₦airaland Forum

fxjones: Subscribe to my longterm forexcopy trade signal here: http://www.instaforex.com/forexcopy_monitoring.php?trader=5163932
pay from profit only, you can try with as low as $20 to check performance we shoot for 25 to 50% per Annum

Sir, this is thread is meant to teach and train one another on how to trade on long term basis not for selling signals or some crap strategy to members. Pls post your trade ideas/strategies for goodness sake. And if you your trading performance is as much as that low, too poor then. This is where trading account is being doubled within 4 - 6 months. Stop Spamming.

topsyn03: Nice one bro i think am getting this long term trading strategy, but the question i want to ask is that like now that we have the trend line break on AUD/JPY daily, i mine going to enter immediately when the next candle open on daily or i will still wait to confirm the sell on 4HR tf? Please share more light on this thanks

We may have to wait to see a whole price bar (candlestic) open & close significantly below the trend line and in the case of aj, today's close will confirm further as it opens below the trend line.

Happy new week to you all. Below is my view technically on some pairs direction in the next few days/weeks

I am technically forseeing th fall of JPY pairs. Among the JPY pairs is the AJ (Australian dollar vs Japanese Yen) which is the one i trust most. Sell @ mkt price. SL: 100.00 targeting 95.10. Note that this pair has a wider spread @ least 10 pips on instaforex.
You may wait till next week monday or mkt open before entering if you don't want to leave a trade open over the weekend

fxjones: EJ's Yesterday' close below the 122.52 price mark, is a clear confirmation of further downward move to 118.79, if selling at the current price best longterm stop should be at 126.15, Not much pips compare to the stop level, but to be on the safe side and avoid market noise. I am currently long on GU at 1.5100 eyeing 1.6103

Happy trading

I am happy with this. Trade and forget (he that has eyes/ears, let him see/hear what price is saying).
Gbam!!!

topsyn03: Naira4ever please all the terminologies you are using/saying here i don't get it. What/which currency one is UJ and GU please.

They are not terninologies really but simple short abbreviations for currency pairs. For example, UJ is USD/JPY (US dollar vs Japanese Yen), GU is GBP/USD (Great Britain Pound vs US Dollar), EU is EUR/USD (Euro vs US Dollar) and UC or UCad is USD/CAD (US Dollar vs Canadian Dollar) e.t.c.
Hope you get it? Good.

Lomg term positions with a wide stop loss and hold for a week or 2:
Sell UJ below 94.00
Buy GU above 1.5190/200, SL: 1.5025.
Your commentary/contribution and additional trade ideas on above and other pairs are welcomed, please.

topsyn03: Thanks for the encouragement yes i saw it am trying to call but i think the network is bad. Please if you see any sell signal on EUR/USD or buy on USD/CHF please kindly paste it here cos i don't want to gamble. Thanks

ok. You are doing good.

topsyn03: Thanks so much my brother have already closed 45pips profit b4 the retracement. So am waiting for NY session.

ok. you doing good.
I have replied to your mail

topsyn03: Thanks so much my brother have already closed 45pips profit b4 the retracement. So am waiting for NY session.

Ok. NY session will decide wether th pair will push downward or the support will hold making the retracement an active one.
I have replied your mail.

topsyn03: Please everybody in the room have entered a sell on EUR/USD and am on 10pip profit. please am i right or wrong

You could be right or wrong my bros as anything is possible. I am not on pc right now to view the char but i can see from my mobile that the price is around 1.2914 now. If you are taking intraday trade i think you could catch a few pips to the downside and take note of the support around that price on 4 hr TF, also expect anything as the new york session opens but on the long term, I stay aside.

@badoutyn, you are right about EURO pairs and GBP. Technically, there are some strategic levels that I will patiently for to be broken for a total breakout before leaping in as I said above.
I hail all here, you are all doing great and to our new brother, topsyn, you are warmly welcome. I can boldly say to you that your losing days are over if you follow trade commentaries and discussions going on here. Simplicity is the key and Patience is the Master key to unlock success door in this business.
I have replied to your pm.

The EUR/USD closed bullish today after rejecting d support @ 1.2843. We could see d beginning of an uptrend possibly breaking up 1.2955 which may eventually take us to 1.3105. Note that the gap on this week open is yet to close.

Traders looking forward to buying GU should patienly wait for the easy break of key resistance 1.5176/98 to the upside for a free ride to the north London targeting 1.5630.

EA finds support @ 1.2402 tpday and closed higher than yesterday's open. There is possibilty of an uptrend as the euro is gathering momentum against major pairs. It seems this downtrend is getting or already exhausted. We will look for price action set up above 1.2500 to enter long.

Good night!

UJ is running away from my pending sell stop order. Anyway, by the end of the day/wk, we shall see how far it can run sha.

samuelkanu: Hey mister stop spamming everywhere on this forum. If you know you can contribute here not all these signals we do not know how you generate them

You are correct, man. He think say na mungun baby traders dey here now. No space for spammers joo. lol

I am placing a sell stop order on USD/JPY below the nearest support 94.08 targeting 92.20 about 200 pips, SL @ 95. A break of this support to the down side may lead to down fall of this pair. Please check, as I stand to be corrected.
Good night!

@Fabville, thanks for that on instaforex, I will hang on with them a while.
Guys, what are you saying about market at the end of today's close? Any possible trade, pls or your commentary on any pair.

[quote author=MD-CEO]@Op, really good job here.
I think being a long term trader is the way to go.
I started forex as a short term trader (placing very short term trades and scalping), first demo then later went live some years back during d forex hype, but the whole short term trading and scalping thingy was almost giving me hypertension. My eyes were always glued to the laptop screen, and even when I managed to get myself away from the computer, I was always going to check my trades every 5minutes or so. Eventually, it seemed more of a bondage than a brand new source of income. It wasn't fun at all. To make matters worse, I blew my initial capital then due to poor training, poor money management principles (never practised risk management at all) and lack of control on my emotions. So I stopped.
Now, a bit wiser from my past experience, and also because of the demands of my work and time constraints, I'm thinking of coming back, but this time as a long term/position trader. I think, even though u might make less profit as a long term trader because you don't follow the daily ups and downs of the market hoping to catch every single pip, the time freedom and peace of mind it gives you is priceless.
This your thread looks inspiring.
I've forgotten most of what I used to know....its been quite a while since I looked at anything forex-related.
I'll be asking questions as we go along.
Thumbs up![/quote]You are heartily welcome into the Happy Family, sir! where 'Patience' is the Holy Grail and 'Simplicity' is the Key.

naira4ever: Selling USD/CAD @ mkt price if it closes below the resistance 1.0233 for like 100 pips, SL around 1.0255

Lost 39 pips on the above trade sha! Happens once in a while. As i said earlier, will patiently and diligently wait to a nice up this week and may be beyond.

efe22: Below was my response in another thread yesterday. This is not an endorsement or convinction to bestow your trust on any broker which ironically also means you can't be a forex trader lol. Truth is the ones on my quote are far better than the accused and they posses all the qualities you asked for. Wish you all the best.

ok thanks

efe22: Below was my response in another thread yesterday. This is not an endorsement or convinction to bestow your trust on any broker which ironically also means you can't be a forex trader lol. Truth is the ones on my quote are far better than the accused and they posses all the qualities you asked for. Wish you all the best.

Thanks for that. Actually I have been hearing and seeing adverts on Oanda and also read a lot on hotforex. Hope they are not from these Russian- Asian based brokers that just have offices in UK. What about Alpari and some of those UK and American based and regulated brokers? Pls I need more of your responses and advice on this. Thanks a lot

efe22: Below was my response in another thread yesterday. This is not an endorsement or convinction to bestow your trust on any broker which ironically also means you can't be a forex trader lol. Truth is the ones on my quote are far better than the accused and they posses all the qualities you asked for. Wish you all the best.

Thanks for that, sir. Actually I ahve been hearing of Oanda and read lot about hot forex. Are they English and/or American based and regulated brokers cos am tired of these Russian-Asian scam brokers? What about Alpari and other UK based brokers? Pls i need more help on this.
Thanks a lot.

santuse: @naira4ever
what is d best time to trade in nigeria as a swing trader?

The best time to trade (not only in Nigeria) as a swing trader is when your edge is present and sighted in the market. You must know what you are looking for (i.e you should have a trading strategy/plan) on the price chart taking the 4 hr and daily TF seriously. Mostly trading edge is sighted towards New York close and London open (When price direction is taking shape with less or no market noise) on the 4 hr chart in conformity with the daily time frame.
Summarily as a swing trader, trade end of the day around 10 - 11 pm Nigerian time or early hours of 6 - 7 am in Nigeria.

I am begiining to feel scared by the comments/complaints of fraudulent activities by instaforex all over the internet. Though I hav been with them since 2011 i ahve not had major problem except if I deposit with card they will not pay me both my capital and the profit upon withdrawal. The fact that they are not regulated except their local (Russian) trading laws is enough to push one away. I have tried xemarkets, fxcc and others but their withdrawal process is slow.
Please traders in the house, which broker is better (i won't say 'the best') and what are you reasons for the recommendation? Please don't include bonus offer but their service efficiency & transparency level in terms of trade execution & accountability. Thanks for your response in advance.

@Fabville
True talk! A common saying in the trading world is that swing traders are like lions that lay in wait for the "easy prey". The easy prey in the world of forex trading only comes to those traders who know exactly what they are looking for, and who also can wait PATIENTLY until what they are looking for present itself to them.

I am so, so happy with the responses we are getting here, please keep it up and keep posting to make this thread remain alive on the first page of ‘Business’ section. This is for the benefit of those of us that do not have the opportunity of checking our PCs during the day to open and close trades. Let us learn from one another how we analyse, get signals and trade at the close of the day or before a new trading day opens. Whenever I go through this forum, I see a lot forex threads with many intra-day traders posting different chart analysis, news trading analysis and a lot of both valid and invalid trade alerts, I wonder if there are Long-term traders at all and I started thinking if one can really make any headway or be successful and profitable in forex without being actively present in the market during the day, starring my face on the computer from morning to evening, monitoring and watching every pip movement on the chart and analysing all economics news and events going around the globe every 5, 15, 30 minutes, or hourly. I begin to wonder if the likes of Warren Edward Buffet and George Soros used to stay glued to their computers all day, weeks and months before they could achieve such success and fame in this business.
This is what prompted the opening of this thread and with what I am seeing here, I am not alone in this type of trading and I strongly urge others to share their opinions on every currency pair that signalling a trading opportunity on a Long-term trading basis particularly from daily time frame or higher. I hereby encourage all position and swing traders on this forum to lift this thread up and let's continue to hold on to our sniper-styled trading strategies.

Selling USD/CAD @ mkt price if it closes below the resistance 1.0233 for like 100 pips, SL around 1.0255

Good morning all,

I slept off last night before the market opened. I woke up this morning by His Grace to find 'gaps' in some of these currency pairs as the market opened. I thanked God the 'gaps' did not have any significant bad effect on all of my open trades except the AUD/USD which opened lower than the last week close price (reduced my profit by 40+ pips from 200 pips) but I was still in good profit, anyway. The EUR/GBP was a kind of blessing to my open 'sell' orde as the market opened lower than the Friday's close and raised my profit up by 5x. I had -ve balance on EUR/GBP as at Friday's close but this morning, it turned positive.
Now I have closed all my open trades and took in about 15% (250+ pips from th 3 trades) profit to my account balance. I would like to see how the market will react to the 'gaps' either it follows the 'gaps' direction or move in opposite direction and I will also look for price action set ups in some strategic levels in the market between today and tomorow' close. Stepping aside now and watching from the sideline.
Cheers!

I came across this wonderful long-term trading strategy while I was browsing this morning and after going through it, I think I should share it with you guys. I have attched the pdf formeat, just click on the link below to download the 123 startegy.pdf (below my signature) when it opens, save it on your desktop to read and study it at your convinience. Please I would like you to air and share your reactions, comments and/or inquiries about the strategy.

learner1: Thanks bro for that. I subscribe fully to this thread to see any long term trade on board and verifying with my chart if I may enter the trade. You are doing well here so please don't quit soon. It will help build my confidence if my analysis lined up with yours. Thanks

You are wlcome , sir. May the good Lord lead us to the green pastures and grant us green pips always.

learner1: Hi please can you help me clear the following.

In your demo account, you made almost 6k profit or so in 4 months using standard lot (lets assume your account is $30,000) no loss which is ok but someone trading short term would have already made 4x of that amount in the same period as a DAY TRADER. In intra day, you can be making 50 pips daily in 15 days multiply by 4 months = 3000 pips * $10 per pip and that is $30k profit. What do you think? I my lost?
You know in swing trading, price go up and down why our position is still open for many days but a day trader can be netting in all those up and down. hope you understand. for example I have no job currently and still searching do you think this fit me because am not a worker.

2. please how do you place your support and resistance and know the right place to put your stop loss? thanks. I noticed you placed them manually
3. how do you place your trendlines? is it the auto trendline indy?

Thanks

First, the start up capital in that demo account was $3,000 (see below) and it was close to double in 4 months bringing the balance to $8,000+. Being a day trader or a long-term trader depends on individuals as a matter of choice, trading psychology, availability of time and convenience. I can’t really remember how many demo accounts I have blown off and losses I have made on live accounts when I was trading intra-day. Many traders that trade intra-day at times, give (lose) back to the market almost all or a reasonable percentage of the profit they earlier made especially during turbulent period, unexpected news and economic events due to noisy and erratic price movement during the day. Below is the live account standing as at this night (this week close), you will see that as at this Friday close I have gained more than 290 pips from the 2 trades . UC: 90 pips, AU: 200 pips totalling 290 pips from 2 major pairs with just a 20 minutes daily (end of day) analysis. Now, as a trader who is supposedly making 50 pips (not guaranteed, as there could be several losses) a day, may be from 3 – 5 pairs for 5 days will have 250 pips from stressing and straining his eyes on the computer morning till evening and at times having sleepless nights haunting and looking for pips compared to a swing trader that only check his trades once in a day (end of day trading) getting almost the same results. You can tell the difference between these 2 traders. You don’t need 10 trades to be profitable, 1 or 2 trades a moth as long-term trader can skyrocket your account as seen in that demo account. I just hate day-trading – You must read http://www.learntotradethemarket.com/forex-articles/why-i-hate-day-trading
If you are doing nothing (unemployed) and have all the time, with a good strategy that has 65% – 70% winning rate, you will still make a fortune as a day trader.

I placed support and resistance manually sighting previous levels or areas where price have stalled in the past. Support and resistance are not a specific point per se but a zone where price have touched and bounced off in the past and we believe that price (history) will repeat itself when it gets to the same zone in the future. The trend line is from the chart (trading platform). I look for at least 2 – 3 higher lows to connect in an uptrend and 2 – 3 lower highs to connect in a downtrend.

Summarily, either as a day trader or swing trader, you need a good strategy, stick to your trading method, talk to your price chart and listen patiently to what price chart in conformity with your trading strategy is telling you. Control your emotions, do not be greedy and remove the erroneous idea of getting rich quickly overnight with a little accout balance.
Have a wonderful weekend!

@learner 1
I will answer yourr questions to the best of my knowledge later today as am busy now.