i have a buy stop on gold at 1322.30 ...price came to 1322.00 but was not picked cos of spread,looking to the chart to see if i am supposed to increase the buy stop or leave it.
update on gbpusd :its doing very fine as price is moving as expected as previously mentioned.
update on uj: still in a buy hoping to get to 106.44

Bro , i dey oo, i just dey follow you people for background while i do some trading perfections and improvements. Na scalping i dey use build my account now . One needs to find a way of external income with this dollar wahala with much discipline now. Na so i find my self ooo. Do what ever you think fit bring more more money bro without hurting your account.cheers.

JLINE:

bro,where have you been...miss you here. your ger30 account is looking nice,seems i will fund a seperate account for stocks too.

priceaction:
Bro , i dey oo, i just dey follow you people for background while i do some trading perfections and improvements. Na scalping i dey use build my account now . One needs to find a way of external income with this dollar wahala with much discipline now. Na so i find my self ooo. Do what ever you think fit bring more more money bro without hurting your account.cheers.

TRUE

Hello traders. I need your honest opinion by virtue of experience in dealing with Alpari and Forex Time

Which is of these brokers has:
1.Better presence here in Nigeria
2.Fast withdrawal
3.Prompt support
4.Better PAMM Service

Please note that I'm making this post simply to be better informed as your input will help me make some decisions.

Thanks

Pipsbasketing:

I have closed my former NL account

SAJA:


Kudos,please pardon my ignorance,are you familiar with Lifecontinues,it appears you have the same style.If you are not,how can one join your pipsful train? Share your trading style for our learning.

brother,,, he is the same person, as quoted above

Jalive:
Hello traders. I need your honest opinion by virtue of experience in dealing with Alpari and Forex Time

Which is of these brokers has:
1.Better presence here in Nigeria
2.Fast withdrawal
3.Prompt support
4.Better PAMM Service

Please note that I'm making this post simply to be better informed as your input will help me make some decisions.

Thanks

i don't really have enough personal experience with the above two brokers very well but my experience with fxtm was terrible...so,will prefer alpari personally sha. others might differ

2000 pips still valid

jorel1:
This level likely not gonna hold , be prepared for a breakout trade...or entry on established south momentum.. . its a TP of +2000 pips down..

JLINE:
i have a buy stop on gold at 1322.30 ...price came to 1322.00 but was not picked cos of spread,looking to the chart to see if i am supposed to increase the buy stop or leave it.
update on gbpusd :its doing very fine as price is moving as expected as previously mentioned.
update on uj: still in a buy hoping to get to 106.44

gold buy stop was picked

If you can be patient , I will be opening a forex brokerage firm in Nigeria soon ... to give the best services with minimum stress ..

Jalive:
Hello traders. I need your honest opinion by virtue of experience in dealing with Alpari and Forex Time

Which is of these brokers has:
1.Better presence here in Nigeria
2.Fast withdrawal
3.Prompt support
4.Better PAMM Service

Please note that I'm making this post simply to be better informed as your input will help me make some decisions.

Thanks

jorel1:
If you can be patient , I will be opening a forex brokerage firm in Nigeria soon ... to give the best services with minimum stress ..

lol...

Use BINARY DIGGER PRO indicator to get your daily target.
CONTACT +2348104751696.

I am going to try to help the struggling traders. How you respond or accept it is all up to you.

Lets start with targets. You don't need to make 100 pips per trade. You'd be surprised that the best traders in the world are in an out in less than two hours and all they are looking for is just 20-30 pips per day. That's what i do and that's all i need. The longer you are in the market, the longer you are exposing yourself to unpredictability. You need to be in an out as quickly as possible unless you are trend trading/long term trading for weeks or months. And i'm not talking about scalping.

Another thing to take into consideration. You need to be focused on the now. Looking back will only distract you. You don't need to know what happened last week or month. Focus on wha'ts in front of you. At the end of my post i will post a screenshot of my trading screen. I crop all pairs and wait for a pair to present a probable setup and then i execute.

Become more professional. I am going to hurt some feelings. If you are starting your account with less than 1k, you will have a hard time. I am not saying that you will not succeed, but it will be more difficult compared with someone with a higher account. A less funded account messes with your mind. It has been documented that traders with larger account use less percentage than people with small accounts.

I am going to stop now, but i want you to watch this youtube video. This is how i trade. I don't trade futures but i use this same concept and it works beyond belief.
https://www.youtube.com/watch?v=o5KCaoALP1M

I am going to leave you with a trade potential. Buy Eur/Gbp at current price. Tp is 8400. Based on system, my stop losses are always 45 pips because of the win ratio. So if you can afford it do it.

Good luck.

Profitsgalore:
I am going to try to help the struggling traders. How you respond or accept it is all up to you.

Lets start with targets. You don't need to make 100 pips per trade. You'd be surprised that the best traders in the world are in an out in less than two hours and all they are looking for is just 20-30 pips per day. That's what i do and that's all i need. The longer you are in the market, the longer you are exposing yourself to unpredictability. You need to be in an out as quickly as possible unless you are trend trading/long term trading for weeks or months. And i'm not talking about scalping.

Another thing to take into consideration. You need to be focused on the now. Looking back will only distract you. You don't need to know what happened last week or month. Focus on wha'ts in front of you. At the end of my post i will post a screenshot of my trading screen. I crop all pairs and wait for a pair to present a probable setup and then i execute.

Become more professional. I am going to hurt some feelings. If you are starting your account with less than 1k, you will have a hard time. I am not saying that you will not succeed, but it will be more difficult compared with someone with a higher account. A less funded account messes with your mind. It has been documented that traders with larger account use less percentage than people with small accounts.

I am going to stop now, but i want you to watch this youtube video. This is how i trade. I don't trade futures but i use this same concept and it works beyond belief.
https://www.youtube.com/watch?v=o5KCaoALP1M

I am going to leave you with a trade potential. Buy Eur/Gbp at current price. Tp is 8400. Based on system, my stop losses are always 45 pips because of the win ratio. So if you can afford it do it.

Good luck.

. risking 45 pips for 20 pips ?? ok. ...

lol...r:r 2.5 : 1 pray not to loose 4 times as you will need to win 9 times to recover.

Lemmi save sum of u d stress. As I opened d video I discovered it was a 1 hour plus lessons so I went straight to abt half of d video n saw that they were advertising an indicator n sum trading academy of sum sort. And at dat moment I thanked God I didn't sit down with a glass of coke n popcorn watching from the beginning n waiting to see how I can make 20-30 pips every day

Profitsgalore:
I am going to try to help the struggling traders. How you respond or accept it is all up to you.

Lets start with targets. You don't need to make 100 pips per trade. You'd be surprised that the best traders in the world are in an out in less than two hours and all they are looking for is just 20-30 pips per day. That's what i do and that's all i need. The longer you are in the market, the longer you are exposing yourself to unpredictability. You need to be in an out as quickly as possible unless you are trend trading/long term trading for weeks or months. And i'm not talking about scalping.

Another thing to take into consideration. You need to be focused on the now. Looking back will only distract you. You don't need to know what happened last week or month. Focus on wha'ts in front of you. At the end of my post i will post a screenshot of my trading screen. I crop all pairs and wait for a pair to present a probable setup and then i execute.

Become more professional. I am going to hurt some feelings. If you are starting your account with less than 1k, you will have a hard time. I am not saying that you will not succeed, but it will be more difficult compared with someone with a higher account. A less funded account messes with your mind. It has been documented that traders with larger account use less percentage than people with small accounts.

I am going to stop now, but i want you to watch this youtube video. This is how i trade. I don't trade futures but i use this same concept and it works beyond belief.
https://www.youtube.com/watch?v=o5KCaoALP1M

I am going to leave you with a trade potential. Buy Eur/Gbp at current price. Tp is 8400. Based on system, my stop losses are always 45 pips because of the win ratio. So if you can afford it do it.

Good luck.

Good Evening Pips,

My last trade seemed futile, it all ended as B.E. A run down of what went down this week:

TRADES: 3
GOOD TRADES: 0
BREAK EVEN: 1
BAD TRADES: 2
PIP LOSS: -144
% LOSS: -2.4%
% ACCURACY:0%

See you all next week, be safe till then and as always

Happy Slashing

shorty002:
Lemmi save sum of u d stress. As I opened d video I discovered it was a 1 hour plus lessons so I went straight to abt half of d video n saw that they were advertising an indicator n sum trading academy of sum sort. And at dat moment I thanked God I didn't sit down with a glass of coke n popcorn watching from the beginning n waiting to see how I can make 20-30 pips every day

You obviously didn't watch it or read what i wrote. If you had read and comprehended what i said initially, i said i don't trade futures and what they are advertising is for futures. I wanted you to watch it and learn from their money management principles and why you don't need to make a gazillion pips per trade.

jorel1:
. risking 45 pips for 20 pips ?? ok. ...

Here's a shocker for you. My win ratio for the system i trade has a 90 percent win rate. So yeah, 45 pips stop loss for 20-30 pip potential. It evens out nicely. If i wanted to, i could give 10 trade calls right now and 9 would be a hit. I wont though.

Profitsgalore:


Here's a shocker for you. My win ratio for the system i trade has a 90 percent win rate. So yeah, 45 pips stop loss for 20-30 pip potential. It evens out nicely. If i wanted to, i could give 10 trade calls right now and 9 would be a hit. I wont though.

you are missing something bro,he is just trying to tell you that in the long run you will still be in loss.
let's say you made 10 calls and 9 are winners which is approximately 20 x 9 =180 and 1 loss = 45...lets say you loose 2 then you get 90 in loss.
in the long run,its difficult to be profitable or maybe you have to hit 100% always. just my thoughts...

Profitsgalore:


Here's a shocker for you. My win ratio for the system i trade has a 90 percent win rate. So yeah, 45 pips stop loss for 20-30 pip potential. It evens out nicely. If i wanted to, i could give 10 trade calls right now and 9 would be a hit. I wont though.

I need proof...at least a years worth.. is that possible??

because , apparently you are telling me if you were my business advisor, you would advise me to buy a car for $100 and sell for $60 with the assurance that i would get much more clients....I think my business will be lying on the edge of doom..

JLINE:

you are missing something bro,he is just trying to tell you that in the long run you will still be in loss.
let's say you made 10 calls and 9 are winners which is approximately 20 x 9 =180 and 1 loss = 45...lets say you loose 2 then you get 90 in loss.
in the long run,its difficult to be profitable or maybe you have to hit 100% always. just my thoughts...

Holy crap! Are you for real? You need to brush up on your money management. When you restrict your trades to the 10 that you so conveniently used as the example, then you know nothing about money management. You use 100 as base because your measurement of success or failure is based on long term trading. You can have 10 losing trades at a go, even 20, but by the time you execute you 100th trade with compounding and a win ratio that high you are bound to make a killing. Which is why i said watch the video. What are they teaching nowadays? Smh.

jorel1:
I need proof...at least a years worth.. is that possible??

because , apparently you are telling me if you were my business advisor, you would advise me to buy a car for $100 and sell for $60 with the assurance that i would get much more clients....I think my business will be lying on the edge of doom..

If you don't understand compounding and money management at this stage, then i can't help you.

Profitsgalore:


Holy crap! Are you for real? You need to brush up on your money management. When you restrict your trades to the 10 that you so conveniently used as the example, then you know nothing about money management. You use 100 as base because your measurement of success or failure is based on long term trading. You can have 10 losing trades at a go, even 20, but by the time you execute you 100th trade with compounding and a win ratio that high you are bound to make a killing. Which is why i said watch the video. What are they teaching nowadays? Smh.

first question,no i am not real. secondly,its true i need to work more on my mm cos i will like to attain 1:15 like one of my mentors. thirdly,i was using 10 hypothetically and someone with reasoning and knowledge of sample data analysis should understand me using 10. fourthly, when you loose your first 20 - 40 trades like you mentioned with your poor r:r i don't think you will be a winner and except you plan to introduce another concept which is martingale which will surely blow your account because of the first rounds of losses. lastly,i had rather watch a carton network on the internet than watch one amateur fx video...they actually don't teach more these days that's why self education is still the best.
don't get paranoid in your replies next time,it shows you are desperate for something...don't know really. just my 2 cents.

wow we have a full house this evening...

never seen this much traders on the thread

JLINE:

first question,no i am not real. secondly,its true i need to work more on my mm cos i will like to attain 1:15 like one of my mentors. thirdly,i was using 10 hypothetically and someone with reasoning and knowledge of sample data analysis should understand me using 10. fourthly, when you loose your first 20 - 40 trades like you mentioned with your poor r:r i don't think you will be a winner and except you plan to introduce another concept which is martingale which will surely blow your account because of the first rounds of losses. lastly,i had rather watch a carton network on the internet than watch one amateur fx video...they actually don't teach more these days that's why self education is still the best.
don't get paranoid in your replies next time,it shows you are desperate for something...don't know really. just my 2 cents.

Now i see why people are failing. If you want to indulge in martinglale as a form of money management please go right ahead. If that is the kind of mm you are used to, more grease to your elbows. The concept of money management is that your lot size increases or decreases based on your wins or losses, so i am trying to figure out how martingale factors into what i'm talking about. And your thought process was flawed from the onset by using 10. Only a newbie would do that. Your base must always start from a 100 trades. This is why you fail. No long term vision to get to a 100 trades to assess your performance. When you lose 10 or 20, you start gambling. Smh.

Profitsgalore:


Now i see why people are failing. If you want to indulge in martinglale as a form of money management please go right ahead. If that is the kind of mm you are used to, more grease to your elbows. The concept of money management is that your lot size increases or decreases based on your wins or losses, so i am trying to figure out how martingale factors into what i'm talking about. And your thought process was flawed from the onset by using 10. Only a newbie would do that. Your base must always start from a 100 trades. This is why you fail. No long term vision to get to a 100 trades to assess your performance. When you lose 10 or 20, you start gambling. Smh.

now i have placed you where i want exactly...so,lets follow your thought process...if i win i increase lot size right and when i lose vice versa ?
so your first 10-20 being a looser,whats supposed to happen increase or reduce lot size ? you see bro that at the end you will still not be in profit.
i don't use martingale,i pointed it out cos what you said previously in other to make profit will only be achieved via martingale cos you wan to stake more to win the previous loss due to your poor mm which is 2.5:1.
using 100 or 10 is not the issue,you seem not to be understanding data sample analysis like i mentioned before...nothing flawed bro.
2.5:1 is a poor r:r,just accept it and move on bro.
like i also mentioned earlier don't get paranoid or desperate to prove your point...it looks fishy.

Profitsgalore:


Now i see why people are failing. If you want to indulge in martinglale as a form of money management please go right ahead. If that is the kind of mm you are used to, more grease to your elbows. The concept of money management is that your lot size increases or decreases based on your wins or losses, so i am trying to figure out how martingale factors into what i'm talking about. And your thought process was flawed from the onset by using 10. Only a newbie would do that. Your base must always start from a 100 trades. This is why you fail. No long term vision to get to a 100 trades to assess your performance. When you lose 10 or 20, you start gambling. Smh.

less i forget to mention,am not included in the bolded though ...

How to test a trading system...






This seemed like the perfect moment to look at the practicalities of developing and testing a trading strategy, and the kind of things I look at.

I’ve written quite recently about testing systems – but that was from the view of testing an out-of-the-box strategy, to see if it’s a good fit for you, and whether it really works as well as the creator claims.

Today I want to look at a different type of testing …

This is the kind of testing you do when you’ve created your own trading system, and you want to know if it’ll be profitable going forward … if you need to make tweaks … and if it’s practical to use …

These are exactly the kind of paces I’ll put any trading system through before I’d consider sending it out for beta testing.

1. The rules

Even if you’re still adapting your trading rules, you need to have fixed rules to know what works and what doesn’t.

However simple they are, I’d insist on writing them down. It’s not until you lay out your rules as a list that you start to spot any inconsistencies.

Even better, try explaining the rules to someone else – it’s the best way to find any holes in your plan.

Rules should cover:
a. What markets you trade
b. What times you trade
c. What timeframe you use
d. Your entry signal
e. Your trade parameters
f. Your exit signal
g. Any anomalies – like dealing with overnight prices, or economic announcements

2. Recording results

Unless you have a ledger and an ink quill, your first port of call will be an Excel spreadsheet or good old pen and paper.

If you want to test multiple scenarios for your trades (i.e. different exit strategies), then you’ll need to add extra columns so you can compare the results easily.

3. Finding the best broker

It could be that your trading strategy has to use a particular broker because of the charting methods their platform has, or because they’re the only ones who offer this market … but shop around if you can.

A few points saved on the spread will make a difference to your bottom line. And if you’re managing multiple positions, then look at margin requirements for different brokers.

Of course, for testing, you’ll want a demo account, and not all brokers offer those.

4. The slog

A new trading system will often require a slight change to your daily routine, and you have to commit to following it. It might require you to get out of bed 15 minutes earlier … or to check your charts once an hour … or to place trades every Sunday night …

Whatever the routine is, you’ll need to stick to it for a number of weeks or months.

5. Reading the results

Hopefully, your spreadsheet will now be showing a spectacular profit, and your demo trading account will be bursting with play money!

So, how do you judge how successful your trial has been?

a. Profitability. This doesn’t require any explanation – but there’s much more to whether a system works that just the bottom line …

b. How many trades have you placed? It’s all very well running a trial for 6 months, and only placing 10 trades in that time. Yes, it might be profitable, but it’s just not a big enough sample. If your strategy trades that rarely, you’ll need to test it over a longer period.
A test with a higher number of trades will have more weight. So the more trades you get in there, the better.

c. How long are your trades open? And how many are open at a time? This will be eating into your margin, so may affect how much you can stake, and then your overall profitability. (Demo accounts will often have £10,000 play money in them – you may not have that much sitting in your normal trading account.)

d. What’s your maximum drawdown? A drawdown is the difference between a peak and a trough on your trading graph, so it’s important to have an idea of the kind of losing run you could hit. There’s a trading truism that always give me a cold shiver: your worst drawdown is still ahead of you. What it means is that the longer you trade, the greater your risk of a bad losing run becomes.

So, whatever drawdown you’ve suffered during your trial period is only a taster of what’s to come, rather than a ‘worst case scenario’.
Be honest with yourself – what kind of fund would you need to suffer these kinds of losses. Are these kinds of losses worth suffering in return for the rewards the strategy has to offer?

6. Ditching what doesn’t work

This is a really contentious part of testing, and where most strategy testing falls down.

When I’m testing someone else’s systems, I find it quite easy to be ruthless, but when it’s my own system, there’s always a temptation to bend the rules because ‘that’s what I’d have actually done if I’d been live trading’ …

What you can end up with is a process of selecting out the losing trades, and holding on to the good ones.

The result is that we have a profit figure that looks fantastic, but a testing method that’s deeply flawed.

Once you’ve filtered out what’s not working, you need to keep FORWARD testing according to your fixed rules – only then can you be confident that you’re not being selective with your results.

7. Practicalities

This is about whether it really works for your lifestyle, the level of financial commitment you’re prepared to make, the amount of time you’ve got to spare, and the kind of risks you’re comfortable with.

If the strategy has been taking up 8 hours a day, and has produced profits of £100 … is it really worth your time and effort?

8. Going live

Only once you’re happy with all the points above you should start risking your money on a trading system.

Trading live is always subtly different from demo trading – the data feed to your broker is not the same, so you may find your entries and exit executed at unexpected levels. Psychologically it feels different too, knowing that your hard-earned is on the line.

For those reasons, I’d recommend starting out with a small fund at first, and building on that slowly.

As I said above, these are the steps I’ll put a system through as part of the development process – and this will all happen before beta testing. But testing doesn’t stop … it’s an ongoing process of adapting to changing market conditions and looking for improvements and better profits …

Basket updated........(Some trades closed and some others opened)
1st Image = Order by time of entry**UPDATED**
2nd Image = Order by Pips **UPDATED**

Next market update = 10PM Nigerian Time (Monday)