₦airaland Forum

samfelly:
It is a bigger FACT. Demo na big cruise joor. If I dey trade Demo, I no dey fear. But as for Live, see fear; see shaking; see emotions from every angles.

I don't know how to really put dem in check. Even if The-Man-That-Sees-Tomorrow tell me say, "Tomorrow the market will Buy all the way." My broda, if I buy, I go still dey fear - irrespective of the assurance that the man has seen tomorrow.

that is live account for you. The emotions dealt with me and I almost gave up. Let the market beat you but while at that, learn to accept losses as part of the game, if you can do that and not shake, you will overcome the emotions.

While I traded live account, I also had a demo where I took every trade I took on live, guess what, I closed my trades on live account early and left the demo running, the demo grew faster cos it was demo and I had no fear. I had to stop the demo and face the live squarely cos I was always comparing both and that brought anger and loss of confidence.

samfelly:
Omo, dis ur write-up don give me added encouragement. I no even dey send again say I dey blow account. If the best of the best traders, today, blew accounts, yesterday, na me go come dey give up now and throw in the towel? No way! Instead, I go squeez the sweat from the towel, dry the towel, and reuse it again

Lol. Start with 0.01 and stick to it, you will be tempted to increase it if you make consistent gains but na lie oh, na trap. I made that mistake and paid dearly for it. Emotions on live account is different from demo 100%

So use live account but be ready to lose it all, stick to 0.01 for a long time and find tour edge. Keep learning cos it's a long journey. Even me is still in that journey. Goodluck man

samfelly:
Blowing of accounts is our hobby, abi? . If I wan go Demo, e go bi contest demo account. At least, I'll be Demoing for a prize

Had to deal with the emotions of trading once and for all. Demo na cruise IMHO.

Feshizzy:
if you tested your strategy rigorously
news shouldn't scare anyone really.
most times na scalpers dey fear news.

i have learnt that technical is stronger in forex than any form of trading thus can be easily manipulated.
only rare events like black swan can really do serious numbers
i'm referring to currency not commodities like gold etc

I used to look at fundamentals until I started having headaches. While technical will be saying A, fundamentals will be speaking in tounges so I dumped fundamentals.

Sometimes, I don't even know there's High impact news coming up, I just trade what the chart says.

I think for long term traders, fundamentals is good but for short term, technical is boss.

CopyJoe:
You be boss na. Learning with gold.

Lol. I actually started with all currencies and gold, gold showed me shege but I loved the volatility. Currencies are too slow for me and frustrating so I stuck with gold and kept going on live account. Lost a lot and almost blew my current account but Thank God I got small balance.

When I move this current account to 1k USD, I'll fund extra 2k and see how it goes.

CopyJoe:
Cure it with demo and a passion to succeed in this business.

Boss infofirst told us earlier this year to practice with demo.

Treat it like a live account. Don't go live until you make good progress.

good advice but I didn't learn with demo sha. I am learning currently with live. And yes I have blown accounts

CopyJoe:
Structure.

yop. Closed with 65 pips. 0.01 lot, nothing serious.

CopyJoe:
You better TP. The news favoured you.

azin ehn, I totally forgot about the news can you imagine me. I took a buy based on the chart. See chart below.

CopyJoe:
FOMC

About 40-50 pips move on some pairs.

About 90+ pips move.

From my study of news,

Highest move of pips on currency pairs is about 80 pips.

Lol, I didnt even remember there is FOMC. Lucky me

CopyJoe:
Gold sell, Sell limit - 1790

SL 1792

wait make I hit TP before you begin fight me na. Boss

Decided to play with gold buy and it missed my TP lol. I love gold. Didn't even expect it to have such volatility at this time.


Funny part is my first TP was 1790, would have been hit but I decided to go for 100pips TP
Sl @ BE

Forexislife:
And the bolded came to pass. We stand down and wait for new York session. Follow your trading plan judiciously.

Missed my trade watching movie. Wtfk

Forexislife:
We got a rejection of 50 pips already. First chart is 4hr candle about to form a bearish pin bar.

I only trade new York session but sometimes, I break that rule. So I'll sell on two conditions, if the 4hr candle closes as a pin bar and if we have a large retracement on the new 4hr candle. If not, I will wait for NYSE open.
Sad part is, price can sell way further and leave me behind but like they say, the market will always bring other opportunities. So we wait....

And the bolded came to pass. We stand down and wait for new York session. Follow your trading plan judiciously.

Forexislife:
So the current zone will be watched. Buy? Sell? We will find out later.

We got a rejection of 50 pips already. First chart is 4hr candle about to form a bearish pin bar.

I only trade new York session but sometimes, I break that rule. So I'll sell on two conditions, if the 4hr candle closes as a pin bar and if we have a large retracement on the new 4hr candle. If not, I will wait for NYSE open.
Sad part is, price can sell way further and leave me behind but like they say, the market will always bring other opportunities. So we wait....

So the current zone will be watched. Buy? Sell? We will find out later.

JAkpayen:
News is very important. Take for example UK CPI coming up @ 7pm with forecast of 2.2% vs 2.3%

This is expected to come out lower and should weaken GBPUSD but rather I will look to buy the pair because it is still higher than the Bank of England 2% target which may signify a hike in interest rate.

Well, might be a good one but I just find it unnecessary keeping up with news update. Maybe someday I'll learn to factor that in.

CopyJoe:
After that huge fall today, I need to study the market and know how it reacts.

OK Man. Good luck.

CopyJoe:
No trading for me till Thursday or Friday or next week.

why na. Kilode

VlamesIffect:
FOREX FOREX FOREX.

WITH BAD RETAIL SALES DATA, DOLLAR STILL BUYING....NO BE JUJU BE THAT?

I look at forex factory at most 3 times a week. News na distraction. For me, it's trade the charts only.

Jameselias:
please somebody should advice me, and help me check if my mathematics is right,
Let`s assume I`am trading micro lot of say,
0.05 which is equall to 50cent and then I target say, on the average 50 to 100 pips a day, which in turn would amount to 25 or 50 dollars a day, please from your experience do you think it`s 'doable ' or possible,? I don't know if I 'am expecting too much,? Or I should reduce to say 25 to 30 pips on the average a day? Thank you expecting answers?

Since you say on average, it's doable.

But chasing pips is not advisable. You first have to look for a system you can work with, whether 1000 pips a day or 10 pips the risk is what matters. There are traders that take 20 pips a week and make a fortune. Getting a system with good win rate and risk management is what matters.

I hope that helps.

Forexislife:
Anytime I want to "play with a pair" I use the lowest lot size. SL at Break even.

Closed.

GabsonFX:
All the trades analyzed here since last Thursday, here is the result (on my prop firm client's account), this can motivate you.....So see attached.

Off-trading for the next 2weeks....

Sweet. Goodluck Mr.

Anytime I want to "play with a pair" I use the lowest lot size. SL at Break even.

GU Looking like a buy. I'll be watching that zone on lower time frame. I'll be looking to swing trade this pair since I don't normally trade GU. Watching.....

Forexislife:
On a second thought, I'll wait for 1793 zone. No trade today.

Took a trade based on this comment but couldn't post, currently on Ibadan express way to lagos. Good trade. Now let's see if the daily candle ends as a pin bar. That will signify sell to 1762 region before we possibly go long. Done for the day.

GabsonFX:
Trades update:
Gold currently running @ 266pips
GJ @ 85pips

This is why I laugh when I record losses [Trading psychology right?? ]

I'm looking to enter GU by today's close as quoted below

Sharp one.

Forexislife:
Looking to sell gold short term.

On a second thought, I'll wait for 1793 zone. No trade today.

Looking to sell gold short term.

LaughButton01:
Please add me on any forex group you are on +2348091135274
I'm looking to better my trading.
Plus if anyone here knows of any forex trading community in Ibadan where we can be meeting physically?
I won't mind to join any such community.
Thanks fam

I am not in any forex group sorry mate.

Tony142:
Atleast, I like your honesty for saying the truth, not all those people posting winning trades screenshot up and down as if na their papa design the market

Lol. I am not ashamed of losses, it is part of the business

Tony142:
Your risk/reward ratio is 1:5 I guess?

I cut losses quicker and let winners run. And most times when I cut losses, it turns out to be the best decision.

GabsonFX:
You will go places in this business with the bolded mentality.

Thank you Boss. Amen I will.