₦airaland Forum

Theyoungmaster:
You did well Bruv. Jumping above me at the speed of light. Well played! Kudos!

infofirst:
Correct.

I made net +652pips and I am where I am but the current 1st position made net +208pips. @maryokn made about +800pips before falling short due to 10% peak loss. We need to adjust so the best pips maker can rank higher. Then since gold can be traded using 0.01lots(10cents/pip). Maybe it will be allowed

infofirst:
Yes sir. Subject to review if better arguments comes up before next contest. I mentioned it just so we can suggest.

infofirst:
Its not 171 but 100. The peak loss considers the starting capital. That's why with 10% peak loss, you have no business trading 0.1lot in the first place if you are trading with the right risk level. That explains why we have a record number of disqualification in the current contest

NetValueFX:
My opinion is to let the max lot be 0.01 and max open order 10.

Theyoungmaster:
That'd be 0.1 lots exposed at the same time. Twill be difficult to track risks properly and still avoid 10% DD on a $1k account.

My input though. Final say lies with my oga at the top.

Elliotwaveforec:
I think after breakout has been confirmed, it is advised to wait for correction towards the nearest support or resistance as the case may be before entering.

This pair got rejected at 153.47, now destroying highs.

What do you think my Oga?

NetValueFX:
It all depends on what one is trading.
Having 10 trades at 0.1lot is not same as having 1 or 2 trades at 0.1lot unless those 10 trades are same pair.
So for me, I think someone trading different pairs will definitely survive 0.1 compared to someone trading trading 1 pair at 0.1

GabsonFX:
Boss, I checked just now. If I were to trade, I would have entered from the close of that candle (arrow point) and would have been on about 170.0pips with that candle formed today. As it stands now, I will no longer advise a long because this could be a fake breakout (who knows), but if you still want to long it, feel free to do so ONLY by the end of today so that you don't get caught by any retracement leading to many -ve; if you long it by the end of today, you will be looking to close it if any day candle closes below the top blue line.

Good job bro.

Theyoungmaster:
I'm back. US30 did him dirty. Reminds me of the old adage that "what is sweet can kill too". Over all, he did a great job. I love the way he's able to hold onto winners for a long time. Still something I'm working on. Most times, 50pips in the bag, I don japa.

Elliotwaveforec:
Please, the TF of the chart, daily or 4 hours?

Donsheddyguru:
It's not all about pips....
Someone can decide to open 5 positions at same time targeting let's say 20 pips...

Trader A might decide to go all all with 0.05 lots
In a single position in the same pair and the system will record 20 pips....

While Trader B might decide to open 5 positions with 0.01 lots target same 20 pips at the same time

Well the system will record 100 pips....

Note both of them target same pips but used different method or approach...

TheYoda:
Counting pips alone won't cut it, highest pips just means, instead of entering 0.1 lot size , i will enter 0.01 x 10 ... To get more pips count.

Any suggestions? leverage would have been the best bet, because leverage normally should reduce what lot size and how many trades you can enter at the same time. but I think the leverage is not working as I see people are able to enter as much as they want.

See Mayor floating loss right now, how did he get to open that many positions? are those account really 1:30 leverage? and people mention Qpet was able to enter 11 lot size . I don't see how they are able to enter that much lot size on the stipulated leverage.

Guys am I missing something here?

infofirst:
The leverage does not work for indices with some brokers. Hotforex is a good example. The very reason we did not allow indices trading

TheYoda:
And alot of things to learn here with Mayor account, that type of strategy is very dangerous, if you don't have stop loss, and you are scalping.

He took him 7-9 days to get those gains BUT just 1 day, he's got -$500 floating loss. You see how much 1 bad day set him back to?

You can even have 60 days profitable day but if 1 bad day is going to kill you. You don't need anybody to tell you, you have to change something. Maybe use equity stop loss, say you have -5% in a day , you should close all trade, close mt4.

I'm sayin this because I've been there, done that, rake up many wins, 90 days of good trading, about 92win rate until I got a bad day, blew half my account. Thats not the main problem , but the psychological damage and emotional toll .

Well enough said.

infofirst:
We improved after detecting issues. In the next contest, we will return to only currency pairs and total max lot size that can be traded will be 0.05. And every position must be 0.01 lot size. pips making is the goal not high returns with minimal pips making.

Thank you boss Mi. I will ensure I check every trades of those to be rewarded in the current contest

TheYoda:
Oh I see, wasn't aware of that. Now I see how they can enter more lot size / more trades now .

infofirst:
Except we kind of restrict brokers. Icmarkets am pretty sure will not allow one to trade indices 11lots with $1k balance.

infofirst:
Except we kind of restrict brokers. Icmarkets am pretty sure will not allow one to trade indices 11lots with $1k balance.

infofirst:
@Donsheddyguru
I am afraid the rule can not cover every one. I can only try and adjust to ensure we are close to best practices.
As much as only pips does not count. You still have to learn to make the pips. If you target 10pips to make 5%. Thats still going to lead to over trading. No room to allow your trades to breath as well and all that. Its better you learn to trade to make atleast 50-100pips per trade.

infofirst:
Except we kind of restrict brokers. Icmarkets am pretty sure will not allow one to trade indices 11lots with $1k balance.

Donsheddyguru:
Like I said...
Using pips alone to judge won't stop over trading....
Someone can decide to use 0.01 lots size and at the same time open too many positions....
Thereby risking too much too

Donsheddyguru:
Let me make my simple suggestions....

Some traders are scalpers...
While some traders are swng traders that aim for alot of pips...
The rule should try to accommodate every one.....
Some traders trade multiple pairs...
While some trade just one pair....
For me I think sticking with just Currency pairs will do alot of good....
And make the contest a bit fair....
I can suggest max 0.05lots
If you're trading single pair...
Max open lot should be 0.05 you can decide to go all in once or open 5 different positions with 0.01 each....

If you're trading multiple pairs you are not allowed to open max 5 pairs at 0.01 lots or you can decide to open two pairs at 0.025 lots each depends on you....
But total sum of open lots shouldn't exceed 0.05....
That way the contest will be fair


It's not all about pips....
Someone can decide to open 5 positions at same time targeting let's say 20 pips...

Trader A might decide to go all all with 0.05 lots
In a single position in the same pair and the system will record 20 pips....

While Trader B might decide to open 5 positions with 0.01 lots target same 20 pips at the same time

Well the system will record 100 pips....

Note both of them target same pips but used different method or approach...

Taking same risk

That's it bro