boom99:


Pls, Can I pm you so I would get some info from you. The fee is ok and I want to give it a shot.

GabsonFX:
Thanks for all appreciation bosses. I've been busy with other stuff.

Sorry I have to bother you all with progress. So, profit was withdrawn yesterday and got new 100K account to start again. Started trading today, gold only and see the attached update just today: close to US$15,000 just today.

Pls don't be tired of my updates, na beg I beg....I won make we get like 10 people here trading prop firms bagging US$20K per month, make we crash this forex business on time.

Fibonacci88:

Not all broker charge commission. If ur broker charges commission u'll see when u execute and close a trade. It's a fee some brokers charge while some factor fees in spreads. How they calculate fees isn't something u should be interested in. Just look for a broker with low fees or ones with good spreads.

GabsonFX:
OK, I'm a bit free now: I said I would teach the house on 2 major lessons especially from my last trade.

B4 that, I want to inform you that I exited that US$14,900+ profit at US$4,895; I'm a real man here so I have to update you all about the outcome and not just a floating profit; many do this to entice and blow people's mind without any particular lesson to pass across.

Now, I want us to dialogue on what your take is on this trade:
Please take time to look at H4 to see a detailed view of how gold behaved between yesterday and today.
Would you have exited when I was already bagging US$14,000+ or would you have waited like I did and bagged the US$4,895?
Will you be pained for that?
At a point today, price returned from my $14,900+ to entry point (US$0) - see that bearish candle on the 4H. How would you have reacted when you saw this?

Let me hear from you all as we dialogue, then I can discuss the 2 lessons..................................WHAT WOULD YOU HAVE DONE?

GabsonFX:
OK, I'm a bit free now: I said I would teach the house on 2 major lessons especially from my last trade.

B4 that, I want to inform you that I exited that US$14,900+ profit at US$4,895; I'm a real man here so I have to update you all about the outcome and not just a floating profit; many do this to entice and blow people's mind without any particular lesson to pass across.

Now, I want us to dialogue on what your take is on this trade:
Please take time to look at H4 to see a detailed view of how gold behaved between yesterday and today.
Would you have exited when I was already bagging US$14,000+ or would you have waited like I did and bagged the US$4,895?
Will you be pained for that?
At a point today, price returned from my $14,900+ to entry point (US$0) - see that bearish candle on the 4H. How would you have reacted when you saw this?

Let me hear from you all as we dialogue, then I can discuss the 2 lessons..................................WHAT WOULD YOU HAVE DONE?

Fibonacci88:

Not all broker charge commission. If ur broker charges commission u'll see when u execute and close a trade. It's a fee some brokers charge while some factor fees in spreads. How they calculate fees isn't something u should be interested in. Just look for a broker with low fees or ones with good spreads.

Feshizzy:

All these are also stated in their site,
There's different form if accounts
The ones that charged commissions are raw, zero and ecn accounts
The rest charge via pips.
Oh and don't confuse commission with swaps
Most commissions are mostly fixed. Just that the spread can vary abit per pair.
It can be 0 pip 3usd commission on EU
And 4 pips 3usd commission on UCAD.

Gasive:

I will hold the trade and only close it when my analysis is invalidated.
Letting profits run is what I'm actually learning at the moment. It may not be easy at first cos seeing your profits returning to the market is depressing but it's definitely worth it if mastered and applied properly.

Donvic4u:

It all depends on your entry and exit criterias...

For me, if I'm in a winning trade, the first engulfing h1 candle is a sign to close the trade

kubusify:

I would have used trailing stop loss such that as the profit grows, the stop loss position moves with it. So that in the event of a possible pullbackI,I will only loose small amount of money. I can't afford to give back such amount to the make. It will demoralise me completely.

Succhris:

I think it depends on my target. If my target is 20k as profit and price has given 14k.
Either sl or tp. Especially if I have a proven system

samfelly:

Just seeing this.

Well, as for me, you all know I am a Scalper (lower tf). I am still learning the ropes of using higher tf.

But, to contribute as though I am a pro, I'll say, if the indicators i am using should show me a good sign that the market would reverse, I'll zoom away with that huge profit - b4 I'll regret it

daydeji:

I go with @kubusify sir, I either close the price down with my SL or I reduce the lot size, thereby keeping a large part of the profit incase it goes sideways.

femora007:
will keep holding till tp or stop out at entry. U r your case, I would have been stopped out @ the entry price because I would have adjusted my sl after such profit

charly20:

Ok. This is familiar. I lost my USDCAD trade which I held for weeks because i had "over refined " my target. I went later to study quarterly shifts for that pair and I understood which shift in market structure is the real one different from "just retracement".

From what I see on gold chart, I wouldn't have closed my position because we just broke last week's high heading to last month's high (as I believe). The long wick on H4 didn't create a new lower low. So I would have stayed.

Modified:
And as I learned from you, "it's tp or sl"

MrEmir:

Well I would only close a trade if I see my exits signs, but I barely close a trade( probably because I'm still gathering as much knowledge as I can.
It's either tp or sl , I don't even trail stop loss( or break even as it's called).
By the way, I would love to know what prompted you to close the trade . What did you see sir

Great with the first bold.

You see the problem with the 2nd bold is this, to me, i see it as a form of panic, fear of unknown taking profit when not fully matured. cos if you do that 3 to 4 times, just one loss could wipe all the profits and give you additional loss.....for instance, you trail to a point where market reverses and you make 40pips, and do this 3 times; gold I know of, maybe you should not have trailed, cos market was still heading to 300pips each, the total would have been 900pips in 3 trades; but you have trailed and limited your potential to get 900pips and now you have 120pips, good, but just one loss could be 100pips or 120pips, and those profits are gone. The following trade could even be another 120pips loss.....and that's it.

BrightFuture48:

Firstly, congratulation on achieving this feast.

As regard the reaction this will be entirely up-to risk aversion of the trader involve and his discipline in following his rules for exiting a trade. While no particular approach might be best bit the general rule of thumb I will take in such situation is to exit the trade asap or use trailing stop, because there is an adage that says nobody get broke taking profit.

This is where fx is somewhat tough, because taking profit was equally as important as entry price also. But sticking to one's trade plan Is the best.

GabsonFX:
But come to think about it: US$4,895.0 is not bad in just one day.

That's the mentality, the psychology and not a floating profit

successsam121:

Thanks sir.
I know some brokers have different accounts: for example, fxtm and hotforex offer accounts that they only charge spreads but their spread is high especially during closing and opening trading hrs and also during major news while the same brokers also operate accounts with low spread, as low as 0 spread on EU but charge commission, $4 and $3 respectively.
Just want to know the difference and the one with low cost on the part of the trader. Though the minimum deposits for these accounts are different - accounts with commission is higher, $200 minimum. Which one is preferred in terms of cost of trading: high spread or low spread with?



Which one saves trading cost more, sir?


Still a humble learner.

Donsheddy:


true talk boss....
the day a trader start calculating his trades in percentage, that's the first stage of beating emotions in trading.....
secondly when you place a trade just assume you're already at loss...
when you place your stoploss and take profit...
allow the trade to run, if you're able to do this youre 70 percent close to been a profitable trader...
thirdly you need to Know your win rate and lossing rate....

for example I'm a scalper...
I go in with the mindset of two straight wins a day I call it quit for the day....

and two straight loss I also call it quit for the day....

GabsonFX:
WHAT WOULD YOU HAVE DONE?
The 2 things I want to talk about are: 1. Know where to hide SL and 2. Strictly follow your rules: exit & exit - Ignore emotions from the current happenings

Great contribution from you all.
Gasive is 100% on point, always respect your analysis for entry and exit.

Same for Donvic4u and in fact perfect: entry and exit rules, engulfing candle? get out immediately; stay aside for another opportunity.

kubusify, hmmmmm, trailing stop loss? I have used in many years ago but it is not efficient as you would believe it to be; why? it limits your potential for good profits, especially with gold. When you trail profit, I see it as a guesswork cos no one can tell how much dip price can go; also those doing BE - price is meant to go up and down and while doing so, taking people out of their positions, you don't want to be one of them. When the final price movement would be 100pips, but went first to 50pips, then you set your SL to trail, thenprice moves further to 70pips and now down to 40pips, it takes you out of the trade, then starts its journey to the originally intended 100pips....I don't trail, I don't advise it.......Finally, I always tell people, when you set your SL from the beginning of trade, what you simply tell the market is: take this SL gap, that's all I can give you, now you can manually move the SL once or twice when price goes far away from your entry in your favour, but not to now choke the market by moving it into the price area using the trail.

Succhris is 100% on point, it depends on 2 things, your SL or TP % profit expectation: this is how I trade. On that gold trade, I aimed at $50,000 profit and nothing less, OR if I see a reversal pattern, unfortunately, the reversal pattern came big. You are 101% correct.

Samfelly, on point: watch out for a reversal pattern and get out immediately; but don't be too much in haste, wait for it to fully form before exiting. But as for regret, never ever regret when market takes back "floating" profit; and this is the mentality I want to instill in us here: as long as it is floating, it is not your profit yet; allow the market to do its own thing, and when your strategy tells you to exit, then exit. As for me, if my profit goes from $50,000 to $10,000, I have no atom of regret that I lost $40,000. NO NO, you did not lose it cos it was never yours in the first place - it was floating.

daydeji, same reply as Kubusify

Femora, good one, on-point - same reason as above.

Charly20, you are absolutely correct: SL or TP or reversal pattern, you are out......no trailing, move your SL manually, if you have to but not to choke the price area. As for if you would leave it running for now, I completely agree with you again but it depends on what TF you took the trade: I normally trade D1 but due to many reasons, I have been trading on H4; look at H4 and H1, the bearish engulfing candle tells you to get out; but if I had taken this trade on D1, chai, I will still be rolling the trade by now. So the TF where you take the trade is paramount.

Finally, my lessons are:
1. Know where to hide your SL, for me, the best place is always the recent swing low or swing high, this could be because I swing trades (I don't mean swing trading style here), I don't pick tops or bottoms; if your strategy is about picking tops and bottoms: there is no way you can place your SL at the recent swing low or swing high.
Why do I place my SL there? it is to allow price do its thing and if it takes my SL, I know for sure that that trade is not for me: doesn't mean the strategy is wrong, just that that trade.
Avoid moving your SL after you set it, look at today's gold trade, went from $14,900+ profit to $0, if I had moved my SL to entry level (BE), I would have been stopped out; then see that price then moved again to give me the $4,900+ profit.........AVOID MOVING SL - YOU ARE TOYING WITH YOUR EMOTIONS DOING THAT.

2. Many will say, ehh, you lost a whole $10,000+ that could have been yours back to the market...for me, I just laugh sincerely (I'm serious). the profit wasn't mine anyway, my system never told me it was time to get out. so, please follow your rules strictly and don't let floating profit or loss move you (emotionally). the same thing, if my account was reading -$5,000, I don't panic except it hits my SL then I know that was it. Trailing would limit your potential for greater success, it's like one is scared of market movement and wants to trap it everywhere it goes....trust me, it will come, pick your trailed SL, and go 500pips away in your predetermined direction...Actually, the $10,000 difference never bothered me an inch, I wasn't even seeing it cos my trades run while I'm at work and don't bother check until another 4hrs or day.

3. Take your profits by % target met OR by your set exit strategy NOT because profit is now a particular amount...NO

Cheers

GabsonFX:
The NEW $US50K Prop Firm Challenge/Funding
LINK: https://www.fxblue.com/competitions/ViewCompetition.aspx?id=1448&rx=1634947248003

---

PROFIT SHARE
---------------------------------------------------------------------------
The Prop firm gives us 55% of profit
Out of the 55% remaining profit, we refund the $290 challenge fee
We then share the remainder at 50:50 (You win, I win)

Modified: added
If no one meets the 5.5% profit target this time, I will share 100K amongst the 1st 3 on Dec 23rd for xmas chicken
1st: ₦50,000
2nd: ₦30,000
3rd: ₦20,000

GabsonFX:
WHAT WOULD YOU HAVE DONE?
The 2 things I want to talk about are: 1. Know where to hide SL and 2. Strictly follow your rules: exit & exit - Ignore emotions from the current happenings

Great contribution from you all.
Gasive is 100% on point, always respect your analysis for entry and exit.

Same for Donvic4u and in fact perfect: entry and exit rules, engulfing candle? get out immediately; stay aside for another opportunity.

kubusify, hmmmmm, trailing stop loss? I have used in many years ago but it is not efficient as you would believe it to be; why? it limits your potential for good profits, especially with gold. When you trail profit, I see it as a guesswork cos no one can tell how much dip price can go; also those doing BE - price is meant to go up and down and while doing so, taking people out of their positions, you don't want to be one of them. When the final price movement would be 100pips, but went first to 50pips, then you set your SL to trail, thenprice moves further to 70pips and now down to 40pips, it takes you out of the trade, then starts its journey to the originally intended 100pips....I don't trail, I don't advise it.......Finally, I always tell people, when you set your SL from the beginning of trade, what you simply tell the market is: take this SL gap, that's all I can give you, now you can manually move the SL once or twice when price goes far away from your entry in your favour, but not to now choke the market by moving it into the price area using the trail.

Succhris is 100% on point, it depends on 2 things, your SL or TP % profit expectation: this is how I trade. On that gold trade, I aimed at $50,000 profit and nothing less, OR if I see a reversal pattern, unfortunately, the reversal pattern came big. You are 101% correct.

Samfelly, on point: watch out for a reversal pattern and get out immediately; but don't be too much in haste, wait for it to fully form before exiting. But as for regret, never ever regret when market takes back "floating" profit; and this is the mentality I want to instill in us here: as long as it is floating, it is not your profit yet; allow the market to do its own thing, and when your strategy tells you to exit, then exit. As for me, if my profit goes from $50,000 to $10,000, I have no atom of regret that I lost $40,000. NO NO, you did not lose it cos it was never yours in the first place - it was floating.

daydeji, same reply as Kubusify

Femora, good one, on-point - same reason as above.

Charly20, you are absolutely correct: SL or TP or reversal pattern, you are out......no trailing, move your SL manually, if you have to but not to choke the price area. As for if you would leave it running for now, I completely agree with you again but it depends on what TF you took the trade: I normally trade D1 but due to many reasons, I have been trading on H4; look at H4 and H1, the bearish engulfing candle tells you to get out; but if I had taken this trade on D1, chai, I will still be rolling the trade by now. So the TF where you take the trade is paramount.

Finally, my lessons are:
1. Know where to hide your SL, for me, the best place is always the recent swing low or swing high, this could be because I swing trades (I don't mean swing trading style here), I don't pick tops or bottoms; if your strategy is about picking tops and bottoms: there is no way you can place your SL at the recent swing low or swing high.
Why do I place my SL there? it is to allow price do its thing and if it takes my SL, I know for sure that that trade is not for me: doesn't mean the strategy is wrong, just that that trade.
Avoid moving your SL after you set it, look at today's gold trade, went from $14,900+ profit to $0, if I had moved my SL to entry level (BE), I would have been stopped out; then see that price then moved again to give me the $4,900+ profit.........AVOID MOVING SL - YOU ARE TOYING WITH YOUR EMOTIONS DOING THAT.

2. Many will say, ehh, you lost a whole $10,000+ that could have been yours back to the market...for me, I just laugh sincerely (I'm serious). the profit wasn't mine anyway, my system never told me it was time to get out. so, please follow your rules strictly and don't let floating profit or loss move you (emotionally). the same thing, if my account was reading -$5,000, I don't panic except it hits my SL then I know that was it. Trailing would limit your potential for greater success, it's like one is scared of market movement and wants to trap it everywhere it goes....trust me, it will come, pick your trailed SL, and go 500pips away in your predetermined direction...Actually, the $10,000 difference never bothered me an inch, I wasn't even seeing it cos my trades run while I'm at work and don't bother check until another 4hrs or day.

3. Take your profits by % target met OR by your set exit strategy NOT because profit is now a particular amount...NO

Cheers

GabsonFX:
The NEW $US50K Prop Firm Challenge/Funding
LINK: https://www.fxblue.com/competitions/ViewCompetition.aspx?id=1448&rx=1634947248003

---

PROFIT SHARE
---------------------------------------------------------------------------
The Prop firm gives us 55% of profit
Out of the 55% remaining profit, we refund the $290 challenge fee
We then share the remainder at 50:50 (You win, I win)

Modified: added
If no one meets the 5.5% profit target this time, I will share 100K amongst the 1st 3 on Dec 23rd for xmas chicken
1st: ₦50,000
2nd: ₦30,000
3rd: ₦20,000

GabsonFX:
Everyone should note that I will not be posting the outcome of the previous challenge here on FTA - so don't expect it, it's gone forever.

Also, I will not be posting the outcome of this new one as well, except for the participants in green.

Also, no one else can see the results except the participants.

Finally, the link is available here to join but you shouldn't join if you don't qualify. Also, you don't have to send me a dm for a link like previous. I will randomly disqualify those I feel don't qualify according to the set rules; if you feel I have disqualified you unjustly, feel free to dm me and I can review and get you back on board if required.

samfelly:


Haryodehjia, is one Agnes your Account Officer? She contacted me yesterday to make enquiries about my interest in the forthcoming Hantec contest, which I signed-up for.

She didn't know that I have been with Hantec from the very first day, Aprill, 2020 that I started learning Forex Trading, cos our then mentor ensured we all open an account before he will proceed with the class. So when she wanted to prompt me to send her documents to complete an account registration, I simply told her I have one before now.

My assigned Account Officer no dey try. She suppose dey do follow-up on me.

Anyways, I don resurrect my Hantec Account - Exness, thank you

GabsonFX:
The NEW $US50K Prop Firm Challenge/Funding
LINK: https://www.fxblue.com/competitions/ViewCompetition.aspx?id=1448&rx=1634947248003

---

PROFIT SHARE
---------------------------------------------------------------------------
The Prop firm gives us 55% of profit
Out of the 55% remaining profit, we refund the $290 challenge fee
We then share the remainder at 50:50 (You win, I win)

Modified: added
If no one meets the 5.5% profit target this time, I will share 100K amongst the 1st 3 on Dec 23rd for xmas chicken
1st: ₦50,000
2nd: ₦30,000
3rd: ₦20,000

This offer is very fair to everyone to meet. I will try make others disgrace me.....lol

teemy:
I just registered. Username Teemy



Trading conditions

• Each participant will be required to trade a minimum of 10 lots during the Competition Period.
• The following products will be available to trade; currency pairs, bullion and CFDs.
• The minimum position size per order is 0.01 lot and the maximum position size per order is 1 lot.
• At any given time, a participant can have no more than 10 active orders, therefore, the maximum open order exposure is 10 lots.
• Use of EAs (Expert Advisor) will not be permitted. Participants using EA will be disqualified from the competition.
• The auto-liquidation (stop-out) level will be set at 40%. Should the Equity fall to or below this level, open position will begin to be automatically liquidated.

JAkpayen:


This offer is very fair to everyone to meet. I will try make others disgrace me.....lol

maprinze:
I didn't know a thread like this existed here on! NL. It's good to be part of this family.

I thought there won't be forex/betting talks again when Seun placed a ban few years ago.

I'd like to connect with you Teemy. Please check my signature let's relate on WhatsApp.

MONEY247:


Didn't take the last one....
But this time around I am taking this challenge....
@Gabsonfx...are we to trade only one pair..sir..?


And how long would the duration of the challenge last.?

Gasive:


Visit the challenge link and read the rules. Everything you need to know is there.

Gasive:


I'm saying a very big thank you to you for this opportunity. I've learnt a lot since this competitions started and I owe it to you and Oga Infofirst. I really appreciate what you guys are doing.
Once I get going, I will surely connect with both of you offline and pay due respect.

Thanks once again Boss!

Feshizzy:


Saving cost would be using ECN/RAW
Only downside is that they have a minimum starting capital. Thus more of a pro level account.

GabsonFX:
The NEW $US50K Prop Firm Challenge/Funding
LINK: https://www.fxblue.com/competitions/ViewCompetition.aspx?id=1448&rx=1634947248003

---

PROFIT SHARE
---------------------------------------------------------------------------
The Prop firm gives us 55% of profit
Out of the 55% remaining profit, we refund the $290 challenge fee
We then share the remainder at 50:50 (You win, I win)

Modified: added
If no one meets the 5.5% profit target this time, I will share 100K amongst the 1st 3 on Dec 23rd for xmas chicken
1st: ₦50,000
2nd: ₦30,000
3rd: ₦20,000