₦airaland Forum

stagger:
The GU only moved down because the BoE increased its bond buying facility to 270bn from the expected of 200bn which it maintained for some months now. This was a purely fundamental move and not a technical one.

So those who profited by thinking it was technical should not be too quick to attribute it to their skills; the news trade could easily have gone the other way.

naijababe:
Be careful with new shorts, the support at 1.5341 may still hold, personally, i'd wait for at least an hourly close below it before i make any decision on it

odiaero:
Are we there yet?

yungchap:
@JAZES,

Splendid information.



Keep it up.

george31:
nice one poster,i dont mind sending me valuable stufff esp on blogging,easy ways of building a website,etc

george31300@yahoo.co.uk

Izachk:
though i dont know your intention, nevertheless, that was a nice one. Wouldnt mind if we can get to hook up. Here is my mail trutok@hotmail.com, cheers

stagger:
I'd say you are dumb, and stu, pid!

is it that up till now, you cannot see that the aim of this thread is purely informative and to help everyone and not the "I AM THE BEST" selfish attitude you are trying to put up here?

LagBlogger:
Well done with this post OP

Lexusgs430:
What a load of cobblers !

naijababe:
Naijababe’s simple guide to trading success

I am not the highest contributor here but I am a growing trader and from time to time like to share my experience.

In the wonderful world of trading, much can be gained and a whole lot more can be lost; if you manage to acquire the skills and the right mental attitude and discipline, then you truly have a skill for life. These are not in any particular order; I wrote them as they came into my head. Enjoy folks and happy hunting

• Trading is not a get rich quick scheme, like every other endeavour in life; it requires a good depth of knowledge and strict discipline. Put in the work, remain focused and disciplined and you can reap truly amazing financial rewards
• Set clear goals and stick to it
The number of times I have seen people trying to trade every opportunity and then lose their entire account is almost countless. I have been there and if there’s one thing I know now, it’s that I can’t trade every opportunity. For example, I only trade 5 instruments and a I have a goal of 300 pips per week, if I meet my goal on Monday, I won’t trade for the remaining days in the week.

• Take time to learn – The one thing you don’t want to do in this business is dive in head first, it will only lead to one end and that end is not nice.

• Learn to love your losses – Losing a trade is a normal part of trading, when you lose a trade, analyse it again and see where you went wrong (if you did at all). I have made trades that ended in a loss and upon reassessing the trade again knew I’d do the same thing again. The market is what it is; sometimes it just doesn’t do what it should.

• Make a trading plan and stick to it – This is probably one of the most difficult aspects of trading, entering trades that you have not analysed can also lead to one thing and you all know what that is.

• Learn to diversify – I have heard people say on this thread that a beginner should only trade one instrument; I beg to differ. When you are learning, try trading two pairs at least and no more than four. Make sure your choices are not all major pairs. If I was asked to recommend pairs for a beginner I would recommend the following with reasons shown
EU or GU – Poster child for the avid learner, rarely whipsaw or behave out of sync
EU/GBP – Good for beginners mainly due to average daily range (in other words, you stand to lose less if a trade goes against you)
My main reason for suggesting more than one pair is to avoid putting on blinkers when you start to trade other pairs. No more than four because you get easily distracted and not learn the peculiar nuances of each pair.
• Correlation – When trading, it’s important to know the correlation between your instruments and other instruments even if you don’t trade them, e.g the dollar correlates negatively with crudes, commodities correlates positively with CAD and AU pairs, EU correlates with CHF etc.
• Operating costs – As I said before, trading is a business; you should put your operating costs in perspective and whilst I realise that you can’t control costs like electricity and internet subscription, the one thing you can control is spread. Why trade 20pips spread instruments when those with 1 -4 pips spread abound?!
• Own your decisions – Success will be far from you in trading if you don’t learn to own your trading decisions. This is why it’s important to not just depend on anyone to generate signals for you but for you learn and understand the reasons for your trading decisions.
• Be decisive and remain disciplined – What type of trader do you want to be, a contrarian, a trend, breakout or momentum trader? Do you want to day trade or swing trade? Decide which it is and be disciplined enough to follow your system even when you are not doing well. Let me make something clear here; you should only continue to follow your system if it has brought you success in the past ( no system guarantees a 100% success)
• Don’t get high on your success or trade when you are not emotionally calm e.g. one of the worst mistakes you can make is to enter a trade in anger or vengeance having just lost – I can guarantee you that the market will punish you for it.
• Use available resources well – Websites like fxstreet and babypips have gems of information and learning tools that will aid your success.
• Keep it simple – I have seen charts overloaded with indicators that I can’t even see what price is doing. Why do u need 5 EMAS, MACD, stochastic, RSI when every single of this indicator tells you the same thing.
• Use a birds eye view – This means you should take a general look at you entire screenshot first and not just your last two or three bars/candles.
• Finally, manage your account like your life depends on it. Apply the 2 and 5 % rule – Only risk 2% of your account at any given time ( personally, I use 6%) and when you’ve lost 5% of your equity take time away from trading for a week at least to get a fresh perspective ( personally, I use 10%)

I hope this helps and where I have expressed contrary opinion to what you do, bear in mind that it’s not a criticism- These are just my own rules and they work perfectly for me.