Thumbs up.... Congratulations!

zedegit:
Which prop firms offer Balance based DD?

FTMO and Partially MFF.

PIPSMARSHALL:
U can fail equity drawdown if u hold %profits and d trade hits breakeven or stoploss.

Dem no go send ur papa, F9.
The best is just risks to reward. And play accordingly.

But why wait for like 5% profit to evaporate just like that. Why can't you take profit and re-enter at the same or approx. level after mrkt close. It doesn't diminish your profit ot anything.

It harder to close negative pnl than to take profit. I can't understand how a trader will allow floating 5% profit go down the drain.

zedegit:
It will be impossible to fail an equity based DD if we apply money management.

Now the lowest DD is 4%. On a $5000 account, it's $200. If you trade 0.02 lotsize on it, it's about $20 per 100 pips.

What this means is that market has to move against you 1000 pips for you to fail. Is this possible on a swing position? No. Unless you're wrong and it would hardly happen in 1 week. It can't even happen as your stoploss is 200 pips.

Exactly it will be very hard to breach DD on equity based rules except in case of profit pnl which can be solved by simply taking your profit at the EOD then re-enter after mtk close.

Jameselias:
He that have ear let him hear
I have come to conclusion that passing a prop challenge is not a one month thing

Ofcourse yes. Go and check any hedge fund manager there target is 10-15% profit in a year. Even if you get that consistently you're a hot cake.

It's in prop firm space you will expected to make that much in a month. Except you're gambling you can't make that much in few days like some are doing that's why is not sustainable.

Like boss inforfirst has said, if you rush to pass even both phases ...you wouldn't last in funded account. Untill we approach these things professionally 98% of traders will still keep failing.

samfelly:
@Infofirst, what's happening with our Limitless_Noman?

He is on trial on Twitter's Space

https://x.com/i/spaces/1OwxWwNNWwqxQ

Wow! Na real trial o lol. When I read his tweet against mattL today I was like what is happening here. Then there came live podcast on Nouman trial.

I listened to some of his responses but there are few issues that they were suspecting him that he might be a scammer.

Firstly, in most of his interview the strategy he often claimed he employed are totally false. MattL call him out on fib he claimed he was using because according to his trading data is completely different. I can as well testify to this as well when I watched his ttf interview and describe his strategy, I knew instantly he was telling lie because I analysis most of trading calls I could culled from his shared screenshots and vid on Instagram and YouTube.

While he might not been using pure arbitrage. I think these guy might be opening opposite trade in different prop firms. Profiting from one and failing in others. Because if you check well he failed several challenges and his believe that untill you fail upto like 21 challenges before you actually lose. Even if you win just one you will break even send still amas more profit later.

This is just my little observation into his trading activities. I think he's only guy they has many multiple prop firm account from different prop firm. I was like why the need for all these challenges from many different firms. God knows best but seems is using some advance unconventional arbitrage trading strategy.

karkinase:
Abeg who know any reasons why price bounced so fast ..

Because of Demand and Supply imbalance + liquidity.

You will mostly find such things happen usually during London and New York sessions overlap between 1-6pm.

Summary:
1. No matter how one gamble in the market, it can't lead to any meaningful ending (payout) without proper knowledge. So invest more on education before prop challenges.

2. There will be some people with reasonable expertise/experience that will make it to payout after several trial and error but with little edge. You will have to have big financial muscle to take several challenges to breakthrough

3. The true MVP are those with focus, edge, consistency and superb risk management. They don't need many challenge accounts to make it BIG. The best three traders only had one challenge account 100k and 50k.

Crazy stats! Enjoy the weekend colleagues.

GabsonFX2:
The currently forming H4 is confirming a brand new bull trend, but after it is fully formed; the very next 4hr candle would completely determine its trueness. Reason I'm not bothered is: even though it is confirming a brand new opposite trend, I see it in a range band; meaning that the new trend may either range instead or just a short bull run. There are 6 H4 candles in a day, 3 have formed, and 3 more to go, and that can determine if I will close by today's close.

Laptop closed.

This is another level of patience I aspire to have some day. This what is called let the dice roll...lol

I found this in the archive

infofirst:
Guys, 100 meshpips attitude will not discourage me from helping as many as possible. @Pipsmarshall and others have made some valuable points there.
The skills people acquire from the failed challenges matters. And that's why I mentioned losing the accounts responsibly.
@meshpips... We are work in progress.
Guys are keeping their journals. You will be shock with how the account funding projects have gone. We no go talk now. Just watch out.
@MRSHEDDY shey you dey see this shameless Scammer so.

Gbamsonate...no need to reply him again boss mi.

infofirst:
@realone12 @Pipsmarshal.

I loved the fact that you both accepted responsibility for the loss of the accts.
And that you do not lose to DD is indeed an improvement.
Kindly try and come back with a long term plan. No rush to pass acct in one day. No time limit accounts are supposed to be a blessing.
Every challenge account is now supposed to be treated as a funded acct that you only need to make 13% or 15% before you can get payout.

@kaybee @pristinee @mystiquefia
Treat your competition accts with all your heart.
The market is brutal. It does not care.

2% on a $10k monthly is roughly #180k in our nigeria of today.
Imagine 2% on a $100k.
Etc.
I know it is not easy but it will be harder if we keep breaking the rules.

Limit your currency pairs.
The stress of trading one pair alone is not easy much more many.
If you want to trade more, trade related pairs like usd pairs. Jpy pairs. Euro pairs. Etc. Less is a strength in this market.

Wow! This change my perspective. Thanks boss mi.

What a lovely paradigm shift.