₦airaland Forum

I am starting this thread because of so many wrong
stuffs people are teaching out there. I have had this in my
mind for a while but no thanks to the Spam bot that has been
blocking me.
I am especially motivated to start this by Akins on the other
Thread "forex Trade alert" who called our attention to this.

I am also welcoming every other forex traders to contribute their own quota
too.

PIP: This is known as the percentage in points or profits(PIPS).
It can also be define as the smallest price increment a currency can make.

For example:1 pip = 0.0001 for GBP/USD, or 0.01 for USD/JPY.

SPREAD
The difference between the sell quote and the buy quote or the bid and offer price.
For example, if EUR/USD quotes read 1.3200/03, the spread is the difference between 1.3200 and 1.3203, or 3 pips.
In order to break even on a trade, a position must move in the direction of the trade by an amount equal to the spread.

Exchange Rate
The value of one currency expressed in terms of another.
For example, if EUR/USD is 1.3200, 1 Euro is worth US$1.3200.

Currency Pair
The two currencies that make up an exchange rate.
When one is bought, the other is sold, and vice versa.

Base Currency
The first currency in the pair.
This is the currency in the pair that dictate the decision.
For example: In EUR/USD - The EURO is the base currency.

Counter Currency
The second currency in the pair. Also known as the terms currency.

For example: In EUR/USD, The USD is the counter currency

To be continue

@Akins,
I think am going to start something real soon
here on NL that will teach newbies basic knowledge about
forex but i just hope the Spambot wont block me.

Akins02324:
Hello Traders

I really appreciates what you guys have been doing on this wonderful sites.I feel more impressed and i say kudos to everybody who has been contributing one or two things to this posting as far as forex is concern.One thing i am really worried about is about the newbies in this business,what are you guys doing to ensure that they dont fall into the wrong hands.Due to what had happened in the recent past,the result had shown that,many people who want to take forex as a full time job got their fingers burnt due to the fact that they fell into a wrong hand.Those who claim they know it all organizing fake seminars here and there in the name of enriching their own pocket,

I am imploring you guys if you can create an avenue whereby they newbies will have a access to credible information and resources as far as forex is concern for them to enhance their trading skills.

The forum should not just be about posting signals alone but about sharing trading strategies for effective trading sothat those who dont know can be of benefit from this page,

I wish all traders a successful posting

Well said man, well said

honeric01:
I am online now, are you sure you added the right ID? honeric01@ hotmail, you know the rest.

I just added u again

sure i did,Ok make i try am again

Naija we hail thee

i think its a step in the right direction,
for once make we appreciate the governor first now.
If he no come work, we go come throw am stone later.

zstranger:
You are a m/o/r/o/n

Infact you are a M/o/r/o/n/s


As a matter of fact, you are too many m/o/r/o/n/s/e/s

hackney:
Brief illness?
she may have been poisoned.
Demons abound in naija.

May her soul rest in peace.amen

Na wa oo, wetin we no go hear for NL

@Topic
Rest In Peace Bukola

European officials agreed to dispense bailout funds to Greece, sending EUR/USD above 1.46. The US dollar was broadly weaker after non-farm payrolls badly missed estimates, triggering more mentions of QE3. CFTC data shows yen positioning falling to net short.

The euro surged after the Troika of the EU, ECB and IMF said funds for Greece will likely be released in July. In a statement, they said GREEK FISCAL REFORMS MUST BE STEPPED UP, public sector workers must be laid off and taxes must be raised. The announcement confirmed yesterdays rumours, paves the way for upgraded aid and temporarily removes the uncertainty about Greece.

There was NO SILVER LINING in the non-farm payrolls report. The economy created 54K jobs compared to the 169K expected. The unemployment rate climbed to 9.1% compared to 8.9% expected. The duration of unemployment increased and birth-death adjustments added 206K jobs. Sentiment temporarily stabilized following the ISM services report (54.6 vs. 54.0 expected) but that proved to be short-lived. In the forex market, the bearishness didnt manifest itself into a broad risk off trade as it was mostly centralized to USD and neighbouring CAD.

honeric01:
lol, how's this too long?

sorry then, na too short i wan talk
Btw i no see u online since oooo.

This GEJ guy is just one hell of a Big Clown.
Sometimes i wonder how he just open his ARSE
sorry Mouth to make empty promises.
Oga President, you dont need to talk b4 what we know
you are lying cos action speaks louder than words.
TALK IS CHEAP

youngchopper:
[color=#990000][/color]poster make God purnish u for dat name sulivan chime wey u add to be president.u be big fool.na person like u dey tink from yash.make i go buy bullet

Guy, u dey vex ooooo.

Why wont they clear her.Awon Ole

honeric01:
@Naijababe

I am glad GU rewarded my persistence, got the 140 pips ride and it's worth it. got at least 200pips from EU too (micro pips lol, but at all at all na him bad),


Hope the rest got something too?

one of the few times i'd be ending the week (a friday) with green pips.

@JAZES

We go talk during the weekend, if you have messenger, add my ID here onto your messenger, but remember it's an hotmail account.

Its been quite a rewarding week for me too.
Btw Honeric, she na your hotmail messenger long like this??

naijababe:
Decided to close shop after all. Next week should offer good opps jare. Wish y'all a good weekend. Off to enjoy the donian sun

Good good decision

odiaero:
I just escaped with 3k from GU  long,  few minutes after the news, woo, see the thing just pull back  to down, asuming am greedy and say let me leave it and expect more, i bet am going to  be in minus 4k now when it hit the stoploss

Dey thank God oooo

Just two minutes to go
Lets see what dis month's NFP has in stock for us

JAkpayen:
It's bye to risk aversion as the NFP may likely drop to 150k for May.

Looking to long at 1.4398 for EU

I guess u know price is well above
1.4398 at the moment, well except we have
the usual zig-zag movement during NFP.
NFP is just few minutes to go.

dailydolla4u:
Can some1 help me with info about gtb naira mastercard. What and what do 1 need 2 have b4 qualified 2 ve one. 2. Is acceptable in most of d online stores. Pls help

As long as u have an account with GTB, you are entitled to
their naira mastercard and if u dont have an account with them, all
you need to do is to open one to have access to the naira mastercard.
And yes it is acceptable on most websites online.

Jaga Jaga:
@oluyale GTB charges 10% commission of the principal amount, 5% VAT of the 10%, 2000 naira telex charges and $25 offshore charges.

I'm planning to send 2.7 million naira to a school in Norway. Since the bank charges will amount to almost 300,000 naira, i am looking for anyother cheaper option.

Oga no be 10% oo, na 1%. Na where u get ur own 10%?

honeric01:
^^^

Ok bro, i go call u once i am through with what i am doing.

Ok, no prob.

Still waiting for NFP, GU seems to be having the mind of
its own while EU still waiting for NFP,

Biggest joke of the century

Am just short of words right now and i weep for this
country
FRESH AIR INDEED

Mine was abuja-lagos. We spent almost two hours in the air
as plane no fit land.
Come see different prayers and all sorts . Na that day i know
say we dey religious for dis country oo

odiaero:
Today, i may be of more spectator than a trader, dont like hanging trades, or let me say i trade and close from london open to 2 hours after US open, and am of to go and enjoy, this week is good

Na the same boat we dey today

Ranges are tight in Asia-Pacific trading as the yen leads and sterling lags. The euro regained 1.4500 but was unable to break the US session high of 1.4519 and has now fallen back to 1.4485. The European session should feature more clarity on the Greece and services PMIs for Europe and the UK.

The looming release of non-farm payrolls is keeping the market in check so far in Friday trading. There is a slight risk off tone as the yen makes small, broad gains but the overall moves have been minor. Data flow has been light. New Zealand building consents fell 1.6% in April, far short of the +2.0% expected. NZD edged lower but was buoyed by the seasonally adjusted number of new dwellings, which rose 3.6%. The May Monster.com jobs Index fell 2 points to 143 compared to 145 in April. The change is small but adds another small negative bias to Fridays NFP report. China's industrial output will likely grow 13.5% in H1, according to an official cited in the China Securities Journal. This is a slower pace than the 14.2% expansion in the first four months. The report has helped to elevate global growth concerns.

In the hours before NFP, European traders will be focused on gleaning some clarity on potential Greek bailouts. Reuters on Thursday reported funding plans through mid-2014 while MNI said an agreement is close that could provide Greece with new financing to meet funding gaps expected to arise in 2012 and possibly 2013. There is talk that Greece will unveil new austerity measures and plans to sell state assets more rapidly.

The European session also features the release of the final services PMI data with the main EMU release at 0758GMT and expected to confirm the preliminary estimate of 55.4. At 0830 GMT the UK final PMI is expected to tick lower to 54.2 from 54.3.

Market seriously ranging, na after NFP will go see some actions.
Guys if you ever need Liberty Reserve, you can contact me.
its just N165/$

naijababe:
I may close shop for this week abeg! My GU trade that I entered at 16330 expecting a gain of at least 200 pips, turned around and ended with 15 pips profit. I do have my eye on the EU sha. If it gets to 14550 area tomorrow and I see bearish candle on the 1H TF, I might short it.

Hmmnnn, at least u try comot with 15pips.
I may want to stand on the sideline too till
well after NFP.