GabsonFX:
The $50K Prop Firm Challenge

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Today makes it exactly 2weeks into the challenge, exactly halfway; could you share your experience so far, let's discuss the challenges that faced you so far.
How is your level of psychology so far?
What have been your common mistakes or error?
Why wouldn't you win, what would you do better?...etc

Not taking good profit thrice till I lost it back to the market. Because I wanted more.

But overall, my trading skill has improved.

Forexislife:
Come to think of it, why will someone who is not yet consistent in forex be applying for a prop firm? I still don't get the idea.

Firstly, forex is a game of psychology, if you have not mastered yourself properly and be consistent with your own little capital, I see no need reason for you to be going for the challenge especially for those who don't have much to spare. It can be psychologically damaging if you lose out.

I have not even considered such cos I am not in such mental state yet.

Anyways, goodluck to those who do. May the pips be with you.

I agree

SL hit.

KingPipmarshall:


Copyjoe, learn to scale your trade. Have multiple entries and take some profits off the table.
Or be goal oriented.
If the goal is 5% monthly target, that is 1.25% gains weekly.

I also shorted AU yesterday.

Yes, boss. Exactly.

It's what I did some days ago.

I am experimenting with some stuff.

Almost done with it.

Gracias.

Feshizzy:
I'm still in this EU buy
Let's see how it plays out this week or next week.

Remember always test your strategy brutally for at least 10 years if you want to be a serious trader.

The business is already full of mediocre in form of traders don't be one of them.

If you want to make serious money, you have to take the business serious.

Always be willing to try something new till you find one that you can stick your balls to it.

Trading journey is a very rough and brutal road. That's why you see the so called mentors can't post their trade journal or explorer.

In the eyes of the market everyone is equal, rich, poor, tall, short, male, female etc.


Buy or sell both trader is right in all boils down to patience and discipline

Patience to know when to enter or hold on to a trade.
And discipline to accept what the market gives you. You

Omo I dey drop motivational quote ooo
Tony123 dey learn work for where i dey so




Note: this is not a trade call.

The bolded speaks to me.

That was the message I tried to pass across yesterday.

Another retracement.

This is day 4 of this particular trade.

I was up almost 60 pips yesterday but didn't close. I would have made 1.9% out of the required 5%.

About 16 pips at the moment.

JAkpayen:


What Risk-to-Reward will someone who target 10 pips have? I am sure it cannot be 1:2, at most it is 1:1

The way market moves these days, if you are not psychologically stable you record plenty losses. Check for example, the analysis GabsonFX made on gold, it is waiting for who to trap and then you get slaughtered

Market is crazy.

VlamesIffect:
I never still understand how Scalpers dey deal with loss.... because their risk rewrd no just gel to me.....

Me too.

I no get that kind balls.

You no lie. Take what she gives you and leave.

Forexislife:
Gold no be anybody mate.

GabsonFX:
If you look at the band I drew yesterday on Gold (see previous chart), and I said I will not enter any trade until she is out of it? see today again, the same thing, price keeps dangling in it, you enter you get trapped.

As for me and my household, we will wait.

JAkpayen:
@CopyJoe @Samfelly

Impatient traders = Scalpers

Patient traders = Swingers/ day traders

The market rewards both, but rewards those who are patient the more

Absolutely.

Gold is mad. It always causes trouble before continuing its move.

samfelly:




lol. My broda, what u complained about birthed Scalper in me.

Trade go dey run in profit. Small time, e go just come back, and take one out. So, instead of wasting profits and time and energy, I resolved to be taking what I have gotten as soon as it creeps in, before it goes south on me. Scalper lomo!

Lol.

Swing trader lomo.

samfelly:


Impatience Makes a Simple Concept very Difficult - #WORDS

Boss, you be scalper ayeeee.

Forexislife:
Talk Don pass alert for thread.

charly20:



Here's one truth boss, there are different techniques for different personalities in the market. Myself I'm more of a "low-budget" position trader. I'm ok holding for weeks on a position but there are others who can only hold for few minutes and others for a day (this is basically something we all know).

There is a downside to every technique and whichever one we choose, we should accept the downsides too. Taking what the market gives you, Is that out of fear of loss or because the trend has changed?

That is the question that needs to be answered.

Entry is as important as Exit.

Every step is a learning process.

We learn as we move up the ladder.

I have always learned from the bosses and it has helped.

That's what works for me.

It's personal.

You may not understand.

VlamesIffect:


My boss in the practical sense it's not as easy as this sounds on paper..this idea is similar to scalping take small small profits and then BOOM big loss......there are some trades that the moment you enter them na loss o...inshort more & more loss.. so it might sound easy or like a fantastic plan but....hmmm anyway try it & give us feedback. ...

I understand his points and how it relates to me.

I can't say much about scalping because I don't scalp.

But part of what he said is what I can relate to how GabsonFX trades sometimes.

He takes his profit from the market, steps back, and re-analyze.

It's something I have not found easy.

It is happening on Gold too.

Let's see how this will end.

Finally happening.

Let's see how it will end.

The double bottom has finally been cleared.

Liquidity created by the banks for some days now has been grabbed.

I'll post the after.

Wow!!!

I didn't think of it this way.

12 pips x 5 days = 60 pips.

I have lost more than that in profit to the market this week.

I am happy for this competition.

Win or lose, I am a better trader.

Thank you, GabsonFX for this competition.

Boss Piptocoin, you just made my day with this.

Piptocoin:

Trading experience is talking through you now. I believe in taking what the market gives me and not what I expect it to give me by locking profits early.

The funny thing is that one needs to make at least 11 pips daily to meet the target or 12 pips if you add spread to stand a chance to meet the target of 240 pips at the end of the month. How hard can that be? Well, quite difficult as there are variables that can combat one's target goals. One of them is not taking what the market gives you. 6 pips twice a day in this competition is bae. Offline distraction is another thing. All I can say, Joe, is keep grinding. All the best.

Edit
making 6 pips twice a day or even more is simple if you have an edge but as difficult as having discipline to execute the edge to the letter. That is where impatience makes a simple concept very difficult.

Absolutely brilliant, boss.

Thank you. Learning continues.

Piptocoin:


Trading experience is talking through you now. I believe in taking what the market gives me and not what I expect it to give me by locking profits early.

The funny thing is that one needs to make at least 11 pips daily to meet the target or 12 pips if you add spread to stand a chance to meet the target of 240 pips at the end of the month. How hard can that be? Well, quite difficult as there are variables that can combat one's target goals. One of them is not taking what the market gives you. 6 pips twice a day in this competition is bae. Offline distraction is another thing. All I can say, Joe, is keep grinding. All the best.

I got this move correctly. It retraced back. I didn't close because I wanted more.

Now I am back to that level.

If I had closed the moment I got signs that it will retrace and open a new position,

I would have doubled my profit by now.

The new trade risk would have been out of the profit taken.

GabsonFX:
No entry yet on Gold, see how it's behaving....I won't be trading gold for a few days now as long as it remains in that band; it could be that she is expecting NFP to provide the direction....

No trade for now till say Thursday or Friday

Your arrows are powerful.

It's a concept on Liquidity.

This is what I think will happen, NFP or any other news,

Gold is going down using D1, H4, and H1 for analysis.

Those guys will be taken out.

It's the same structure building up across different pairs I trade.

I'll trade Gold in the nearest future. It respects structure and gives quick returns if mastered.

saintfaculty:
Now we have usdjpy where we want it... Lookout for sell price action patterns before selling this asset

This is the level I am at the moment.

Price action using Market Structure, Order Block at key areas, and simple use of markups with great patience.

I always love clean charts.

Nice one boss.

This competition has shown me my level of greed and why I sometimes lose trades.

When I talk about greed,

I am not talking about lot size.

I'm talking about not taking what the market gives me and leave.

I am waiting for 90, 100, 1000++++ pips, and then lose the profit back to the market.

Learning continues.

Fxwarrior:
Gold

Buy at 1760
Stoploss at 1755

Target 1780

I believe the buy will be short. It should sell to 174*

VlamesIffect:


Oga Gabson is a boss... Very transparent trader. Unlike some of us here only posting profit....when the trade go into loss...dey go just lock up like say nothing happen.

Abi o

BrightFuture48:

Wow! Thanks for your openness and transparency. This happens to us all once in a while as long as one is a discretionary trader. You're bent to be carried away by the emotions and market fluctuations which throw someone off the balance and from our ideal trade plan. But it's always good to quickly identify this scenario and try not to revenge trading, it can throw somebody many days hardwork out in a jiffy.

Thank God you're able to recoup back some of your loss. But there is one technique I am trying to sniff out of your trading stats you shared few days ago on your FTMO challenge. The art of CAPITALIZING on your winning trade with that Excellent Lot Sizes. Do you pyramid while covering the lot already in profit or what?. Its amaze me but I really what to learn that technique if you mind sharing it.

Nice one.

I'm interested too.

Gasive:


My brother,
On a normal I would have closed that trade when it began retracing but since we have to trade a single pair, I saw no need for it. And my analysis was also based on D1 so a 100pip dip is normal.
It will eventually continue selling by tomorrow or next, i will wait on it there's enough time.

And BTW, if multiple pairs were allowed, I would have hit the target last week.
Here's a shot of a trade I took on a replica account. (I intentionally didn't use any of the pairs allowed in the contest so it won't seem like I intended to cheat.)

Okay boss

@Gasive

Why did you hold on to your trade last week when you could have closed?



You would have been 1 or 2 steps closer.

GabsonFX:
This Gold Call Update: Today, I was at war with gold; I woke up to see it almost hit my SL, na so I longed again with double lot, went further against me, I tripped my lot until I saw a pull back where I regained some of the losses.

I entered a revenge still on H1, went against me, entered the opposite, went against me.....then i put my phone under the pillow, said I'm done for today. After abt 1hr, I checked again with rest of mind, longed again still on H1 - my previous position, na so I see that long bullish candle in H1, took about 113.0 pips - yes, this is the push I ve been expecting, thus I gained back the losses, closed it and relaxed.

Gold almost messed up my psychology today, this is not me, mba, I don't trade this way. This is my personal account, not props, av gat to relax and continue at market close today.

Lesson: Avoid revenge trading.

I am still trying to come to terms with using big lot size. It's messing up my psychology big time.

It's as if it's real and not a demo contest.

Losing such an amount of dollars is still strange.

I'll get used to it someday.