₦airaland Forum

Gold spikes up aiming 2400 as US Dollar (DXY) falls. Moreover the market awaits US traders after a long holiday.

TAKE AWAY:
* Exit all buy position before new york session due to high liquidity, because the market await US traders.
* Look for a sell position before or when new york market opens, scalp on the short position aim 60pips+.
* Look for a buy order at market dip.

Note;
Look at how volume is performing at these key levels/time i mentioned above and also chart formation.

High volume showcases strong commitment, low volume shows weak commitment.

[quote author=Donsheddy post=130178281]Advice just dey fly up and down

EFGH:
Guys, I credited my account with $26 this morning, to cut the long story short, it was a disaster.

Am not sure you knew what you were doing, next time open a cent account instead.

And also if you are just starting step away and identify your mistake, you might think is psychology but it not.

Atleast you didn't blow the account me the second time i funded after i blew a $50 account already when i was starting i blew $250 in how many hours.

If you do have a system work on it, cause from what i see you where entring random trades meaning you don't have a system.

EFGH:
Guys, I credited my account with $26 this morning, to cut the long story short, it was a disaster.

What was the problem , and by the way usa had public holiday today

BinaryRocks:
Good Boss.
Currently I don't have trading history/explorer to show but I am ready for the challenge Boss.

You can open a demo account of $10k and let me make 8% in 4months using max lot size of 0.01.
I am ready.

Or
Let me make 2000 pips in a month.
That 4months far.

That not possible to reach what your win rate.

And how long have you traded and i don't think you have a live account.

BinaryRocks:
I should be able to hit 8% between 3 to 4 months.
I'm ready for personal evaluation Boss.

On what risk size and profitabitity margin/ratio will get you their.

It impossible to gain that 4% in that range of time if following what the person you quoted mean.

infofirst:
Atleast your psychology will keep you going till you have an edge. Risk mgt is an edge itself.

Psychology is the last thing after you have developed an edge. As i said before even though you risk 1 cent in a year you wont't still be a profitable trader.

And also to correct something risk management isn't an edge itself it just a fraction of your edge so don't be mistaken.

And back to psychology, you can't develop psychology without an edge, cause even with good risk management and psychology you claim to have developed you won't be profitable and will have a draw down in a long run.

For instance you have a live account worth $10000 and you use good risk management like 0.01 per day, i can tell you that account will be around $9000 something cause your looses will be more than your wins.

infofirst:
Thanks for the response. The thought came in an attempt to see how best to crack the risk mgt shit. Folks are losing big time and they kept promising not to repeat it only to do same again. How many I am starting this account today and I will be back to give acct have we seen here. How many I have learnt my lessons and I will not repeat it again?
This is May 2024. Someone that started $10k since January and making 1% monthly will be at 4-5% now and before you know it, he has passed and get funded. And the gambling man is still struggling, his mental health messed up....

I hope you are aware that some prop firm have time limit, and also they will scan your trades to see how you performed.

Best risk 1% per trade which is the best and if you are down 1% dont trade. If you have traded a live account and seen profitability with a system you have developed you are good to go.

Even though you risk 1 cent per year without an edge you wont be profitable.

[quote author=infofirst post=130167228]

Geovanni412:
Which indices dey show you shege like this, abeg?

Also, what time do you usually trade the index?

You just have to understand how and know when those spikes will occur. And when to trade them, and also when new york session open they is hig liquidity.

And also don!T listen to people who don't want to learn, trading forex for 2years plus dont mean you understand it.

Sometimes people here don'tt like to learn, like a guy who was complaing about being taken out by 1 candle stick, and i tried to explain to him but was feeling too big.

janda1:
How do they trade with news and also explain demand and supply

Hmm i will say do your research on demand and supply.

About the news, i don't trade during the news i trade after or sometimes the next trading day, reason why, if we have a big event by 1:30pm like nfp price can be going towards where is expecting the news to take it to, cause it's waiting for it. I normally trade by 1:30am and close all trades before such news.

By 1:25pm we will see flat action that is where the spikes happen or a rapid run up in price and when it get to a level it can retrace or consilidate and fall back, for this aspect you have to learn liquidity.

Atimes you can see 7-12 5min candle stick all green/red and you want to buy/sell and after you do market retraces and hit your sl.

janda1:
Thanks boss still a newbie

Have heard about that spikes

It seems dangerous base what they says

I just wish this group should be more educative so that we can learn and trade well

They is nothing in the spikes it just that they dont understand which i tried to explain and was shot out.

If you want me to explain i can and whatever you want me to explain

janda1:
It's hard now because the market is dirty

You can easily check it well and risk

I trade candle stick if it form double bottom for perfect entry into the market

If you noticed jeff he trade support and resistance every time they don't want to tell there followers

That's the strategy he is using..

They still alot you have to learn, cause trading candle stick alone i can't say, you just have to learn what best suits you.

And also what instrument do you trade in forex, you have to learn and understand them, what moves them and how to trade them, cause some guys here where complaing about indicies and spikes that why i made mention about learning them, to avoid been taken out by 1 candle stick

janda1:
60 percentage

Learnt from the right source

Learn support and resistance level very well

That's where people losse money alot.... Still learning

Not perfect yet..... Crypt is still easy but you need large amount of money.

If you have at least $20,000k with 50 pips and 2x leverage you can be making $800 per 50pips

There is no prop firm for bybit and binance

Ohk
S&R is quite hard because people are tend to fall into traps. I will say try and learn volume cause it's helps and also understand candle stick adding the two together helps cause price can easily be manipulated.

janda1:
Still learning

I was told if you can trade crypto and understand it well

You can trade forex... I trade forex and crypto

Am asking your win rate is it 30% 50% or 60% 70% meaning out of ten trades let say you get 5 loose 5 or any number with your strategy that if you have a strategy. And also the way i learnt was the hard way that is blowing account.

You have to have set of rules and stick to it, have entry criteria, before you take a trade, what are you out looking for, i look at volume, trend, candle stick formation, news.

When you are sure of yourself and confident you can start live acct

janda1:
Have been trading for 5 months now

Ohk what your win rate

Seen some few post about indicies and thier spikes which is normal and most of those spikes are caused by news like FOMC or any other and also speeches from top FOMC members.

Moves also occur from top companies that makes up the us100 like tesla,apple,nividia, etc. When these companies realease their earnings report which are realeased quaterly which makes indicies rise and also fall.

Earlier i said something "before the market goes up it goes down" and vice, if market is in an uptrend or down once the new york market opens we see a reverser and then reverse back. So i tend to short the longer trend when the us market opens.

And also an example on thursday us100 was in an uptrend in the morning cause of a company earnings then another news came in and it then reverse.

I try to identify those news, and close all trades before new york market opens and then scalp.

Price can easily be manipulated but volume can't be so i tend to look at volume when price is reaching a critical level.

Cashhy11:
Advise only people who ask for it. Your opinion doesn't count my bro!

Hmmm funny

Cashhy11:
Bro, just go and sit down somewhere. You've been here all day dishing out advices to people you didn't even have idea about why they made the decision you are advising them against, asking what their entries method were.

Who said your strategy must work perfectly with every instrument? I've dropped gold calls here, Us30, even Nas100. Most of them were profitable. What have you dropped for us here other than advising us on what to do and what not to do? Why should we listen to you?

What's special about the almighty Gold people shout about? 200pips gold to me is just like EurGbp 20pips. The only difference I see is the commission on your lot size they charge you on. With gold you are charged less because with 0.10lot you can make a lot and charged so little by brokers while you'd have to use a standard lot on currency pairs to catch the same amount of profit in dollars but your commission increases too.

Guy calm down it your decision not mine
Good luck

Cashhy11:
Deleted all those indices already. Even gold leg dey shake, will soon delete it soon. I don't like unreliable instruments that doesn't work with my system.

All JPY pairs inclusive too, they spike too much and take you out in the process before going the original way. I feel they are manipulated to an extent, the thing is I don't even care if they are. Me I'm sha not doing again.

p
Guy you funny, indicies is so sweet, you just need to understand am your system gat work on anything, you just need to understand volume and liquidity.

Tiey is something i learnt before tie market goes up it goes down and vice versa this happens when the new york market opens

Dgamez:
Well you might be right or wrong, that's the reason for the challenge.

Yh but if you have a 50% win rate system bro you are good to go.
I will just say get the acct first, if i may ask what your entry criteria

dmahn:
Thanks for asking big man. I experienced a $3.7 DD on the account since 22nd of April. I only traded it once since then.. I abandoned it because I was desperately in need of money which I know will lead to poor decision making and forcing of trades so I had to look for my money elsewhere. The balance stood at $17 as we speak and I ll resume trading it when I'm out of this financial DD. Sometimes we need that real life money as backup to stay confident and discipline.

Guy just buy a maven 2k acct for $15 trade am small small with 1% risk per trade

[quote author=Dgamez post=130113903]My second account got banned yesterday, but need to clear somethings about what have learnt over the 2 years I started learning forex, I did my math and 1% of a 15k account is $150, but I am risking 105, which is approximately 0.7%, the 1% I put up there is a mistake on my part and will edit as soon as my ban is lifted, total risk exposed should be 2.1% however I don't think forex is necessarily about risk management, the first thing should be education, understanding how the market works. The DD for that particular account is 3% which $450, risking 2.1% will give me $315, if I lost 3 trades in a day I won't trade for that particular day again, which means I have roughly 9 trades to place in total on the account cos the maximum DD is 6% which is $900, I have a minimum of 1-3 RR, if my strategy won't be able to win at least 2-3 trades out of 9 attempt what good is risk management then?
D bitter truth is that you dont have a system cause risk management is part of it

LordBillionz:
As a beginner though I have been practising and learning using demo account is getting a prop account advisable?

It good so what your win rate, what your strategy, you have to know all this thhngs your entry criteria

DXYY:
Bought a fundednext 15k 1 step stellar challenge account yesterday, after blowing numerous challenge account and learning through the process, I feel i have never been in a better position to take up this challenge than now, I will be posting my trades and also updating as the journey unfolds, Wish Me luck guys.

Little word of advice, i don't believe in luck so let me dive into what i have to say, risk 0.5% per day that $75 if you take a loss plss leave the chart if you win and see another trade not random one still risk that same $75 but if you have a solid strategy you can risk 1% which is $150, and also what your strategy what your entry criteria.

FXcandles:
Even though it had risen to the price level of 78.52, the price of US crude oil fell again to a low of 76.31, according to analysts, the fall in oil prices occurred because the EIA data report showed US oil inventories increased high, contrary to the forecast of a survey by Reuters. According to Energy Information Administration data, US commercial crude oil inventories rose by 1.8 million barrels, this is contrary to forecasts from a survey conducted by Reuters which predicted a decline of 2.5 million barrels.

Nice i trade usoil too, it's quite complicated but just using fundamentals and understanding how it affect it with volume and momentum in place.

LordBillionz:
Alright but can you recommend one a beginner can use?
I'm just starting.

I would say get a prop acct if you pass then fund live account and also how long have you been on the chart and what your strategy, your entry criteria

randy01:
They are good and they announced last month they will be paying direct to your Nigeria bank account as our government is cracking down on P2P transaction.they use match trader platform.

Thanks so i buy an account using my palmpay

Good day guys, pls have anyone use maven prop firm

RayOFLife:
Hello fam.. I have been waiting for University of Regina attestation letter. I got admission since late January but no attestation yet. I have sent mail thrice to the school but no reply. What did those of you have that gotten the attestation letter from the university of Regina do different?

Did you submit ielts

Geovanni412:
Check page 1

Ok

Geovanni412:
This issue is simple

Post ya chart and signal on the telegram group link or here for the week

If people believe in ya govt, them go follow you

Plenty talk no dey full basket

OK where's is the link