seyejohn94:
What is price action?...

it simply means price in action ....understood?

docus:


sorry bro. this means ur system is not yet ripe to take on the market. So go back an re-design ur system an come back stronger.

In my struggle, i lost 2 trading capitals b4 i went back to re-design my system. now am smiling cuz i often withdraw from my trading account

It is not just about the system. Risk management is an issue for most traders and that is because of small trading capital coupled with need to make money. Any average system that can net you 50% of your account monthly can turn a $400 account to high value 5 figures balance after 12 months of trading and compounding. That is achievable with a system that has at least 70% accuracy. If you don't know the accuracy rate of your system and projected reward per month, your live trading is standing on shaky ground.

The problem is how many people are willing to make sure only 2% of their account is exposed per trade on that small account? Most of us came into forex with the aim of becoming full time traders in a few months and withdrawing thousands of dollars monthly using an account less than $500!

That is where the problem lies.

A solution is to trade your small account with little risk (2% per trade should be maximum if you often have more than one trade open) until you have enough money in the account to make 25-50% returns a month and still be financially Ok. A $10,000 account making 25% a month is $2500. How many people do they pay that amount in this country?

Even a $5,000 account will make over $1,000 so why can't people stay focused and slowly build their account?

The average civil servant earns 100k a month. Get a job while slowly building your account to be making 3 times that amount with just 20% return a month and you can start considering going full time! Forex is a marathon not a sprint!

beejaay:


seriously i wanted to ask the same question...we have created definitions that are contradictory at best.....everything on a chart is historical even S/R lines so is the candle you see, same is the indicator u use

if anyone really wanna look at a price alone then look no further than the BID/ASK

lmfao,wel word is,both price and indicators lagg,jst dat price laggs behind d future while indicators laggs behind price

raycolz84:


Never try to catch a falling knife Chie see the way GJ wound me in less than an hour Thnk Goddness for money management Anyways am still on the trade Na to widen the stop loss

widen sl? Hmmmm bcareful shaa

raycolz84:




The problem is not the system
But the money management
Do u know the meaning of 90 percent of an account just in 20 days ?

I somehow stumbled on one of ziggs thread jus yesterday, no doubt ziggs is a very good trader but I noticed that an account he opened with 2300 dollars on june 16, was about 4000 plus just by the beginning of last week, in order words, he doubled the account in 2 weeks
Many peole wud envy such, but they forget that forex is a two edged sword
I can't really tell what has happened but I noticed he stop posting here and also on his thread which he normally updates everyday with screeshots of his equity

Bottomline... Let's master MONEY MANAGEMENT

Preach brother.

I wanted to call him to it but wasn't sure how it would be taken. He had target of making 5% per day.. Already putting himself under excess pressure. He was also using high lots for that small account even when he said he intentionally reduced leverage to 1:100 or so. Person wey go learn go learn sha.

Kirinwa:
My losses if any is nothing in comparison to the over 2000 plus pips this signal will generate. Is not compulsory to join the winners. Let's concentrate.

Kudos to everybody and one love.

dis man eeeeh!

raycolz84:


The problem is not the system
But the money management
Do u know the meaning of 90 percent of an account just in 20 days ?
I somehow stumbled on one of ziggs thread jus yesterday, no doubt ziggs is a very good trader but I noticed that an account he opened with 2300 dollars on june 16, was about 4000 plus just by the beginning of last week, in order words, he doubled the account in 2 weeks
Many peole wud envy such, but they forget that forex is a two edged sword
I can't really tell what has happened but I noticed he stop posting here and also on his thread which he normally updates everyday with screeshots of his equity
Bottomline... Let's master MONEY MANAGEMENT

i guess his acct got badly dent with the eur.jpy trade took at the opening of last week market gap down,,,,,, selling the pair after 400pips gap down to me is over-confidence. the pair eventually close the gap.. good money must have lost along that line.

i accept he is a good trader but with bad money management,,,,, i hope he comes back because he motivate many to come out of hiding.

trade 1 pair, 1 strategy.

raycolz84:



It has been stated here time and again
Money management
I ask a question to the house one time
How long are you willing to last in the market, before the opportunities starts rolling in
Don't be surprise to see that this exact trade that wiped your account like this
Would go in the same directoin that you traded initially, a week from now

Years ago I used to have this weakness of entering many trades, then as far am in front of my system, my hand would be itching to enter trade
That was how I started using small lot size, am so used to small lot size now that atimes when I use big lot, it would look abnormal to me,

So go back to your drawing board and see where you got it wrong, in this game its only you that can discover yourself
Its normal to make mistakes, but what we learn from such mistake is what really matter

Can't really type much becos am using mobile now, and its a bit stressful

Thanks advice well taken!

markarov:

Sorry about the loss bro. Always remember, as long as u are a determined trader u will always recover. Truth is u cannot win 100% of trades in forex. To the large position size, never risk more than 2% of ur equity no matter the trend. It's all about money management. The ability to curtail greed and emotions gives rise to successful trading. If possible trde ur positions by using 0.04 lots for each trade. Forex is no get rich quick scheme so it requires patience and discipline.

Thanks for the encouragement, noted sir

docus:


sorry bro. this means ur system is not yet ripe to take on the market. So go back an re-design ur system an come back stronger.

In my struggle, i lost 2 trading capitals b4 i went back to re-design my system. now am smiling cuz i often withdraw from my trading account

In my small understand any system will work, trader are always the weak link, infact i do always make money with my syst, but once i make good profit i will loose just trying to pick market top or taking large position size. if only i can just be disciplined but habit is the most difficult thing to change. Thank you for your concern

audcad buystop at .94900
let's see how it plays out.
NB: Nothing is guaranteed. Price could just do the opposite and rubbish my analysis.

PRICE IS KING. FOLLOW IT WHEREVER IT GOES

Sold cadchf .7415 left tp open till friday
let's see how it plays out.
NB: Nothing is guaranteed. Price could just do the opposite and rubbish my analysis

PRICE IS KING. FOLLOW IT WHEREVER IT GOES

raycolz84:




The problem is not the system
But the money management
Do u know the meaning of 90 percent of an account just in 20 days ?

I somehow stumbled on one of ziggs thread jus yesterday, no doubt ziggs is a very good trader but I noticed that an account he opened with 2300 dollars on june 16, was about 4000 plus just by the beginning of last week, in order words, he doubled the account in 2 weeks
Many peole wud envy such, but they forget that forex is a two edged sword
I can't really tell what has happened but I noticed he stop posting here and also on his thread which he normally updates everyday with screeshots of his equity

Bottomline... Let's master MONEY MANAGEMENT

Thank you bro hmnmm, if only i can start memorizing that very morning i think i can be a good trader. MONEY MANAGEMENT, But he don clear for face as i don use greed finish myself.

Shevychen2:


It is not just about the system. Risk management is an issue for most traders and that is because of small trading capital coupled with need to make money. Any average system that can net you 50% of your account monthly can turn a $400 account to high value 5 figures balance after 12 months of trading and compounding. That is achievable with a system that has at least 70% accuracy. If you don't know the accuracy rate of your system and projected reward per month, your live trading is standing on shaky ground.

The problem is how many people are willing to make sure only 2% of their account is exposed per trade on that small account? Most of us came into forex with the aim of becoming full time traders in a few months and withdrawing thousands of dollars monthly using an account less than $500!

That is where the problem lies.

A solution is to trade your small account with little risk (2% per trade should be maximum if you often have more than one trade open) until you have enough money in the account to make 25-50% returns a month and still be financially Ok. A $10,000 account making 25% a month is $2500. How many people do they pay that amount in this country?

Even a $5,000 account will make over $1,000 so why can't people stay focused and slowly build their account?

The average civil servant earns 100k a month. Get a job while slowly building your account to be making 3 times that amount with just 20% return a month and you can start considering going full time! Forex is a marathon not a sprint!

Thanks for that sir, i don't just have choice than to succeed in this game because i have invested way too much to abandon the project,i know is a function of time

frenchman2:
Sold cadchf .7415 left tp open till friday
let's see how it plays out.
NB: Nothing is guaranteed. Price could just do the opposite and rubbish my analysis

PRICE IS KING. FOLLOW IT WHEREVER IT GOES

I must be very stoopid cos i think this is a buy

guys, guys, i think u guys dont understand me when i said he should redesign his system. when i mean system i do not just mean trading strategy. what i actually meant was to study/practice the entire forex market dynamics which includes: STRATEGIES, MONEY MANAGEMENT & PHYCOLOGY of forex. What most of u call SYSTEM is just the STRATEGY part, they often disregard the other two. for any trader to successfully design a trading system he has to integrate all the 3 parts. NOTE: a Strategy is not a system in my own context. but a System= Strategy + MM+ Phycology= MONEY. my take

fxbomovi:
trade 1 pair, 1 strategy.

dia r stil cons associated wit trading only 1pair e.g forcing trades due 2 limited trading opportunities

seyejohn94:
Looking to buy gold...

close above 1162.6 will buy gold...

the GBPAUD party already begun ,>> #1.989

seyejohn94:


close above 1162.6 will buy gold...

with a 61.8fib of d last down move visible on 1hr and 4hr,i will say u should check it out bro.sorry for not mindin my biz

currentprice:


i guess his acct got badly dent with the eur.jpy trade took at the opening of last week market gap down,,,,,, selling the pair after 400pips gap down to me is over-confidence. the pair eventually close the gap.. good money must have lost along that line.

i accept he is a good trader but with bad money management,,,,, i hope he comes back because he motivate many to come out of hiding.

True talk
I know what I went thru before I could actually discipline myself
First of all you will start making profit, that alone would boost you confidence
Then you would now increase your lot size and enter more trade
And GBAM!
The trade goes against you in a flash
You are already feeling bad and angry, you try to revenge the market
You would want to quickly make what you have lost, and additional profit
You increase you risk, and before you know it margin call
I have been there before, and it happened more than once

AK284:



Thanks for that sir, i don't just have choice than to succeed in this game because i have invested way too much to abandon the project,i know is a function of time

Now this is determination

beejaay:
with a 61.8fib of d last down move visible on 1hr and 4hr,i will say u should check it out bro.sorry for not mindin my biz

Thanks for d info....

Gn sell stop @2.2715 SL and TP: Traders discretion. Nothing is guaranteed! Trade defensively not offensively!
Ej buy and gj buy @cmp

Marubozo,candle stick on 4hr gbp/ jpy

TheShootist:
AudCad SellStop @0.9453 sl @0.9484 tp @0.9411

Sl hit. Sharp sharp like that. Prsise tha lord sombori
Frenchman, for you its tp hit!

Good morning all

I am Barondetrade a Forex trader/trainer with years of experience based in Ghana. I've developed quite a number of mathematical trading systems.

I am a day trader and this is my very first post here and my second on nairaland.

How is the business of trading?

BarondeTrade:
Good morning all

I am Barondetrade a Forex trader/trainer with years of experience based in Ghana. I've developed quite a number of mathematical trading systems.

I am a day trader and this is my very first post here and my second on nairaland.

How is the business of trading?

Welcome home. we will like to learn from more you boss.

leopower:

Welcome home. we will like to learn from more you boss.

I'd also like to learn from you and others but then I'll do my best to enrich this thread with my experience and expertise.

Holding sells on EN, EA, GA and GJ

endfx1:
USDCAD
Buy stop @ 1.2766
SL @ 1.26750
TP @ 1.2970
Apply due diligence

Trade still valid... may re-adjust entry price by 10am or 2pm
Patience pays