₦airaland Forum

@Nzechu, If there's one thing I admire about you, it's the discipline to stick to your style of trading. Anytime I glance through this thread, once I see "sell to 423", I needn't look the username, I already know it's you.

peteregwu:
Market has been fair to me. Welcome!

Wasn't talking about fairness my bro. But all the same, it was nice hearing from you!

Ibrahimlagosian:
Good afternoon everyone here.

It's been a long time I made a post on this thread.My studies choked up when I proceeded to 200lv , medicine isn't easy but yet, never stopped me from actively engaging in my trading activities.Money must be made in this current era.
I'm also noticing new monikers here.Indeed this shows that the thread is growing as I see 5k pages before the end of the year.gabsonfx,Davigle,samfelly,donsheddy,geedot,lanshile and co, how's the biz going on your side ??

Ibro makanaki, I'm doing my gambling as usual. #TeamS&R. @Peteregwu, how have you been coping with swing these past weeks. The reversal is crazy, I had to start daytrading for the main time.

I strolled here today and just imagine trading advice and method flying around. Any newbie still looking up to this thread to learn more might even come out worse than they were before joining this thread if care is not taken.

I keep repeating that trading is not hard, you are just not disciplined enough to follow whoever your mentor is 100%. All popular strategies online work, the thing is after encountering few losses, people tend to leave the strategy in search of another, and the cycle continues.

This thing is not hard! If you are ready to go bet9ja style, follow all those gibberish plastered here for the past 24hours, but if you really wanna learn and turn it to a living. Reduce your activity here, go back to your drawing board and pick just one strategy and master it on a demo.

Save aside funds to get a 5k prop account only after doing 10% profit severally strictly following your strategy with proper risk management on a demo account.

Whatever good takes time, but it also shouldn't take too much time either. If it's taking too much time, maybe it's time the person changed method. This is not the early 2000s where there was little or zero resources to learn from. With so many resources on the web at this age, it's a disaster if anyone is still struggling 4years+ and still not getting it. Maybe it's high time the person paid all those JeffBen, and HabbyFX mentorship money to cut short the journey.

Online teachings doesn't work for everyone, as learning alone could be hard. If I was a struggling trader after years of non profitability, God knows I would have found money to go learn offline with those guys I mentioned above and make like-minded friends offline too.

See picture attached below, that was what I used as my guard when in I joined forex 2020 after covid era showed me shege. It was a post by Shevychen back in 2017 or thereabouts. Happy weekend!

Geovanni412:
The issue of suicide and emotional trauma

I'd say this, let's not criticise him because you do not know the full story

He only told us part of it, there are probably other challenges he is facing in addition

And if you say suicide should never enter one's mind,

What advice would you give to a terminally ill cancer patient considering suicide?

What advice would you give to a young boy in prison who is being sexually assaulted every night who is contemplating suicide?

There are many other situations like this.

I'm not talking down on him as you can see from the post above. I gave an alternative as to why he should leave this business for sometime to get over whatever it is he's feeling right now.

This is the reality of this business. Go demo and do 10% profit with proper risk 3times in a row before getting a 5k prop account. If you fail. Go back again and trade the demo for 10% profit twice in a row again and get another 5k account. Going through these two phases I mentioned above should take a year already. No one is ever gonna go bankrupt by getting two 5k prop account a year in my opinion.

People are eager to earn in this business, when they haven't properly learned. You have to take your time since you could even lose your money in the attempt of making some. And another point I see people mention here all the time is go through your failed trades during the weekends to see why they failed and work on them.

This is wrong, you will always have failed trades no matter how good the setups or your strategy is. That doesn't make your strategy a bad one or the setups, or you have to analyze why they failed. Before you know it, you start tweaking every weekend to avoid losing. We know how that ends up.

Whatever has happened has happened, I have no control over it. I'm just trying to advise others from going through the same route. I never meant to sound harsh, maybe I just didn't know how well to pass my message across enough.

How are you doing by the way Geo?

@James. I'd made up my mind not to ever comment on this thread again, and just read here every few days when I'm less busy mainly because of just two or three good traders left on this thread.

When we preach about learning before earning, some idiot.s would come out to say we are wishing them bad luck, meanwhile it's quite the opposite! For you to even contemplate on suicide shows you are weak to handle trading emotional trauma. So I'm sorry, it's better to just quit and start over and leave forex alone. It's one of the hardest job in the world.

It's not that you won't make money if you don't really understand it, but you would also lose the money you've got because you don't understand it. It's just advanced gambling in a lay man term.

What do you do now? Pick yourself up and leave fx for some time and live your life for the outside world, find and get a real job to get by. I would have loved to put you through in my own little way, but you are too emotionally invested that I doubt any mentorship or advices would work for you currently.

To the newbies out there, this is the reality. Forex money is real, you can see the money, but touching and getting the money is another thing. Know this and know peace!

It took me three months, it took some people years. And it took some people forever and they still didn't get the hang on it. Not everyone will make it. It's just the harsh truth no one is telling you about forex. Look around this thread and see examples for yourself. It's just full of below average and struggling traders.

If you are ready to learn, really learn. Follow Chris Capre, 2ndskiesforexdotcom and learn price action with support and resistance. I don't know how long it will take you, but please follow him like a sheep or Jon Snow that knows nothing, and learn everything from him.

I won't advise you pay for the mentorship program, quite expensive. I didn't pay, and yet I learned everything from him. Forex is majorly about buying and selling, so you should majorly be looking for buying opportunities at demand zones and selling opportunities at support zones. I don't know why this simple reality is hard for the average traders to follow.

Screenshot of just two trades picked up today at the resistance zones with about 30-40pips stoplosses.

Germany vs Argentina 2014, and that Gotze goal almost cut my fuse. Argentina style of play that year also didn't help, they were like Athletico Madrid. Defending and looking for counter attacks, against a german team that just devoured Brazil, 7-1 in the semis.

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geedot:
About what I saw and why I'm buying. Since I trade from zone to zone, I believe since market hasn't gotten to my next resistance @1.67×, it's not done yet, it's just resting to pick up momentum before rising again.

See how the market broke the 1.64× and even moved about 200pips above it. It has rendered that resistance useless according to my strategy. So I believe there's nothing stopping it from getting to that 1.67× zone. Even if it will sell, the sell should start from that zone.

That 1.64× zone was a support before it broke it and turned it to resistance, now it's broken again, I believe it should act as support to catapult price to the next resistance. All these are assumptions by the way.
The trendline is the only obstacle I'm spotting that might cause some hindrance, so I set my TP there instead. Once it's about to hit that trend line again, i wanna get out.

It did come to that support truly and respected it and pushed up as I anticipated. So let's keep fingers crossed. This week will tell us whatever plans EA got for us.

I'm currently not at home, would have loved to show you the screenshot on my laptop instead. I hope this mt5 is enough.

EurAud eventually played out after kicking me out on Monday. I entered earlier than usual. The main point is my bias did play out and that's satisfactory enough.

geedot:
NzdUsd for those interested. Still fresh, it hasn't gone far too much for anyone to still join.

Currently running 60pips in profit. 0 drawdown from point of entry also, so SL has been adjusted due to yesterday's high being just news spike. TP also reduced to 100pips as there's some former resistance that might wanna act as support around that 0.60× zone on the H4 timeframe that might disrupt the bleeding to the downside.

NzdUsd for those interested. Still fresh, it hasn't gone far too much for anyone to still join.

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Euro crashed across board, EA stoploss hit, EU stoploss hit. All last week profit turned to loss first day of a new week. Welcome to FX!

Pclemenza:
Still not helpful. There are just 3 links as I joined yesterday. The picture below shows the links.

Just follow this channel on telegram and get unlimited access to premium courses. This is the username: FOREXCOURSES2024.

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peteregwu:
Bros, I take God beg you, no kill me before my time ooo by comparing me to dapo my mentor. Abeg, dapo is just exceptionally good....show home some respect. Person wey dey manage millions of dollars abroad. Abeg na prayer I dey pray make I reach him level.

You're the one not fully taking advantage of your skillset yet brother. Have you gotten the williscapital prop account btw? I'm getting mine beginning of next month.

Bimmarlykay:
I see...

It's nice with nice risk to reward, will give it a trial...

But what if market ranges,do you stay off,or you buy and sell at support and resistant respectively?

If overall trend in the case of confirming what the weekly/monthly is saying is downtrend, only look for selling when the market gets to resistance level. Don't be tempted to buy around support, don't buy with the hope of it getting to the next resistance. Wait for it if it goes up, if it doesn't, leave it be.

Pclemenza:
I saw the boldened and DAPO WILLIS came to mine. Swing trading is actually a goal. I have his course but not started digesting it.

I wish to trade like him for real, he's so good that I fell in love with him the first time I saw one of his videos on YouTube. That's why I love Peteregwu's style of trading so much too. I even think Peter catches more pips than Dapo. That's how good Peter is.

Bimmarlykay:
You plot support and resistant zone on daily and check weekly for trend,then wait for retest and continue with the weekly trend? Right?

That's just it brother. Watch for the overall move to confirm if the current move is just a retracement that's gonna find support to continue pushing upwards in the case of an overall uptrend.
If it fails, go downward to your next zone to wait at the next support to pick it up again. Trade in a way where only one win cancels out three losses easily.

Frank571:
I just need the link to download it
I think it's about 3gb
Most of the links online are fake

A moniker veeveeluv dropped this awhile ago. So many forex courses there. Dapo's course is there also.
FOREXCOURSESTITANS on tgram.
It's an rar file, so you should have an .rar extractor to unzip them after downloading.

GarkiAccessory:
To buttress your point, some zones are by far more powerful than others, I discovered that when price gets to those zones, it reacts aggressively.

That's the best way to trade for someone that wants to be profitable in the long run. Training your eyes to spot the move earlier is key, because once the move has begun and moved about 200pips already, joining at that time is what make people lose money back to back.

The market is going up, but it won't just head up, some head up straight to the intended direction, but most of them don't, it might come down to retest, giving anyone joining in the middle ab200pips+ drawdown. This is why people are stopped out before market going their way.

This thing is not as hard as people make it seem. It's just annoying seeing people being in this for years, still struggling and trading the same way they have been doing that has never worked for them. I've been preaching it here, I hope those wise enough will follow and ditch their conventional way of trading that's not working, and go back to the drawing board to unlearn and relearn.

It only took me 3months to start becoming profitable and I've never looked back ever since. So when I watch these Instagram reels and those traders make it seem everyone must suffer for years before getting it right makes me wonder if I've been lucky all these while(3 years now).

I advised one dude the other day, he picked offense. I was just angry seeing people struggle for years and they haven't still learned anything all those years. They are still trading the same way they have been doing all these years.

I didn't learn anything too complex, just my support and resistance. There was a time I enter trades with 100pips Stoplosses, but now I've become better as time passed by and sometimes 30pips Stoploss is what I use even though most of my trades last for weeks sometimes.

So when Geovanni was saying yesterday that day traders should not be using 20-30pips SL, I just had to smile. I swing and my max stoploss now is never more than 50pips. The key point is the entry, when are you joining a trade? If I feel like entering a trade now for example when I still make use of 100pips SL, sometimes it will go against me by 80pips+ in drawdowns before it started moving my way. So i stopped entering early, and instead set a buy/sell order 50-60pips away. Still the same method, just advanced entry that I added to my toolkit over the years.

That's why most of my trades always look as if the entries are perfect, because most of the time I miss out on trades, the few ones that comes to me must have been exhausted and they just start rising from where I entered from. I only took 4trades this week and these are the entries. If I want to lose, I lose easily because sometimes market will blast through your stoploss in less than hour sometimes. You just login and see your balance reduced without any trade going on lol.

Over the years I know to adjust my entry point further backward whenever there's an upcoming news on my pair and market is already close to my entry by less than 100pips.
I'm writing too much, I just wish anyone will dissect the message I'm trying to pass and put it to use.

Learn Support and resistance and only draw on the higher time frame. It should very visible enough that it shouldn't take you more than 40secs to a minute to draw. Once drawn, check the weekly to know if market is bullish or bearish, if market is bullish from the weekly time frame, you have to know whenever market hits your support, you should be looking to buy. Set your limit lower than your support, i.e the buy limit should be when market breaks the support, that means you will only be entering the trade when market breaches the support zone. That's why you see wicks beneath support areas and above resistance areas. Market comes there to test and continue it's journey.

You will lose, trust me, but you will win more. One trade for me cover for four losses, and I hardly have four losses. It's easier to pick 250pips up with 50pips SL when the entry below the support for a buy. Sometimes I move it up a bit, it's by years of experience, try setting it below and adjust as time goes by. All the best brother.

These are screenshots of my current running trades entry this week.

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infofirst:
Forex market is not the problem. The market makers are not the problem. The brokers nor the prop firms are not the problem.


YOU ARE THE PROBLEM

The forex market is easy. You are the one making it Hard.

For those of us coming from the programming world, forex is like a blessing in disguise. Imagine planning to learn programming for 2years minimum without expectations of making one naira during that duration because we know the money will come after the knowledge. Even the money is in form of seeking employment where you can be sacked every now and then. No true freedom really, just employability sake.

As a programmer, our plan was to get a freelance job of just $1k at least per month and we would be fine. Imagine someone that's got the patience to learn something for 2years without plans of making money during the learning phase, and his expectations was even to make around $1k per month. Coming into forex with same mindset, tell me why he won't succeed?


To the people just coming in, there's too much money in FX for it to be easy for everyone. If you've been in this for years and still unprofitable, it's time you re-strategized. Whatever you've been doing is not working, tear it all down and start again. This time it will be easier as you've gained so much insights all these years.
By now you should know your best trading style, be it Scapling, Day-trading or Swinging.
Follow only those that trade like your intended method judiciously until it becomes second nature to you. It may take time, but it's definitely gonna worth it.

The plan is to become a trader, a profitable trader and not a chart architect.

peteregwu:
I closed because on the weekly time frame, I just realised that there is a resistance at 1.69972 that has already being broken and the market closed above it on weekly close. So, there is tendency that the market could still rise to the 1.71528 level and I don't want to experience that. It may happen and it may not happen but I have seen market do that many times.

Thanks so much for your input. I'm just gonna see the trade through since I got in at a good price and I'm risking very little as this is my first time trading the pair. My SL is slightly above last week high. If the SL does hit, i will be waiting next at that 1.73× zone instead hoping price gets there so I can sell it down. I think that 1.715× zone you mentioned may not be strong enough to send it downwards for the massive impending bearish move.

Thanks for your reply brother, I really appreciate.

peteregwu:
Closed GBPSGD with 30p loss

Hello Peter, may I know why you're closing? I don't trade the SGD at all, but when I saw your chart, I pulled it up and think the resistance is strong enough to drop it to the next support at least, if not deep down below.
I entered with just 40pips SL, enough to prove to me it's a failed trade if breached and the risk-reward to the next support is an almost massive 1:10, so it's worth the risk as I would have entered still even if it was a 1:3rr trade or even 1:2rr because it met my trading criteria.

Would love to hear your input brother, thanks.
This is a daily chart showing the strength of the resistance according to my own pattern, so would love to hear your input too.

Geovanni412:
Looking at swing trading setups, I have a question...

Is it more profitable to look for bullish swing setups than bearish setups?

I ask this because I notice that bearish setups on eurusd tend to become range trends with deep retracements before getting to their targets whereas bullish markets do not have very deep retracements.

I also noticed that getting the low of the bullish market is slightly more predictable compared to finding the high of the bearish market

What do you think?

It's just easier for the human eye to read and understand a bullish market better than a bearish one. Even if you want to make example for instance of a trend, it's natural to use bullish as the example.

It's the same for me, I draw my zones every January 1st that guides my trading decisions throughout the year. And I trade about 30currency pairs, so you should know some will be bearish while some bullish, but most of them yield almost same failure and success %.

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Nothing worse pass being among the poor in one of the poorest countries in the world. The suffer na pro max. Another 354 families being thrown deeper into the poverty well. May God hear their cries.