₦airaland Forum

onlineresource: bought oil at 94.37

closed oil at 50pips....
all trades closed...

no trading for me till next week...

naijababe: stop hit at 94.65

bought oil at 94.37

FOREXMARTS: @Gbogboskylala i see you. @Big Sis i greet you.

me sef throwey twale baba to you...

naijababe: Hugs, thanks for the trip to my fillage o

you welcome ma...

that your village far oooo.... Na confirm village be that side....

hisableplc: Even the Pros sometime float rules who are we to say we cant only God can help us.....a lesson we can learn from this

thanks for the lovely piece...

Happy new month to you all... Plenty of green pips all the way and little reds for us all this month...

i would love to see 1291 area before entering long on gold...

Anyone still selling oil...
AuntyT... I greet u ooo...

Sunnycliff: Last Nyt my instaforex oil dealers logged me out of the market and I entered the sales point at 104.34 and now the market has fallen down to 102.05 ,.I just missed over 150pips gain. Am just sad this monin! Anyway am still hands crossed watching for the trend direction today.

thats most likely because you were till on the old oil contract...

currentprice: also it will look like the thread is a playing/confusing land

unilever

naijababe: Onlineresource, where are to back me up?

Aunty Mi, Am here...

Well even though i always tell people to always use stop loss... coming out to tell them not to use stop loss again is simply
telling them to go and just crash their account due to certain things they might not understand so i simply kept quiet with it

i didnt want to really tell anyone about this until after a few months of doing this before coming out to say it but because of
naijababe... i will have to drop my thought on this issue...

NOTE: i have never taken a trade without me using stoploss for over 2 years since i started trading online to tell you that am an avid user of
stops when trading...

well at first i frown at people who dont use stop loss AND STILL FROWN AT THEM but due to my personal trading experience with using stops especially in recent months whereby trades keeps hitting my stop and reversing at just at that point and also watching my account balance go down bit by bit...

trust me you might be saying that losing 2% is no big deal... then try seeing a 20-30% drawdown on your account then you will know that there is poo going on without you knowing...

Now from personal experience even before i decided to remove stops from my trade... that does not mean that i just take trades anyhow just because price is going up or down... i still take trades based on my strategy and analysis but because of my experience of what i know of what not using stop can do when it really goes against you... i simply reduced my usual lot size, still use my trading system and place my trades and have a mental stop of area i know that when broken then it means that the trade wont work out and simply close my trade... THATS ALL...

NOTE: I analyse more than 17 currencies/commodity every weekend as majority of my earnings is from fx that i use to take care of my small self...

now you ma ask, what has been the result...
this decision was taken around 1 and a half months ago and so far right now, i have been able to increase my profit by 30-35% bringing the capital back and also running on profit as am talking right now...

Do i have losing trades...?

Yes i do but rarely because i deal more in the higher timeframe, looking at the bigger picture to take my trade... then running down to the 4hr, 1hr to get my entry and simply let the trade run...

How long do i hold my trades...

i hold my trades for days, even up to 4 days before i close it mostly on profit...

How then do you trade with commodity knowing that the crazy movement can kill your account...
Well, majority of my trades has been on currencies on major accounts which makes most of the money for me and as for commodity
knowing the crazy, i simply slash my lot size by 3 (the fear of gold spike is the beginning of wisdom) ... and place my trades on it using an alert system on my laptop to tell me
if price has reached my mental stop that i have set thereby telling me to watch the trade closely and close it...

Now because of this... i had no choice than to reduce my lot size drastically because for this to work and also help grow my account, i have to be taking multiple trades... leave trades running on negatives, close the ones that are doing very well when they reach area of rejection thereby increasing my equity which is the main thing... while those that are on negative mostly still
go in my way... thereby making me more profit... thereby making me more happy than sad...

Now am not expecting you all to agree to this...
heck i dont even want you to apply the rule of no stop loss in you trading... cos when it goes against you especially when you dont know what you are doing... then you are in poo an you start saying that someone told you not to use stop loss...

To end it... I STILL USE STOP LOSS, BUT I DONT MANUALLY PUT IT ON MY SYSTEM... MY STOPS ARE ALL IN ALERT FORM...

naijababe: If i tell how much suffering I went through when I listened to Bloomberg and CNBC eh, you go pit me plenty walahi

kai.... even forexfactory sef i no go.... the last time i opened that page was when i was told to check time of release for
someone... na just me and my chart...

naijababe: Calm down, it is just a big sister hug

that hug na transfer of anointing... me wan tap from am oooo

Shevychen2: Moved my trade to BE.. Whatever happens now we go see.



My mentor told me that since Forex market has a lot of money flying around, too many bullcrap will be flying around too as everyone try to get their money by hook or crook. He said 90% of all the everyday advice you read on forex blogs are unproven lies and they are the reaosn why very few people survive in the market. This includes the 2% rule etc.

What matters in this business is how much can you lose and how many consistent lossses can you endure during a range before a breakout hapens. When the brekaout happens you will recover your losses usually. The mistake is that people use these hard and fast rules for every instrument and fail badly. They lose a good chunk of their account in a range and don't make back enough during a breakout. Risk should be calculated based on volatility of a pair not a rule created by someone trading something else different from you. For example, risking 2% while trading only EU is waste of time seeing its low volatility..E better to leave that money for bank.

The leverage thing is preached so you don't milk brokers. if you know how to calculate your risk, 10000:1 leverage or 100:1 leverage means nothing. if they are advising low leverage to protect the traders why do they automatically reduce your leverage to 100:1 when you hit $100K?

To cut long story, most common myth we hear and read in forex are just myth. Until you break out of it you will remain like others.

thanks for this piece... guess that why i hate going to news site to be looking for market direction when its all on my chart telling me which way...

i expect 1308 area to hold on gold and hen reverse from there back up again and finaally break 1322...

surveycash: Lagos Forex Training. Join us, especially the newbies.
https://www.facebook.com/events/826590427352662/827619570583081

i think i saw u at gkfx the other day....
how u doing...?

naijababe: Patience o people! Why place a trade right before a major release like NFP? y'all can wait for the dust to settle before pulling the trigger

May the Lord bind the spirit of FOMO!!!

Amin ooo

presently still on waiting mode with a pending buy on oil at 91.85...
on gold, not doing anything yet until 1233 is cleared...

aguiyi: my oga at the top, greetings and happy new year.

no be my fault jor, i no even know wetin carry me go her profile but the babe make brain sha

aguiyi eye sharparly open when him see fine pics for her profile...lol

naijababe: Emi ke? Currency?! Make I dey my lane abeg! I know oil and gold sabi behave like anjonu but when dem wan smile for me na like showers of blessing for the Man above Himself.

naijababe: Dat one dey behave like Ogbanje looking for who buy hin abiku market! Not me naijababe!!!. I will sell only if it breaks 1233 or buy either after it closes above 1255 or retests and close above 1218.

yes ooo... na wetin me too dey wait for...

naijababe: If I was superstitious, I'd stop trading already, how first week of year go be ar5e whopping week like this? 110 pips lost this week already. E get as e be o. Oyel ran back up to above 78.6% and took me out

Thank Edumare for good money management, account for don blow sef.

This will be my last trade for this week o, unless the manic depressive Mr Market gives me my 110 pips and then some back.

Pending order to buy at 93.90 with 60 pips sl

same here too... was stopped out... e be like say market just wan dey take my money... but na lie...
anyways... will be on the watchout for the close of the 4hr candle on oil before taking any decision again...
Gold seff dey for no go area for now... na to dey look remain now...

For gold, I will be waiting until I see that 1253 area Is cleared
Before taking any buy position....
Also watching out for 1233 area as its also a very significant area...
A break of this price will lead to a more downward move on gold while a bounce
Would mean a continuation for a buy to take place...
Either way... Best thing to do now is wait....

naijababe: Oil, downward pressure prevails. Sold at market at 93.63 my tp for now is 91.70. Gold, I am still standing aside oh!

Am with you on the oil sell... Also got the signal to sell...

natruetalk: that is trade for us after +40 pips up

agreed with u on the oil

everything about gold is risk for now but i prefer to Long than short so far the price stay above 1217.2x anytime

At least todays close will tell which way...

Rozaxy, take am easy ooo abegi ooo...

The gold move down is just crazy... Up and down.... Stop hunting things....

Me sef was stopped out in seconds

Aw u all doing...?

Dear Cousin,

I seriously don't dig all this
new year resolution everyone is making?

Well thats just me...

Its simply because i have found out that majority of the
people who makes new year resolution dont usually accomplish
what they set out to do for that year.

Cos its when it getting towards another new year,
that's when they start remembering that they made a new
year resolution at the beginning of the year which
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Most of all which is all about scaling my business to the
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implementing innovative ideas e.t.c

They dont take actionable steps to see it accomplished.

Inside my 2014 internet marketing prediction are actionable
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From Your Cousin,
Ademiluyi Adegboyega.

Abeg is the 1gb for 1200 still working.... Cos am trying it now and its telling me insufficient balance...

bogtrotter: 1k for 100mb I'd rather not browse at all

Na soo e be ooo....

Just got off the fone with the customer care of MTN just when I was about to subscribe for the 2500 night plan with hope of getting the extra 1.5gb during the day...
But I was told that the extra 1.5gb has been stopped since the 31st of december 2013.
So this is a notice to you all that if you are already thinking of subscribing for the mtn 2500 plan with hope of getting the extra 1.5gb to use during the day. You should think again except if its strictly the night plan you want to follow.
I further ask which plan do they have that works during the day was told that they have the N1000 for 100mb for 30days and N3500 for 1gb for 30days.....