₦airaland Forum

I lost on this last trade and am done for the day, a great trading day.

It's fine as long as you know what you're doing. Just keep on following your plan.

uchenageme:
I just believe that every trade will always rebound at some point. So no SL for now. I have been on a particular trade for some days now. I'm not closing it because it's still in a loss position but I know it will rebound at some point. This is only posibble because I trade with very small lots

have just bought EURUSD now, with a stop loss of 15 pips, this would be my last trade for the day.

I have just bought EURUSD now, with a stop loss of 15 pips, this would be my last trade for the day.

The idea is to give the market enough room to play out while also preparing for the bad times. No stop loss use is extremely risky and I do not recommend it for professional trading.

uchenageme:
You are totally correct. I'm currently following most of the advise you gave and I'm making profit. No SL because I trade small and take small profits

Thanks man, but I would strongly recommend you to reduce your position size and use a reasonable stop loss, not too big and not too small, the major factors to consider while setting stoploss is volatility. For example, i used a stoploss of 25 pips each time for the EURUSD trade I took above, why? Because the market is less volatile today, if not I use as much as 35-50 pips stop loss on most days of volatility on the intra day chart.

I entered this EURUSD trade just about the time I was writing this article, and now I am in profit of 40+ pips, but it still has a potential of running down to 1.1770, the question am asking myself now is should I hold or close this trade? And my answer is to close, if it runs down am going to wait for a retracement and then join the down trend.

Profits taken.

I entered this EURUSD trade just about the time I was writing this article, and now I am in profit of 40+ pips, but it has a potential of running down to 1.1770, the question am asking myself now is should I hold or close this trade? And my answer is to close, if it runs down am going to wait for a retracement and then join the down trend.

Profits taken.

Both Warren Buffet and Bill Gates both agreed that Charley Morgan is the most intelligent person they know, charley morgan once said problems frequently becomes easier to solve if we turn them around in reverse.

Smarter than Einstein?
Inversion will help you solve problems.

Now, let's use a little bit of inversion to solve our trading problems.

Around 90% of traders lose money, so the question we need to ask ourselves is WHY? What are these 90% of traders doing?

First,
1)They buy breakouts and sell breakdowns (they are literally chasing the forex price around).

2) They all try to cut there losses short and let there winners run, so where are they let letting there winners run to? Straight out of there trading account( this idea sounds great in theory but it just doesn't work in real live trading).

3) Greed cause them to size there positions way too big, have you ever heard the saying don't over trade focus on the best setup's and increase your size on the good ones great, yes their is something there to increase your position size during periods of better opportunity (all in) but don't over do it or eventually you would be wiped out of the game (RIP Account).

4)They are afraid of reducing there position size because they might be reducing there potential profits, for example using 1.0 and a stop loss of 50 pips reduces your risk of losing but reduces your potential profits than using 2.0 and a stop loss of 25 pips and making unlimited potential profits. Now listen, unlimited profits potential is like a mystical creature.

Now, you see these four things most traders do, but why do they do them? Well some of them is human psychology: greed, fear and over confidence but most of it is because of what they were thought by forex education website/forex teachers or trainers. I know it sounds a bit hypocritical because am also a forex teacher myself, but the difference is they tell you what will make you spend money (Get Rich Quick !) unlike them i will tell you the TRUTH even if it is not what you want to hear.

Think about it, how feeling does cut your losses small and let your WINNERS run sound? Sure, it sounds great, exactly what you want to hear but anyone teaching this concept has either:
1) Never traded real money before
2) Or they're just flat out Lying.

Now, that does not mean you need to have huge losses and tiny profits, if you are trading the right strategies this shouldn't even be an issue.

Now, let's use a little bit of inversion and flip these around and here is your new strategy:

1) Buy into weakness and sell into strength.
Why? because it is the exact opposite of what most 90% of traders do. You might be saying: if you are getting into a sell off, how do you know when the sell off is over? The answer is simple! You Don't, nobody does, it does not matter whether you are Warren buffet or you are jemmy buffet, you don't know if the forex market is going to go up, down, sideways or in circles and I believe that forex market swings are random for the most part but ultimately it is human emotions that drive the forex market moves, so just don't fall victim to your emotions.

2) You are going to book your profits and be patient with your losing trades, with a high probability trading strategy almost all losing trades will become winning trade at some point if you hang in there.

If you're cutting your losses small you're going to choke out alot of good trades and if you are trying to let your winners run you're going to be disappointed when they don't run like they where suppose to (but why won't you RUN?!you are surprise)

3) You're going to keep your position sizes small. It will allow you to make decisions based on logic rather than emotion. The only way to be patient with positions is if you're sizing your positions correctly, if they are too big, then the day to day fluctuations in your account balance would cause you to make bad decisions and acquire grail hair at a very young age.

4) Lastly, you are going to reduce your cost basis by placing trades with a defined profit strategy. These are strategies with limited profit potential and but they have a very high probability of success. Consistently reducing your cost basis would pay you far more than that one home run (massive profits) that you might hit.

Following these simple guidelines (1-4) would save you many headaches and a ton of money.

Drop your comments below and give me a thumbs up if you like this article, also give me a thumbs down if you don't like it.

Feel free to add me up on WhatsApp.

081 09 70 92 25
Good luck in your trading endeavor.

Both Warren Buffet and Bill Gates both agreed that Charley Morgan is the most intelligent person they know, charley morgan once said problems frequently becomes easier to solve if we turn them around in reverse.

Smarter than Einstein?
Inversion will help you solve problems.

Now, let's use a little bit of inversion to solve our trading problems.

Around 90% of traders lose money, so the question we need to ask ourselves is WHY? What are these 90% of traders doing?

First,
1)They buy breakouts and sell breakdowns (they are literally chasing the forex price around).

2) They all try to cut there losses short and let there winners run, so where are they let letting there winners run to? Straight out of there trading account( this idea sounds great in theory but it just doesn't work in real live trading).

3) Greed cause them to size there positions way too big, have you ever heard the saying don't over trade focus on the best setup's and increase your size on the good ones great, yes their is something there to increase your position size during periods of better opportunity (all in) but don't over do it or eventually you would be wiped out of the game (RIP Account).

4)They are afraid of reducing there position size because they might be reducing there potential profits, for example using 1.0 and a stop loss of 50 pips reduces your risk of losing but reduces your potential profits than using 2.0 and a stop loss of 25 pips and making unlimited potential profits. Now listen, unlimited profits potential is like a mystical creature.

Now, you see these four things most traders do, but why do they do them? Well some of them is human psychology: greed, fear and over confidence but most of it is because of what they were thought by forex education website/forex teachers or trainers. I know it sounds a bit hypocritical because am also a forex teacher myself, but the difference is they tell you what will make you spend money (Get Rich Quick !) unlike them i will tell you the TRUTH even if it is not what you want to hear.

Think about it, how feeling does cut your losses small and let your WINNERS run sound? Sure, it sounds great, exactly what you want to hear but anyone teaching this concept has either:
1) Never traded real money before
2) Or they're just flat out Lying.

Now, that does not mean you need to have huge losses and tiny profits, if you are trading the right strategies this shouldn't even be an issue.

Now, let's use a little bit of inversion and flip these around and here is your new strategy:

1) Buy into weakness and sell into strength.
Why? because it is the exact opposite of what most 90% of traders do. You might be saying: if you are getting into a sell off, how do you know when the sell off is over? The answer is simple! You Don't, nobody does, it does not matter whether you are Warren buffet or you are jemmy buffet, you don't know if the forex market is going to go up, down, sideways or in circles and I believe that forex market swings are random for the most part but ultimately it is human emotions that drive the forex market moves, so just don't fall victim to your emotions.

2) You are going to book your profits and be patient with your losing trades, with a high probability trading strategy almost all losing trades will become winning trade at some point if you hang in there.

If you're cutting your losses small you're going to choke out alot of good trades and if you are trying to let your winners run you're going to be disappointed when they don't run like they where suppose to (but why won't you RUN?!you are surprise)

3) You're going to keep your position sizes small. It will allow you to make decisions based on logic rather than emotion. The only way to be patient with positions is if you're sizing your positions correctly, if they are too big, then the day to day fluctuations in your account balance would cause you to make bad decisions and acquire grail hair at a very young age.

4) Lastly, you are going to reduce your cost basis by placing trades with a defined profit strategy. These are strategies with limited profit potential and but they have a very high probability of success. Consistently reducing your cost basis would pay you far more than that one home run (massive profits) that you might hit.

Following these simple guidelines (1-4) would save you many headaches and a ton of money.

Drop your comments below and give me a thumbs up if you like this article, also give me a thumbs down if you don't like it.

Feel free to add me up on WhatsApp.

081 09 70 92 25
Good luck in your trading endeavor.

I am in search of those who can invest in forex while I manage the account, my contact is at my signature or you can drop yours by replying your number and I would add you up.

40% minimum profit monthly.

Let's earn together.

smartleo:
Yes add me let's talk

Your number is not showing as a contact on my whatsup, don't know why it is like that but has anyone else been able to find and add him up?

Rossikk:
Pls guys I need advise on what business to start with the said amount. Pls note the business must be international in scope and dimension.

Thanks.

Invest it in the Financial Market and make steady money.

08109709225

tiredoflife:
It all started two years ago ...I met my client when I was going through hard times to live...I told him about what I do and begged him to invest in me...he said he didn't ve money and I was begging even for $50 investment.
Two weeks ago he called me and said he was ready and I directed him to instaforex office to open an account. He went there and deposited $150 and was given a bonus of $150...making the account $300.
I gave me the password while I was at the airport getting ready to board a flight to Abuja.
I started managing the account and we went down to $150 I went to his client cabinet and took his last bonus of $45
And had $180.
From here within a week I took the account to $1900 and we asked for withdrawal which instaforex said they were processing.
We waited for two days and nothing .
So I started trading again and took the account to $3603 and we asked for withdrawal again.
This time again we were waiting for two days before we visited thier office in ajah.
We were told the whole money belongs to instaforex as the rep in Russia used a clause in thier terms and conditions to try to take the funds...we protested when the amount available for withdrawal is $3420 so why tell me its not my money when your computer nrecords says its my money.
So people into forex should stay clear of instaforex... They have ruined my week so I ve converted the money there as a demo account in a live account to practice with...
Scam is instaforex... Instaforex is scam

Give me your account login details and investor password, i will login and confirm it myself, if it is true that you made money and they are refusing to pay you, I will invest $500 with you.