BluePearls:


somtimes when you talk with your mouth closed or with sign languages, its difficult to understand you

Pipsbasketing:
If you really want to be effective at applying excellent Risk/Money Management.....Think about this

2014, I had the urge to do a fixed deposit of about 1.5M with one of our Nigerian banks, thus curious about what the interest on the fixed deposit would be. I did the survey on about 5 top banks and the maximum interest rate I could get was about 5-6% per annum. I started with FirstBank on monthly rollover based. Surprisingly, the 5-6% was again manipulated to suit the monthly based plan, like it was again divided by 12. I got almost nothing and had to quit after 2months of dissatisfaction.

Some months after, I went into some banks in England to do fixed deposit with them hoping to earn my interest in pounds. In fact, the most shocking, the bank managers told me point blank that there is almost zero interest in fixing money with them. I did not think it twice, I knew fixing money in banks may not yield a feasible interest.

Fast forward early this year, I contacted the banks again, particularly GTB. The agent mentioned about 5% per annum. I told her to not let us discuss % but the value. I asked her to help tell me the interest value per annum on 500k fixed deposit, she did it and gave me an answer of about 11k interest per annum. I got totally discouraged about fixing money.

That has helped me to think if I can trade FX with a confirmed assurance of constant minimum monthly inflow of 20% (no greed here), it might sometimes be more and that is why I leave trade to trend to exhaustion on the daily TF, that will do. With the assurance, one can live on FX with good capital.

Lesson
-When you fund your FX live account, think about it in a form of fixed deposit. your assured 20% constant monthly profit is far better than the annual interest you would have got if fixed in the bank
-Why the greed?
-Learn to ride slowly and steadily: I have abandoned the FX market many times, many years. This is 2016, the market still exists.
-Use comfortable lot size that will put your mind at rest.
-What many people neglect is testing also their risk/money management skills on demo, they only focus on testing strategies: Excellent strategy, poor Risk/Money management is failure

Selah

Pipsbasketing:
Yes, difficult, because I am trying the hard way to alert you not to fall victim, as I see you may be new here.

Selah

Truth234:
Why I Won’t Be Buying Bullish AUDUSD

The Australian dollar has gained 158 pips against the US dollar since the Reserve Bank of Australia cut rates by 25 basis points on Tuesday. Even though the central bank delivered what was expected, the Australian dollar climbed higher. Nullifying RBA efforts to curb the local currency gains in order to pressure costs and boost exports.

http://investorsking.com/why-i-wont-be-buying-bullish-audusd/

Truth234:
Is USDCAD Ready For 1.3387 ?

The loonie has failed twice since June 28 to break 1.2849 support level after Canadian economic data showed that the weak manufacturing sector is hindering economic growth.

http://investorsking.com/is-usdcad-ready-for-1-3387/

Truth234:
Buying USDCHF On Positive US Job Report

If the US labor market added more jobs than expected today, I will be looking to buy USDCHF pair. Targeting parity explained two weeks ago.

http://investorsking.com/buying-usdchf-on-positive-us-job-report/

Truth234:


What about this ?

lawson007:
^^^Bro,thanks @Pipsbasketing, but the lot size i used is not the standard 0.02 but 0.002 according to Instaforex.The demo account was $20 and on friday the profit was 10% already.I know that i've used extremely accurate entry and larger lot size with 4hrs chart and only 2 orders and made 100% of my deposit within 24hrs.My problem was exit and re-entry which is making me explore other ideas. I think that with a leverage of 1000:1 and bigger lot size it canl give over 100% in a week,do u?.I hope you see my handicap,unlike you that have fantastic offline income and could smile with 10% profit per month i really need to get going.So this is what i am asking,putting yourself in my shoes,at what level or points do you suggest that the lot size can be increased.secondly,using the $1k you suggested within a week is it possible to maintain margin level above 400% and still make 50% per week.You can see i don't really believe in making 5% of $20 per month but with high accuracy and A+ entry small capital can grow and @Jline posted a quote that"the quickest way to make $1million is to start with $5million."Any suggestions in the face of small capital only?

fxbomovi:
hi guys, I know there are many xm clients here, kindly answer this question 'does xm accept temporary driving license? But d license expired aprij 2016. Will it b accepted?

Edd1e:

No bro.

fxbomovi:
thanks for reply. But will they accept permanent driving license (because it will be ready soon)

Edd1e:
Yep

For the bolded....
the minimum TF i recommend for pipsbasketing is H4. I used to pipsbasket on H4, but I realised it was only good for those that may not have any other thing doing outside FX because I had to keep checking after every 4 hours to update my basket with the help of my phone alarm every 4 hours....It was hell for me sleeping 8hours at length. Though I recorded good success. This reason I had to move to daily TF, all I need is just to update my basket once per day to return the following day........stress free

As for those not using SL, I like to be practical here, your post got me opened my platform this weekend let us consider the past market event/case scenario on the 15th of Jan, 2015 for ACHF as attached. Now practically, imagine a trader with a capital of $500 in this particular trade with a 0.02 lot size (where 1pip = $0.20. Mind you, this is an excellent lot size for an excellent Money Management). i bet that he would have been stopped out of trade with just about $40 left for him out of $500, just in a single trade.

Summary
Traders' mentality about SL should never be to limit market exhibition (locally) but to protect your overall or global account, in order words, a security to the entire account.

Selah

BluePearls:
Talking about this Basket method made me realize that's what I've been doing without knowing it. It's really stressful and risky, as someone rightly said good for trending pairs especially if it's going your way. I've had over 4 trades on demo, running for close to a day, and after several hours began to swing my way. Yet one is still running deep and no signs of recovery. Imagine if I had done that on a live account (micro) , that's half of my investment gone. For it to swing my direction might take days and my account running deep-red in the process. Learning to trade, someone told me he doesn't use SL,and I emulated that , because his trades are more wins than loss. I think finding the right strategy for pip-basketing as you put it, requires money management, perfect timing, and special skills..

Pipsbasketing:
For the bolded....
the minimum TF i recommend for pipsbasketing is H4. I used to pipsbasket on H4, but I realised it was only good for those that may not have any other thing doing outside FX because I had to keep checking after every 4 hours to update my basket with the help of my phone alarm every 4 hours....It was hell for me sleeping 8hours at length. Though I recorded good success. This reason I had to move to daily TF, all I need is just to update my basket once per day to return the following day........stress free

As for those not using SL, I like to be practical here, your post got me opened my platform this weekend let us consider the past market event/case scenario on the 15th of Jan, 2015 for ACHF as attached. Now practically, imagine a trader with a capital of $500 in this particular trade with a 0.02 lot size (where 1pip = $0.20. Mind you, this is an excellent lot size for an excellent Money Management). i bet that he would have been stopped out of trade with just about $40 left for him out of $500, just in a single trade.

Summary
Traders' mentality about SL should never be to limit market exhibition (locally) but to protect your overall or global account, in order words, a security to the entire account.

Selah

BluePearls:

Pipsbasketing I wouldn't mind taking one or two pointers from you.

BluePearls:


I totally agree with you on that last point. Being a newbie, I depend on signals to trade. Case in point, pic attached, $50 investment, micro acct with 0.01 money management. I took that trade on a BUY and it changed lanes right before my eyes. Thankfully it was on demo, but I decided to let it ride, hoping it would recover after the effects of the news. Currently I'm on deficit of $25, Imagined that on a Live acct, I'd be seriously burnt. Looses are inevitable, but protecting yourself from a major one is key.

Pipsbasketing I wouldn't mind taking one or two pointers from you.