₦airaland Forum

JLINE:
Level hit and its a sell till the next target level at .0636 and .0613 ...will be waiting to long there or look for a way to enter sell as I already missed it. Forgot to place pending.

Eurusd...New low is at .064* a little more time and I might buy,just have to wait for the action and reactions of price at the above mentioned levels.

JLINE:
Bought audnzd with 40pips stop...target is .052** but my TP is open for now.
Trade doing fine,target still valid.

Target still valid but I closed the trade off the little already made...reason being the norm is attracting price and I will rather wait to re-buy than allow my profit run to zero. Re-buying at .0426 its waiting time.

JLINE:
Bought audnzd with 40pips stop...target is .052** but my TP is open for now.

Trade doing fine,target still valid.

The Gap between an Amateur and a Professional Trader

I need to identify the one degree that separates the Amateur and a Professional trader. What gives a Professional trader the edge?
.....
7 years of research and I have come to the conclusion that the difference lies not in a system, but in the discipline of a trader to follow a system.

Through my extensive research, I have no doubt (even bet my life) come to the conclusion that a simple system which consists of two Moving Averages (nothing more) is highly profitable to a Professional trader.



========================
Explanation:
"At 211 degrees, water is hot.
At 212 degrees... it boils.

And with boiling water, comes steam. And steam can power a locomotive. One extra degree makes all the difference. And, the one extra degree of effort in business and in life... separates the good from the great.

The average margin of victory for the last 25 years in all major tournaments combined was less than three strokes.
The margin of victory between an Olympic gold medal and no medal at all is extremely small.
At the Indy 500... the average margin for victory for the past 10 years has been 1.54 seconds.
The winning NBA championship can be as small as 1 point."
(excerpt from 212 degrees - the extra degree)

Believe it or not... the difference between an Amateur and a Professional trader is very small. It is the one extra degree of discipline that makes all the difference.

#copied

#copied

The Anatomy

Throughout my research and studies, I've come across into a 5 way intersection. Entry, Exit, Money Management, Psychology (discipline) and System. They are a unique group of each kind with their own strength and pride. Each group believes that they are the highest and the most important part of trading.

One group believes that it is all about the perfect 'Entry'. The other group believes that it is all about 'Exit' and banking the profits. Another group emphasizes that it is 'Money Management' that will solve everything. The other are deadly convinced that it is the Psychology (discipline). And the final group believes in possessing the profitable proven 'system'.

So, who is right?



=======================
Explanation:
Let me ask you for a moment, which one is the most important in trading?

Entry
Exit
Money management
Psychology (discipline)
Proven System
(answer this to yourself before you continue reading)

Okay, I want you to imagine these:

Brain - (Psychology)
Heart - (Proven System)
Lungs - (Money Management)
Liver - (Entry)
Blood - (Exit)
Let me ask you again, which one is the most important?
(answer this before you continue reading)

If your answer is the brain, or the heart, or the lungs, or the liver, or the blood... then you're wrong!

Each are vital for survival. And each are equally as important as the other. Each are working as a whole and not as independent. They are all interdependent of one another. If one fails... Everything fails as a whole.

My trading philosophy puts emphasis equally to every aspect because I know if one is weak, it will affect the whole. If one fails... Everything will fail.

Amateurs are too busy debating, arguing and emphasizing on the one. Professionals are far away on a different plateau with their thinking and philosophy.

You dare come to the arena hoping you will take my money with your perfect Entry!
YOU FOOL!... I have a precise Entry... a deadly Exit... An impenetrable Money Management... A titanium Proven System... And the Excalibur of Psychology (discipline)... What are your chances against a foe like me!?
Hand me all of your money... Thank you, and come again!

The above post makes a lot of sense to most traders but the below is the KEY...ENJOY READING.

#copied...
Can money management make Forex trading profitable? NO!

I am sorry to burst your bubble, but it seems to me that you are just another lost soul fallen in the meat grinder called Forex! Please, stop preaching the common "wisdom" about risk to reward ratios 1:2 , 1:3 and so on...! You only confuse people, by spreading false information. Your simulations have no connection to the reality of markets. You try to derive some conclusions based on semi-random Monte Carlo simulations. And you miss the most important part - the edge.

Let me clarify some things.
True, money management is very important! I even created separate thread on this topic to share my experience and ideas...... HOWEVER, money management by itself will not make you profitable.

The risk : reward ratio by itself is irrelevant. In fact Win % is far, far more important.

The ONLY way to make money from trading as a retail trader is to have a strategy with an EDGE!
Not only that, but this edge MUST be larger than the transaction cost. (otherwise your strategy is useless).

The only way to find real edge is to search for patterns and elements of NON - RANDOM crowd behavior!
If your strategy does not provide any edge, then the expectancy per trade will equal exactly 0 (ZERO) minus the transaction cost. In the short term you can have some outliers, but as the trade sample grows, the law of large numbers will come into full effect!
In fact, with 0(zero) transaction cost, it is almost impossible to lose money, as long as you keep the risk per trade low. In a large sample, the account will stay at break-even.

Most traders who lose money consistently, will be surprised to learn the their losses are not caused by terrible trading. They are caused by the transaction cost! (commissions, spreads, swaps, slippage... and in some rare cases by fat tail events, aka flash crashes). The transaction cost slowly eats their account because they don't have any edge!
If you are losing money, try this: calculate your total transaction cost, since the first day you started trading FX, and then compare this to the total amount of money you have lost so far. You will be surprised (as I said)

JLINE:
Price close to .0705 might close my heavy trade there and allow the other one to run. Might be done for the week.

Level hit and its a sell till the next target level at .0636 and .0613 ...will be waiting to long there or look for a way to enter sell as I already missed it. Forgot to place pending.

JLINE:
Eurusd...price hit the b-target at .0659 ...might take another buy,waiting to see reactions.

Edit: re-entered 30mins candle closed above.
...Guts...

Price close to .0705 might close my heavy trade there and allow the other one to run. Might be done for the week.

Eurusd...price hit the b-target at .0659 ...might take another buy,waiting to see reactions.

Edit: re-entered 30mins candle closed above.
...Guts...

Eurusd was triggered, stop in place... Prescainter thanks sir for the story you told me when I came to warri in 2013,was one of the attendees back then. I and my friend came to your house after the seminar the next day.

JLINE:
Time to buy eurusd target met...stop around 15pips,just bought.
Edit: hoping this target holds if not price might head to .065** but I am risking it.

Stop hit...lost 15 there,will buy heavy at .065...nothing pushing it beyond there,not sure.
Same risk of 15 also

Bought audnzd with 40pips stop...target is .052** but my TP is open for now.

Time to buy eurusd target met...stop around 15pips,just bought.
Edit: hoping this target holds if not price might head to .065** but I am risking it.

mrikay:
Loss. Trade invalid

Sorry about that,I thought as much that the low wasn't formed yet... That figure I gave earlier was my criteria.
More Green.

"It does take some time to study it and get used to it. I feel that your biggest problem is that you want success now, you can't have it. The market requires you to put in some serious brain time before it will reward you, you did not become a professional rugby player the first time you picked up the ball, you had to work at it and still do every day. Trading is just like that it takes time and devotion, there are no shortcuts. Nobody ever became a millionaire by borrowing a system or attending some class. Becoming a millionaire in trading takes time, devotion, dilligence and patience. You will get knocked down a few times and will need to dust yourself off. At the end trading will reward those that appreciate it and have learned its nuances. Pick a strategy and practise, practise, practise. An old hand I know told me it would take 10,000 hours of practise to know a strategy, he was not wrong.


Stick to a strategy and start learning, every strategy can be made profitable as long as it works for you, not anyone else, just you. Start reading some books too about technical analysis, there are lots of them written about equities and they work just as well."

#copied

mrikay:
Oga i don enter oh

OK bro,will join you when price close above 1.4070

JLINE:
Trade was triggered after the close of previous 4hr candle, can still enter now...my stop is just below the norm m*fu at 86.10 around 40pips,TP is open for now...looking at taking at least 3 trades here.

Stop hit like boom.

JLINE:
Eurusd has to hit .0828 before any decision can be taken on the pair... A norm there off the daily and a target there too off the 4hr TFS.

Price back to norm at .072** will take a buy risking 15pips there when price hit.

JLINE:
Buying now will be cool but the only problem is that not sure if this low is gonna be the last LL the pair will be making as I had no targets on it previously... To buy now ,your stop will have to be 5pips below .3996 level on the 4hr TFS making it a total of 31pips from the cp...that's large unlike waiting for the price to get to the norm and short which will necessitate a stop of 10-15pips,shorting will be following the trend but buying now will be trading pullback or a retrace.
4hr tf,just have to wait for market open.

Euraud will risk 15pips to long on the pair once price re-touches 1.399*

yomiknows:
Hello Gurus, I have got one question.
I am new to forex and currently trading using a demo account( MT4).
I noticed that USD/JPY currency pair values are rounded off to 3 decimal places 113.783
According to babypips.com the last number is a minipip( not a full pip) hence a movement from 113.783 to 113.683 should be 10.0 pips.
However on the MT4 trading platform, this is not the case, the above movement is recorded as 100 pips.
Please brothers, which among the two parties should I believe? Is there any reason why these two parties have different methods for calculating pips?

Its 10pips and babypips didn't lie about that...

JLINE:
Cadjpy...the first chart shows a 3 top or what they call it and usually after that kind of set-up there is a change in trend.
If any 4hr candle closes above the norm at 86.32 then the buy is inevitable till 87.96 but if no candle closes above then which means a new low might be formed which invalidates all the numbers on chart.
Remember 4hr tf.
Edit: I am 70% sure price will close above but it doesn't give me a go ahead on it,will kindly wait.

Trade was triggered after the close of previous 4hr candle, can still enter now...my stop is just below the norm m*fu at 86.10 around 40pips,TP is open for now...looking at taking at least 3 trades here.

Audusd...price currently at a target ,I'd rather wait for price to come to that norm again and take a buy than sell from the target...selling from the target to the norm is a good idea too but am on mobile and I can't view chart the way am supposed to...prefer sideline than enter a trade without any good reason off my analysis.
The norm is at 0.7428 though like the chart says.
Edit: signed off with these...these few pairs will be enough to trade for the month,the next step is buy at every new norm towards the trend already form till exhausted. Gonna trade the trend and the retraces.

SHALOM

Cadjpy...the first chart shows a 3 top or what they call it and usually after that kind of set-up there is a change in trend.
If any 4hr candle closes above the norm at 86.32 then the buy is inevitable till 87.96 but if no candle closes above then which means a new low might be formed which invalidates all the numbers on chart.
Remember 4hr tf.
Edit: I am 70% sure price will close above but it doesn't give me a go ahead on it,will kindly wait.

Audcad...price left the blue box which is a norm and target is the green box up above there but remember price moves in resonance and blah blah blah(don't really know don't really care ) ...so there is a valid norm at the red box (0.9932) which is where price should come down to first b4 going to hit the target. If price retraces down to the red box then the buy from there upwards to 1.0097 is a 80% trade good.
Edit: I don't give 100% sure trade,I am not the market...

Eurusd has to hit .0828 before any decision can be taken on the pair... A norm there off the daily and a target there too off the 4hr TFS.

mrikay:
Me I want to buy oh! What is your view?

Buying now will be cool but the only problem is that not sure if this low is gonna be the last LL the pair will be making as I had no targets on it previously... To buy now ,your stop will have to be 5pips below .3996 level on the 4hr TFS making it a total of 31pips from the cp...that's large unlike waiting for the price to get to the norm and short which will necessitate a stop of 10-15pips,shorting will be following the trend but buying now will be trading pullback or a retrace.
4hr tf,just have to wait for market open.

mrikay:
Me I want to buy oh! What is your view?

Coming...

PARTICIPATE

mrikay:
I am also interested in euraud.... But hope am not being desperate to recover my week's losses.

You will recover the loss...euraud might be a nice trade to catch in on.

mrikay:
Have you entered?

Nope, expecting some funny moves during the weekend into next week open...will long hopefully Monday night.
Will let you know.

wamiikechukwu:
Myluv i no understand ooo

What you need is not books or videos... You need a forum where PA was discussed and used for trading only. With that you will learn from their mistakes and how its applied on real trading. You could even ask questions why any particular trade was taken and the person will respond in real time not videos/books teaching you some history junks. Sorry for being harsh,took me time to realise this and its painful... ( ever imagined you traded with George Soros or were just a boy to him,you won't be needing books as you will be learning in real time).
We read too many books here in 9ja without practicals or apprenticeship for almost everything.
SELAH