Mehn gold don hit me real hard this early morning

[quote author=infofirst post=126232519]Lack of trading strategy/plan/system
Poor risk management/Greediness
Impatience
Indiscipline

Which one is stopping you from profiting in the forex market? And what are you doing to overcome it?

Impatience has been hitting me lately.
And dragging me back and forth.

I kept going through short tweets on trading psychology to overcome the impatience of late.


Mine is impatient
Since last month no b small thing.

Omo just waking up this morning to all this unread pages, my mind first cut as I felt another propfirm company might have gone down.
Thank God say no be watin I dey think happen.

It's now looking like getting ass phase2 na em hard pass. Almost a month now I still dey battle am

.

Omo am officially out of this month's competition
Dem don disqualify me today
Lemme kuku face my 2 challenge account now

Lanshile:
Gold diggers are finding it hard to calculate their asset

Aaaah this thing is funny I swear
Knowledgeable ppl in the house please come and save gold diggers
Infofirst,Donsheddy,charly20,kaybe7000,samfelly
This guys need help before they use 200 pip sl instead of 20

Practically 1932-1933 is 10pips for gold
1932.2-1933.4 is 12pips
Wished I could explain it much better

samfelly:


Congratulations o, Huncle Arinze (Shegun 😀)

I saw wat u did there

Just received my prize (5k funded account) for last month competition.
Thanks alot boss infofirst.

infofirst:
Forex traders life matters.

infofirst:
It's a Friday. Active participants in our tft competition should update us along with screenshots that carries username.
Some tough changes but rewarding changes coming next month

Ended the week with -3% down.
We go again next week.

Omo -3% in my TFT competition account this afternoon
Na to kuku rest probably till next week.

Good morning huz
My TFT competition account update so far

seeteazain:


Does one breach the DD in FTMO while running on a 5% losing trades or it counts after you close the losing trades?

In FTMO as long as u've not closed the trade even if ur trade is running on 10% loss u won't get a breach email from FTMO, until u close those trade in loss or they hit stoploss.
It's only in FTMO Sha.
Talking from experience I've had in FTMO
U can try d FTMO demo if u doubt it.

Riverrun:



You are certainly wrong. Maybe you don't understand the meaning of equity. Now let me explain.
Equity is your running account size as a trade is ongoing and yet to close. As the trade is ongoing, your equity begins to add-up if you are making profit ( or go dwindle in you are in a loss).

Now if an account is equity base, for you to hit 5% daily DD (it only have to dwindle from the peak it ever reached that day by 5%. That's all it takes. Wether you have close the trade to add you gains to balance or not).

Ok then.
But it's not same way in mff.

Riverrun:


I explained everything I know based on my experience with ftmo and fxblue. I try to understand what you explained but it's a bit difficult for me.

I would appreciate if you take out time (just like I did) to breakdown what you understand as well so we can all benefit too.

The aim is for the house to get the right education.

Sorry bro if I didn't explain it well.
Here is an example of wat am saying about the equity based
Let's use $10,000 account as an example
Balance= $10,000
Daily draw down= $500 (5%)
If u made a profit of $300 that day ur daily draw down for dat same day increases to $800
Instead of $500, inorder to breach the account u have to loss up to $800 in ur next trade for dat same day.
N.B= as long as it's d same trading day oooo

Riverrun:



See the two senerios that shows how an account size with $100,000 starting balance works for;
(1) balance base
(2) equity base
Where the daily drawdown is 5%.

Note that the starting balance can be any amount. For this explanation, we have chosen to use $100,000 as our starting balance.


(A) BALANCE BASE:

Day1; for your $100,000 account, your daily dd limit would be $95,000. Meaning, for that day;

i) if you are in a loss trade and your $100,000 account gets to $95,000 and below then you have hit your 5% daily DD limit.

ii) if you are in a profit trade and your hit $105,000 and above you have expanded you daily DD limit. You now have more money to play with for that day (Note this is not so in equity base).
for you to hit daily DD would only be when you loss all your profits for that day and the account continues to go down until it reaches $95,000.

iii) if at the end of the day1, you ended in profit. Let's say $107,000 then for day2 your daily DD limit would be $101,650.
(How? See how.
5% of $107,000 is $5,350.
So 107,000 - 5,350 = $101,650).

iv) this calculation will continue at the end of everyday just as the market rolls over into a new day taking the account/equity balance (whichever is higher when the market rolls over) in consideration.



(B) EQUITY BASE :

Now everything above is same in equity base except number (ii) above.

In equity base, you account is being trailed with the 5% daily DD on every positive price movement above the $100,000 starting balance. Example

Day1; for your $100,000 account, your daily dd limit would be $95,000. Meaning, for that day;

a) you enter a trade and price movement made your equity $105,000. if price retraces back to $100,000 that same day then you have hit daily DD limit.

b) you enter a trade and price movement made your equity 106,000. If price retraces to $101,000 that same day then you have hit daily DD limit. You don't have more money to play with as balance base provides

c) you enter a trade and price movement made your equity $103,000. If price retraces to $98,000 (not even $95,000) that same day then you have hit daily DD limit.

d) to survive in this kind of market you have no choice than to use a more reduced lotsize that can contain those price retracements to avoid hitting daily DD.

Bro,sorry ur explained the balance base perfectly well, but the equity base is quit different from my own experience.
I think for d balance base its d amount of money left in ur balance after u've closed a trade of which I think only FTMO does that even tho other propfirm say dey do, as other propfirm sends u breaching email once ur Losing more Dan 5% in ur trade even when u've not closed d trade yet.
While for d equity base, it's d amount of money u have on ur equity instead of balance that d 5% is substracted from.
Where I disagree with u is where u said if u make extra +5% that very day and maybe placed another trade and lost only d extra 5% u made dat same day dat u've breached d rule. Any amount u made in profit dat day is added to ur dd u would have to lose both ur profit for dat day and also d 5% for dat day before breaching d account.
In mff account analyzer u can see ur daily draw down limit calculated for u already every morning before u start trading, as it's been recalculated at d end of every day.
Just my own perspective Sha from my experience so far in mff and maven.

[quote author=Lanshile post=125491091]Pipmarshall,donsheddy
How long does it take for your account to be activated because mine isn't tradeable[/quite]


If that's a maven propfirm account u would have to select ur pairs from rawfeed instead of the Normal pair
E.g AUDUSDi
Cadjpyi
They always have an I at d end of pair name

infofirst:


Boss mi. 20% no b small thing
We will but try to dey show face so we will be familiar with your moniker

Definitely boss, I go dey show face

infofirst:
So if you have participated in the competition following all the rules and achieve 10% and above. Kindly requote this post with your screenshots.

Samfelly has taught me how to quote.
Boss infofirst abeg consider me

I've replied my mail

@samfelly I've replied ur email

.

I could drop my login details too if possible
Both to my TFT dash board and to my mt5.

Pls if there is any other means I can use to prove thats my account pls let me know,
My created d nairaland username years back as a ghost viewer, but just registered on TFT competition june last month, and had to use my real name.
But if there is any way I can prove, I will
Sorry I don't know how to quote here

Infofirst am sorry I don't know how to quote here on nairaland. So am just posting my account without quoting. Thanks

20% hit

Good afternoon huz, Omo yesterday and today has not been going quite well in my TFT competition account, moved from 19.2% to 18.1% had to stop trading this afternoon and give myself a break till next week.
To come hit 20% come hard
Would try again next week
Target 20% and above

Good afternoon huz, I've been able to get up to 16% in my TFT competition account, but would still try to get it up to 20% before monthend. Honestly speaking this thread alone is quite inspiring

Good morning huz, am still new to using nairaland so I don't yet know how to quote someone. Just wanted to give an update on my TFT competition account for this week.
Moved from over +3% profit to $99k as balance after having losses on Thursday and Friday
We go again next week by God's grace.

Good morning huz. I have two trades running in my TFT competition account euraud and gold
Then I try opening a sell on usdchf but it keeps saying position limit reach, it wasn't like this last week as I was able to open more Dan one currency pair with 5.00 lot size.
Abeg wat could be the problem

Ohk
Thanks
But Incase of another competition
Wats d process should I follow pls
To avoid making mistake again