Wizdeen:
i wont say using bots to trade is a good idea, as we all know that price actions are determined by the players(humans) in the market.bots use previous data and try to make a prediction as to what might happen based on what has occured in the past, so i will say bots can be used to confirm what you have analysed either through technical analysis or fundamental analysis.though i believe in the future, we might have bots that might be able to trade

This is when you trade with supervised learning algo, did you know of the new alpha go bot that beats the world best go player, google had to purchase the ware for about $5B, the unique thing about the bot is that it is able to learn from error and make adjustments after training, it is where the main focus on for research now

Wizdeen:
i wont say using bots to trade is a good idea, as we all know that price actions are determined by the players(humans) in the market.bots use previous data and try to make a prediction as to what might happen based on what has occured in the past, so i will say bots can be used to confirm what you have analysed either through technical analysis or fundamental analysis.though i believe in the future, we might have bots that might be able to trade

Lets just say an advanced approach to technical analysis

Fxwarrior:
Guys the 1299 region for gold from what I can see was tested 2 times and wasn't broken. This is the 3rd attempt which failed. I am expecting a gold fall to at least 1260 before any move up.

So the trade plan would be:

Gold sellstop at 1280
Stop loss at 1285
Target 1260

(2000pips)

Please I need bullbear and other gold traders to comment on this.

I think you are right. Gold climaxed at the 1299 resistance. It may be due for a good correction. I'll see the chart tomorrow.

athaliya:
life of a scalper is hard, make one bad trade and spend the rest of the day trying to cover up, anyone in the same shoes with me?

Scalping is one of the most difficult thing to do in Forex am a scalper myself. I just love it. My advice for you is just to keep practicing and spending time with your chart. Review all your trades on weekends and think about how you can improve. You will surely reach there with patience and hardwork

kelechiug:
Good morning pippers.
So, I'm quite interested in forex and I'm still a newbie although I've already started learning on babypips.
I want to ask if it's advisable to run the Demo trading while learning on babypips concurrently or do both sequencially ?.

What Demo trading app/broker do you guys think is best for practice?.
Thanks.

Demo trading is great, try to finish the course first then start demo trading

drpips1:


Yes broh but only If the algorithm the bot trade with is viable, human error is minimal or nil, and the only energy cost is the server which the bot is hosted

Ok.

I follow AI and machine learning closely. I know this will be big and it will make a lot of impossibility possible. I started paying attention when Elon Musk warned that AI could destroy humanity. There are crazy videos on YouTube about AI products, though the tech is still at the infancy stage.

The killer feature in machine learning the ability to learn from mistakes. That's huge my brother. The world should be afraid.

Hopium:


Ok.

I follow AI and machine learning closely. I know this will be big and it will make a lot of impossibility possible. I started paying attention when Elon Musk warned that AI could destroy humanity. There are crazy videos on YouTube about AI products, though the tech is still at the infancy stage.

The killer feature in machine learning the ability to learn from mistakes. That's huge my brother. The world should be afraid.

You are right broh, elon and Stephen Hawking had their negative impression on AI, i also had the same before now but if you take a closely look at it, you will see that the decisional process is just neural networks that functions purely on mathematical models in a way it mimic the way our neuron works. For now industries are seeking for it for its ability to optimize data and solve alot of problems

Is there any special book dedicated to Gold trading? @FXWarrior

drpips1:

You are right broh, elon and Stephen Hawking had their negative impression on AI, i also had the same before now but if you take a closely look at it, you will see that the decisional process is just neural networks that functions purely on mathematical models in a way it mimic the way our neuron works. For now industries are seeking for it for its ability to optimize data and solve alot of problems

Are you a data scientist?

You can't help but feel for the lady

https://www.facebook.com/CryptoCrunchApp/videos/889607581428965/?t=0

Any way of embedding a facebook video?

Ever wondered why such market losses happen after seminars and lots of publicity on the instrument. This is similar to the 2008 stock market crash. There was just too much noise on penny stocks and the stocks market.

Tomoyayi:



WHAT IS BITCOIN?

*IT'S CALLED MONKEY BUSINESS* ������


A long time ago in a village far far away.......A lot of monkeys lived near the village.�������

One day a merchant came to the village to buy these monkeys!������

He announced that he will buy the monkeys @ $100 each. ��

The villagers thought that this man is mad.�

They thought how can somebody buy stray monkeys at $100 each?�

Still, some people caught some monkeys and gave it to this merchant and he gave $100 for each monkey. �

This news spread like wildfire and people caught monkeys and sold it to the merchant.�

After a few days, the merchant announced that he will buy monkeys @ 200 each. ���

The lazy villagers also ran around to catch the remaining monkeys!������

They sold the remaining monkeys @ 200 each.�

Then the merchant announced that he will buy monkeys @ 500 each!
������

The villagers start to lose sleep! ... They caught six or seven monkeys, which was all that was left and got 500 each.�������

The villagers were waiting anxiously for the next announcement.�

Then the merchant announced that he is going home for a week. And when he returns, he will buy monkeys @ 1000 each!�����������

He asked his employee to take care of the monkeys he bought. He was alone taking care of all the monkeys in a cage.������������������������������������������������

The merchant went home.�

The villagers were very sad as there were no more monkeys left for them to sell it at $1000 each.☹��

Then the employee told them that he will sell some monkeys @ 700 each secretly. �

This news spread like fire. Since the merchant buys monkey @ 1000 each, there is a 300 profit for each monkey.�

The next day, villagers made a queue near the monkey cage.������������������

The employee sold all the monkeys at 700 each. The rich bought monkeys in big lots. The poor borrowed money from money lenders and also bought monkeys!
��������������������

The villagers took care of their monkeys & waited for the merchant to return. �

But nobody came! ...� Then they ran to the employee...�

But he has already left too !�

The villagers then realised that they have bought the useless worthless stray monkeys @ $700 each and they are now unable to resell them! ��‍♂��‍♂��‍♂��‍♂��‍♂��‍♂��‍♂���������� Nobody has use for stray monkeys....


The rush into trading in Bitcoin is the next *monkey business* ��������������
�

Once the trading stops who will want to buy a digital code with no intrinsic value?����������

It will make a lot of people bankrupt and a few people filthy rich in this *monkey business*����������. ��

That's how *Monkey Business* works ��������

Hopium:
Is there any special book dedicated to Gold trading? @FXWarrior

To be honest with you. I have never read any book on gold trading but just like forex, it responds to price action and USD news since its actually XAUUSD ie gold vs USD so if USD is bad/weak, gold will be strong and rise; if USD is good/positive/strong, gold will be bad/weak/negative and thus the fall.

So far what brought gold fall on Friday was the positive NFP USD data release which weakened gold coupled with that psychological rejection of 1299 region.

Thus far looking at the 4-hour candlestick for gold , the bulls are not encouraging unless that status changes on Monday; the BEARS will take over the market.

Hopium:
Is there any special book dedicated to Gold trading? @FXWarrior

If you really wish to read books on gold though, you can Google gold trading PDF or other keywords on gold that interest you but endeavor to put pdf at the end. I hope you have acrobat reader app otherwise download it on play store

LIFESTYLE OF RICH FOREX TRADERS..........
My dear forex trader listen "WHAT YOU DO WITH WHAT YOU HAVE, IS WHAT GIVES YOU WHAT YOU NEED"
Forex trading is a business just like any other business that must done with all seriousness.A forex trader must be ready to put in the work of learning, anaLYSING,applyING.You pay the price to win in trading.
Weekend is not the time for play alone you must use your time wisely go through the week trades you took figure out why you win or loose.If you win don't get too excited keep it up. Horn your winning skills and strategies don't let it get away from you.Also may be you loosed some money brace your self up don't be discouraged check it out be honest why did I loose,what I my mistakes is it because of a sudden news? No stop loss, high leveraging,over trading,not following my trading rules.Ask yourself why did I loose see the problem and solve the problem If it is beyond you tell your forex mentor don't keep it to yourself.Make sure you get the problem solved.
Watch out for the new week news that may affect your trading.Make sure you do everything it takes to win.
Enjoy a great weekend.FOREX TRADERS 9JA

Hopium:
Is there any special book dedicated to Gold trading? @FXWarrior

the best way to search is using google dorks, try this : gold forex trading filetype:pdf . it will return all pdf files related to gold and forex trading. like fxwarrior said,you can add other keywords to suite you

EURAUD H4 TRADE
=================
Possible re-entry @ the yellow zone

GBPAUD H4 TRADE
=================
Possible re-entry @ yellow zone.

Happy Pipping...

teemy:
You can't help but feel for the lady

https://www.facebook.com/CryptoCrunchApp/videos/889607581428965/?t=0

Any way of embedding a facebook video?

Ever wondered why such market losses happen after seminars and lots of publicity on the instrument. This is similar to the 2008 stock market crash. There was just too much noise on penny stocks and the stocks market.

That video could be completely unrelated to crypto. I mean listen to the part the translation wrote "Satoshi", even if you're speaking another language at least the word " Satoshi" should be audible in your speech.

There was nothing like that before and after the translation during her rant.

Fxwarrior:
Guys the 1299 region for gold from what I can see was tested 2 times and wasn't broken. This is the 3rd attempt which failed. I am expecting a gold fall to at least 1260 before any move up.

So the trade plan would be:

Gold sellstop at 1280
Stop loss at 1285
Target 1260

(2000pips)

Please I need bullbear and other gold traders to comment on this.

...On H4, I expect gold to re-test the low created yesterday and then make another high. If the new high is lower than the high of 03/01, then gold likely to fall. However, if gold creates a fresh new high, then more high should be expected. In case it falls, for gold to still be bullish in January, a reversal is expected above or within the highlighted area on the chart. In all, longer timeframe is still +ve for gold which is supported by COT commercial.

BullBearMkt:

...On H4, I expect gold to re-test the low created yesterday and then make another high. If the new high is lower than the high of 03/01, then gold likely to fall. However, if gold creates a fresh new high, then more high should be expected. In case it falls, for gold to still be bullish in January, a reversal is expected above or within the highlighted area on the chart. In all, longer timeframe is still +ve for gold which is supported by COT commercial.

What was the high of 03/01. Be specific on price.

Fxwarrior:


What was the high of 03/01. Be specific on price.

...well, your broker's feeding is different from mine. On my chart I have 1298.62

Hopium:
I'm waiting for...

- Gold Buy Limit @ 1291.44

- USDCAD buy limit @ 1.34441

Care needs to be taken on all trades today because of the crucial data that will be released soon, especially on all USD and CAD pairs.

Happy pipping!

To be profitable in forex you need an edge. Buying and selling at market price won't give you that edge, buy/sell limit won't give you that edge. As a matter of fact buy or sell limit means you are commanding the market to obey you.

To put it across; the market is falling and you set your buy limit before a support level, when price is falling it means its weak and likely to break every known support on its way.

NB: Assuming price is weak and falling, it has to be strong enough to break a resistance; so you can consider setting a buystop above a resistance level or use the 50 or 00 levels I have highlighted before.

It took me years to come to this conclusion and I think I have posted it earlier.

greyham:


That video could be completely unrelated to crypto. I mean listen to the part the translation wrote "Satoshi", even if you're speaking another language at least the word " Satoshi" should be audible in your speech.

There was nothing like that before and after the translation during her rant.

You are right about the satoshi part. I went back to verify but this chart below is a did depression causer for holders of assets.

As speculative interday or intraday traders, we don't have that kind of commitment to any new buzz that everyone is screaming 'buy!' all over about. As a matter if fact it seems when those noise about and they all tell you to hold, running the other way is definitely not a bad idea.

There is a limit big time buyers of assets are willing to go for. As a matter of fact, they too love to buy at cheap prices. I wonder where people get the idea that there will always be a buyer willing to buy it from me at a much higher price. I have another story relating to this. The tulip story that caused an historical market crash.

The Tulip Bubble

When: 1634-1637

Where: Holland

How Much: This number is difficult to calculate, but, we can tell you that at the peak of the market, a person could trade a single tulip for an entire estate, and, at the bottom, one tulip was the price of a common onion. (Related: How To Avoid Emotional Investing)

A Happy Accident, a Speculative Bubble
In 1593 tulips were brought from Turkey and introduced to the Dutch. The novelty of the new flower made it widely sought after and therefore fairly pricey. After a time, the tulips contracted a non-fatal virus known as mosaic, which didn't kill the tulip population but altered them causing "flames" of color to appear upon the petals. The color patterns came in a wide variety, increasing the rarity of an already unique flower. Thus, tulips, which were already selling at a premium, began to rise in price according to how their virus alterations were valued, or desired. Everyone began to deal in bulbs, essentially speculating on the tulip market, which was believed to have no limits.

The true bulb buyers (the garden centers of the past) began to fill up inventories for the growing season, depleting the supply further and increasing scarcity and demand. Soon, prices were rising so fast and high that people were trading their land, life savings, and anything else they could liquidate to get more tulip bulbs. Many Dutch persisted in believing they would sell their hoard to hapless and unenlightened foreigners, thereby reaping enormous profits. Somehow, the originally overpriced tulips enjoyed a twenty-fold increase in value - in one month!

The Risk of Putting Your Life Savings in Flowers
Needless to say, the prices were not an accurate reflection of the value of a tulip bulb. As it happens in many speculative bubbles, some prudent people decided to sell and crystallize their profits. A domino effect of progressively lower and lower prices took place as everyone tried to sell while not many were buying. The price began to dive, causing people to panic and sell regardless of losses.

Dealers refused to honor contracts and people began to realize they traded their homes for a piece of greenery; panic and pandemonium were prevalent throughout the land. The government attempted to step in and halt the crash by offering to honor contracts at 10% of the face value, but then the market plunged even lower, making such restitution impossible. No one emerged unscathed from the crash. Even the people who had locked in their profit by getting out early suffered under the following depression.

The effects of the tulip craze left the Dutch very hesitant about speculative investments for quite some time. Investors now can know that it is better to stop and smell the flowers than to stake your future upon one.



Read more: Market Crashes: The Tulip and Bulb Craze https://www.investopedia.com/features/crashes/crashes2.asp#ixzz5bkZCM5OF
Follow us: Investopedia on Facebook

teemy:

You are right about the satoshi part. I went back to verify but this chart below is a did depression causer for holders of assets.

As speculative interday or intraday traders, we don't have that kind of commitment to any new buzz that everyone is screaming 'buy!' all over about. As a matter if fact it seems when those noise about and they all tell you to hold, running the other way is definitely not a bad idea.

There is a limit big time buyers of assets are willing to go for. As a matter of fact, they too love to buy at cheap prices. I wonder where people get the idea that there will always be a buyer willing to buy it from me at a much higher price. I have another story relating to this. The tulip story that caused an historical market crash.

Bitcoin (as well as other cryptocurrencies) will soon find its true level in the financial world, less than $1. Many of the cryptocurrencies on coinmarketcap website are valued less than a dollar which I think is the true value of cryptocurrencies.

I cannot figure out what gives them value apart from the speculative motives of traders around the globe. It only takes a major FBI crackdown or a global anti-crypto policy (e.g. making it illegal as was done to e-gold and liberty reserve) to significantly reduce its worth.

The bull party for all cryptos is long over, going short on the long term seems to be the best strategy now as far as cryptocurrencies go.

Funny thing is that the blockchain technology driving cryptocurrencies will still be around for longer as it has other valuable applications besides creating currency.

greyham:


Bitcoin (as well as other cryptocurrencies) will soon find its true level in the financial world, less than $1.

You are right, just like the tulip, bitcoin will finally rest in it's true range. The hype that raised it seems to have lost steam.

AwesomeDuru:
Hi fellow newbie, we'll get there don't worry. Just keep practising. Why didn't you use sl though? It's very important.

lol, its a funny reason. We will definitely get there

GladmanGoddey:

Scalping is one of the most difficult thing to do in Forex am a scalper myself. I just love it. My advice for you is just to keep practicing and spending time with your chart. Review all your trades on weekends and think about how you can improve. You will surely reach there with patience and hardwork

Finally, a Nigerian Scalper Please drop some words of wisdom for me

Hopium:


I run away from scalping oooo. I find intra trading much easier. You did well recovering the losses.

Seems like u have tried scalping before?

I have tried to run from scalping but i keep getting drawn back, dont know why

Shevychen2:

I....

Shevychen2 please check this out when you have time, I'd like to have your thought.

https://www.forexfactory.com/showthread.php?t=748112

athaliya:

Seems like u have tried scalping before?

I have tried to run from scalping but i keep getting drawn back, dont know why

Yes, I've tried scalping. I won't say I hate it; I don't like it. It's too demanding in all ramifications.

I find more peace looking for trades that will last a day(s) or week(s). You will hardly see chart with lower time frames from H1, except of course I'm looking for an entry or exit.