₦airaland Forum

elewedu: Sold GU @1.55365, stoploss @ 1.55986, take profit@ 1.54377, lets see how it goes.

stoploss taken

surveycash: bought 0.11 GBPJPY at 154.987 sl: 153.820 tp: 156.000

sold 0.55 EURJPY at 131.176 sl: 132.750 tp: 128.000

Where did I throw my correlation knowledge?

surveycash, i see you all around nairaland trying to help whoever desire help....God bless you and ur entire household, and God reward ur kind gestures with health and wealth, have been meaning to tell you this . cheers

elewedu: My first trade of the week, EURAUD sell @ 1.47235. stoploss@1.47850 takeprofit@1.46301. lets see how it goes.

profit taken

amyoge: Oga, please i will like you to drop your email address to my email cos i want to ask you some questions privately. my email is benpuzzy444@gmail.com

I will send you a mail

Sold GU @1.55365, stoploss @ 1.55986, take profit@ 1.54377, lets see how it goes.

My first trade of the week, EURAUD sell @ 1.47235. stoploss@1.47850 takeprofit@1.46301. lets see how it goes.

Manweysabi: Elewedu... lol @flying kick in the bottom of your boss... I com dey imagine am.
I like your mind set.
'just made my day!

No mind that my spanish oga, he believes Nigerians are dumbass. On the other side, i am kind of a comical person on the outside, with a metallic will on the inside...lets all have a pipful week ahead.

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natruetalk: brother, every aspect from all the post you post here, i can deduce you are a kind of natural patience somebody who knows what is doing with a good plan without deceiving yourself, i guess you have a good work while playing along this game , with all this i think forex is for you from all angle because we trade human emotion here apart from any good strategy you might have.
nobody is saying demo is not good for a starter but trader can not learn any of this human emotion on demo, while you are trading demo there will be kind of internal &external relaxation in you. you will take trade as you plan, this demo will just be like someone outside a football field watching players playing football the person will see many mistake those on the field did and be playing his own with mouth....could have pass like this and shot like this could have score a good goal. tell such person to enter field you will see him performing worse.
no matter how you trade demo, when you start a live account once you lose a sure trade am telling you the emotion will set in forgetting what you learn on demo. the next thing you will purse is to recover that loss trade by some means some will double their lot size, some will add to their losing trade thinking to average down. some will enter another position thinking to hedge. from there forex don catch you and it will take God grace for such trader not to blow that account.

see my experience last week.after scanning my chart, on Sunday night i posted here that CAD is likely to be strong that week, and choose to BUY CAD/JPY. Monday /Tuesday i post again that am eyeing to buy Cad/jpy. but when am ready to take the trade because of little thing on my chart i forget my campaigning of my initial plan and went short. at the end what happen? close that trade with loss. emotion at work there but if am to trade demo account. i will not even wait till wednesday to take the trade i will enter the trade right on sunday/monday to test the strategy .
so trading demo is a big different from real, because nothing to loss on demo.

[b][quote author=natruetalk]Yes! I have a job that pays well to sustain my spartan lifestyle, but the job is so physically demanding and frustrating, that am sure am not going to do it when am 40(God help me). This job provided me leverage so I can learn, lose small, build confidence along, and build my account and add to my account until am confortable enough to kick my boss in the ass. Meanwhile, even if i have 100k in my life account by the deadline i gave myself(5years), am not gonna resign still. I am not going to resign not because i dont trustforex in providing me a steady and sustaining source of income, but because i know emotion will finally set in if my only source of income is via forex. I am hoping to channel my profit into an offline bussiness, stabilise the offline bussiness, then give my motherfucking boss a flying kick in the ass. My advice is for people to take forex as passive source of income, do offline bussiness to hedge....that way emotion will be minimised.

[quote author=yomex_y2]lesson notes uploaded... wishing you all a beautiful weekend. GU is likely to be bullish nextweek.

BTW , on a lighter note, if America decides to attack syria what will happen to the USD ?[/quote]Oga ayo, thanks so much for giving without asking in return, God will bless ur purse. I have read your write up, and I can tell u , i will add it to my trading memory bank...may the pips always be with you.

I still wonder why people so castigate demo trading, I dont feel it is demo trading that is the problem here for people blowing there live accounts, but I strongly feel it is because during their period of demo trading they usually throw money management to the wind, get lucky and move a 1k account to 100k account in one month,then go live and think they can replicate this luck on their live account. Whether u use proprietry trading method, or advance mathematical trading models, u cant make 100percent per week using the traditional risk management principle as some people do here. When some one make trade calls here and says he is entering for a profit of 30percent, am sure such person must have taken ridiculous risk. I started demo trading with 1k, netted 50percent in 4months while risking 5percent per trade before going live with 30dollars. I traded with 30dollars with a maximum draw down of 22percent for a period of 4months before deciding to fund with 1k. I funded with 1k, not because i can make a living with it, but because i know whatever is gonna put food on my table for the rest of my life, am not gonna rush to make money from it, and thats why i decided to be funding my account in phases. The bottom line of my epistle; new traders like should be patient to learn this craft, pay the price of patience, demo with reasonable risk, micro trade with reasonable risk , then build your real account gradually, this bussiness cant put food on your table just easily as some people preach, it takes a while...so live with it.

My EURAUD sell filled at 1.48819, stoploss at 1.49420, take profit at 1.47647....lets see how it goes

kirinwa you no dey sleep ni?

EURAUD sell on my mind. A rejection of daily supply zone. Will trigger my sell as soon as 1.48740 is broken to the down side, stoploss at 1.49212, take profit at 1.47400...lets see out it goes

drealaz24: pls send it to me @ drealaz24@gmail.com. Tanks

check the page before this, u will find it...i uploaded it instead of sending mails.

this is the forexfactory indictator as requested, be sure to edit to suit your time zone

Gbengazzee: @Elewedu

Please i need the indicator that display Forex Factory Calender on ur MT4 chart.Please send it to emmanuelremi(at)yahoodotcom. Thanks for sharing.

okies, i will upload here if possible

Hello bosses in the house I am planning to sell GBPUSD, at the close of this 4hr candle. There is a breakout and retest of 1.5390 zone, if the present 4hr candle closes with a bearish tone, i will trigger my sell. My only fear on this trade is the fact that Gov Carney is speaking tomorow, that might cause disruption. Pros please critique this my set up, am sure u all remember me, just trying to build confidence .

efe22: Extracted post from Seneca Pilot "Rambling of a Forex Junkie" at forexfactory..........

Pips; what's the big deal about pips. All over this forum I see people bragging about pips earned. Would you be impressed if a trader told you they made four thousand pips a month, on average, month in month out. How about if a trader told you they earned two hundred pips a month. Which one is more impressive. What if I told you the guy making four thousand risked eight thousand to get it and the guy making two hundred only risked a hundred forty. Who is better off the pip raker with the expectancy of .5 or the small winner with the expectancy of 1.42? Who has the smoother equity curve? Who can risk more per trade and compound faster?

If you know that you will earn 1.42 for every dollar risked are you happier than if you make .50 for every dollar risked? I certainly am. Expectancy is the one key thing that helps us to compare systems. The pips earned by a method are not a measure of its profitability. The true measure of a method is return on equity. So how do we improve our expectancy? We locate the lowest risk entries (the entries that can have the tightest stops) and aim for the largest targets possible.

The only possible way to reduce the stops to the lowest possible and shoot for the largest targets is to trade tops and bottoms. There, I said it. Its out, I am sure to come under fire for suggesting such heresy. I may be run out of town for suggesting that we "catch falling knives" and get smelly fingers picking bottoms. You see, its widely suggested that we should go with the flow. We should wait for confirmation. We shoud jump on the bandwagon after our favorite indicator confirms its a top. We should trade the break of the lower low or the higher high.

Now I call BS on all of that. That is what the largest number of traders is doing. Newsflash; the majority of traders are losers. Do you really want to do what they do or do you want to take the trades that are hard. Do you think it was easy for me to sell last night after fiber rocketed up over a hundred pips on Thursday. Of course not but that was the low risk trade. That was the trade that allowed for the largest target. That was the trade that gives me my edge. Most of the bad traders who give advice on this forum, in the news media, and are your favorite "gurus" would say that the trade I took is the highest risk trade. They would say that I should have waited for confirmation. Ok so I wait for confirmation, there was a nice engulfing bar on the one hour that took out the highs and the rolls. That's great but what is the stop? Its about forty pips. That is unacceptable to me. My stops last night were less than half of that. Why? Because I traded the top. I only needed about thirty five pips to double my risk in profits. Would you rather target thirty five pips or eighty? Who has the odds on their side?

The truth:

The analysts on Bloomberg and CNBC aren't traders, Most of the "gurus" selling their latest "system" couldn't trade their way out of a wet paper sack, most of the people giving advice on this forum are losers. Hell you shouldn't even believe me except that I have posted trades BEFORE the fact.

IF YOU WANT TO MAKE MONEY IN THIS BUSINESS YOU MUST DO THINGS THAT MAKE OTHERS NERVOUS AND SCARED. IF YOU FOLLOW THE PARTY LINE YOU WILL JUST BE A LOSER LIKE THE REST OF THEM.

Hope it helps.

I lovee senecas straight from the gut mindset, he sure knows what he is doing. I was able to pick a lot from his bucket of wisdom, specfically weekly high and low, open and close.Thanks for the reminder

Hello house, jst to wish everyone a pipsful day ahead ,cheers!

Hello house, just peeping to say hi. Have been on the sideline trying to design my own trading strategy that way I can have utmost confidence in my trading. Am sure every successful trader here has his unique way of reaping pips from the market. Books to me can give a general overview of the workings of the market, it is still onus upon every individual trader to develop and design what works for him based on all he has read and experienced....this is a reality that started to sink some weeks back. Meanwhile, i will like to express my sincere appreciation to XHTML for taking his time to send me useful trading materials, and giving me psychological affirmation that money can be made from this biz...God bless you. Its friday I pray we all end the week with bags of pips.

I got my first "husstle"(teaching,20k ) 6months after nysc, it was a tough waiting period for me, then exactly 6months after , I got my first "work" in a cement company(100k+) , been there for 3 years, now am searching for my first job(oil company 1m+) ....I hope it comes soon, if not I might have to start something on my own..............am already working tirelessly towards it.

ayox2003: Bro, lets assume you already have a good trading methodology.

Most people started with high hopes and they got frustrated out of the game. Atleast, u still dey trade and ur money never kpafuka. Here are my own tips for trading the market.

1) Know what u want from FX: Are you trading because you wanna be rich? Are u trading because you love trading? Are you trading because you wanna have multiple streams of income? You have to figure out why you are really in this sh't. You can do this by meditation. For me, I'm trading because I love trading and I wanna make a good amount of money off my charts each time I place a trade.

2) Work on your mindset: Personally, whenever I boot my PC to trade, I silently tell myself that the market is ALWAYS right. Market is the teacher while I'm one of her numerous students. So when I trade, I just make sure I align with what the market says at the moment or what I believe the market would say. Mind you, the market trends just 20% of the time, the other 80% is either a range or wuru-wuru pattern. So it means you get the best trading opportunity virtually once in a week. So no let anything border you when u loose. Na because teacher they teach you some lessons.

3) Risk: Here are some questions one must answer.
a)Is there any real trading opportunity in the market today? If yes, how much can I afford to loose? The amount you can afford to lose will be your stoploss. And it must not be an amount that would make you cry. Haba!
HINT: After you have decided on how much you wanna lose, then tune your lot-size to fit your stop-loss. For instance, some trades require a little much more stops, instead of using your 'normal-traditional' stops, you could slash it, at last na the same amount e go comot, na 'breathing-space' different.

b) Where is my take profit? Different answers: TP must be before a strong resistance/support, TP must be atleast the amount you have risked(if you risked 50kobo as SL, then TP must be atleast 51kobo or more),

4)Entry point: Best is to use a pending order but as I normally trade at night, which is the worst time to trade, I dey enter market so that I go sleep quick Best time is US and European session. No matter the temptation, avoid entering when there is a major news only if you are sure of yourself. I used to trade news but had to stop so that I wont be used to it.

Always research and read articles, control your emotions and dont over-trade. As a matter of fact, you might end up reading 300 articles in a month and only one would add to your trading 'arsenal' - keep reading, dont stop. Finally, nothing is wrong with you. Teacher market is teaching us all how to trade and till we die, we will forever remain its student.


Frawzey

Thanks bro for the tip. My account draw down is 3percent for now , after having made 12percent in my first month courtesy of beginners luck. Now i have learnt that all money made during trending period can be erased during choppy periods. I think savvy traders know how to respond to this quite easily. luckily, i learnt money management and strict position sizing early enough , and this has kept so far . Now i am aggressively researching about intraday order flow, i believe this should take my trading to the next level. wishing everyone one pipful day ahead.

naijababe: Super trader elewedu! Kilode now?! Pele so so gbo

madam no mind me jare. this forex thing hard pass mathematical methods, i think say i go just understand the thing sharp sharp and start to withdraw evryweek, but as the tin dey go , i no know when i go fit withdraw, my account balance just they do like stochastic oscilator. E so fun me kin to bere ki ni yin nw. Thank God for salary, i for don kolo.

oga......isnt it obvious to u that its just transfer of aggression, i was just looking for a scapegrace and u you were just right there. no vex sogbo

OliverPin: Who say forex easy don miss road o

Forex is difficult,yet what works are vry simple things. i knw dis nt because am profitable,bt i because some people have bought houses worth millions in dis biz jst by rulling jst horizontal lines on the chart nd trading jst GU Those people can read crowd emotions, nd knw pretty well where d money is. Forex is simple,our mind jst would nt appreciate nd accept it,we have been tailored to believe only complex things. I am yet to be profitable because am yet to find and believe the simple things that work. I hope i find one soon

jpmorgan003: Where are my ogas at the top, piponomics, fxisreal, kcc, swift, supertrader elewedu, dboy, ogboraph? Tango Yankee

tbros i dey on a low key things....fundamental jst dey yeye my analysis dis days. Anyways d real ogas are still banking pips daily

Innocent child....i jst feel like strangling the mother

XHTML: Target Achieved on Gold. However, Rather than exit, I moved my SL to the TP - just under the 1277.xx support.

bros u be institutional trader....abi that ur profit is in cents(just musing aloud)

Sorry, this is coming from a newbie. My take on the ADR is that, not all the time that price turns when it gets to the average daily range for the day. I ve tried in the past to take opposite position, when price approaches and rejects the ADR, the strategy works very few times, during heavy trending days, price will break and continue in its course. May be it will work very well for scalping, i dont know.

Thank u all for your birthday wishes , am so proud of everyone who took their time out of their busy "pips raking" schedule to wish me well, happiness shall be permanent in your life. Coincidentally, I resumed my first and present job, july 1st 2010, 3 years down the line, how time flies. I hope 3years from now, i go don slap that my oga wey no wan promote me, and start my own hedgefund

naijababe: Happi birthday o Super trader Elewedu

thank you maam