@tundeontop
One more thing, always look at the higher timeframe to see what the market is doing. Example if you're looking for setup on the 4hr chart, look at the daily TF to see what the bias is and trade in line with it.

Richsteemit:


Forex code is a way to code Forex for profit

Donvic4u:



They don't give to Nigerians anymore...I guess we have abused it...

I know I did sha... withdrew my very first forex earnings with that bonus

Thnks

Tonyfx:
@tundeontop
One more thing, always look at the higher timeframe to see what the market is doing. Example if you're looking for setup on the 4hr chart, look at the daily TF to see what the bias is and trade in line with it.

Thanks boss and other contributors...I appreciate

Tonyfx:


Try sticking to one setup first until you're confident and profitable with it before adding another to it. For example in your trend plan, try sticking to reversal only until you feel confident enough to add the breakout setup.
Secondly, stick to 4hr and daily charts only and use not more than 2% of your capital on each trade.
Thirdly, use only USD and JPY pairs.
This is the start of a new month, do this for the month of May on a demo account and see the results.
NB: make sure you have an entry(signal) and exit plan before you enter any trade. Each trade you take ensure it has the potential to give you at least 2 or 3 times the amount risked.
Lastly don't let your emotions get in the way of your trade and always stay disciplined.

All good points Tony gave you here.

tundeontop:
0.2 Sir. You said just $400? No be small labour I dey do to get small change o.

tundeontop:
I didn't credit all at once... $100 after another $100,the another..

If I get you correctly, you're trading 0.2 lot size on each 100$ you deposited. Meaning, you need about 50pips movement to double/burn your account.

Same thing as trading standard lot size ( 1.0 lot size , 1pip = 10$ ) on a 500$ account. You're trading so big lot size compare to your capital, that's the number 1 problem you have.

As you're new trader, you have to scale down a whole lot. You shouldn't be trading more than 0.01 lot size, don't look at the money yet, first try to be consistent , then you can scale up after been consistent.

If you are among the lucky / brilliant few, you will get that consistency around 2 YEARS but if you are not, it's going to take you few more years or NEVER. It's a long rough and tough road, you need to be prepared mentally but nothing is impossible. Good luck.

Richsteemit:
Forex code is a way to code Forex for profit

Not really, If you have an idea about trading, or have a trading system, you can have that system coded by programmer into EA (so called ROBOT), that will take trade for you, It will take those trade according to what is programmed inside the robot.

Same way you can have your system programmed as dashboard, that way, if any pair meet your entry criteria , the dashboard will give you alert (sound / pop up msg / email / telegram alert ) .

^^^^^^^

Completely agree.

I don't understand. Fx traders are always looking for trading strategy and not money management.

The latter should always come before the former.

Quote of the week


"Full-time trading" does NOT mean being stuck in front of your screens trading all day long.
It only means that trading is your source of income."

Richsteemit:


Forex code is a way to code Forex for profit

Abeg come code forex for me na then connect am to my bank account make I for dey wake up to see alert daily

Hi, I'm glad I finally discovered a forex thread.
I just started learning about it 2 days ago so I'm still very new and I know a reasonable amount of terminologies but idk if there's anyone here that can take from their free time and educate me
I use meta trader 4 and 5

MrStealYourGirl:
We would like to invite everyone to join us

https://chat.whatsapp. com/JEXzD7FynWN9Z8RPJYetiY

(Remove the spaces)

Happy new year.

Bro please can I be added
09077496803

Richsteemit:
Who know about xm broker I want to register and is it true they give free 30 dollars to trade.

Read through their terms and condition. But they do give anyway.

Happy Sunday people

Tonyfx:
Happy Sunday people

Happy Sunday to you.

TheYoda:
All good points Tony gave you here.

If I get you correctly, you're trading 0.2 lot size on each 100$ you deposited. Meaning, you need about 50pips movement to double/burn your account.

Same thing as trading standard lot size ( 1.0 lot size , 1pip = 10$ ) on a 500$ account. You're trading so big lot size compare to your capital, that's the number 1 problem you have.

As you're new trader, you have to scale down a whole lot. You shouldn't be trading more than 0.01 lot size, don't look at the money yet, first try to be consistent , then you can scale up after been consistent.

If you are among the lucky / brilliant few, you will get that consistency around 2 YEARS but if you are not, it's going to take you few more years or NEVER. It's a long rough and tough road, you need to be prepared mentally but nothing is impossible. Good luck.

Not really, If you have an idea about trading, or have a trading system, you can have that system coded by programmer into EA (so called ROBOT), that will take trade for you, It will take those trade according to what is programmed inside the robot.

Same way you can have your system programmed as dashboard, that way, if any pair meet your entry criteria , the dashboard will give you alert (sound / pop up msg / email / telegram alert ) .

Thank you Sir, All points noted Sir..

peteregwu:


Read through their terms and condition. But they do give anyway.

They still give?
When Last did you or anyone receive it?

Tonyfx:


Abeg come code forex for me na then connect am to my bank account make I for dey wake up to see alert daily

I don't know how to code forex

Donvic4u:
"Forget all your ability, strip everything back: if you can work hard every day, in whatever job you do you'll be successful."

Sir Alex Ferguson


Great trading week ahead

Like that

Richsteemit:


I don't know how to code forex

I was being sarcastic

Karleb:
^^^^^^^

Completely agree.

I don't understand. Fx traders are always looking for trading strategy and not money management.

The latter should always come before the former.

For me money management is the holy grail of trading...

Failure44:
Hi, I'm glad I finally discovered a forex thread.
I just started learning about it 2 days ago so I'm still very new and I know a reasonable amount of terminologies but idk if there's anyone here that can take from their free time and educate me
I use meta trader 4 and 5

search for and watch 'no nonsenseforex' and 'wysetrade' on youtube. Try and research as much as you can on forex ( at least google is your friend). Keep practicing trading on mt4&/5 platforms and don't stop researching at the same time. You have to make eforts to do some work on your own, investing either your time or money to get knowledge. You will get there. Then you can ask questions on stuffs you don't understand in forums like this. I think that is better than everyone expecting to be spoon-fed without making any efforts on their own first.
That's my one cent.

nikdam:
search for and watch 'no nonsenseforex' and 'wysetrade' on youtube. Try and research as much as you can on forex ( at least google is your friend). Keep practicing trading on mt4&/5 platforms and don't stop researching at the same time. You have to make eforts to do some work on your own, investing either your time or money to get knowledge. You will get there. Then you can ask questions on stuffs you don't understand in forums like this. I think that is better than everyone expecting to be spoon-fed without making any efforts on their own first.
That's my one cent.

Your advice is much appreciated I have seen some videos from no nonsense forex.
Will contine to do so.

Karleb:
^^^^^^^
Completely agree.
I don't understand. Fx traders are always looking for trading strategy and not money management.
The latter should always come before the former.

Strategy should come before money management. One can't determine money management just yet without deciding what strategy to go with.

Strategy will tell you what stop loss is required , how often in a day / week / month you get entry signals , idea of win loss, risk : reward etc. Without knowing all this, no money management plan could be drawn up.

karkinase:

For me money management is the holy grail of trading...

Money management is good, but without good strategy, no money management can save you, you will just die by a thousand stab.

Month of April
Pips where very hard to extract from the market this time around. It was more of returning back bulk of the profits after each win. In the end I managed to rake in +590pips in total.
Consistency, discipline & confidence in knowing what you do always wins the game

harizonal123:
Month of April
Pips where very hard to extract from the market this time around. It was more of returning back bulk of the profits after each win. In the end I managed to rake in +590pips in total.
Consistency, discipline & confidence in knowing what you do always wins the game

590 pips? You're the boss

I would continue to disagree with any time duration given to learning how to trade well, I'm not just talking about only learning how to grasp the basic trading concepts well sef, but being a consistently profitable trader [I just sounded like I want to market something ]

The longer you've been exposed to trading the harder it is to get rid of the junk you've learnt and adhere to a profitable system. You use a strategy to trade right? Are you going to tell me that a total newbie cant grasp the concept of your system in a month and within 3 months started making consistent pips while they are learning other basics?

I have met traders who knew nothing about forex and are making weekly turnover from using one strategy. Let's not restrict our minds on this forex thing. It is not as complicated as we make it seem.

TheYoda:
If you are among the lucky / brilliant few, you will get that consistency around 2 YEARS but if you are not, it's going to take you few more years or NEVER. It's a long rough and tough road, you need to be prepared mentally but nothing is impossible. Good luck.

saxy4c:
I would continue to disagree with any time duration given to learning how to trade well, I'm not just talking about only learning how to grasp the basic trading concepts well sef, but being a consistently profitable trader [I just sounded like I want to market something ]

The longer you've been exposed to trading the harder it is to get rid of the junk you've learnt and adhere to a profitable system. You use a strategy to trade right? Are you going to tell me that a total newbie cant grasp the concept of your system in a month and within 3 months started making consistent pips while they are learning other basics?

I have met traders who knew nothing about forex and are making weekly turnover from using one strategy. Let's not restrict our minds on this forex thing. It is not as complicated as we make it seem.

Gotta agree.

I read a book... The way of the turtle or something.

These guys learnt how to trade in two weeks and went on to be one of the most successful stock traders in that decade.

Under the right conditionss, two weeks is enough to learn and execute.

I have a funaabite who convinced people to come and invest in Forex and transfer the money to another person to trade for him fortunately for him he got 1.3 million from people in which he will earn 10percent of the money and the owner of the money will get 40 percent of his money sadly the guy trading for them absconded with the money.
My friend had to learn forex within 3 weeks of intense YouTube learning,reading of PDF and practicing with demo account so that he will be able to refund their money
He is now trading without blowing his account
He has grown the account to 400 dollars from 100 dollars in less than 4 month.
It is possible to start trading within a month amd make it in Forex it depends on how devoted you are to the cause
I do spend nothing less than 7 hours reading,watching YouTube and practicing with my demo account and I'm making it without losing much
And I started learning at the beginning of lockdown
I trade my demo account like it real and I focus on every tiny mistake I make cos I know when I go live every little mistake I ignore may be my downfall in forex
I read and spend majority of my time reading about forex and watching YouTube videos
Emmanuel otabor
Rayner trade
And also get all the PDF I found in the telegram group pipcrest signal that goes in line with how I want to trade and I'm doing a great job
Don't let anyone tell you that you must stay on demo account for a year or 2 before you can go live
Our level of understanding and taking things in is different
Some of us here aren't doing anything at home
I don't watch film neither do I play around
If I'm not reading novel on literature section or viewing toks car on auto section I will be on my laptop or phone watching YouTube videos on forex or reading PDF or checking out some comment on here on some trade that went sour or well Now tell me how it will take 2 years for me to learn

I'm a turtle follower
Confirmed water side fisher, lol.

graciousolo:

Gotta agree.

I read a bookThese guys learnt how to trade in two weeks and went on to be one of the most successful stock traders in that decade.

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SELL USCAD 4100 . SL 4111, TP 4020

hidhrhis:
My friend had to learn forex within 3 weeks of intense YouTube learning,reading of PDF and practicing with demo account so that he will be able to refund their money

He is now trading without blowing his account
He has grown the account to 400 dollars from 100 dollars in less than 4 month.

Your friend is doing great, wish him all the best BUT 4 month is not enough to say successful.

hidhrhis:
It is possible to start trading within a month and make it in Forex it depends on how devoted you are to the cause

I do spend nothing less than 7 hours reading, watching YouTube and practicing with my demo account and I'm making it without losing much

Hmm 1 month and be profitable, hehehe . In a dreamland or a fairytale, maybe. All you people thinking this is get rich quick business.

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