₦airaland Forum

currentprice:
^^
forex heeeenn,,,,,,imagine he use to close position in his favour between 5 - 12 pips,,,what is the reason for keeping position with negative 120pips. i tell you no matter what sure strategy trader has without good money management with time Mr. market will have the last laugh

As clear as the message is, many traders still fall for it. Most if the guys I see that boast 50% to 100% per week in profits risk a size-able amount of their portfolio to achieve this. Risk/money management is essential, unless you don't mind refunding your account in the event of a mega draw down like this lad is experiencing.

I can imagine what he is going through now, been in that position before.

Shevychen2:
Yep, you are correct. That's why I said 1-2% on each trade over many trades. With 60 trades open he has 60% of the account exposed. The style looks crazy as evidenced by current results.

yeah, he s 'crisis managing' at the moment. I have borrowed a few cues that I will try in future but with proper money management and definitely not 60 trades

EURAUD sell buy, 1st tp in view. may yet wait some more days for harvest though

jorel1:
i trade only GBPAUD or GBPJPY (when it recovers from hibernation) swing or short term ,
Look for long/medium term opportunities with other pairs...
And spike trades where I watchout for News report with very significant deviation from forecasted value.

Great, as long as it works for you. I don't even consider the news in my analysis, but I see its effects occasionaly.

Shevychen2:
That's why I brought the link here.. Bottom line in this business is there are many ways to kill a rat. As long as you are increasing account, go ahead with whatever works for you..No one rule is the best. You always hear supposed "pro traders" telling some of us that manage 50-100% monthly that anything beyond 20% A YEAR is suicidal bla bla.. Wonder what they will tell that guy!

However I don't think I can do what he does.. He basically opens 20-60 trades and closes once they all move in profit by 5 or more pips. I wonder why he simply doesn't open the trades with a combination of the total lots he spreads across 20+ trades? His ROI numbers will still be 500%+ but pips count will definitely not be 7000+. Just feels like he is intentionally padding up stats. Again.. I can't be overly enthusiastic about his system till I see his balance. Looking at trade results alone, lad basically spreads out 1-2% of his account across many trades at once! See his last EU trades.. 60 trades at the same time..10 pips move and he has made 600 pips.

He says he does it manually but I don't believe that. You have to be Jarvis to be able to open and close that number of trades with such precision.

Tried replying earlier but was banned for some days , I think he s risking more than that, probably between 30 to 40% of his account, thats why he had that much roi. if 7000pips gave 500% (as at friday) then by my calculation 1392 pips will make a 100% and he makes that in one day, that means he can blow his account in one day.
Probably padding up stats as you rightly noted cos all the trades could have been piled into one. I see a trader who is confident on his strategy and decided to ignore money management, probably because he is willing to refund if margin called. . .

Them pros that say 20% a year is suicidal are probably refering to trading without leverage, some hedge funds go 1:1, 5:1, 20:1 and so on, on leverage cos the are well funded. If they are trading 1:1 and make 20% then they ll have made 1000% trading leverage 500:1, like most retail traders do.

jorel1:
we seem to share the same trading style , long term

Thats great bro, used to think you traded short term cos you are always in touch with your fundamentals, news . . .

How I fared this trading week, 1 tp hit AUDCHF (320 pips), no loss, no break even, 1 new trade EURAUD buy. can only attach four charts

Shevychen2:
Going through forexfactory and found two striking explorers...

http://www.forexfactory.com/dforexangel - This one is some badass EA. Imagine making 3,000 pips in less than 6 days with 98% accuracy!


http://www.forexfactory.com/bidemi12 - This one is a sad one.. It is owned by an old timer here that came back recently to tear up the house a bit before disappearing.

Go through them and think. What you learn from them is up to you.

Thanks for sharing this, I have been following that fellow since I saw this to see what exactly he is doing quite. And as much as I HATE to admit, I see the possibility. (trader made 7269 pips in one week)

I think I concluded too early the same way I had concluded day traders don't turn a profit in the long run in fx. I know you can day trade stocks and futures profitably (cos you have another trader on the other side of your trade) but didnt think so with fx (cos you have the broker on the other side and your win is their loss).

I see how I can day trade now (and its not like most of the guys here do anyway) and more importantly I see how I can make thousands of pips(maybe not as much as 7000 plus for a start) in shorter periods than I already do. I wont try any of these on my live account now though, but they are noted and I will definitely do them.

The things I learn after I think I have seen it all, makes me wonder if I ever learnt anything

ephisi:
Yes oh, pls more light please. Is my dom account useless now? Can I still fund my foreign trading account?

Here is an excerpt from the press release

''For foreign currency cash lodgments made prior to the date of this circular, the account holder has the option to either withdraw his or her foreign currency cash or the Naira equivalent. For the avoidance of doubt, only wire transfers to and from Domiciliary Accounts are henceforth permissible''

Haven't made any withdrawals since the press release, but what I make of it is, its either you get your dollar out or its naira equivalent. (if you withdraw via bank wire) remember the rationale behind it is excess dollars with the banks which is really worthless to them is cbn is not accepting it from them as readily as they did in time past. hence they are trying to reduce the worthless paper in their vaults.

Deposits?
Havent done this in a while but I think there should be a window if you ll be wiring out judging by this excerpt from same press release

''The CBN advises individuals that wish to source foreign currency for eligible and legitimate purposes such as BTA, PTA medical, mortgage, school fees, goods etc. to do so through recognized channels with the use of Form ‘A’ for “invisible” and Form ‘M’ for “visible” transactions.''

But you cant just go and deposit dollar for storage as a form of savings(polithievesians, yahoo boys), RENT (fake lekki and some abuja landlords)

All of these are subject to verification from your bank, but there is ALWAYS a LEGITIMATE way around these things, we are not fraudsters or involved in shady deals but professionals

Just my take anyway

Shevychen2:
Going through forexfactory and found two striking explorers...

http://www.forexfactory.com/dforexangel - This one is some badass EA. Imagine making 3,000 pips in less than 6 days with 98% accuracy!


http://www.forexfactory.com/bidemi12 - This one is a sad one.. It is owned by an old timer here that came back recently to tear up the house a bit before disappearing.

Go through them and think. What you learn from them is up to you.

Hmmm, from the little I think I know, whatever can give 3000pips in 6days can loose same in the blink of an eye. Just saying. . . .

@shevychen, did you eventually try these, quick 100pts already in the bag. final destination 1.5805,were I ll start considering a swing down(1.59xx) I will keep offsetting my longs along the way with the last long getting off at 1.5805.

A lower low is still possible anyway, couldnt get in were I most loved to get in. Settled for a slightly higher price

iheanyiebeneze:
15pips already, still counting...
It will pay both of us, but i think it will pay us (short term traders)first before paying you considering the facts that you are a medium term trader.(as far as you used a sound trading strategy to enter the trade).In any case we have brought our stop loss to breakeven.

Yep, there is always enough to go round

iheanyiebeneze:
According to 1h tf, ichimoku cloud,sell cadjpy now at 94.88. first take profit is 100pips @93.88 , but second take profit is 200pips.

Bros no be so o, just when I thought I could heave a sign of relief that this thing is going up, this your ichimoku shrine come de give contrary signals. If this you call goes well that means I go loose money o, una for consider me na. 200pt tp don clear my sl already. It s well sha. Watching. . . .

frenchman2:
Thanks sir, trade in red. currently babysitting it.

Our bias on it is in tandem, I expect a sell response at current levels but I dont think it ll be strong enough to drive price to the tp you speculated. I m waiting for higher highs as I feel there will be a much stronger sell response up there.

Shevychen2:
@ Capitals

Please help me check these trades...

Audnzd sell at 1.1265 TP at 1.0936
Audcad sell at 0.9708 TP at 0.9416
Audjpy sell at 91.50 TP at 89.55

All 100 pips SL.

I am demoing the swing style of the strategy as you suggested. Need to know if I am on the right track. Thanks.

Honestly you may not like this, but none passes for me. Reasons. . . . .

AUDNZD will have been good but was part of the swing down as seen in the attached chart, so to me the swing sell setup s completed. These are revisits as far as I m concerned, and you already know I dont take revisits. Was waiting to ride it up but fell short of my entry with a few pts, so cant tell the likelihood of the high holding in the event of a revisit

AUDCAD looks good too, but its also a revisit. you may need to check the weeklies to see.

AUDJPY, I was part of the swing down, got off early though.

In summary, they may work well for a bit but they likely would revisit after 100/150 pts and by then you most likely would be up for break even. making seem like a waste of time.

I however see some potential swing opportunities in EURAUD, If you feel AUD will sell from your referenced calls, then I think its same as buying EA.

Shevychen2:
I didn't demo it at all. Just visual back tests before putting it on forward testing for a while now. Some of the rules involves ignoring the re-entry if SL will be more than 40 pips so I don't lose everything made on the pair, moving to BE etc.. Makes it worth it..

That's why sensible and quality exchanges are useful.

That s nice bro, I trust you have done your due diligence.
I hope it continues to work for you.
Mine is easier to implement and ll work just fine, I just add some small extra risk, and take it off at 100pts , while I handle the rest like I have always done.

Tp in view, patience pays

Shevychen2:
Well done boss..

Thanks to you I have now added a trick to get back into trades if price continues going my way.. Final piece of the puzzle.

That s great bro, I hope you put it through all the necessary tests? back-tests, demo . . .
Honestly, smells like risk to me (I dont like selling after a drop in price or buying after a rise in price, more so when I was part of the initial move). Its like putting profits at risk just after making them.

Thanks to you, I see how I can optimize to get some quick 100 pts profit on trades and just let the rest ride as usual.

Still got my NZDCHF, I think I see a heads and shoulder in the making

natruetalk:
until dt red zone convincingly broken be4 we can start journey to ur price

d zone still printing dollar 4 me. hav closed 80% of my other broker with guud gain remain small 2 reach destination here.

Bros, I c u ooo. Enjoy.
Good thing you are taking profit soon, I dislike been on the other side of a pros trade, increases the likelihood that I may be wrong. But you are getting off the bus soon, and I m looking to buy. Gives me the impression that you think a pullback could be imminent, else your tp would have been lower. I hope that still small voice in you is correct , So I too can get paid

Shevychen2:
It's going great bro..Just doing my gambling jejely.

Surprised you are not holding GA, EN and EA.. EN and EA setups especially were so juicy and direct. No returns to the zone.

Was closely watching GA for a sell, but let it go cos I feel. If I m selling GBPAUD, then I m indirectly buying AUD. AUDUSD presented an early buy signal before GBPAUD, so I took it and let go of GBPAAUD. Looking for a buy in EA.
You understand I can't take all the set ups I see even if they may be good, cos I m looking at a lot of pairs so I don't overtrade and it boomerangs on me.

mrikay:
Please what is that second to last chart?

Its CADCHF, the name and tf of a chart is always written on the top left of any chart.
For some strange reasons I don't trust that particular one, holding on cos I don't trust my emotions in the markets as well. It fit the pattern, risk reward was good that's why I took it. Prefer CADJPY even if its not looking nice at the moment. Anything can happen. . .

Shevychen2:
Do you have a GTB Naira Master Card? If yes you can use it. I think they have a $300 daily limit these days so you may have to break up deposits.

How is it going with you bro. I trust everything is in order, FX wise.

My portfolio as is stands, got some poor performers as you see. Really doesn't matter to me, thats why I love trades with at least 3;1 r/r. Some are 5;1, 7;1 . . ., The wins make for the loses
AUDCHF is from a new account I got set up (I don't trust em brokers so I try to get as many accounts with different brokers)

frenchman2:
bought audnzd
sold nzdcad
see charts below for details.
NB: Nothing is guaranteed Price could just do the opposite and rubbish my analysis.

PRICE IS KING. FOLLOW IT WHEREVER IT GOES

Like what you did with NZDCAD, I m closely watching that as well. But fear you may have gotten in too early, just my opinion. Good luck bro

mrikay:
sending out thoughts of goodwill to all.

Capitals, Shevychen, and the wonderful Amazon (A.K.A Naijababe)

How una dey?

Doing good bro, hope you are cool too?

dansatch:
what time frame

Its small tf jo, 5min

Every traders desire,
market goes your way immediately after you enter a trade.
May you and I have lots of these as testimony. Amen

Capitals:
Gets very boring some days,
sneak peep at my portfolio


Observing AUDNZD. . .

Closely watching GBPAUD for potential sell

Capitals:
I hope it keeps going up

Gets very boring some days,
sneak peep at my portfolio


Observing AUDNZD. . .

Capitals:
Closely watching CadJpy, to buy any moment I deem fit

I hope it keeps going up