₦airaland Forum

Happy new year brothers. I just want to be a little blunt here. Before jumping on owning prop firms. Ask yourself ONE question, "am I good enough?"

Lotta people here are all engrossed on owning prop accounts, normal level. The main issue is, are you good enough to pass the phases and more importantly sustain it?

Calm down guys, forex is here forever. Stop rushing, and spend more time getting the grasp on it first. It's so easy and yet extremely difficult because of this eagerness, rush, enthusiastic behaviours of the average trader, which I see exhibited here on a daily, even hourly basis.

All most people need is just the understanding, patience and ordinary 5k prop account. And the sky will be your starting point. Calm down! Calm down! Calm down! Learn before you even start dreaming of earning. Some people have pending prop accounts they haven't passed, but one way or the other still hell bent on having more. That's stupidity.

If you are gonna get angry because of my post, please get angry because I'm tired of having last year repeat itself on this thread. Just admit you're not good enough, and go get more knowledge instead of trying to squeeze your way pass the phases instead of just going back to learn properly.

You only need one prop account to prove yourself, and not multiple. Go learn from the basis and practise more, and try saving $50 minimum along the way to purchase your account whilst learning.

Stop participating in competitions to earn prop accounts, they mess your trading psychology up more than help you. Competitions are for gamblers and not traders. You might be lucky to win one, but one thing in this business is, if you want to go far, luck is not enough.

You have to really know how to trade, and trading properly like a determined trader on a free monthly competition will never get you enough return to win you a free prop account. Reason is because you're competing with gamblers and not traders per se, they have nothing to lose, since next month is there[Bet9ja style].

I'm going incognito on this thread, it's a new year and one of my goals is to own a $100k personal account before the end of the year. All the best fam!

Eleyi lòò far.

kozmicity:
Thank you all for your input. I decided to stick with FBS, hopefully they don't fail me.


Ive deposited too, so make una dey pray good prayer for me, by end of next year, I want to have at least 2 million naira in my bank account and nothing less than 1000usd in my trading account.

You know how it goes. Don't plan on making money with this account, but plan on becoming a better trader instead. The money will follow once you tamed the second part!

2pep:
Hope you know that the Dragon challenge is a 3 phase evaluation

Even if it's 10phases challenge, they are giving it out for free, some kudos to them.
I checked the price for the 10k dragon whatever they're giving out and the price is $99. That's some job well done on their part giving it out to hundreds of traders that are gonna make the 25% target.

This business is becoming more fascinating as time goes by, just learn how to trade properly is all that matters. The money will come knocking on your door.

RKTexpert:
what are you insinuating here? first off, there's nothing wrong with some folks trying to trade or are trading non-currency pairs. Just bcuz trading currency pairs work for you doesn't mean you have gotten everything figured out; major, minor and exotics included; from your cryptic post; you are saying non-currency pair traders are obsessed with the euphoric inclination to trade gold/us30 and other non-currency pairs, given its speedy movement and volatility.
Are you saying non-currency traders are toying with fire and trading dangerously? Are all non-currency traders still not aware of the growing propaganda of implementing proper risk and money management in their everyday tradings.

You are ringing it loud as if folks trading only currency pairs ain't gonna ever breach their account or something; keeping drawdown at bay is how we progress in this line of work.

The goal is to make progress and upscale regardless of the kind of instruments we trade. If trading certain specific pair works for anyone, who cares. Once again the goal of every trader is to make progress in his trading journey and not the other way round.

I don't know why you are feeling attacked, I only said what I said because of the latest trend I observed here. In my opinion, currency pairs are easier to trade than metals/indices(opinions may vary).

We all know you're more likely to blow account faster trading metals, gold etc than currency pairs. So for someone starting afresh, this is a recipe for disaster!

You probably misquoted some part of my post you quoted. I said trading indices etc should be majorly because the trader understands and have enough grasp of its movement and not because of the volatility.

Most successful metal traders I know were also successful trading currency pairs before graduating to trading only metals etc. But you see newbies jumping on metals because of how fast it moves.

If anyone felt offended by my post, I'm sorry.

Ibrahimlagosian:
How many orders am I seeing here?look at the total lotsize of these orders in relation to the account size.
I think you should sit down and take preachings from your post first .

Calm down, some orders are even 200pips away from me and can't execute anytime soon, some won't even execute at all.
That's just my way of having them there as reference and markets I'm watching out for throughout the month till next year too. Makes it easier for me not to miss out on any trade, and they all have SLs too.
It's better that way, and you should also know this "Alpha" firm doesn't allow lesser lots than the 0.1, else I would even go lower.


And lastly, you need to get manners if you don't have any.

raphemmanuel:
Men and brethren,
With deep pain in my heart, I want to inform the house that I have successfully blown my Alpha- Capital 5k free account after passing the first phase.

This thing pain me well well...

Maybe you should give a breakdown of what happened. How it happened? What lot size were you using? How many positions did you have opened at once?

Firstly, journaling it here will also help you too in the long run as you can look back to it and realise where, how and why you failed. Secondly, it will also help newbies here know some path not to take, or the ones that leads to failure easily.

This alpha promo account was about 10days ago and you already passed phase 1. Something is not right, if you could pass the 8% threshold easily, you definitely could lose the max % DD even easilier(if there's any word like that).

I also jumped on the freebie too, no amount is too small in this business. Most of my limit orders won't even execute till next week or the upper one and I'm quite okay with it. But most people always want to trade even when there are no trading opportunities for them present to them at that particular moment.

And another thing I also observed here is that most people still struggling with currency pairs now prefer trading metals/indices because of their volatility. If your purpose of trading an instrument is majorly because of the profit you are thinking or hoping to make is the reason and not because you truly understood its movements. You're going to fail 11 out of 10times.

Some people can't handle small movements in currency pairs yet without getting drawdowns, but one way or the other they think gold/us30 should be their next favorite pair worthy of trading. Go on, this business will teach them by force by fire.

peteregwu:
On AUDCAD, I am anticipating a big move to the upside. Today is Monday, Risky though. 😎

I think there's going to be some 200pips move downwards before the massive uptrend move as I can't see any strong support around the current area suggesting otherwise. The final destination is 0.953×× based on the weekly TF. But I'm seeing a retracement down to that purple horizontal line(as it's a major support zone) before continuing the uptrend. If it can retrace down to that 0.875××, I'm longing it and forgetting till January at least. That's gonna be some massive 800pips move.

Wahala

Mcslize:
Exactly. That's why I have cut down the pairs I trade to 2. There is always this temptation of wanting to trade many pairs.

When you have a very rigid setups you follow whereby getting trade entries with even many pairs is hard to come by. Trading just one or two pairs might not even give a trading opportunity for a year.

I usually use buy/sell limit to handle such scenarios. The error was due to forgetting to set one for it, I thought I had set it, but unknown to me that I didn't. I was going through all the pairs for the weekend analysis when I saw it. But it's good though,

Mcslize:
Who quit Forex na fûck up o.

GBPUSD is ready to sell this new week. Check out the weekly time frame. That bearish engulfing candle stick is a go ahead confluence to look for sell opportunities for the new week. It will sell to the next major key level. We are still very much bearish on the higher time frame.

I missed out on the 1st move, I mapped it out since last week and forgot to check it up(disadvantages of trading many pairs). I'm expecting a retest of that zone you circled 1.274xx, as you can see I had an arrow pointing downwards from that spot too, so I can sell from there. I hate joining trades in the middle, it's like being dropped in the middle of a war without shield.

Imagine entering now and it went up to retest that zone(this happens a lot), that's 200pips(you probably would have been stopped out, but if not) in DD already. By the time the move would continue the downtrend after the retest, instead of catching 200pips in profit on the way down, you are recovering 200pips initial loss.
Of course it might not come to retest it and just head straight down. I'm just gonna see it as one of those unlucky days and move on, rather than hop on it when I'm not fully convinced and it goes ahead to hit my SL.


Different stroke for different folks though.

greatcheer:
After 12months of Forex trading, going forward am sticking to this

$100,000 = 5lots
$ 10,000 = 1 lot
$ 1000 = 0.2 lot
$ 500 = 0.1 lot
$ 100 = 0.02 lot

proper lot sizing
I have realised that this market was built in such a way that if ur greedy , u will still lose ur profits back into the market.
hope this helps some1

exceptions to this is if u have a very good A+ setup entry

If you'd be trading a prop firm account, these lot sizes are too huge in my opinion. Look at the massive failure with infofirst 0.10lot sizes rule on a 10k account, now imagine if it were 1lot size instead? The failure would be squared.

Depends on your trading pattern though, proper position sizing is more than lot sizes. Position sizing should be based on your stoploss, then you adjust your lot size to the percentage of your account you are willing to lose per trade.

We all know Chf pips are higher than Jpy pairs. A 10pips move on a chf pair is almost equal to 15pips move on jpy pairs, so using equal lot rules won't work with this, as the loss/profit will vary.
There's money in this business, especially with this advent of prop firms if and only people will be extremely patient and learn how to trade properly.

geedot:
Price reacted at that particular spot I highlighted. Lool. Unfortunately it didn't break it now, hopefully it comes back to retest it. I've moved to BE anyways.

After 20hours, this one is still trapped in the box. Will be exiting after the close of this 4hr candle. Why risk the potential of breaking even if it retraces back to me when I can just walk away with 70pips+ I already have.

peteregwu:
On EURNZD, I am watching if it could touch 1.75022, then I could go long and target 1.85212. 👀👀

Almost Same spot I'm also watching to go long on it, just 4pips below yours. I already went long on EurAud.

geedot:
Price respected the area so well, that it didn't even move up to 10pips against it before the fall occurred. Currently running over 60pips in profit.
From the attached second image, I'm expecting some pullbacks within that white rectangle area, if price breaks through it, expect additional 100pips fall before the next pullback.

Price reacted at that particular spot I highlighted. Lool. Unfortunately it didn't break it now, hopefully it comes back to retest it. I've moved to BE anyways.

GbpChf sell doing well also. Currently at 90pips+. TP is just 20pips away.
Expecting some pull backs within that white rectangle area also. Watching out so to close manually. Not ready to drop from my 90pips in pursuit of just 20 more pips.


UsdJpy buy also running over 100pips+ in profit also. One of those extremely profitable days.

geedot:
Watching AudCad closely, waiting for it to get to 0.90329 so I can sell from there and set my SL way above the red line with additional 20-30pips, making about 50pips SL in total. Don't wanna make a mess of it like I did with the trades below today.

Price respected the area so well, that it didn't even move up to 10pips against it before the fall occurred. Currently running over 60pips in profit.
From the attached second image, I'm expecting some pullbacks within that white rectangle area, if price breaks through it, expect additional 100pips fall before the next pullback.

obilokechukwu:
my dear sp500 and nasq100 will sell for short time then continua his bullish trend. my advice to you, sell low, buy higher or do not sell wait for buy. see my analysis below

I hope you won't be a troublesome person in real life. Your wife/gf is really trying oo.

realone12:
I think you're referring to charly

I ran some google search with keywords I could remember with nairaland added at the back.
The username I'm talking about is Capitals. Try check him out, fortunately he hasn't deleted the account, just no longer active here.

kozmicity:
He trades like karkinase. Speaking of him, how are you doing chief?

Don't really know who that is. The dude I was talking about username is definitely not this. Can't really remember.

I'm doing good my brother. What about you?

Ibrahimlagosian:
But one thing wey dey vex me with Peter is that,he would never show you his analysis .he would only show you his entry and exits.Bro Peter,next time eh,try to dey post chart analysis.make we see wetin you dey see before I check on my new mentors.

You've not been paying attention enough. His chart already shows where and why he takes his trades.

You have to put in the work to disseminate it yourself if you really want it.

Ibrahimlagosian:
I swear,I was so shocked when he told me he had only 3 consecutive losses in 4 month,I was shocked.

No matter how good you think you are, you have to recognize a better trader when you spot one. There was this guy on the older FTA threads who's no longer active who does 100% ROI in 3-4months consistently while risking less than 2% per trade.

His pattern is so similar to Peter's, maybe slightly better from my own perspective though. I just feel their method and trading style is the most advanced way to trade.

Ibrahimlagosian:
Your YouTube mentor (s) will definitely be my mentor(s),can you reveal him/them?

You're on the right track Ibro. He's the best here, anyone trying to get really serious and go far in this business should study Peter.

His trading style is the most professionally-inclined one here compared to others(I meant no disrespect to other gurus here). The R:Rs and the patience in seeing them through is top notch. He's a trading mini-god, his overall drawdown will be as low as f.u.ck.

Watching AudCad closely, waiting for it to get to 0.90329 so I can sell from there and set my SL way above the red line with additional 20-30pips, making about 50pips SL in total. Don't wanna make a mess of it like I did with the trades below today.

Today trades going crazily against me currently because I entered way too earlier than usual. But of course I know why I entered, so no panic.

Even a 5year old kid knows what to do here; fly over the oncoming truck. Win win for everybody.

samfelly:
Una don see this one? Pay the extra and increase everything (profot share, max drawdown, daily drawdown and profit target) They just keep getting interesting

They are just trying to play with traders brain here. What difference does it make? 10% Max DD and 10% profit target is almost the same as 30% max DD and 30% profit target.

You just increase/decrease lot sizes and before you know it, you are doing basically the same thing. Anyone stupid enough to pay that outrageous fee for the 30% one doesn't just understand the maths behind FX, that's all.

Same way I see people complaining how less volatile currency pairs are compared to gold/indices when the major difference is adjusting lot sizes accordingly.

dmahn:
Wagbayi.. Ride that bastardt EU...

Cc geedot .. You see I'm not the only one that's still bullish on EU

Trade still left open, now running on loss. I couldn't get the amount of drop I expected yesterday that would have made me move SL to BE. So I'm still in it with my 80pips SL.

dmahn:
So you get mind follow market maker run my SL Nice run here bro. Although im still bullish on EU, I will long again if i see any valid reason to

If it breaks that 1.095xx resistance and turns it to the new support, You can long it. With what I'm seeing on my EU daily and h4 TFs, why would anyone wanna long EU now? Unless you're longing with a very wide SL sha.

But, all these are just mere assumptions, we get our own plans, market sef get hin own plans too.

dmahn:
Messed up big time .... Closed out on a good trade due to fear.. Jumped on a bad one coz it looks almost risk free... I knew I was in trouble when I couldn't place those trades on my live account .... Taking a break till next month again.. Meaning I have just december to do 13% .. I have failed to Situp... Usoil rallied down after I exited my short.. Eu rallied down immediately I enter my buy.. 3%DD

You bought your EU almost where I sold from. Check the second image chart out on the EU, I think EU is due for some heavy fall, of course it could retrace. Waiting for more falls before moving my SL to BE. I entered with 80pips SL and will wait till whenever I sense the need to exit.

efe21:
Because I am seeing this trend for the first time.... It's remind me of all those Forex forums that year when men were still coming up as traders. LoLzzzzz 😁😁😁.... Someone above was even explaining the chart with DXY nonsense forgetting that price action backed with the market structure per time is the Koko..... Trading is too simple without much over analysis.

Common change in character followed through with break of market structure and a retest with the formation of the candlestick pattern to cement the confluences will give you a good entry that will cummulate in a profitable trade per time.

Then rinse and repeat over and over again with good money management in place (stop loss and take profit level established), then you are good to go..... LoLzzzzz .

God bless you my bro. Trading is simple and easy if and only you won't make it extremely complex for yourself because you went through some loss streaks.

You can take my word to the bank. What you need is not too much. Follow a trend, wait for a few retracement, immediately you see a continuation after the retracement, hop on it. Don't make your TP too far so you can earn your money before the next retracement, and if your head carry am, make your TP farther and stay when the next retracement occurs, it will definitely continue after. And if it doesn't and the trend ends, so be it. You hop on another market. Unless you're extremely unfortunate, there's no way every trend would end because you hopped on them.

Over complexity kill people in this business. Whatever indicators you use are not special, they are just working based on the naked price actions your eyes were blind to see. Have you been to Dubai before? Don't you want to go there? If you follow these simple rules I highlighted, you will go there and chop life, and who knows even live there for the rest of your life. Basically they've got everything the Holy books(Bible and Quran) promised in their imaginary paradise here on earth.

Jameselias:
Finally some one gets it
not the other morons

Morons for advising you? Lool. All the best boss.

Jameselias:
I'm learning from the profitable strategy of gabson some of which is , use of wide stop loss and staying on the side line

If used without knowing his entry signal, it can work for you in the opposite direction and turn you unprofitable. Using wide SLs might be you increasing your losses, and staying on the side might be you losing out on potential winning trades😞

He probably saw something in such trade to use a wide SL, but if you're not sure of seeing anything and entering all trades with wide SLs because you know someone who does can be disastrous.
Like one yoruba proverb says, because my friend mess, me self go mess, if care is not taken the person go shit for body ni o.