realone12:
you, samfelly, officialp, donsheddy, dmahn and davigle are people who I desperately want to see their cash out in this business... by God grace, officialp is already cashing out.. I hope same faith awaits us all.. Amen

Lanshile:

Amen oo
Na d same thing I always wish every one here most especially you,samfelly,donsheddy and charly20
Dmahn don dey slaughter octafx small small na to transfer the agression to prop remain
Davigle our information minister with the way he takd notes of all his errors and mistakes I'm pretty certain it won't be long again before everything go set

PriceActionZ:

NO. i dont have money to be wasting buying challenges up and down. i am being careful with my selections of trades with proper mm that wont hurt my account. This only one i have, i want to carefully build it, may be i can compound the profits, if am able to pass the stages and make profits. Only if.....i am able.

Geovanni412:


You need to understand that most traders in this forum utilise 10-30 pips as stop loss

These are not mid to long term traders

Mid to long term is where you are using 100 pips -200 pips as stop loss, if we are 150 here, maybe 1 or 2 people have that as their system

Do you understand the reality now?

Geovanni412:


What do you mean by mm and is it the same thing as risk management?

peteregwu:
Pls guys, I want know, if you are using trading view to do your anayisis, which of the brokers or which of them is best to use?One thing I notice is that some of this brokers, their candles sticks moves and the way they are formed sometimes can be different from others and because of it one could make mistake in pointing out some levels of support or candle formations wrongly.

samfelly:

One question, chief. Can you not buy when it's buying and as well, sell when it is selling? Or is that a totally wrong form of trading?

PriceActionZ:

yes, money management

GabsonFX2:
Blessed be the name of the Lord!

I really hope that you all followed this call - it was brutal and went to -$4100. Gold short went all opposite, I did as I said before, I went to M5 to do my thing. Now all trade closed and I'm now on positive overall today. $98

I will return on standby to see when next I will short gold. But today, I won.

Davigle:


I'd recommend capital.com because it has the closest looking chart to the CME or Futures charts for stock indices commodities and currencies

depato88:
Irrespective of anything you wanna tell me for the continuous extravagant bull run of Gold for days and weeks now without atleast some due retracement is madness and manipulations, it has no technical and fundamental explanations,. Virtually thousands of accounts are being blown daily

Jeshurun90:


That is to say it is only Gab that is profitable in fx on this platform. Then why are others been pretending as if everything has been rosy with fx?

Jameselias:
Personal account is different


But as far as prop firm is concerned gabsonfx and inforfirst plus i think very recently one other guy like that is the only profitable traders we have here

As for me I might join them in no distance years

depato88:
Irrespective of anything you wanna tell me for the continuous extravagant bull run of Gold for days and weeks now without atleast some due retracement is madness and manipulations, it has no technical and fundamental explanations,. Virtually thousands of accounts are being blown daily

realone12:
Galleryeasy, kendoschurle, Nwadaka, praizgod4u, animashaun2 and host of many others

Davigle:


I disagree with you sir, there's a fundamental explanation to this sir. are you aware that central banks around the world have been aggressively buying gold in large quantities for reasons best known to them, but some say they are hedging theirselves before the interest rate cutting cycle begin which will definitely devalue their respective currencies, while others say due to major geopolitical risk which can lead to a third world war in the coming months i.e the middle east tension and majorly the China Taiwan conflict. I am no peddler of conspiracy theory and I know this might not make sense to you and you may not agree with what I have put here, but simply put the central banks around the world are the ones manipulating the Gold market. And I have come to see how powerful the central banks are in the financial markets, no one can corner or manipulate this markets except for the central banks. If you don't agree with that then I respectively ask you why will all financial asset go haywire when Jerome Powell speaks at an FOMC meeting. I am yet to see any big bank or financial entity that can cause the level of catastrophy in the financial markets like the central banks... just my humble opinion sir.

Geovanni412:




Considering your knowledge of fundamentals, in your opinion,

What is the reason behind the rise in value of the naira against the dollar?

https://www.google.com/amp/s/punchng.com/nigerias-unemployment-rate-hits-0-8-in-2023-q3-nbs-report/%3famp

realone12:
point of correction..

the Naira is not rising against the Dollar..

the Naira is only now moving towards it's actual true value.

the falling Naira we witnessed these previous months was as a result of forex speculators and dollar hoarders, not because of bad economic policy..

so in cutting down the wings of speculators by closing down binance, it's only a matter of time for Naira to find it's actual value..

Donsheddy:
Just like gold, naira is a bullish currency any drop, will be equated to further rise...
The fact that fx trader's a buying into this naira falling back to its normal value is surprising...

Naira was trading at 350, they said the real value was 500...
Naira jumped to 500, they said the real value was 700...
Now naira jumped to 700 and massive flew to 1900...

We all know that at some point the market will retest, because the market already over bought...
Which is exactly what the naira is doing...

Remember it initially found support at 1250 and we all were screaming that it won't get to 1500...

Naira dropped down to 950, oh we all said it's going back to its real value...

Baba flew past 1250 and retested 1900, normally we expected cbn to do something at this point which is the reason why the naira dropped....

We all should expect another pump soon, may not be this year but it will surely come and we will eventually see the naira trading above 2000

Reason because the economy hasn't improved in any way, security situation is still a mess, people are still unproductive....

Im not a Carrier of doom but it is what it is...

Nothing like speculators, cbn is only postponing dooms day and buying govt time, if necessary investment isn't done to sustain whatever they are doing now...

Naira go still pump... Technical analysis

seeteazain:

That's great. Abeg tell am to drop even if na emoji. I miss him ginger

Donsheddy:
Just like gold, naira is a bullish currency any drop, will be equated to further rise...
The fact that fx trader's a buying into this naira falling back to its normal value is surprising...

Naira was trading at 350, they said the real value was 500...
Naira jumped to 500, they said the real value was 700...
Now naira jumped to 700 and massive flew to 1900...

We all know that at some point the market will retest, because the market already over bought...
Which is exactly what the naira is doing...

Remember it initially found support at 1250 and we all were screaming that it won't get to 1500...

Naira dropped down to 950, oh we all said it's going back to its real value...

Baba flew past 1250 and retested 1900, normally we expected cbn to do something at this point which is the reason why the naira dropped....

We all should expect another pump soon, may not be this year but it will surely come and we will eventually see the naira trading above 2000

Reason because the economy hasn't improved in any way, security situation is still a mess, people are still unproductive....

Im not a Carrier of doom but it is what it is...

Nothing like speculators, cbn is only postponing dooms day and buying govt time, if necessary investment isn't done to sustain whatever they are doing now...

Naira go still pump... Technical analysis

Geovanni412:




Considering your knowledge of fundamentals, in your opinion,

What is the reason behind the rise in value of the naira against the dollar?

https://www.google.com/amp/s/punchng.com/nigerias-unemployment-rate-hits-0-8-in-2023-q3-nbs-report/%3famp

Davigle:


First off, my knowledge on fundamentals is very basic so I may not be able to answer your question appropriately. The naira appreciation against the dollar is simply because of FGN intervention and not off economic conditions or stimulus. The funny thing is that Nigeria CBN is a tool and puppet of the FGN, they have no power of their own. Judging based off the economic data and conditions of Nigeria, the naira is very much weaker than the dollar and should be in a far more worse condition. The Nigerian economy despite being the largest economy has a very weak labour market due to high unemployment rate and low jobs creation which is definitely affecting the labour participation rate of the country. I read through the article you posted and I gleam that the bigger portion of the labour participants are mostly business owners or self employed people. Also inflation seems to be rallying up in the economy especially food and transportation inflation with the CBN having no clear plan on how they intend to fight inflation, Nigeria production and manufacturing sector is in shambles and a whole lot of other factors which economically speaking should have greatly devalue the naira. But the FGN intervene by floating the naira and then restricted foreign reserve to the citizens (the cancellation of international transaction on all naira ATM cards is one good example of it). you can't go to the bank to get dollar now as it has been cancelled or restricted from citizens. this definitely lead to rise of P2P transactions on most crypto exchanges that give access to a semblance of foreign reserve at black market rates (why I say a semblance is because usdt is not USD neither is it owned by the federal reserve bank of America despite it being pegged and having almost the same value as the dollar) and with the continuous woes of the economy, this definitely leads to the demand for dollar as a save haven to hedge against naira devaluation. The fight against bureau de change and the blockage of the naira trading on some crypto exchanges by the FGN is what is supporting the naira and not real economic conditions. There are certain countries in which their government can interfere or manipulate their economy or the value of their currencies from the depreciating further, I'll use china as a case study, at the start of the year the Chinese Stock market was falling due to a bubble that happen in the Chinese real estate market (The Evergrand housing market crash) this lead to outflows of foreign investment from china leading to serious bear trend in the Chinese Stock market and the fall of the yuan against the dollar, towards the end of January, the Chinese government intervened by ordering the PBOC bank which is the Chinese central bank to hike interest rates by a 25 basis points and then also stopped the selling of shares in the Chinese Stock market, investors could only buy shares but could not sell them if they wanted to. Because of that the yuan momentarily rallied against the dollar before it continued it's bearish trend. Look at USDJPY, the BOJ have been warning of a manual intervention on the yen if USDJPY goes beyond 152. and when you compare the economies of the US, China and Japan, you would see that the US economy is much more stronger than the other economies hence the strength in dollar. So my humble submit on the naira appreciation against the dollar is simply because of FGN intervention and not based of economic stimulus...