₦airaland Forum

nzechu:
Gold should not defile 1937. I HV called the driver of their bus who hapens to be neighbour. I TolD him that he should turn back down before he reaches 1937. and he concurred with me

Broda, e go shock you oo😂😁

saintelvnn:
Saw a confirmation have been waiting for also..weak rejection at kl and bearish momentum candle...trend breakout tends invalid
Sold GU
20pips target

I really don't thing that was a proper technical breakout; I mean, that was a 4hr structure, sk you could have waited on the 4hrs confirmation of breakout.

Donsheddy:
Gu market structure dey somehow oh... I dey see bears and bulls... But i go ride with bulls sha.

The confusion is as a result of the little strength the DXY had last week due momentum from parallel support.
As for me for now, I see absolutely no reason to long the USD yet, not until price structure affirms a new direction.
I'm still holding shorts for now till market says otherwise.

nzechu:
sell with me @witchcraftfx

sell limit: 23% level
TP: 423% level

stop loss: 0% level

Due to the ranging action on that same Weekly TMF, I've got eyes on the 1.1531 level (my Monthly resistance), still holding Longs till that level.

saintelvnn:
5% of a $10 account that's is 0.5$, now let's say you're risking 0.5$, that means for every trade position you open with 0.01 lot size you're putting your stop loss 5pips away from the market. Do you see why it is not practical for most of us that are struggling? Even if your TP is 50pips, you will get stopped out almost most of the times...

If you want to make money it isn't applicable at all but if its just for practice sake then one can open account with mini lot size and trade with 0.001lot size...

I use 20% when the volume of the market is crazy especially during NFP & CPI... Still rrr is 1:2 so even with 40% win rate I'm still profitable man at the long run man..

So why not save up for a $100 account since you're taking it as a business you actually want to make a steady income from?
20% on high volatility? Beats me!

dottozil:
That's my problem now jumping into trades early but I did see a confirmation of buy at daily time frame infact I no understand wetin I dey see again

Calm down bro, always expect to be wrong on any given trade (it's 50/50 per trade), and then be ready to flow with the market's tide.
If you hit a strong wave, raise your head and observe, if there's really a new direction, swim in it then. If the flow is just chaotic, turn off your engine and wait out the storm.

OfficialP:
I think we might see 9055 first

Yeah well, what da ya know, I could be wrong😐 but I'm holding my shorts down to 0.8867 save the market says; "son, I'm not going that way, no, not today"😊

saintelvnn:
Lolz true sha

But all those 2% na oyinbo talk, we all know that we are in Africa, person Wei work go see money fund account 50$ even 10$ sef how you expect am to risk 2%, hunger go finish am.....I am risking within the range 10%-20% with 1:2rrr till I get like 10k account before I fit reason 2%...

I think a maximum of 5% risk per trade is actually practical if you're thinking long term in the markets (without burning out you initial capital), even 10% in some cases (depending on trading style), but 20%? well I leave it to you man.

greatcheer:
are you for real? is this the lot size ur using on this account

Lols😊😃 Dear trader, you see that "go big or go home" thingy ehn, no be for Financial Markets oo.
Always start small, then continue at that same pace, till when you become a Professional trader; then, go even smaller.

What I means is this, if as a beginner or part time trader you were using 2% max risk on a trade, when you become a Pro trader (trading becomes your full time profession), you should risk even less of your start balance per trade, like 0.5% max or even less.
This may sound counter intuitive, but there's just no better way about it.

Always remember that "the level of your emotional attachment to the outcome of each trade you take, is directly influenced by the value of asset(s) you're risking on each trade".
So imagine you're risking too much and also taking on too much trades, that's literally a heart attack, and it will force you to react albeit to the detriment of your equity.

In this trading business it's more often than not, a thing of "the more you look; the less you see", meaning, "the more you trade; the less you make".

dmahn:
And again... I knew it was a stop hunt so I reentered my position. We really need to know what we are doing to succeed in this business. This week has been full of stop hunt. Ending the week in a loss but with a knowledge on how to reenter after stop hunt is confirmed... Not a good week but I'm glad

Yeah man, I'm a witness to that of USDCHF. I shorted that pair 3 days ago from the 0.8987 level, I just opened up my chart late this morning to check on my trade and I was seeing one yeye long bullish candle forming outta no where😀😁
The only reason I didn't get towed out is because I traded off the Daily, but even at that, it just missed my SL order by about 3pips before continuing back down.

skydweller1:
Thank you! I love videos too but Omo YouTube catalogue throws me on and about... I lack sense of direction, what and whom to follow, when to even stop following and devise my own means.... The Trading Channel is one YouTuber I've been following though I think he tends to be rigid sometimes and that deters me.
The strategy thing is still something I haven't fully grasped yet... Is price action a strategy? I seem interested in both it and SMC (not sure I know the difference between the two other than their use of different terminologies)

Price Action is not in itself a trading strategy, but a form of Technical Analysis; it houses several strategies.
Smart Money Concepts are to my knowledge, a derivation of Price Action trading.

greatcheer:
lot size. your right. you got me here

Right! So you know where the problem is; the problem is half solved.
Just work on it, and you're good to go.

dmahn:
Brent Crude traders, I doubt if market will come for retest back to my entry but let's watch the pair tommorow incase it goes back to the entry. Let's sell with big lot and keep adding to loosing position... If our Sl hit, let's wait for an inverted hammed on H1 then we go full margin 😂😂

Lols...if only it was that simple, who for dey complain😂

dmahn:
Hmn!! You are right. It's wrong to trade with borrowed money. The fear of not wanting to loose the money, the haste in looking for big profits so as to meet up with the deadline for repayment, and the failure rate in the industry will mess up ones psyche and push us into a terrible risk management situation. To win in this business, you have to make it a Plan B while you use your Plan A source of income to gain confidence. I've got 2 $100 logo job this month on upwork so why I go dey complain about Stop loss hit when no be the TP dey feed me at the moment😅

You've said it all boss, spot on you.

Swipa:
When the winning streak ends

And it happens to be the trade with your largest lot size on....are we still talking about just coincidence?😯

Finessetraders:
XAUTrader4L2

hafa?

you still get hope for Gold buy?
this setup i dey see so, if e break, retest, otilo

Oppression!
Market favour your side now, you no wan allow person with different bias rest.
Let the poor breeaathe joor

pijam:
You are barely 6months into forex. You shouldn't be talking about live account. Demo is what you should be using.

I don't think that's the case here.
I believe if she has the right coaching already and can follow the regiments strictly, then there's no better ground to to play than the live markets.

dmahn:
You are doing perfectly well..All these will be an history very soon. Risk management is the Holy Grail. I haven't seen any significant win this week as well. But all my losses pack together isn't even up to my last TP. A big win will come.. Just avoid big losses.

Oh no boss, let's be real, she's actually not doing well.
She just said she took a loan, to trade the markets, that alone is an emotional buster you know, it's a wobbly foundation to start with.

I think she needs a clean break first, and then a fresh start.

greatcheer:
hmm when will the pains n sweat stop. the market knows how to collect profits n capital join.
am definitely not doing some things right
I just tire.

If I may Miss, what are you doing on your personal account that you're not doing on the competition account?

unclenna:
See my gold analysis....

I don't use indicator only price action, Support and Resistance, Fibonacci, Chart pattern...

Okay, that's interesting...even though I see RSI and MACD on your chart😯

So XAU pierced my 1936 support level down to 1919 to negate my earlier bullish bias, then ran back up to the 1936 level yet again...very funny instrument lol (the 1936 level is now holding as resistance, but can be easily flipped over again since there's no Weekly close below the level yet).
So at the moment, I'm simply neutral on the XAU, pending further price action.

EmmanuelVi:
Okay.
Beautiful chart there, tells me what you're seeing clearly, your bias is valid to me; you want to get out of Shorts whilst I want in on Longs, I think that's fair enough.
So for me, I'm just waiting to hear what Mr. Market would say; if it says go, I go.
1936 is the decision ground for me.

Emmizay12:
I think there is something fundamentally wrong with the human brain as regards forex trading


how can you patiently wait for a trade to hit stoploss, hoping it will become green

But there is no patience when the market is moving in your favour and hasn't hit Take profit

I mean if some trades are destined to be a losing trade and it goes straight to hit stoploss

definitely there must be trades that are destined to be winners and hit your Take profit

I took 3 trades yesterday, I lost the first 2, the 3rd one I jumped out quickly because I was sure it was going to hit my stoploss,, because why should it not? I had already lost twice

only to see that if I had just held, I would have cleared up the loss and even be in profits

I was so angry with myself yesterday.

all in all, I think the weakest link in our trading system is not the markets or strategy

but the human being

Sound reasoning boss...
It has and always will be a battle more of self than of 'weapons'.
Nial Fuller would say...most of the losses we incur as traders is mostly, not due to the strategy we employ, but more as a result of "trader error".
Unplug emotions and you'd see just how wonderful your strategy works over time.

Finessetraders:
Be like that guy don mislead full community o...

Make we dey see sha

modified: behind the scenes

Okay.
Beautiful chart there, tells me what you're seeing clearly, your bias is valid to me; you want to get out of Shorts whilst I want in on Longs, I think that's fair enough.
So for me, I'm just waiting to hear what Mr. Market would say; if it says go, I go.
1936 is the decision ground for me.

wuyexzy01:
Oga can you look at silver and say u want to buy that one too. As much as I know dey go in tandem. Fat sell loading for both Gold and silver. Silver own dne ripe sef. Waiting for a retracement to 23.37 to take a good short. Toor, everything na base on say base on say!

unregretfully, I don't trade the XAG; but like I earlier said, I'm still awaiting confirmation to buy a counter-trend momentum move but if market says otherwise at the critical level price is at the moment, I'd change my bias to the short side.

Finessetraders:
of course the markets will decide and i wish to be wrong.

if it's convenient for you, may i see your markup please? let me attune with your pov

That's where I've got a challenge; NL just wouldn't let me upload photos.

Modified: just found this on tradingview ideas and this guys analysis aligns with mine... https://www.tradingview.com/chart/XAUUSD/t0MhNWNI-XAUUSD/

Finessetraders:
Check the monthly and weekly TFs if you should be looking for BUYS now.
in my own opinion, the percentage success one would have looking for BUYS when price hasn't dropped to 1815 is 23% for TPs above 50pips

Wow! When was someone ever going to tell me I was looking at the wrong charts?😂😀

Aah well okay, I'm actually looking at the Monthly, Weekly and Daily charts and right now my own charts (don't know about yours😊) tells me that the Monthly..well that irrelevant to me at this exact moment, Weekly aha! has a critical level of support right at the 1936 area and the Daily, well, we can all see the Daily been playing about that area for quite some time now, try to break below it every now and then but failing every damned time (that should tell you how important that area is (well, to me at least😊).

I was willing to go long after I spotted what I call a "direct counter momentum", but the Daily close of today's candle is unconvincing to me, so I'm still holding the Longs bias unless price breaks and closes below the 1936 region (Weekly close that is). So let's let the market decide...cheers.

XAUTrader4L2:
Nice argument. Quite a number of people are expecting that drop but so far for me, price is still in the bullish wedge.

Till market says otherwise, I'm with you on the 'Long' side.

Arcmida:
seeing a bearish gold market , 2k+ kind of hard to accept by the market for now.

I see longs tonight if the Daily candle of today closes as solid rejection from my Weekly support level 1936.6 to my 1973.0 Monthly resistance. That's about a 363 pip wide swing.

Alexdroh:
This man sleeps and wake with vawulence🤗

I swear down...lols...
But na true sha oo

OfficialP:
I don't know why people do it, but think about it, you take full loss when your SL is hit, but you take partial profits when your trade hits TP.

if one takes partial loss nd partial profits, then it's OK. but it's not OK to take full loss and partial profits.

I couldn't agree more.

samfelly:
NGNUSD, please

Lols...they say "poor man's prayer be say; future go bright"...finish.😂😁

Tradinggiant:
abeg if you read all this write-up come Summarize for me abeg..

My broda, I sidon with you dey wait kowai😂