₦airaland Forum

Petah:
FOLLOWING OUR OWN SET RULES IS REALLY CHALLENGING IN THIS FX BUSINESS. ESPECIALLY WHEN BILLS ARE WAVING AT YOU.
THE MOMENT WE CAN STICK TO OUR PLAN WITH DEFINITE DISCIPLINE THE BETTER WE GET.

FOR ME, THE MISTAKE THAT HAVE COST ME MOST IS NOT HAVING A SPECIFICIED RR PER TRADE AND TAKING TOO MANY TRADES PER DAY.

IN ORDER TO FACILITATE MY COMMITMENT, I AM POSTING THIS WITH THE THOUGHT THAT PEOPLE WILL HOLD ME ACCOUNTABLE IF I BREAK MY RULES.

THIS IS MY TRADING PLAN FOR THIS WEEK.

1. LONDON SESSION ONLY. (SO HELP ME GOD)
2. FIXED R;R 1:3
3. ONE TRADE PER DAY
4. ONLY EURUSD
5. LOTSIZE 0.10
6. 5PIP SL AND 20 PIP TP

HOPEFULLY, SOMEONE WILL HOLD ME ACCOUNTABLE TO THIS. ABEG MAKE ONA HOLD ME.
THANKS BOSSES IN THE HOUSE.
I RESPECT AND SALUTE EVERYONE.

Pondabrown:
Kindly remove No.2 and 6 from your trading plan or else you will learn the hard way.
There is nothing like fixed SL or TP which you specified in your trading plan.
Some folks here might disagree with me but there is nothing like a fixed RR. You take what the market gives you in terms of RR(nothing less than 1:1 for me though).

Pondabrown:
Kindly remove No.2 and 6 from your trading plan or else you will learn the hard way.
There is nothing like fixed SL or TP which you specified in your trading plan.
Some folks here might disagree with me but there is nothing like a fixed RR. You take what the market gives you in terms of RR(nothing less than 1:1 for me though).

Rickk:
Please who else makes use of alpha capital prop form here and has gotten to withdrawal before?

I just passed my phase 2 challenge, waiting for the live account.

But in the mail they sent to me, I was told that their payment options are either bank transfer or deel.. I want to know the right one to choose, to avoid stories that touch.

Abeg I need answer o..

Petah:
THANK YOU, CHIEF. I HAVE DONE MY BACKTESTING ON EURUSD (I CAN STILL BE CORRECTED) AND I FOUND OUT THAT ON AVERAGE BASED ON FINDINGS EU MOVES 20PIPS. WHICH MEANS IT IS POSSIBLE TO CATCH 20 PIPS DAILY. THIS DOESNT MEAN I TRADE DAILY. AS LONG AS I SEE WHAT I AM LOOKING FOR.

Petah:
THANK YOU, CHIEF. I HAVE DONE MY BACKTESTING ON EURUSD (I CAN STILL BE CORRECTED) AND I FOUND OUT THAT ON AVERAGE BASED ON FINDINGS EU MOVES 20PIPS. WHICH MEANS IT IS POSSIBLE TO CATCH 20 PIPS DAILY. THIS DOESNT MEAN I TRADE DAILY. AS LONG AS I SEE WHAT I AM LOOKING FOR.

Petah:
FOLLOWING OUR OWN SET RULES IS REALLY CHALLENGING IN THIS FX BUSINESS. ESPECIALLY WHEN BILLS ARE WAVING AT YOU.
THE MOMENT WE CAN STICK TO OUR PLAN WITH DEFINITE DISCIPLINE THE BETTER WE GET.

FOR ME, THE MISTAKE THAT HAVE COST ME MOST IS NOT HAVING A SPECIFICIED RR PER TRADE AND TAKING TOO MANY TRADES PER DAY.

IN ORDER TO FACILITATE MY COMMITMENT, I AM POSTING THIS WITH THE THOUGHT THAT PEOPLE WILL HOLD ME ACCOUNTABLE IF I BREAK MY RULES.

THIS IS MY TRADING PLAN FOR THIS WEEK.

1. LONDON SESSION ONLY. (SO HELP ME GOD)
2. FIXED R;R 1:3
3. ONE TRADE PER DAY
4. ONLY EURUSD
5. LOTSIZE 0.10
6. 5PIP SL AND 20 PIP TP

HOPEFULLY, SOMEONE WILL HOLD ME ACCOUNTABLE TO THIS. ABEG MAKE ONA HOLD ME.
THANKS BOSSES IN THE HOUSE.
I RESPECT AND SALUTE EVERYONE.

infofirst:
Test run and let's see outcome after one month to know if it need to b change.
Thou the number 6 is somehow to me.

Jameselias:
Been there done that
Listen to that guy's advice

Pondabrown:
Kindly remove No.2 and 6 from your trading plan or else you will learn the hard way.
There is nothing like fixed SL or TP which you specified in your trading plan.
Some folks here might disagree with me but there is nothing like a fixed RR. You take what the market gives you in terms of RR(nothing less than 1:1 for me though).

OneMillionBTC:
Forex is hard to master but once you master it you will realize how easy it is.

I continued trading forex for over 10 years now because of how challenging it was at a time. It was intriguing for me to see that despite how "intelligent" I am, this guy called forex always found a way to tell me, "you think say you smart"

The difficulty in Forex made it more interesting for me because I told myself something as difficult as this will be worth conquering.

Every Margin call made me sit down again to study. Every weekend was for studies outside the in-between studies on weekdays. I read hundreds of PDFs to understand how successful traders think. Somewhere along this journey I realized every successful trader has to find his path to profit on his own. The PDFs are only guides, you need to find your way to making profit by yourself.

This was when I started forming personal trading systems, writing as much as 20 rules I must observe before entering a trade. The margin calls continued though.

But I kept on observing the times my trading system worked and over time I could avoid patterns that made my trading system not work.

Till date, if I have a negative trade, I study the trade to know why it didn't work to avoid entering such trades next time.

I shared a PDF in this forum some time ago. That PDF helped my journey. I think if you go through the PDF you will understand why some of us who once said "forex hard o" can
now say Forex is easy.

So if you say "Forex hard o" , it is true because at where you are on this journey it should be hard. If also you say "Forex easy o" it is also true because at where you are on this journey it should be easy.

LAxYMAN:
I second this. Avoid No 6.

Its not bad having a fixed RR target, I'm also using a fixed RR but as for No. 6 Troway am

And also I think 2-3 pair is Ok if you are trading from 1H/15M timeframe, But if it is 5M below 1 Pair is Ok.

infofirst:
Test run and let's see outcome after one month to know if it need to b change.
Thou the number 6 is somehow to me.

Petah:
OKAY CHIEF, I WILL READJUST THE SL AND TP.
THANKS SO MUCH FOR THE INPUT.
ONE MONTH JOURNEY IS ACTIVATED.
WILL DROP UPDATE AT THE END OF THE WEEK TILL THE END OF THE MONTH.
(I SERIOUSLY NEED THAT ACCOUNTABILITY MAYBE MY BODY GO DEY CALM DOWN, LOST SO MUCH ALREADY)

infofirst:

What have I missed?

Pondabrown:
[bYou take what the market gives you in terms of RR[/b]

Davida33:
Pls what's the name of the PDF?

Petah:
OKAY CHIEF, I WILL READJUST THE SL AND TP.
THANKS SO MUCH FOR THE INPUT.
ONE MONTH JOURNEY IS ACTIVATED.
WILL DROP UPDATE AT THE END OF THE WEEK TILL THE END OF THE MONTH.
(I SERIOUSLY NEED THAT ACCOUNTABILITY MAYBE MY BODY GO DEY CALM DOWN, LOST SO MUCH ALREADY)

Pondabrown:
LAST TIP:
Avoid Twitter and Instagram traders like your life depends on it especially twitter.
Twitter is the only place where everybody is profitable, all of them are hedge fund millionaires. Trust me, they will make you feel like you aren't a good trader or aren't progressing at all.

Pondabrown:
LAST TIP:
Avoid Twitter and Instagram traders like your life depends on it especially twitter.
Twitter is the only place where everybody is profitable, all of them are hedge fund millionaires. Trust me, they will make you feel like you aren't a good trader or aren't progressing at all.

Geovanni412:
The thing is,

All these traders on Twitter,

If they are trade gurus, why are they selling signals when they could trade all the way to millions and disappear like the Japanese day trader guy BNF?

They nearly killed me . Everybody there is Prime George Soros/Market Makers. Since I started avoiding most of them that I began to see some noticeable changes with my trading. I only follow Capital Hungry for fundamentals.

Jameselias:
choose deel

GabsonFX2:
Exposing PropFirms' Model



Prior to the advent of prop firm, I would never advise anyone to borrow capital to trade; but now, I would advise that you could borrow $500; target only 10%, withdraw the capital and profit, return the capital to where it was borrowed from. Use the profit to buy two prop challenges.

10% profit target on personal account is better that what prop firm requires from us.

GabsonFX2:
Exposing PropFirms' Model
I understand you, now I need you to understand this, then the below advice follows

Each time we pass a challenge with prop firm, what we are doing is doubling (making 100%) the capital which naturally makes us aggressive traders. Meaning, if you buy a $10K prop account, $1K is the actual risk appetite, and they want us to double it ($1K profit, 100%). In fact, $500 daily DD is the imminent and closest to hit risk appetite and this is the actual failure traders experience. Compare having a $500 risk capital to targeting $1K profits in order to win phase 1. That's making 150% of your risk capital.

They understand that if after you are unable to make 100% after 5 tries, you may luckily win 100% on the 6th try but then, they await you on the phase 2 of the 6th try cos they understand that you still have to be aggressive to make the phase 2 $500 target, i.e. 50% if $1K overall DD is considered or 100% for a $500 daily DD consideration. This keeps you going in cycle with them and other props. This is model that make them their money.

In the real and professional world, a sustainable forex trading is making 2% to 5% monthly profits and about 12% to 30% yearly. But prop firms twist it all by asking us to make 100% profit on phase 1 when loss is by an overall DD, 150% profit when loss is by a daily DD and 50% profit on phase 2, 100% profit when loss is by daily DD.

Prior to the advent of prop firm, I would never advise anyone to borrow capital to trade; but now, I would advise that you could borrow $500; target only 10%, withdraw the capital and profit, return the capital to where it was borrowed from. Use the profit to buy two prop challenges.

10% profit target on personal account is better than what prop firm requires from us.

GabsonFX2:
Exposing PropFirms' Model
I understand you, now I need you to understand this, then the below advice follows

Each time we pass a challenge with prop firm, what we are doing is doubling (making 100%) the capital which naturally makes us aggressive traders. Meaning, if you buy a $10K prop account, $1K is the actual risk appetite, and they want us to double it ($1K profit, 100%). In fact, $500 daily DD is the imminent and closest to hit risk appetite and this is the actual failure traders experience. Compare having a $500 risk capital to targeting $1K profits in order to win phase 1. That's making 150% of your risk capital.

They understand that if after you are unable to make 100% after 5 tries, you may luckily win 100% on the 6th try but then, they await you on the phase 2 of the 6th try cos they understand that you still have to be aggressive to make the phase 2 $500 target, i.e. 50% if $1K overall DD is considered or 100% for a $500 daily DD consideration. This keeps you going in cycle with them and other props. This is model that make them their money.

In the real and professional world, a sustainable forex trading is making 2% to 5% monthly profits and about 12% to 30% yearly. But prop firms twist it all by asking us to make 100% profit on phase 1 when loss is by an overall DD, 150% profit when loss is by a daily DD and 50% profit on phase 2, 100% profit when loss is by daily DD.

Prior to the advent of prop firm, I would never advise anyone to borrow capital to trade; but now, I would advise that you could borrow $500; target only 10%, withdraw the capital and profit, return the capital to where it was borrowed from. Use the profit to buy two prop challenges.

10% profit target on personal account is better than what prop firm requires from us.