₦airaland Forum

Elliotwaveforec:
To avoid DD being hit, calculate your daily (not overall) DD and make it your capital throughout.

Ignore to the original capitals of 100k, 10k etc.

We are on same page. I actually use one-four of it.

I think the safety way for me oooo, just my own plan and belief, is to trade below your DD.
This is what I am planning to do.
If my DD is $500 on a $10k account. I tell myself I am only using $500 to trade per day and not $10k.
Then I divide the $500 by 4 = $125
For each trade I risk about 25-50 dollars.
I use the babypips position size calculator to get the lotsize I should use and how many pips.

I realized this after I lost my blueguardian $10k account I won as a giveaway on Twitter due to DD violation. I thought that when it gets to $500 for the day they will log me out till the next day, omo. When I couldn't place trade the following day. My eye clear. $10k account was sold for $87. I checked the price. He pain me gan.


Please note, that's my own plan on my risk management.

Better to just trade below the DD

BrightFuture48:
Balance based DD simply means at the end of each day around 10pm Nigeria time your next daily DD will be calculated based on your current balance irrespective of equity or pnl either positive or negative.

Example you have current balance of $6000 and equity is $7000 (or $5000 negative pnl) your next day DD is 5% of 6k = $300 . That means your balance should not fall below 6000-300= $5700. If it does then you go chop dq.

But reverse is the case if it equity based. Instead it will be 5% of $7000 or ( 5% of $5000) and will be either $350 ( or $250). In that case your balance for day must not fall below 6000-350 = $5650 ( or 6000-250 = $5750).

MFF is a bit trickish. They would rather look at what is higher between your balance or equity at the end of day to calculate their next dd.

Hope you get the gist now?

rainlover:
U breached it na.
U don't understand what they meant by "balance based"

There is equity based and balanced based.
The held trade was in equity na,
Abi I am missing something?

greatcheer:
hmm try to understand this balance based draw down cos I was depending on it and still chop disqualification with maven prop. I was waiting for trades to retrace unto say balanced based by the neck me with their dq email.
some say its when you close ur trades.
I think this balanced based is a trap

Good morning,
I noticed that too. It is better to not let your trades hit DD, rather than trusting those balance based DD,
Honestly, I understood this when I was in UMW competition,
I held a trade after it crosses the DD of 5k it retraced into profit of 8k I was smiling, na so them nack me DQ email. I just surprised even though na balance Based DD o. Then I knew it was pure marketing.

karkinase:
Be predictive of price.. where is price at the moment, what will price do if it gets here , what if price doesn’t get here what action to take and etc.. it keeps you 5 steps ahead of the market..

I believe this. Since I started anticipating and then waiting to see how price move, my entry has improved.

VeeVeeMyLuv:
How? Kindly elaborate

Studying

samfelly:


No worry, I go go again. I am determined to make a withdrawal with Ryze and carve out a niche there.

I am rooting for you boss

samfelly:
Blown at Phase 2 🤕🤕

Ouch!
I was so hopeful so I can join you.

samfelly:
Scratch what I said earlier. On a more serious note go for Ryze's own. Just $254. And are balance based drawdown

Boss, how va with the ryze funding $500 account?

Thank you, I have been paying attention to these levels since last month, my game is changing already.

saintfaculty:
Hello there,

Greetings, my friend!

The noted levels play a crucial role within the market dynamics. Many traders, including myself, have observed that these levels hold significant importance as price often reacts by initiating substantial movements—either reversing its course or furthering the prevailing trend.

Referring to PWH, PWL, PDL, PDH, PML, and PMH, these represent the high and low points of past weeks, days, and months. These areas tend to harbor considerable liquidity. Frequently, price gravitates toward these regions, clearing the existing liquidity before making substantial shifts. Consequently, these are the levels that dominate my attention and guide most of my trading decisions.

Similar principles extend to HOW and LOW, even encompassing HOM and LOM. The concept of HOW/LOW was introduced, perhaps by Jeffery Benson, although I can't confirm. Nonetheless, it dawned on me that these levels (HOW/LOW) command substantial respect from price movements.

My trading approach hinges on patiently awaiting price action to reach these critical levels and to demonstrate a reversal structure within these zones before I contemplate executing trades. I am also vigilant for chart and candlestick patterns, and on occasion, Fair Value gaps, order blocks, and ICT concepts. When these patterns align, particularly in proximity to or within those key levels, price tends to react or reverse.

My toolkit further incorporates the utilization of the Fibonacci retracement tool. Let me illustrate:

Considering the attached GBPUSD 15-minute timeframe (TF) image, I exercised patience as I waited for price to retrace to the (0.5-0.618) Fibonacci retracement range. I identified a double top pattern within my specified interest zone. Subsequently, I entered a selling position, with one of my take profits set at the -0.272 Fibonacci extension level. Upon closer inspection, you'll discern that these events unfolded around the HOW, which subsequently led to a pronounced price decline.

In a nutshell, the greater the confluence of factors supporting a trade, the more favorable the outcome tends to be. This encapsulates the essence of my trading strategy, centered around these pivotal levels. I trust this provides an additional layer of insight to complement your existing knowledge. Until then, take care!

@saintfaculty
I look forward to hearing from you sir.
How to you those levels accurately.
HOD
LOD
PWH
PWL
HOW
LOW
thank you sir

@saintfaculty
How do you use the
PWL, PWH
HOW
And
LOW
What do yoh look out for as entry signals? Thank you. Just wanna get better and better.

Donsheddy:
Three months now

Wow,
I salute your patience.

Boss, for how many month have you been on the 10k account?

Donsheddy:
Week 6 Done...
Weekend Came Early ..

10k account 4.4%
6k account 4% in profit.
200k account 0.55 % in profit
Tft competition 9.3% profit

What's EJ cooking?
News on Eur coming up by 815am and 830am

rainlover:
Them don add new feature for this bot wow; it can now respond to mentions.

Vawuelence! Vawuelence!! Vawuelence!!! 🔥🔥🔥🔥

I used to love gold alot, honestly.
Until my eyes open to forex currency pairs. See ehn, Gold can give you fast money and can also take away your money fast.
The only time I trade gold for now, is on my cent account during news release.
I trade 5 mins after the news has been release.
My opinion

RKTexpert:
Petah73824
Petah_73824
73824Petah, etc

I use @petemayo172
I think I will win soon 😆😆😆😆

You are a mind reader sir,
I was actually thinking about this question this morning. I am a day trader. What would you advice sir?
Thank you for all you do.

dottozil:
Will be answering this as a swing trader,

Lot size; between 0.03 and 0.5 max depends on where your stop loss is placed

How long ; no specific time frame when you pass you pass unless a specific time frame is set by ur prop firm


How many pairs; no specific number of pairs cos as a swing trader you might have to hold some pairs longer than the other for it to hit TP.


Thanks

Revolution2022:
Education is the key to poverty.

What's your definition of education?

Boss, i noticed that on EU yesterday. Then I am on the right track.

Geovanni412:
Trade one to two pairs that are correlated or move similarly

Trade only if weekly high and low is broken or trade only Thursday and Friday.

Minimize your trading activity

Pair selection:

Choose eurusd and usdchf/ eurgbp or

Choose usdjpy and audusd or

Choose xauusd and usdcad

Stop mixing markets that respect support and resistance with markets that blast through key levels without backing up and filing.

If you like one-way traffic, choose usdjpy, xauusd. If you like patience and retests of previous areas, choose eurusd, usdchf

Books:

Go and read currency trading for dummies by Brian Dolan. It explains how different pairs behave.

You might have a good strategy but you are applying it on a wrong pair.

Wetin you mean by numeric extension?

RKTexpert:
yes o...
people are getting it for real
1,Follow plenty legit giveaway influencers
2,engage on their every tweet continuously
3,add numeric extension to your username
4,hunt for giveaways on discord/twitter everyday
5. One day bush meat go go market, e no go return.
6, tag person wey follow u and you bin follow back.
Most times, the winnings naa pure luck, like when I 1st started going after giveaways on twitter in June, city traders imperium bin celebrate anniversary giveaways then or so
with 100 x 10k accounts..
I weak with poor-luck as my village ppl no gree me win anything
He no too tey blueguardian follow suit kon organize for hitting 20k followers on their twitter handle; 10 x 10k giveaways for the next 10 days, that's 100 x 10k accounts in total..every 24hr them go dey use twitterpicker dey draw 10 winners each day, na so my luck just dey reduce like weight-loss and nothing for me. the ones wey come to me later on naa them be the ones I no give much seriousness to at all

Kaybee7000:
We are pushing it o but damn it is not easy mehn !!!🥺🥺🥺

You can do it.
Someone said something here or on a Twitter space I joined I don't know who,
If you enter a trade and your heart is beating fast, the lotsize you use is too much for your psychology at that point.
I have been using that ever since,
I believe you can do this.
God speed.

which timeframe is good for entry on EU ?
I want to study the pair and focus on it. Just to study it.
People way they trade am ona input for go go a long way. Thanks.

People who won account with our boss @infofirst how is it going?

I no know how people take dey do am o. My friend who lost a 10k account last week. Won another one with blueguardian yesterday through giveaway as a active follower.
Omo,

Who trades EU here?

BinaryRocks:
Finally the giveaway 10k account is received this morning.
Thank you PropFirmMatch and fundingpips.

Congrats boss

Jameselias:
The 3 levels of patience:

- Waiting for a trade > Don’t act on FOMO
- Patience while in a trade > Don’t close too early
- Patience when growing your account > Don’t push your risk management



Copied @tradeciety

Decide which time frame for entry, wait for candle close before entry, helps me to be patient.

Donsheddy:
[b]So last week was tough.
..
My winning got into my brain and i went against all my trading rules... .
I ventured into over trading....
Greed got a better part of me ...
Impatience became my second name...
Thank God for risk management else i for don lose all my account...

6k dropped to 2.7%
10k dropped to 1.6%
And i lost 1.3% on 200k .....

Well my brain don factory reset....
Lesson learnt....
I didn't factor in weeks that i won't be able to get my desired target that was the reason why i couldn't handle the losing streak properly when it came....
Well i don record the loss as say i don withdraw my last month profit and i dey hit the market afresh....
Will update my new trading plan.....

So i just noticed that the number of times hit my tp which is 93 pips normally....
Its rare....
Most times just once a week sometimes none...
And I noticed my pair averages 50 pips once it crosses a key level...
That means i will now reduce my Rrr to 1:2...

Secondly any week i start out with my sl picked....
My target for the rest of would be to recover the loss and nothing more....

And if i hit two losing streak for a week....
I stop trading for that week.....
I wan force this discipline by force...
So I'm giving myself 12 months time limit to get to live account....
No rushing....
My risk remain the same...
Weekly target will now be 100 pips....
[/b]

Let me join you on this.
Weekly target for me is 50 pips for a start. Trading EU. Thanks for your update.

PIPSMARSHALL:
Do you know how it feels when u spray money mint in a party? That's a profitable feeling because no dullinh. Try am, you will know there is nothing in the psycology its just you and ur insecurities.

If u use to the higher timeframes and do support and resistance u will get there. That's the zone. There is no room for failure, only success because we don't only know but act on what we know.

Yeah,
I am learning to keep to my rules even if I see opportunity outside my plan I don't take it. I just look at it, anticipate and watch it play out. That's what I did on gold on Friday, since it trended on Thursday, and there is no news on Friday, I anticipated a range. And that what Happened. I could have still taken trade but I stayed away. RULES.
WORKING ON STICKING TO RR 1:2 TO 1:3 MAX