Tony142:

Tony142:

GabsonFX:
Update on GJ

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I'm currently at a no panic -70.0pips on GJ which is nowhere near my SL, Scenario 1 played out. Today's candle is likey going to close below the yellow price (1hr 30mins to count). I will not close this long position until today's candle actually closes below the yellow price even if it reads -120pips, don't expect the market to go your way at all times. I once mentioned that giving back 80.0pips to the market does not touch my account not to talk of shaking it, I will get it back in multiples... (That's Risk/Money Management)

The psychologies here are:
1. If you cannot lose it, do not trade it.
2. Plan your trade, trade your plan, Stick to the plan.

Theyoungmaster:
Please who knows any broker that offers a beginner friendly, spread healthy cent account to nigerian based traders?

Donsheddy:


This Grammer plenty sha...
I no understand one thing you talk here boss

ItzProspero:
try forextime

ItzProspero:
try forextime

Theyoungmaster:
Please who knows any broker that offers a beginner friendly, spread healthy cent account to nigerian based traders?

Theyoungmaster:



Please keep the suggestions coming. I'll really appreciate.

Thanks to boss @Infofirst, I'm getting ready to float my first live account. God bless you mightily Baba!
Yo, I'm excited y'all! Been on the sideline for 10 months demo trading, investing in knowledge and bidding my time. Tips and advices are welcome.

infofirst:


How about their spread? I have read complaints of high spread from folks

Ignatio:
Learnt something today about Forex today. Never keep your eyes off your trade. Distraction is your worst enemy.

infofirst:


How about their spread? I have read complaints of high spread from folks

Donvic4u:

I think He means the sell might be a wave two preparing for wave 3 or the start of an impulse wave 1 downwards

Tony142:



New Rules

1. Initial amount = 100$ not 1,000$ again
[s] 2. Let trader that trade only 1 pair be able to open 0.05 lot at once, instead of stressing yourself opening 0.01 lot size 5 times [/s]
3. Let traders that trade different currency pair open 0.01 lot size 5 times on their various pairs if they want

Tony142:




Boss, in the next contest make it possible to place 0.05 lot on one trade, instead of placing 0.01 lot five times


Here is the reason, some people trade different pairs, while others trade only one pair, let assume I trade 5 pairs, I can easily place 0.01 lot on each of the 5 different pairs I trade to make it 0.05 lot, but let assume u only trade GBP/USD u will have to place 0.01 lot 5 times on the same pair, instead of just placing 0.05 lot and rest, it does not make sense na



That maximum of 0.01 lot size and maximum of 5 order only favour those who trade many pairs, if u trade only one pair there is no need to be stressing yourself placing 0.01 lot 5 times when u can just do it once

Tony142:




Apart from allowing those of us who only trade one currency pair to trade 0.05 lot size at once like I said earlier, there is also another area I want you to look into too , which is


He has said many times that the best performing traders will have the opportunity to manage accounts, and the account will be funded with $1000. So I guess what's why the demo contest is $1000.

Leave it the way it is.



That 1,000$ we are using for the contest is very unrealistic, believe me 99.99% of those participating in the contest can not even afford to deposit 100$ into their live account not to talk of 1,000$



One of the reason why trader blow their account is because they will use 100,000$ demo money to practice and when they want to trade live account they will deposit just 10$ or 20$ , how can u use 100k dollar to practice in demo and u are depositing 10$ into your live account?



Rule 1: "use the amount of money u know u can afford in live account to practice on your demo account"



If u know u can afford 20$ in live account then use 20$ to practice on your demo account


If u know u can not afford 1,000$ in your live account, then do not practice with 1,000$



Like i said earlier, 99% of those participating in the contest are demo traders, not live account traders, this 99% infact, 100% of them cannot afford 1,000$ on live account, so using 1,000$ to practice is unrealistic



The amount of dollar that is close to reality is 100$


So as from the next contest I think we should start using 100$ and not 1,000$


Below is the summary of all I have said so far



New Rules

1. Initial amount = 100$ not 1,000$ again
2. Let trader that trade only 1 pair be able to open 0.05 lot at once, instead of stressing yourself opening 0.01 lot size 5 times
3. Let traders that trade different currency pair open 0.01 lot size 5 times on their various pairs if they want



Those are my points

infofirst:


How about their spread? I have read complaints of high spread from folks

bigbasho:
i mean...

Tony142:



New Rules

1. Initial amount = 100$ not 1,000$ again
2. Let trader that trade only 1 pair be able to open 0.05 lot at once, instead of stressing yourself opening 0.01 lot size 5 times
3. Let traders that trade different currency pair open 0.01 lot size 5 times on their various pairs if they want



Those are my points

Donvic4u:
we all see differently

ItzProspero:
Too much fine-tuning ruins everything

Donsheddy:


You're allowed to open 0.05 lots on pairs... As long as it's just one position...
The rule is at no point...
Should the summation of your lots in an open position exceed 0.05....
Any how you wan take trade am...
But floating lots shouldn't be above 0.05 at a Time

Gasive:
You're really doing great boss, I love your confidence.
I'm learning to trade like you.
#Respect.

femora007:
but if the trade is taken from a high time frame no need to be looking every now & then

Theyoungmaster:



This is actually not correct. Maximum lot size PER TRADE is 0.01.
See attached.

EVERY SINGLE TRADE MUST BE 0.01.
MAXIMUM LOT SIZE OPEN AT A TIME MUST NOT EXCEED 0.05. THIS MEANS THAT WITH 0.01, YOU CAN HAVE UP TO 5 TRADES ACTIVE AT THE SAME TIME.

The rules are simple and straight forward.

Tony142:




Apart from allowing those of us who only trade one currency pair to trade 0.05 lot size at once like I said earlier, there is also another area I want you to look into too , which is




That 1,000$ we are using for the contest is very unrealistic, believe me 99.99% of those participating in the contest can not even afford to deposit 100$ into their live account not to talk of 1,000$



One of the reason why trader blow their account is because they will use 100,000$ demo money to practice and when they want to trade live account they will deposit just 10$ or 20$ , how can u use 100k dollar to practice in demo and u are depositing 10$ into your live account?



Rule 1: "use the amount of money u know u can afford in live account to practice on your demo account"



If u know u can afford 20$ in live account then use 20$ to practice on your demo account


If u know u can not afford 1,000$ in your live account, then do not practice with 1,000$



Like i said earlier, 99% of those participating in the contest are demo traders, not live account traders, this 99% infact, 100% of them cannot afford 1,000$ on live account, so using 1,000$ to practice is unrealistic



The amount of dollar that is close to reality is 100$


So as from the next contest I think we should start using 100$ and not 1,000$


Below is the summary of all I have said so far



New Rules

1. Initial amount = 100$ not 1,000$ again
2. Let trader that trade only 1 pair be able to open 0.05 lot at once, instead of stressing yourself opening 0.01 lot size 5 times
3. Let traders that trade different currency pair open 0.01 lot size 5 times on their various pairs if they want



Those are my points