Oh! The whole seem as speaking French in the land of English. Na who want help to interprets. Is thread meant for newbie?

G.U seems heading for a key resistance levels......though new jobs added causing decline in unemployment rate data,making the dollar to remain firm .

NFP and its madness, took me out at BE and went in my direction, would have been +162 pips in now We will continue our dance next week sha

naijababe:
NFP and its madness, took me out at BE and went in my direction, would have been +162 pips in now We will continue our dance next week sha

.......lol,too much swings,i was expecting an explosion cause it really been a ranging week for some currencies, didnt even set to break even before i stopped out my profits , some key point to target

drpips1:


.......lol,too much swings,i was expecting an explosion cause it really been a ranging week for some currencies, didnt even set to break even before i stopped out my profits , some key point to target

I should not complain really, because I set the trade at BE as a fail safe measure just in case it went in the opposite direction. But e pain me sha

naijababe:


I should not complain really, because I set the trade at BE as a fail safe measure just in case it went in the opposite direction. But e pain me sha

actually the NFP news release really disappoints the on-going trend so much greed on it, like you said the dance continues nextweek when the chart shows itself clearer

Cul4real:
Oh! The whole seem as speaking French in the land of English. Na who want help to interprets. Is thread meant for newbie?

Why don't you visit babypips.com then navigate to the school module and come back here to see things for yourself?

drpips1:


30M, H1 and H4 depends on how well the currencies in question trend

Thank you.

BTW, what's your take on Fibonancci extension and retracement since many traders here prefer fundamental analysis to technical analysis?

Karleb:


Thank you.

BTW, what's your take on Fibonancci extension and retracement since many traders here prefer fundamental analysis to technical analysis?

Cool depends if you prefer to use fibonacci"s ,actually anyone trading consciously knows trading entails the hybrid of both,you get the signal from the noise in the news, price actions gives you the clue of what going on here and there

Cul4real:
Oh! The whole seem as speaking French in the land of English. Na who want help to interprets. Is thread meant for newbie?

i thought they are speaking arabic.well, don't be intimidated by the arabic,this is because they are talking forex slangs.you too can join in the talking after you have gone through the school of pipsology and other materials.so start learning and practicing even if it takes you time, learn it because fx is not a soft road.you have to be sincere with yourself while learning with this two concept, choose amongst the two." will you learn it, practice it, know it and use it to make money on a slow and steady way with discipline " or two, " you want to learn it to make millions overnight".the ball is in your court

FOR THE NEWBIES: TRADING JOURNAL

I hope the newbies survived the market this week. If you followed the money management rules I laid out in previous posts then you should be fine. I just checked the posts since last weekend and i was amazed at some of the things i read. This over emphasis on strategies is a cancer to the growth of most traders financial success. Don't get me wrong, strategies are important, but it is just a miniscule part of trading. It is same as saying that because you have a bachelors degree you will successful in life. No, there is more to it than that; your ability to relate with other people, your confidence, adaptability, presentability, and sometimes luck will depend whether you will be successful in life. Same with strategies. I can trade any strategy. It doesn't matter what it is, as long as the strategy has a proven statistical winning percentage then it can be traded for profit. In fact, the lower the winning percentage the better. This will keep you humble enough to mitigate your risks. The higher the winning percentage the more cocky you become. The only enemy to trading is time. Everybody want's profit right now that is why i never look at monthly/quarterly returns.

Anyway, I digress. This is the first part of my discussion this weekend, more should follow tomorrow. I intend to talk today, about the importance of trading journals and the effect it has on your trading. Not having one is like going to school and not having a documented parameter for assessing your progress. A visual representation of your trading is as important as money management. In fact it is the bedrock of money management. You need to see how your money is performing. Checking your balance on your MT4 platform is not the same thing. You need to know how your drawdown, up/down percentage, the ramp on your graph, change in percentage of each trade, to let you know where you stand. I presume you have a bank account, and i presume you check it consistently, well it is the same thing with trading. I modified a trading journal i downloaded online and i sent it to a couple of people i was mentoring last year. One of them sent me the attachment below. Although he was very aggressive in his risks, but at least he got everything else right. This is how you should be looking at your total trading concept.

Good luck

endfx1:
Just bought AU....

Reason....double bottom at a previous support with pa on 1hr and about to be formed bullish pin bar on 4hrs to fully confirm the move..

1st target....weekly pivot @ 0.8126

fingers crossed..

Hit target on this...

naijababe:


Howdy man, wassup now?

@ thread, I am selling DJIA again, third time lucky again perhaps

I dey good oh. Had a good week.

honeric01:


Oga Mart, my phone packed up hence the reason i have been missing, phone at I-cell for now.

No wonder. You missed pips sha (+246pips for me this week). See you on the other side when u get back. Plenty index update dey wait u for whatsapp.

Karleb:
Hi traders,please what is the perfect chart period for people who stay in a trade for less than 30min?

1, 5 mins in alignment with 15 minutes. Headache go worry you sha. I have been there before. In fact u start to loose concentration after hours of trading.

FOREXMARTS:


1, 5 mins in alignment with 15 minutes. Headache go worry you sha. I have been there before. In fact u start to loose concentration after hours of trading.

So what is your into details advice?

@ 12ema thank you and God PIP bless u... I am alway blessed with ur posts Now I know y i burnt my accounts..Hope the 2015 will bring me back on track as I am planning to go real

12ema:
FOR THE NEWBIES: TRADING JOURNAL

I hope the newbies survived the market this week. If you followed the money management rules I laid out in previous posts then you should be fine. I just checked the posts since last weekend and i was amazed at some of the things i read. This over emphasis on strategies is a cancer to the growth of most traders financial success. Don't get me wrong, strategies are important, but it is just a miniscule part of trading. It is same as saying that because you have a bachelors degree you will successful in life. No, there is more to it than that; your ability to relate with other people, your confidence, adaptability, presentability, and sometimes luck will depend whether you will be successful in life. Same with strategies. I can trade any strategy. It doesn't matter what it is, as long as the strategy has a proven statistical winning percentage then it can be traded for profit. In fact, the lower the winning percentage the better. This will keep you humble enough to mitigate your risks. The higher the winning percentage the more cocky you become. The only enemy to trading is time. Everybody want's profit right now that is why i never look at monthly/quarterly returns.

Anyway, I digress. This is the first part of my discussion this weekend, more should follow tomorrow. I intend to talk today, about the importance of trading journals and the effect it has on your trading. Not having one is like going to school and not having a documented parameter for assessing your progress. A visual representation of your trading is as important as money management. In fact it is the bedrock of money management. You need to see how your money is performing. Checking your balance on your MT4 platform is not the same thing. You need to know how your drawdown, up/down percentage, the ramp on your graph, change in percentage of each trade, to let you know where you stand. I presume you have a bank account, and i presume you check it consistently, well it is the same thing with trading. I modified a trading journal i downloaded online and i sent it to a couple of people i was mentoring last year. One of them sent me the attachment below. Although he was very aggressive in his risks, but at least he got everything else right. This is how you should be looking at your total trading concept.

Good luck

hello all..

I am new to this thread... I wonder if anyone has ever used automatic trading softwares... I am not looking to make millions in one day... Just good overall profits... Any advice?

To short after market opens if price pattern shows further weakness in the correction as it's being stalled at fib resistances, 61.8 and 78.6.

Karleb:


Thank you.

BTW, what's your take on Fibonancci extension and retracement since many traders here prefer fundamental analysis to technical analysis?

Drawing the fibs is more an art than a science.
Since so many people watch these levels before making a move, the fibs eventually become self fulfilling prophesies.

TheShootist:
To short after market opens if price pattern shows further weakness in the correction as it's being stalled at fib resistances, 61.8 and 78.6.

i think jpy pairs are going down. went short on USDJPY last nyt. lets see hw it plays out next week.

FOR THE NEWBIES: LOSERS WHO ARE WINNERS AND WHY 90% OF THE 5% TREND TRADE.

I see it all too often. A new trader paper trades for a few months, he’s amped up and is ready to take on the world. He is armed with a no fail strategy and is ready to make the world his oyster. He has been paper trading for 4 months and turned 5k on his demo account to 300k in that time, so, it should be a cake going real. Right? He funds his account and makes his first 7 trades which are all losses and his account is down 15%. At that moment he concludes that the strategy does not work, and begins the hunt for a new no-fail strategy. What most traders don’t realize is that there is nothing wrong with their strategy, but there is something wrong with their trading psychology. I have been trading profitably for 3 years and it still affects me till today. Seeing a string of losses and your emotions can run wild. You start to doubt yourself and the system and might be tempted to deviate. Don’t. My mentor is one of the coolest baddass traders I have ever met. I’ve seen where he would have like 20 trades, all losses and he would be as cool as a cucumber. Me, i'd be chewing at my finger nails. It took me a while to understand the concept. He would smile at me whenever I asked him why he was so cool when the drawdown comes. He would tell me he’s just waiting for his home run to come. “it’s bound to happen, it always does” and sure enough, he would be down 20% for 3 months of trading, and be up 50% in the blink of an eye. This concept is what newbies need to understand and master quickly. Losses are an integral part of the game. When I’m mentoring, I often throw the conventional method of coaching out the window and tell my mentees that that they should look at their drawdown period as a waiting period. You are sowing seeds that will bring bountiful returns after the rainy season. Traders who don’t know better are gathering their funds for you. Some get it, some don’t. This is why I like trend following so much. The euphoria you feel when you recover from a drawdown is, for no lack of a better description, better than getting high.

I received some mails about explaining the attachments in my previous posts, to here it is. There really is not much to explain except that the first 7 trades were losses and the account was down to 3800, (how many traders can take that) and then in trades 22, the account jumped from 6k to 11k because of an 819 pip move (home run). This is what trend traders do. We wait for home runs. We don't presume to know or guess where price is going, but, they happen every time. It could be once a year or 2 to 3 a year if you are lucky. When it does, your account increases astronomically. We will take the odd 100 to 200 pips to take care of our losses until it comes. But, when it does come, ohh boy.

Karleb:




So what is your into details advice?

Learn to trade 1h and above. Minimum 1h.

12ema:
FOR THE NEWBIES: LOSERS WHO ARE WINNERS AND WHY 90% OF THE 5% TREND TRADE.

I see it all too often. A new trader paper trades for a few months, he’s amped up and is ready to take on the world. He is armed with a no fail strategy and is ready to make the world his oyster. He has been paper trading for 4 months and turned 5k on his demo account to 300k in that time, so, it should be a cake going real. Right? He funds his account and makes his first 7 trades which are all losses and his account is down 15%. At that moment he concludes that the strategy does not work, and begins the hunt for a new no-fail strategy. What most traders don’t realize is that there is nothing wrong with their strategy, but there is something wrong with their trading psychology. I have been trading profitably for 3 years and it still affects me till today. Seeing a string of losses and your emotions can run wild. You start to doubt yourself and the system and might be tempted to deviate. Don’t. My mentor is one of the coolest baddass traders I have ever met. I’ve seen where he would have like 20 trades, all losses and he would be as cool as a cucumber. Me, i'd be chewing at my finger nails. It took me a while to understand the concept. He would smile at me whenever I asked him why he was so cool when the drawdown comes. He would tell me he’s just waiting for his home run to come. “it’s bound to happen, it always does” and sure enough, he would be down 20% for 3 months of trading, and be up 50% in the blink of an eye. This concept is what newbies need to understand and master quickly. Losses are an integral part of the game. When I’m mentoring, I often throw the conventional method of coaching out the window and tell my mentees that that they should look at their drawdown period as a waiting period. You are sowing seeds that will bring bountiful returns after the rainy season. Traders who don’t know better are gathering their funds for you. Some get it, some don’t. This is why I like trend following so much. The euphoria you feel when you recover from a drawdown is, for no lack of a better description, better than getting high.

I received some mails about explaining the attachments in my previous posts, to here it is. There really is not much to explain except that the first 7 trades were losses and the account was down to 3800, (how many traders can take that) and then in trades 22, the account jumped from 6k to 11k because of an 819 pip move (home run). This is what trend traders do. We wait for home runs. We don't presume to know or guess where price is going, but, they happen every time. It could be once a year or 2 to 3 a year if you are lucky. When it does, your account increases astronomically. We will take the odd 100 to 200 pips to take care of our losses until it comes. But, when it does come, ohh boy.

Seems like someone has been watching me trade lol, just kidding. What just described now is my intraday trading style. Good thing is that i know my system so well that i know my loosing streak is hardly or rarely up to 4 times each hardly exceeding -20 pips per loss then gbaaaam, the moves starts and i start gathering 30 pips here, 40 pips there.

Another thing that helps is that most times i will be on brokers money when the minor loosing streak starts. My friend on my forum calls it my stoploss tank. Let me explain. I set out to make just 100 pips week, that's more than enough for me. sometimes i make it before Wednesday or Tuesday. Do i close trade for the week? No. I continue trading and any extra made during the week enters my stoploss tank. The excess will be used for stoploss for trades taken in the next week. Example I did 246 pips this week,I subtract my official target for the week and put the rest (146 pips) in my stoploss tank. My maximum stoploss per trade is 30 pips and i only hold a maximum of 4 positions at a time so i enough to in my stoploss tank for next week's trading so i won't get bothered when those little losses set in and if i overshoot the 100 pips target again throw in the excess into the stoploss tank and continue the process. In summary it's like a country's foreign reserve.

Learnt this from a German lady who targets only 200 pips per month and traded for three years without withdrawing. Know ur trading system's risk reward ratio in relation to it's win loss ratio. Bond with it lastly tune ur money management to fit the two factors (win loss ratio Vs Risk reward ratio), you can't achieve this if you keep changing systems every now and then.

This lecture don do sef. 12ema keep up the good work. I hope this is comprehensive enough for newbies?

Please pardon the typos and punctuations, na phone I dey use.

Happy new year
Can anybody give me information on how to make profit using binary options

FOREXMARTS:


Seems like someone has been watching me trade lol, just kidding. What just described now is my intraday trading style. Good thing is that i know my system so well that i know my loosing streak is hardly or rarely up to 4 times each hardly exceeding -20 pips per loss then gbaaaam, the moves starts and i start gathering 30 pips here, 40 pips there.

Another thing that helps is that most times i will be on brokers money when the minor loosing streak starts. My friend on my forum calls it my stoploss tank. Let me explain. I set out to make just 100 pips week, that's more than enough for me. sometimes i make it before Wednesday or Tuesday. Do i close trade for the week? No. I continue trading and any extra made during the week enters my stoploss tank. The excess will be used for stoploss for trades taken in the next week. Example I did 246 pips this week,I subtract my official target for the week and put the rest (146 pips) in my stoploss tank. My maximum stoploss per trade is 30 pips and i only hold a maximum of 4 positions at a time so i enough to in my stoploss tank for next week's trading so i won't get bothered when those little losses set in and if i overshoot the 100 pips target again throw in the excess into the stoploss tank and continue the process. In summary it's like a country's foreign reserve.

Learnt this from a German lady who targets only 200 pips per month and traded for three years without withdrawing. Know ur trading system's risk reward ratio in relation to it's win loss ratio. Bond with it lastly tune ur money management to fit the two factors (win loss ratio Vs Risk reward ratio), you can't achieve this if you keep changing systems every now and then.

This lecture don do sef. 12ema keep up the good work. I hope this is comprehensive enough for newbies?

Please pardon the typos and punctuations, na phone I dey use.

Bros I like your trading strategy like mad! Infact, it doesn't only starts and end in fx, this is what should be applied in one's day to day activities.

But only if greed go allow person , imagine making 246pips only to throw a whole lotta 146pips back to the Lion's mouth, it's takes a lot of courage and discipline to do that.

Karleb:


Bros I like your trading strategy like mad! Infact, it doesn't only starts and end in fx, this is what should be applied in one's day to day activities.

But only if greed go allow person , imagine making 246pips only to throw a whole lotta 146pips back to the Lion's mouth, it's takes a lot of courage and discipline to do that.

Not necessary giving it back to the broker since fx trading involves risk exposure u must be willing to risk something to get something. If you claim all the pips you make it will have a psychological effect on u when u loose a trade but when you have already made up ur mind to expose certain amount of pips especially when it was from profit made already u won't blink when you loose. You only get worried when ur reserve starts running low like Nigeria is now. See this as a business have a profit thank and a reserve tank. Trade from the reserve tank, deduct ur official profit and put the rest in the reserve, by the end of the month transfer as much as u want to profit and leave some in the reserve. It's a psychological thing not physical tho i record my profit and reserve in excel tho but everything is in my trading account. So if for example i started January with $1500 dollars and made 246 pips i won't see my equity as $1746 even tho that's what my mt4 says. I see my equity as 1600 dollars instead. I just pray this is making sense to someone. Happy Sunday to the gurus in the house.

FOREXMARTS:


Not necessary giving it back to the broker since fx trading involves risk exposure u must be willing to risk something to get something. If you claim all the pips you make it will have a psychological effect on u when u loose a trade but when you have already made up ur mind to expose certain amount of pips especially when it was from profit made already u won't blink when you loose. You only get worried when ur reserve starts running low like Nigeria is now. See this as a business have a profit thank and a reserve tank. Trade from the reserve tank, deduct ur official profit and put the rest in the reserve, by the end of the month transfer as much as u want to profit and leave some in the reserve. It's a psychological thing not physical tho i record my profit and reserve in excel tho but everything is in my trading account. So if for example i started January with $1500 dollars and made 246 pips i won't see my equity as $1746 even tho that's what my mt4 says. I see my equity as 1600 dollars instead. I just pray this is making sense to someone. Happy Sunday to the gurus in the house.

makes lots of sense. Keep it up sire. Thanks to 12ema also those educating newbies. Happy sunday

12ema:
FOR THE NEWBIES: TRADING JOURNAL

I hope the newbies survived the market this week. If you followed the money management rules I laid out in previous posts then you should be fine. I just checked the posts since last weekend and i was amazed at some of the things i read. This over emphasis on strategies is a cancer to the growth of most traders financial success. Don't get me wrong, strategies are important, but it is just a miniscule part of trading. It is same as saying that because you have a bachelors degree you will successful in life. No, there is more to it than that; your ability to relate with other people, your confidence, adaptability, presentability, and sometimes luck will depend whether you will be successful in life. Same with strategies. I can trade any strategy. It doesn't matter what it is, as long as the strategy has a proven statistical winning percentage then it can be traded for profit. In fact, the lower the winning percentage the better. This will keep you humble enough to mitigate your risks. The higher the winning percentage the more cocky you become. The only enemy to trading is time. Everybody want's profit right now that is why i never look at monthly/quarterly returns.

Anyway, I digress. This is the first part of my discussion this weekend, more should follow tomorrow. I intend to talk today, about the importance of trading journals and the effect it has on your trading. Not having one is like going to school and not having a documented parameter for assessing your progress. A visual representation of your trading is as important as money management. In fact it is the bedrock of money management. You need to see how your money is performing. Checking your balance on your MT4 platform is not the same thing. You need to know how your drawdown, up/down percentage, the ramp on your graph, change in percentage of each trade, to let you know where you stand. I presume you have a bank account, and i presume you check it consistently, well it is the same thing with trading. I modified a trading journal i downloaded online and i sent it to a couple of people i was mentoring last year. One of them sent me the attachment below. Although he was very aggressive in his risks, but at least he got everything else right. This is how you should be looking at your total trading concept.

Good luck

Nice write-up, your post is always educational. This guy risks 8%? and i was thinking my 2% risk on a trade was too much, i'll stick to my 2%.
My first week trading FX; A total of 13 trades, 6 BE, 6 loss and a win, 7.6% drawdown. i'd say i survived my first week. And sir i'd like to get a copy this spreadsheet. Thanks

EmmanuelD1st:


Nice write-up, your post is always educational. This guy risks 8%? and i was thinking my 2% risk on a trade was too much, i'll stick to my 2%.
My first week trading FX; A total of 13 trades, 6 BE, 6 loss and a win, 7.6% drawdown. i'd say i survived my first week. And sir i'd like to get a copy this spreadsheet. Thanks

Hello. It is good you are taking your money management very seriously. If i may ask what is the win percentage and the profit potential of the strategy you use? Did you back test it and for how long? 13 trades and a drawdown of 7.6% seems a lot unless you are trend following. You might wanna drop your risk to 1%. Also, as per your observation about the guy using 8% risk, well, he wasn't really using 8%. The true impact on his account was around 4% if you factor in his contract size, starting balance and win/losses. Back in the day i hadn't perfected the math on the sheet. My intent was to have a visual representation of win and lose percentage. Once you gain more experience and are more comfortable with your strategy you can play around with numbers to achieve unbelievable results, hence my insistence on understanding the math of trading. Also, send me a mail so i can forward the attachment to you. Best of luck.

EmmanuelD1st:


Nice write-up, your post is always educational. This guy risks 8%? and i was thinking my 2% risk on a trade was too much, i'll stick to my 2%.
My first week trading FX; A total of 13 trades, 6 BE, 6 loss and a win, 7.6% drawdown. i'd say i survived my first week. And sir i'd like to get a copy this spreadsheet. Thanks

13 trades in 1week for a new trader? Thats way to much. How manw pairs are u trading and timeframe