₦airaland Forum

DestinyDjohn:
Okay boss ... What economic data do you always look out for then how do you interpret to suit the narrative of the strength of that particular asset and lastly apart from sites likes investing and forexfactory, do you make use of other sites?

This tin is not something you can grab overnight, is more complicated than you think sir, but easy.

Start by getting a good book on Macro economics.

Study and understand
1.Interest rate,
2.GDP,
3.Labour market survey ( employment rate(NFP) and unemployment change )
4.PMI and ISM
5. Monetary policy
6. Inflation.

Weekends , I will be doing justice to it one by one for people that interested in FA, I will doing it for records, ma kids need to see that in future,not even cuz of FTA

As for the sites, forex factory is not a news site, just calendar site.

If u are trading indices, use Dow Jones newswire. For currency pairs use ..Moneycontrol,Reuters, Bloomberg,finance magnates and tradingeconomics. Just go through them and pick one or two.

Davigle:
Thanks a lot for your update and I also aspire to become better like you sir... I do not know if you trade ICT, but here's my humble markups...

Technically you are correct sir, I don't know how far you have been in this game? I was once a core technical analyst. Is it Falcon,SMC,ICT ,Photon etc that I don't know.

My harmless advice is do away with all these conspiracy theory strategies for now
, from my own understanding they are not sustainable in long run, pls try to understand what moves this Market, 97% volatility comes from fundamentals.Most of our so called gurus or mentors aren't feeding us with the truth.

I did a course on Professional Trader Development program (PTDP) lastyr, now I have understood better.
Take a minute and ask yourself why hedge funds managers like Bill Ackman, Michael Burry etc who are founders of hedge funds focus more on fundamentals. These guys worth more than a billion USD.

I don't believe in 100% strategy,but I have a friend who has proven me otherwise with fundamentals, he studied economics at Cambridge. This guy can open 20 positions in a month and win all ,with 1;2RR, as for my side I Know my today is better than yesterday, no cap but my trading bias hit at least 80-90% , but technically I'm still struggling cuz of greed.

The floor is opened for argument and questions,I'm free today

EURAUD..

This is one the pairs that is going to drop massive pips for the week if we have strong AUD CPI on Wednesday..

Reasons, 1.EUR will keep depreciating due to weak PMI that was released last week , we know that PMI is arguably one of most vital economic indicators used to gauge global growth and strength of consumer demand. 2. The economic is slowing down which outweigh inflation. So don't be surprised seeing EUR dumping. 3. AUD still at hawkish rate , if inflation news this week come out strong ,I will short this pair with at least 15 lotsize.

DestinyDjohn:
My boss, there are things I would like to know about how you read/interpret this fundamentals.. please can I send a DM?

Boss the problem is that I have Lost access to that email. Would you like to drop the questions here?

Analysis for the week.

USD- Fed paused rate which strengths DXY( Hawkish)
GBP - Pounds collapsed after BOE ( Dovish)

AUD - RBA pause Rate ( Hawkish)

JPY- Japan held rate , signaled no rush to tighten monetary policy, yen still weak.

CHF- After SNB meeting,swiss franc collapsed to 2-months low ( Dovish rate)

CNY - China industrial output doing well, a boost for USD. USD will be bullish throughout (Q4)

GBPUSD - will be shorting GU for now, any long position now will be minor pull back.


GBPAUD- will be shorting GA for the week. I had a good 1;4rr on Friday, will wait for pullback and short again for the week.

USDJPY- bias Long position will be activated after a good pullback.

USDCHF- long position will be activated after a good pullback.

A simple approach on how I trade currency pairs using Fundamental and technical analysis. And Company's earning report on indices (US30&NAS100).

The key to making money in forex is to Understand what drives currency pairs to move. No doubt is the investors who makes these currencies to move by buying and selling. In others words their trading decisions is based on fundamentals, they closely monitor economy of a country to know when the currency is weak or strong.

Take for instance, if the economy fundamentals in the united state is healthy and improving,Forex investors, hedge funds, pension funds and Banks will be buying USD, and reverse is the case when economy fundamentals is weak.

Now , how do I trade this market? Over 80% of the time my trading bias is always correct, where I have problem is entries using technicals cuz I'm a risk trader, always going for at least 1:4rr .This approach made me lose way more than I win cuz of tight SL. But the good news you will always be profitable if you have sound money management and trading Psy .

Economic indicators, not all economic indicators are important. The economic indicators to look out for are ; Interest rate, Economic strength ( GDP, Inflation, unemployment and employment figures, Capital and trade flows or trade balance)

Interest Rate rule and control forex market: Currencies representing economics with higher interest rate are always stronger than currencies representing weaker currencies.
Since the purpose of investing is to make profit, investors will always buy currencies with higher interest so that they will mk good returns on their investment.. let's digress. This week I have made good returns on EURUSD GBPAUD and GBPUSD. Why did I chose these pairs for the week?
1. GBPUSD, I waited for GDP news to drop on Wednesday, which showed weak data, ie weak economy for pounds and this alone will have significant impact on GBP cuz no investor will be willing to buy GBP. Looking at the quote currency which is USD, no doubt we have hawkish interest rate the last time FED sat and in the afternoon of Wednesday an inflation data(CPI) was dropped ,which showed strong data on Core CPI ( excluding energy prices) and also CPIy/y. These Economic data released proved that USD is strong across all board.

Now ,why would I be buying GU and EU?is pure sucidal, unless I'm a good scalper looking out for 20-50 pips .

For EU, ECB released interest rate on Thursday , which showed Dovish hike rate, for now EUR is Bearish for the main time, pairing it with strong USD, ie Dovish EUR and Hawkish USD = Bearish market.
NB, remember that these countries have trading partners like china, Japan etc..So inflation news on China or BOj intervention might affect the market.

will continue later... Happy weekend!

meshpips:
Phase 2 completed.

Account was brought into ICU almost 4% down.

Today, it is live funded.

Thanks everyone for being a part of this journey.

More withdrawal, Congratulations!

wuyexzy01:
cad/jpy is about to BUY BUY BUY. the range boundness has been broken yesterday. It has given a somewhat clear retracement probably the party is about to get started for the bulls. Observe your due deligence.

Nice call but I would rather wait for the outcome of Cash rate today, if they are going to hold,cut or raise the interest rate. As yen weakens,the trade will be banger if BOC holds or hike rate.

sampz:
Trying to break those ground.. but it's difficult.
Still in the game though..

D game hard jare, even my 300k MFF account dey -5% drawdown before MFF close shop, na why it no too pain me.

Nwadaka:
Baba u say mk u show face today, miss u like crazy sir.

Agu ur face shine, hope the tsunami no reach ur side?

realone12:
boss I miss you die.. where have you been

CEO I dey run ma thesis oo, to come online come hard like olumo rock. Hope you good?

sampz:
Long time boss.. hope all is good

Ya bro, hope u re brking grounds?

Kaybee7000:
Sorry boss for the loss,what next now? New challenge acct from another broker till live fund or what next bro for those that are depressed cos of this matter ?

No qualms champ, TFT and CTI still dey intact.just small drawdown tinz for now.

As Meshpip don apologize, mk we move on.. this is a man trying to build a brand for himself and family, all he need is our supports and not contradictions. He is a human not immued to F*up. 9ja don already hard ,mk we takam easy, MFF don lock ma shop like dz..

VeeVeeMyLuv:
CBN raised rates what are the implications?

Appreciation and increase in demand of NGN, which will attract foreign investors that are looking for good returns, I think 18% increase is significantly high.

greatcheer:
is this fx like an addiction thing?
my enemy is finished o,
hmm
how do I control this?
collecting loan from loan sharks and losing all the money in fx, not once , not twice.
since this year that I got introduced to fx I can't boast of buying anything new and am neck deep in debts all my money ******** has been swallowed by this fx.
be like na 0.01 lots get me now cos I am not understanding

Are you being serious here? Please don't u ever take a damn loan to trade forex, it's like two edged sword, why don't you start by investing in forex education first, I believe if you have the knowledge the money will take care of itself, my sister that just finished a trading course on Udemy wasted my $1k within a month. Now she is willing to learn. what's ur believe about forex, did you have the desire or just wanna mk this money ? I believe you are doing perfectly well, that's how the journey is. I wish I can go bk to my 2020 deriv account and extract my trading history. I almost lost my mind trading forex , the Incredible high blood pressure I'm having today came as a result of trading forex, no pain no gain, with Lisinopril I'm good. Don't be hard on yourself, please practice risk management, it will save u from screaming much until u are fully developed.

infofirst:
My Tp Got slippage by like 32.7pips some 17mins ago and hit. Bonus for me. I think the side one is makes one feel otherwise

Hmm wanted to share this, I think say na only me, have never experienced this positive slippage, today my GU trade slipped by 27 pips, 1:4 turned to 1;6rr. Eightcap try sha

OfficialP:
@Galleryeasy

Please help us check on princeofwallstreet, hope he's okay. Losing a loved one can have serious adverse effect, being there before. Thanks

I wish I can bro, the last time we spoke was last 2months when he told me he was at metro station with his fam and that was the day he arrived UK, since then I dey try chat up with him but his 9ja number no dey connect, sent mail no reply and equally dropped message on insta. I just wish he is ok, not like normal him.

Kaybee7000:
Will soon join u bro,let m win @info and TFT prize first if possible,make i start from there 😂😂😂

Sure, the industry can accommodate all of us if we can conquer that demon called "Fear" , everything you will ever wanted lives on the other side of fear. Conquer that demon and u will see the breakthrough. All da best, qoute me back next year when u will be rolling with $200k akank.

samogo1:
How much account are you trading? Is it a prop account?

Yes sir,total allocation of +$500k.

karkinase:
Gold fit tank today oo base on wetin chart dey show me

una get balls oo, yeye metal..

Nwadaka:
I don go waste the 3% I made last WK on a single trade, na greed go send me back to village . Wanted to mk 12% so that I can buy small Corolla next wk

so funny, but at times we need to go all in, it might be our next breakthrough trade . I risk 2% on all ma account today, guess what? I lost all -$8k , if reverse was the case,I should have ended the day with $32k. mumu me as I was expecting more interest rate increase labour market is still tight, I should have waited the bloody Powell to finish kia

rainlover:
Odogwu! Man with the big balls

U mean u don't secure partial profits till your trade hit 1:4?

I said it here before boss, I don't take partial or trail stops. I might decide to close it manually but it must be at least 1;4RR.. I didn't just come up with this mindset,it came as a result of years of backtesting. Normal thinking never wins the trading game Tom Hougard.

EmmanuelVi:
mmm..*sighs*...did even read any of my other comments or did you just come right out to throw a diss at me?
I don't even see where the guy in person mentioned that I "keep" attacking him (as you say).
I wonder who is throwing shades now.

Did you want to suffocate him ? Abegi loosen up small

Trading can be interesting, from last two weeks to last week, I took 5 positions and had 5 losses in a row , this thing has never happened for a very long time . I lost about
5.3%, I didn't question my strategy cuz I noticed that most of the lost trades could have ended being breakeven trades, I'm wired my mind in such a way that 1:5Rr or nothing.

This week came with lots of banger, took 4 positions on Gj and GU won all with at least 1:4RR, the problem I encountered this week was psychological problem due to previous loses, I started contemplating of wether to breakeven immediately the trade hit 1:2 or reduce my rr to 1:3, that's devil speaking. The demon we face as traders. With lots of numbers coming up this week I knew it's gonna end well, made 1;18RR only this week, I must say that it can only be God.
I pray that Fed should continue to leave the interest rate without hiking, Bank of Japan wants to finish Yen.

EmmanuelVi:
"Hope is only a bogus emotion that cost's you money".

Are u an illusionist? The young man has been doing gr8 for himself, posting trade calls and journaling his journey regardless of being wrong or right all u keep doing is attacking him , please stop! If is that easy I guess you are now trading with Hedge fund. There is more to trading than this bro,

It's been a great week, @ Greatcheer congratulations. Remember is a numbers game till next week.

infofirst:
Those pairs na wahala. I chop wotowoto on gold today.... And na them fit make 20% achievable faster

You get mind enta gold today without waiting for report to be released. I had a bullish bias but was skeptical about the whole tin cuz of Unemployment claims coming up by 1:30..

Immediately I saw the data came out higher, ie a rise in people loosing their jobs , bad economy ...USD=Bears . ..omor I loaded maximum lots on Gold .

realone12:
Make una congratulate me oh. I don hit 20%
Glory be to God

I was not expecting less from you mate.The haughty looks of man shall be brought low, and the lofty pride of men shall be humbled, and the lord alone will be exalted in that day. Bravo guys, if you didn't win you are still a winner 🏆

infofirst:
Those are heavyweights.

exactly, they move that market.

rainlover:
🤔

not that hard, hope you are participating in the competitions?

infofirst:
Maximum respect. I still loved Ger Dax.. @emmanuel explanation don cap it all for that Dow.

Exactly, but I only look out for just 4 major companies, others are just there . You see Microsoft, United health group, Goldman Sachs,Home Depot inc are poison.
Just understand their daily earnings reports before equity time.

infofirst:
US30 na emotion abuser. Well, maybe because it's combination of top stocks on the floor of NYSE. Heavyweight tinz

na gold I no dey near, but you see Dow na bae.