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Forex Trade Alerts: Season 22 - Business (69) - Nairaland

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Re: Forex Trade Alerts: Season 22 by samfelly: 5:34pm On Jan 30, 2022
Feshizzy:
Just set realistic weekly percentage goal, you should be fine,
For me i set monthly percentage goal,

The question is why the rush?

About the percentage u mentioned (1st bolded), pls, borrow the reply I made to Piptocoin.

RUSHING? Nope, boss, I am not rushing anything. I plan to just enter the market and fetch #JustThe$14 for that day and leave grin. Nothing more, Nothing less wink wink

In short, RUSHING would be me trying to sleep in the market and BUY as it Buys and SELL as it Sells. Rushing would be me saying I want to gain $100 in just a day. I have RUSHED before. This time I am not rushing. I just want to trade responsibly - and $14 a day is on the scale of responsible and consistent trading for me, staring now smiley smiley
Re: Forex Trade Alerts: Season 22 by Tianamen1: 5:51pm On Jan 30, 2022
samfelly:


About the percentage u mentioned (1st bolded), pls, borrow the reply I made to Piptocoin.

RUSHING? Nope, boss, I am not rushing anything. I plan to just enter the market and fetch #JustThe$14 for that day and leave grin. Nothing more, Nothing less wink wink

In short, RUSHING would be me trying to sleep in the market and BUY as it Buys and SELL as it Sells. Rushing would be me saying I want to gain $100 in just a day. I have RUSHED before. This time I am not rushing. I just want to trade responsibly - and $14 a day is on the scale of responsible and consistent trading for me smiley smiley

In this business, time is money. Making an average of 5 percent on 100 dollars per week compounded for 4 years equals over 2.5 million dollars.

If your plan is on improving your trading strategy, your dream of making $14 everyday would push you to hopefully get better, but understand that your time is going.

So far you have an okay strategy, risk management is what will help you grow your account. Thinking in percentage terms has been very useful for me.

3 Likes

Re: Forex Trade Alerts: Season 22 by saintfaculty(m): 5:59pm On Jan 30, 2022
Painful Miss #AUDJPY

1 Like

Re: Forex Trade Alerts: Season 22 by charly20(m): 6:00pm On Jan 30, 2022
I'll know if progress has been made after a decade.

I don't know the source of your motivation, Mr.sam but I can only wish you Godspeed.

There's always time

3 Likes

Re: Forex Trade Alerts: Season 22 by kendoschurrle(m): 6:05pm On Jan 30, 2022
samfelly:


About the percentage u mentioned (1st bolded), pls, borrow the reply I made to Piptocoin.

RUSHING? Nope, boss, I am not rushing anything. I plan to just enter the market and fetch #JustThe$14 for that day and leave grin. Nothing more, Nothing less wink wink

In short, RUSHING would be me trying to sleep in the market and BUY as it Buys and SELL as it Sells. Rushing would be me saying I want to gain $100 in just a day. I have RUSHED before. This time I am not rushing. I just want to trade responsibly - and $14 a day is on the scale of responsible and consistent trading for me, staring now smiley smiley
from the little wey I know, i know say every market day and week is different. market no fit give you the same amount every day o. E better to just follow system and see wetin e bring when week or month don end. but good luck.

3 Likes 1 Share

Re: Forex Trade Alerts: Season 22 by Piptocoin: 6:12pm On Jan 30, 2022
samfelly:


I understand your point. Thank you for the input. But, I don't want to look at it in terms of percentage. If I were to bracket my profit in percentage, then I'll wait to fund my account with, say, $1,400 so that when I say #$14ADay, it will then seem as a reasonable goal to any person, cos that will be 1% of the said $1,400.

Well, $100 is the starting money and it is #JustThat$14ADay that I'll love to aim for each day, if God keeps us all alive.

Hope u understand and buy into my perspective, also? grin - even though it doesn't still sound okay wink cheesy

I read you, boss. I understand and buy into your concept. Anything is achievable. I have seen someone transform $10 into $1000, $99 into $4000...so it is very doable. All the best as you embark on your journey.

3 Likes

Re: Forex Trade Alerts: Season 22 by samfelly: 6:13pm On Jan 30, 2022
Tianamen1:
In this business, time is money. Making an average of 5 percent on 100 dollars per week compounded for 4 years equals over 2.5 million dollars.

If your plan is on improving your trading strategy, your dream of making $14 everyday would push you to hopefully get better, but understand that your time is going.

So far you have an okay strategy, risk management is what will help you grow your account. Thinking in percentage terms has been very useful for me.

Make me understand, the 2nd bolded; are you saying #$14ADay is too small or too big for each day's target?
Re: Forex Trade Alerts: Season 22 by Sus4(m): 6:18pm On Jan 30, 2022
Good evening everyone , i am not too good in trading. Gurus in the house Please I need your advice , someone is encouraging me to buy a robot (trading software) from him , pls is it safe and sustainable? Thanks the prompt response

1 Like

Re: Forex Trade Alerts: Season 22 by samfelly: 6:21pm On Jan 30, 2022
charly20:
I'll know if progress has been made after a decade.

I don't know the source of your motivation, Mr.sam but I can only wish you Godspeed.

There's always time

After a decade? Are also implying that #$14ADay is big or small? grin. I am now confused grin grin grin
Re: Forex Trade Alerts: Season 22 by samfelly: 6:25pm On Jan 30, 2022
Piptocoin:
I read you, boss. I understand and buy into your concept. Anything is achievable. I have seen someone transform $10 into $1000, $99 into $4000...so it is very doable. All the best as you embark on your journey.

And was it an annual transformation or shorter, please?
Re: Forex Trade Alerts: Season 22 by TradingMaestro(m): 6:30pm On Jan 30, 2022
Sus4:
Good evening everyone , i am not too good in trading. Gurus in the house Please I need advice , someone is encouraging me to buy a robot (trading software) from him , pls is it safe and sustainable? Thanks the prompt response

if it is IPC, It is safe FOR NOW BUT DEFINITELY NOT SUSTAINABLE

Don't put all ur eggs in one market
Re: Forex Trade Alerts: Season 22 by Sus4(m): 6:57pm On Jan 30, 2022
TradingMaestro:


if it is IPC, It is safe FOR NOW BUT DEFINITELY NOT SUSTAINABLE

Don't put all ur eggs in one market

Thanks a bunch for the advice.

The guy calls this 'Men Of Wealth', lol.
Re: Forex Trade Alerts: Season 22 by charly20(m): 6:59pm On Jan 30, 2022
samfelly:


After a decade? Are also implying that #$14ADay is big or small? grin. I am now confused grin grin grin


When I speak of evaluating after a decade, I speak for myself.

If you think what you can achieve what you're saying, by all means go ahead. Whether it's big or small is not up to me to determine. That's why the market is there.
Re: Forex Trade Alerts: Season 22 by Tianamen1: 6:59pm On Jan 30, 2022
samfelly:


Make me understand, the 2nd bolded; are you saying #$14ADay is too small or too big for each day's target?

compound interest formula

A= p(R+100)^nt
where A equals final amount= 2.5 million
p = initial deposit ($100)
r= rate 5% = .05 +100= 1.05
n=number of times compounding (52 weeks in a year)
t= years (4)

use excel to confirm this.

The problem with this is that you cannot withdraw any money for the whole 4 years. also making 5% a week consistently on one strategy is also impossible.

Basically, your goal of $14 on $100 is equal to 14% per day (impossible). Even if you set out to make a modest 5% per week, which would make you a millionaire in 4 years, you probably will still not be able to achieve it.

1 Like

Re: Forex Trade Alerts: Season 22 by Gozzylala(m): 7:01pm On Jan 30, 2022
samfelly:


About the percentage u mentioned (1st bolded), pls, borrow the reply I made to Piptocoin.

RUSHING? Nope, boss, I am not rushing anything. I plan to just enter the market and fetch #JustThe$14 for that day and leave grin. Nothing more, Nothing less wink wink

In short, RUSHING would be me trying to sleep in the market and BUY as it Buys and SELL as it Sells. Rushing would be me saying I want to gain $100 in just a day. I have RUSHED before. This time I am not rushing. I just want to trade responsibly - and $14 a day is on the scale of responsible and consistent trading for me, staring now smiley smiley


Senior man, I do not think it's healthy to approach the market daily with expectations because expectation is the beginning of emotional trauma. Weekly or even monthly goal like @feshizzy said is healthier.

3 Likes

Re: Forex Trade Alerts: Season 22 by karkinase(m): 7:14pm On Jan 30, 2022
The forex market is so dynamic and each week comes with its own flex, best is to use a percentage based approach on monthly basis. With good risk management 5% a month (60% yearly) is no mean feat if you ask me.

6 Likes

Re: Forex Trade Alerts: Season 22 by Nobody: 7:37pm On Jan 30, 2022

5 Likes

Re: Forex Trade Alerts: Season 22 by Tianamen1: 7:44pm On Jan 30, 2022
karkinase:
The forex market is so dynamic and each week comes with its own flex, best is to use a percentage based approach on monthly basis. With good risk management 5% a month (60% yearly) is no mean feat if you ask me.

@Samfelly, if you simply went with the above suggestion, in 16 years, your $100 at 5% compounded monthly would make you over $1.1 million.

In this business, time is literally money, so the faster you focus on more prudent risk management, be it your percentage risk per trade, scaling out strategy, etc, the faster you will become profitable.

1 Like

Re: Forex Trade Alerts: Season 22 by samfelly: 8:00pm On Jan 30, 2022
I don't know why, I am always very happy for being in this FTA forum. You guys give the best advice with sound reasons and examples.

And I sincerely appreciate all the contributions that followed this my thought provoking dream grin. I'll look inward and adjust as pointed out from everyone. Una don succeed in talking sense into this fella grin

In any case, #$14ADay na just plan (dream), I know say Mr. Reality dey front dey wait for me grin

Those who dey call Mr. Forex scam and abandoned him after some months, you think say na small thing them see. Mr. Forex wan frustrate me also and I no wan give up dats why I say make I do something to dare Mr. Forex in the face, while staying strong till the process is truly refined. cheesy

But really, I go draw strength from una advice. Thank you.

CC: Piptocoin, Feshizzy, Amolak, CopyJoe, Tianamen1, Charly20, Kendoschurrle, Gozzylala, karkinase, DannyFX2638, VlamesIffect

8 Likes

Re: Forex Trade Alerts: Season 22 by Daboboy(m): 8:09pm On Jan 30, 2022
Feshizzy:


We Have reached this stage before,
Later you will start looking for 50 sure pips a day, the reduce it to 30,then 20 then 10 then 5 pips.
grin grin

It's all part of the process,

Just set realistic goals and you wouldn't be under any pressure to meet up with daily da) targets,
Because when you miss your day target, the next day or time your psychology would involuntarily wantto meet up with missed targets,
Or when you loose a trade for the day, you try to meet up.

That's why the problem starts and builds till you fail,
Just set monthly targets in percentage and you will be fine.

Well. In the end,
Na you know wettin you dey see
If you can attain and sustain then go ahead,
Even if you fail, you learn something that books can't teach you and that's experience needed for growth
I was targeting 100pips per day when i started forex new but now with a 1:3 risk to reward ratio i can take 10pips

5 Likes 1 Share

Re: Forex Trade Alerts: Season 22 by Daboboy(m): 8:10pm On Jan 30, 2022
samfelly:


About the percentage u mentioned (1st bolded), pls, borrow the reply I made to Piptocoin.

RUSHING? Nope, boss, I am not rushing anything. I plan to just enter the market and fetch #JustThe$14 for that day and leave grin. Nothing more, Nothing less wink wink

In short, RUSHING would be me trying to sleep in the market and BUY as it Buys and SELL as it Sells. Rushing would be me saying I want to gain $100 in just a day. I have RUSHED before. This time I am not rushing. I just want to trade responsibly - and $14 a day is on the scale of responsible and consistent trading for me, staring now smiley smiley
If its as easy like this i would have passed prop firm challenge like a piece of cake

2 Likes

Re: Forex Trade Alerts: Season 22 by Piptocoin: 8:15pm On Jan 30, 2022
Sus4:
Good evening everyone , i am not too good in trading. Gurus in the house Please I need your advice , someone is encouraging me to buy a robot (trading software) from him , pls is it safe and sustainable? Thanks the prompt response

Wow. If the person was making money with the EA (robot) would the person want to give it out? You have met a seller, not a trader. If the person says the robot makes money for him or her consistently then you have met a fraudster. Don't buy any robot. Robots (Expert Advisors) will make you lose more money than you make it.

4 Likes

Re: Forex Trade Alerts: Season 22 by Piptocoin: 8:16pm On Jan 30, 2022
samfelly:


And was it an annual transformation or shorter, please?

Shorter transformation. 2 months tops.

3 Likes

Re: Forex Trade Alerts: Season 22 by samfelly: 8:25pm On Jan 30, 2022
Tianamen1:
Compound interest formula

A= p(R+100)^nt
where A equals final amount= 2.5 million
p = initial deposit ($100)
r= rate 5% = .05 +100= 1.05
n=number of times compounding (52 weeks in a year)
t= years (4)

use excel to confirm this.

The problem with this is that you cannot withdraw any money for the whole 4 years. also making 5% a week consistently on one strategy is also impossible.

Basically, your goal of $14 on $100 is equal to 14% per day (impossible). Even if you set out to make a modest 5% per week, which would make you a millionaire in 4 years, you probably will still not be able to achieve it.

But chief, you be mathematician/statistician? grin wink cheesy

You try. You good

4 Likes 1 Share

Re: Forex Trade Alerts: Season 22 by Feshizzy(m): 8:41pm On Jan 30, 2022
Let me just make a very very darn revelation,

I once told someone i traded fx like 7 years ago
His reply was "na who don chop dey trade fx"
It didn't make sense until 2 years later that was 5 years ago,

Now let me break this down abit
If you don't have have a stable income or Atleast a decent or average living.
It would be difficult to really make it in fx.

I don't mean you must have a lavish lifestyle already,
I mean, a situation where you are no under pressure of money to eat, money for school, money for rent etc
If you have that issue it would be very hard to really make it in fx,

Looking at statistics on the backgrounds of those that really make it in fx the likes of people who are employed and are able to plan their life around their salaries.

I did a small research back then,
And i found out that a reasonable amount of people that make it in fx are mostly 1. retired people 2. Housewives 3. Gainfully Employed people

You hardly hear a rags to riches story in fx not that it is not happening but e hard.

In summary,
If you still be hand to mouth hustler, spend longer time in perfecting your demo trade,
Keep doing so till you are profitable and open a fresh demo account and trade it for one year,
It would help shape your psychology deeply.

No be say you demo trade for 2 weeks,
You see small money, next thing you wan open small 100 usd small make you use am try hand. Lol
You go fail.

Las las, forex na investment not gambling,
If you intend to stay long, you have to play your cards right.

12 Likes 1 Share

Re: Forex Trade Alerts: Season 22 by Gozzylala(m): 8:44pm On Jan 30, 2022
samfelly:
I don't know why, I am always very happy for being in this FTA forum. You guys give the best advice with sound reasons and examples.

And I sincerely appreciate all the contributions that followed this my thought provoking dream grin. I'll look inward and adjust as pointed out from everyone. Una don succeed in talking sense into this fella grin

In any case, #$14ADay na just plan (dream), I know say Mr. Reality dey front dey wait for me grin

Those who dey call Mr. Forex scam and abandoned him after some months, you think say na small thing them see. Mr. Forex wan frustrate me also and I no wan give up dats why I say make I do something to dare Mr. Forex in the face, while staying strong till the process is truly refined. cheesy

But really, I go draw strength from una advice. Thank you.

CC: Piptocoin, Feshizzy, Amolak, CopyJoe, Tianamen1, Charly20, Kendoschurrle, Gozzylala, karkinase, DannyFX2638, VlamesIffect


Talking about frustration..
Something I've found useful to me when I feel frustrated, doubt or my strategy not working is: I keep a separate journal where I record how many times my strategy presented in the market daily, how many worked and the RR it offered, how many ended a BE and how many was a loser. I go over them to assure me that as long as I keep repeating the strategy in the market without hesitation whenever it appears within my trading hours, over a number of trades I'll be profitable.
Secondly, focusing on the process and not the outcome.
Maybe you should try that too and see if it helps. The last two weeks of January was horrible for me but I keep reminding myself that my strategy works and I have the data to back up myself.

4 Likes 1 Share

Re: Forex Trade Alerts: Season 22 by FreshGuy2(m): 8:45pm On Jan 30, 2022
My analysis EURUSD n CADJPY

2 Likes

Re: Forex Trade Alerts: Season 22 by MONEY247: 8:53pm On Jan 30, 2022
Sus4:
Good evening everyone , i am not too good in trading. Gurus in the house Please I need your advice , someone is encouraging me to buy a robot (trading software) from him , pls is it safe and sustainable? Thanks the prompt response

Robot
Make sure your friend or the seller always update the software....0vertime
Because once market structure change....lol....
Your account fit blow......

I used a robot before....... it was... profitable for some time....then losses, losses...
(The only advantage of ea is that emotions are not attached)...
Re: Forex Trade Alerts: Season 22 by VlamesIffect(f): 9:18pm On Jan 30, 2022
TradingMaestro:


if it is IPC, It is safe FOR NOW BUT DEFINITELY NOT SUSTAINABLE

Don't put all ur eggs in one market

No deeper words have been said.....
Re: Forex Trade Alerts: Season 22 by VlamesIffect(f): 9:21pm On Jan 30, 2022
samfelly:
I don't know why, I am always very happy for being in this FTA forum. You guys give the best advice with sound reasons and examples.

And I sincerely appreciate all the contributions that followed this my thought provoking dream grin. I'll look inward and adjust as pointed out from everyone. Una don succeed in talking sense into this fella grin

In any case, #$14ADay na just plan (dream), I know say Mr. Reality dey front dey wait for me grin


Me i no wan discourage you o...no be you turn 99$ to how much sef that period.... if that is what works for you..my brother carry on...this market doesn't have limit. Not in retirement age or in how much you can make....so fire on...give am a go...if e no work at least you dun learn 1 or 2 things....
Also you can multitask it's not compulsory make you trade only one strategy at a time...while you dey try trade this strategy set up your normal account...no mix the two. At least you go dey maximize time & then you go see the strength & weakness of both strategies....

4 Likes

Re: Forex Trade Alerts: Season 22 by VlamesIffect(f): 9:27pm On Jan 30, 2022
Daboboy:

I was targeting 100pips per day when i started forex new but now with a 1:3 risk to reward ratio i can take 10pips

Wow...how you take dey use 1:3 on 10pips tp...your sl must be really tight...not to talk of spreads....
Re: Forex Trade Alerts: Season 22 by Qoyman: 9:31pm On Jan 30, 2022
Piptocoin:


Wow. If the person was making money with the EA (robot) would the person want to give it out? You have met a seller, not a trader. If the person says the robot makes money for him or her consistently then you have met a fraudster. Don't buy any robot. Robots (Expert Advisors) will make you lose more money than you make it.



How did you know robot wilt make you lose more money,i guess from the internet.

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