Gold is inversely proportional to the dollar so gold and dollar cannot take a whack at the same time. If dollar goes down, gold goes up.

For those that want to invest in bitcoin, know that the market is currently for sellers. This is because the market is over extended to the upside and has gapped from its 20, 50 and 200 moving averages. Professional investors would have taken off 80% of their position and left 20% in because it is a very important asset and no one wants to be completely out of it. Whenever that 20% doubles, they will take halve away and continue this process until Bitcoin finally crashes to where it can fin support to survive. When that happens, money removed from the asset will be reinvested into the asset - this is when you should be investing in bitcoin for the long term.

Fridays are usually compromised because of traders taking profits after a very good week.

I saw someone asking for education for newbies..... Well, the first thing I'll say to a newbie is that - "this is the best time to quit"

Forex is not a get rich quick scheme neither is it easy money. You need a good work ethic and application. A lot of practice and self learning and mastery. Then you will probably not start getting the reward for all your efforts immediately which can be really frustrating.

As a newbie, your mentality is probably too weak and wrong to make any money from forex. If you can focus more on trading psychology and money management, you will probably speed up your way into becoming a good trader.

As traders, we are literally paid to take pain and we are compensated more than enough. As long as our exposure to this pain is not too big, we know it will all be ok if we have a good track record. But a newbie will not want this pain. They will reject the setback and drawdown and will get into all sorts of trouble.

Money and risk management added to a good psychology for dealing with setbacks is key. From proper 'position sizing', to 'maximum daily loss', 'maximum loss' and 'account reset', you have all the tools to battle for your life and money.

As a newbie, look at yourself like a chart. Know that whatever goes up (too much from its moving averages) will eventually come down. Use all the tools at you disposal to minimize every setback. Know that 90% of the information you'll get out here are either total rubbish or counterfeit to the real thing. Be a self starter. Get your own information and generate your own trade ideas. Have no opinions, only trade what you know without any hesitation. Practice and trade live to improve your skills over time. "To win, first you have to last".

After your learning curve, you'll start getting the proper reward you deserve.

Good luck.

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It was Oliver Valez who said if you can enter this market and come out without losing your money, then you've won. This is a market seriously rigged against you to take away all your money and your belongings and leave you begging on the streets. If you ended the month with less profits than you saw during the month, its ok. You've won.

This is also part of trading psychology.

Good day traders. Today I just feel like talking about setting financial targets for your trading or trading for monthly income.

Do you think you should be setting targets or trading for income? Well, the answer is no. You don't want to set financial targets as things can get very ugly and complicated when you experience a drawdown or it starts looking like you are no longer going to meet the target at the end of the period.

So assuming you've pictured yourself in a brand new car and it has looked like you were going to be buying the car at the end of the month. Things might get really ugly when it starts looking like it might no longer be possible unless you start taking excess risk to get back on track to meeting the deadline. This is why it is dangerous to set targets that may turn around to influence your trading. There is nothing worse than you thinking you are trading whereas it is the target that has knocked you off and taken over your trading.

Also trading for monthly income is not the best way to trade. Income should be dedicated to a solid business or other secured money systems/investments with good returns yearly. Lifestyle pressure should not be placed on trading.

Now you know the proper context to trade. I hope you get there.

Trading any volatile market is a risky endeavor. With a failure rate of 92 percent, anyone coming into farex have a very good probability of failing. There are just too may skills which you have to get good at but I will list the 3 major ones.

1. Technical skill
2. Money management skill
3. Trading psychology skill

Technical skill is the most common skill that is being developed. If you can keep things really simple and understand why the forex chart trends or ranges, you will do just fine. High win rates can have low RRR and low win rates must have high RRR.

Money management is another cornerstone of trading. Now there are different ways to go about this and I certainly started out with the crude methods. But the simplest method of doing money management is to bet a fixed amount of money (usually a percentage of your account like 2%) you are comfortable losing per trade. There are risk management tools out there that can help you calculate your lot size based on the stop loss distance for the trade and a fixed percentage of your account. With this approach, you don't really need to worry about leverage and all that anymore. Excess leverage might be enabled in your account but you probably wont be using it to lose unimaginable amounts.

Trading psychology is probably the most advanced of all 3 because you meet it after you've conquered the first 2. It is a very long and broad topic as I've touched on it a bit here before. A simple way to go about this is to understand the life cycle of trading. First and foremost, when you choose to start trading you choose to accept going through this life cycle which can be very painful. This is another reason why trading is simple but not easy.

----> Build Account --------> Account gets knocked down --------> Restart building account without losing money ------->

Now to restart building account without losing money means you have to continue betting according to your plan. So if you've planned to bet N10,000 per trade or 2% of account, you cannot just jump to bet N50,000 or 10% of account. If you do that, then you'll risk losing N40,000 or 8% of your account. In summary, when you lose following your plan, you're just trading. But when you lose outside of your plan, you're losing money. So here we have it......

DO NOT LOSE MONEY!!!!!!!
DO NOT LOSE MONEY!!!!!!!
DO NOT LOSE MONEY!!!!!!!

Lets I forget, always know that the fastest, safest and most reliable way to rebound from a loss/ drawdown is to let go and walk away. Whenever you're in that position, always remember that you have 2 options; to let go or not to let go. The statistics of not letting go is a 95% chance of prolonged drawdown and possible account blowing while the statistics of letting go is a 95% chance of quickly ending the drawdown and immediately rebounding the account. You are the risk manager, choose wisely.

Merry Xmas.

Some may not know this but a simple trick to improve your RRR is to take the same trade on a smaller time frame. A 1:1 trade on the 1hr chart may become a 1: 6 trade on the 5 minute chart. No extra work done, no change in win rate.

Now one may know the direction price is moving to but depending on where his stop should be and where he expects the price to move to, he may not take the trade.

Not using stops is tempting if you do not know how to hide stops properly and if there is enough opposition power in the market to create whipsaws. These are also skill areas a trader needs to work on.

infofirst:


I agree with you boss mi. Its recommended and I recommend it too especially for someone with small trading capital who can not really practice proper position sizing. I am only saying not using it does not mean failure in the business. It all depends on ones approach. Putting stop loss is just a kind of auto trading. Hey computer help me to close my trade if its around this prize. If you have the right psychology, you can as well close it yourself.

Ok, you're spot on. I simply think its best to put on a hard stop loss even if you may not take the full hit.

As a trader, you want to take risk when getting paid but take no risk when paying out. Trading without stop loss is simply a very bad practice to trading. You trade with stop loss and without take profits . Adding more trades as a trend progresses is also a very good practice. But you must limit your downside by a using stop loss, moving stops to breakeven and even gradually locking in on profits.

I wanted to talk about how a trader has to identify the key skills necessary for trading and work on them. But chipping in a little about stop loss, it is usually best to use them. If you do not use stop losses, then you are pretty sure nothing can go wrong technically and the market is not going to experience a stupid volatility.

The truth is when you trade with proper sentimental analysis and fresh momentum in your favour, you may be tempted to not use stop losses. That's why we can use very very tight stop loses. But then a system can never be 100% so you must have the skill to eliminate trades that are probably not going to work which could also be a very tight range compared to people using very big stop losses and hoping.

The only downside I see not using stop loss is that it becomes difficult to properly calculate your RRR as well as your position size if you are trading a fixed percentage of account. But then, you can do all that in your head and then make sure you do not fail to pull the trigger in the area you used because the losses can really get ugly. Imagine building a trade with a very tight stop area and thus allowing you to trade bigger lot size but in the end you compromise on that because you now want to hope.

All in all, I know people who don't use stop loss because they expect the price to first go massively against them compared to the proper reason of price exploding in their direction. There is always a price that says you were wrong and using stop loss is simply the best way to trade.

Its ok to take a break in the month of December.......

TRADING PSYCHOLOGY

The beginning of trading psychology in Forex is when you finally decide to be realistic based on your level. As a newbie, you will probably be a losing trader and you really don't need much exposure or maybe no real exposure at all. It will take time, effort and commitment to get good at this and it wouldn't be a get rich quick scheme.

As an intermediate trader, you can expect to be a bit profitable with the hope of getting better. You can make from 10% - 50% monthly based on how viable your technique is going to develop over the long term.

As an expert trader, you know you can make 50% or more monthly. You understand that the results are out of your control but your process and routine on how you generate trade ideas and implement your technical as well as manage risk are in your control. You know that you've become really really good and you know you'll probably be fine with 5% or 10% bets on your account. You can safely flip small accounts at will and you know its ok when you lose.

To build psychology fast, you must try to maintain a fixed percentage bet of your account over a period of time (2% preferably). You must have practiced a lot in demo and gotten decent with your technical skills. By using a consistent bet size backed with money management over time, you begin to expose yourself to profiting from a larger sample size and allowing the law of averages work for you.

The most advanced psychology you can ever have is to let your winners run and cut your losses. Do not tolerate losses. Do not hope to get anything from them. Cut them out immediately and the best way to do this is to use hard stop losses backed with proper money management. For your winners, you can use soft targets if you trade long term or just proper risk to rewards.

If you use proper risk-reward, its best to just set it and leave it. Believe it or not, you are capable of doing more harm than good when you micro manage your trades. You will be tempted to cut profits short and this will work against you mathematically in the long term. Just know that until the trade is over, you've neither won nor lost anything.

One thing I can tell you with certainty in this uncertain market is that your account will fluctuate. And cheer up, Forex is way easier than Bitcoin trading or Football trading.

As a newbie, we must understand that countries all over the world may increase or reduce their interest rates or may have an increased or decreased economic activity which will in turn lead to increase or reduction in returns for investors. Forex investors all over the world put money where they will get more returns for their investment and remove money from where they will get less returns hence the buying and selling of currencies.

Now although institutions and other investment agencies are the minority traders in forex, they control the majority of the monetary power in the market so they can move price at will. on the other hand, retail traders who largely speculate on the market are the majority of traders but we have very weak aggregate exposure in term of money in the markets hence we cannot control price movements but only add to established price movements.

Retail trading is therefore based on trying to follow the footprints of the bigger players.

Something I've noticed in the forex market is that most traders state their results in terms of pips gained. I really struggle to read much meaning into this because pips gained may not necessarily translate into cash or performance

If you risk 100 pips to make 100 pips, to me you are not better off than someone who has risk 5 pips to make 15 pips. Also the lot size and percentage of your account you have used for the move matters a lot. So if you risk 100 pips to make 100 pips using 0.01 lot at 2% of your account, you are not better off that someone who has risked 5 pips to make 12 pips at 6 lot and 2 percent of account.

So one makes 100 pips and another makes 12 pips but the details is the difference on what has really entered the account as profit and this becomes really serious over time.

I think the best way is to state results in terms of the percentage gain and exposure. So you can say I made 5% with a bet of 2% on this trade or I made 2% with a bet of 2% on this trade .

So 100 pips to make 100 pips using 2% of account is very much the same as 10 pips to make 10 pips using 2% of account especially on accounts where commissions are almost zero and no minimum order distance.

Just found this page. Its really nice to be here. From my little time investigating the forex market, I have come to understand that although we all claim that there is no holy grail, some methods are way more effective than others.

The most effective information in forex is the market sentiment on individual currencies and then pairs over a given time period. Its either up, down or ranging. Even fundamentalist will have to wait for sentiments to align before taking a long term position.

If you have a pair that is moving and know its bias, all you have to do is to wait for it to get to the proper location and look out for a shift back to the directional bias. Of course as a day trader, you need to know your Average daily range so as to know if you can get a proper risk to reward.

Risk management and trading psychology ends the course but you really wouldn't be needing that so much if you can have a 95% win rate. All you'll ever know is that its ok to lose sometimes. Its ok for your account to fluctuate a little. Even the best still lose sometimes.

Where we all differ is how we try to get our sentiments. You can try using lines on the chart, a higher time frame, multi time frame, session breaches, weekly open power etc Some methods are way more effective than others. Some allow you to trade in a pattern with decent wins and loses in the mix while some allow you to follow the big boys and go for the killer. If you follow a pattern(especially lines on a chart), then anyone who can read the pattern can game against you and all the others using that pattern which will drastically reduce the win rate. If you just follow the big boys, that's it. You follow the big boys to game against the patterns.

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"Do not bet what you cannot afford to lose" - you've heard that many times right .....

Some call it football trading, but we all know it is gambling. All we can do is to be exceptionally good with our picks and use strong blocks (money management) and heavy punches (valuable wins) against the bookies. Good luck.

The most important money is 'how much you are going to lose' not 'how much you are going to win'. The rest will take care of itself.

All real success comes long term and betting is no exception. "Do not lose money"

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you dont have to win everyday, you just have to pull out huge sums of money from the bookies every month. With a good block and a heavy punch against the bookies, you can survive in this game.

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