₦airaland Forum

samfelly:
I am happy you wrote this. Deriv is actually the way to a peaceful peace of mind, when trading

But the only Bleep up be sey dem no dey use MT4..
I still havnt come to terms with MT5.

zonall:
...it should bro, hopefully, without erratic spikes and wide spreads...fingers crossed.

...join me on NZDJPY analysis nah, it is proving a little stubborn these days. I would like to hear your insights...

Cheers.

I usually don't like to trade or make analysis on Fridays.. but let's wait till Monday evening or Tuesday morning.. hopefully we can get a clear picture.

zonall:
...lol...everyone has their expectations of the market sha...well done...

I hope u dey see Xau.. it won't stop until it get to where we talked about..
let's watch.

IMAliyu:
I instructed a friend to open an FBS $50 bonus account, and sent him trades to take over Whatsapp.
We completed the requirements, and withdraw successfully.

I previously made the mistake of logining on my phone to trade for another friend, which got both our accounts disqualified.

the $50 bonus promo still dey go on so

please someone should enlighten me about MFF accelerated account.. does it have 10k, 20k, or 50k account sizes just like the MFF evaluation account?

short CHF/JPY TP 135.490 SL 140.245

zonall:
...I strongly concur, boss. The trend is now predominantly bullish across most timeframes. However, M5 is strongly suggestive of an impending short {retracement}.

My general perspective is that during or after market opening gaps are filled, price will initially short {retrace} to 1752.

Then, consolidate between 1752-1749, not exceeding 1746.

Finally, price should long convincingly to at least 1804.2 without smiling...

Well done boss, I am learning a lot from your analysis, as always...cheers...


@vlameslffect @samfelly ...what are your XAUUSD plans for the week?

XAU bullish till at least 1807.

VlamesIffect:
We still dey wait o.....you gaz finish wetin you start

Lol, Elliotwaveforecnemesis

Feshizzy Na man you be..
lost his prop funded account some weeks back.
only to come back with back to back competition for member of this noble thread.
kudos to you bro. your noble effort shall never be forgotten.
and Congratulations to the winners so far!

Donsheddy:
It's not gone if the profit and loss happended the same day bro

thank you bro

Galleryeasy:
. Don't be too hard on yourself, the Daily drawdown (DD) can be calculated based on equity or starting balance of the day depending on the choosen prop firm, from my little knowledge (MFF) DD is taken based on equity and can only be effective once your opened positions is carried to the next day.. Example: If you have a running position today with a floating profit of 5% or over , and the trade retraces back and take all the 5%, your account is still intact.. You can only loose the account if you Carry the trade overnight with 5% or over profit and the trade retraces back to your entry position..

This is how i avoid the plot. 1 risk only 0.5% of your account 2. If you wish to go higher,make sure to close the trade by 10pm. For FTMO ,the max. DD is calculated based on the starting balance of the day. I was a swing trader but prop firm changed my mindset and approach towards the market.

you just bring up my hope once more..
with the way you explained it, I think I will give prop a try..
thanks for your explanation.

DannyFX2638:
kiss the account Goodbye

damn!!!!! those people Na big thief.. its not worth the stress..
better to grow ur personal account..

charly20:
I'm usually more concerned about how much risk I'm taking and my reward is whatever the market offers.

You should try searching for Gabson.fx's posts. I learned a lot when he was sharing his challenge updates.

Bottomline; Always know when to get out.

OK boss..
naturally, I'm a swing trader, just like you.
but for 7months now, I have been day trading on demo and it has been so far profitable.
sometimes I took trades that quickly ran into profit of about 5% of my account withing 4hours. and before u know what's up the 5% floating profit would be wipe of the account within 30minutes.
the beautiful part of trading is that same trade can still go on to be a winner in the evening.

if I understand what you are saying correctly, the moment the market retrace back and swallow the 5% equity that I gained earlier, I Don lose my account be that?

charly20:
I don't know about you man but I think one skill needed in this business is FLUIDITY. You have to be formless, the ability to switch between timeframes and still trade profitably is something.

The prop firm owners have their model. It will be in your best interest to adjust to be able to enjoy the opportunities that lie therein.

Take a trade, set an achievable TP within the trading day or trail your SL.

Cheers!

boss thank you for ur insight.
but sir, I have one more question for you if u don't mind.
if you are to trade prop account, what do you think is the ideal R:R according to your perspective?

DestinyDjohn:
From your question is this whole scenario playing out within 24hrs that's same day ? .. because I only feel it will count if that running profit if $500 is carried over to the next day before falling back to $10,000

an talking about same day..
let's say for instance I have 10k mff account. and i place a trade (long) around 7am in the morning with 1% risk and a target of 6% profit.
around 2pm that same day, I'm in profit of about 5%. hoping that the price will go up a little bit to hit my TP
before 7pm that same day, the price fall and move down to touch my (break even) which is 5% equity drawdown from were it was around 2pm.
does this mean the account is gone?
take notice that the initially capital (10k balance) the prop firm given to me hasn't been touched. there is no losses on the 10k or whatsoever. does my equity rising to 5% in profit nd losing the 5% equity on a same day means The account is gone even when the initial 10k balance remain untouched?

charly20:
I believe this was settled. That is how the system works @karkinase fell victim, I think.

To manoeuver then is to become a daytrader or a really conservative short term trader.

thanks for the answer boss.
but if this is how the system works, that's so unfair. or could it be that those who owns prop firms doesn't have idea how price moves? price doesn't just move up or downward without a little bit zigzag. how can they use this reality to set trap for traders?
for God sake I thought they (owners of prop firm) should only concern themslves with not losing the initial fund given to traders?
whether your floating profit falls down to break even or not shouldn't be their problem..
with this rules, every trader is at huge disadvantage because I see this more as a trap..

i think prop fund trading ain't for me..

I was searching for something when I came across a question asked by Charley in last year FTA thread.. pls someone should clarify this question for me coz i have been looking for answer to this exact question.
I have to understand this enough before I venture into prop fund trading. Bellow is the question asked by boss Charley:

"Here is an idea of what I'm trying
to get at;
10k account
Open trade : 1% risk
target return (based on opportunity
presented):
8%
First price impulse moves equity
from 10k to 10,500 (i.e 5% gain),
Market makes a retracement for
second impulse sending equity
from 10,500 to 10,000 (I.e 5% DD)
Account lost
This is what I mean. I'm trying to
understand if that is how the
system works so I may plan
accordingly if I'm to consider the
option"

(MFF)

does mff have minimum percent they expect you to meet every month?

as in, will your account still be active if you fail to make money at the end of the month..

PS: i'm still a novice on this prop of a thing..
trying to gather as much knowledge as possible..

samfelly:
This 5k MFF account ur younger got - I am sure you adviced him - what is he risking per trade?

good question.. I seriously await his response. this 5k MFF has been on my mind lately.
I think I will give it a try

samfelly:
Oh, superb! I am very happy for ya. Up up you will be going.

And about d 5k account ur bro took, I am thrilled to hear that, as well. I wish him all the best.

Na fear of failing still dey hinder me to pick it up by now - $27 na small change nah

Modified: I just noticed your most traded instrument is US30, u try o. What was ur highest lot size, bro?

does mff accept mt4?

Gold sha.. the fear of XAU is the beginning of wisdom.
I fear who no fear Gold

QuickFunding:
Info: FBS is offering quick start bonus free 100$. No terms and conditions except downloading their app and following the due steps. 72 hours whatever profit you make you can cash out

the quick start bonus has been available for months now.. no be new thing

9zcollins:
I think this man has taken his cheap drugs again.....my families and I alone are over 15 in number, hence Peter Obi already has a secured 15 votes from us.

just another gullible Twitter yoruba man that has been brainwashed by social media trends.
look around you.. this is not about competence.. they are purposely trying to shove obi down our throat just because he is their Igbo brother. the fight is not between the youth and the government. (obi isnt youth) the fight is between igbos and the rest of us.don't let social media trends deceive you.
the igbos are trying to use the same tactics they use in voting in big brother Naija.. they usually picks one Igbo contestant, they will hype him or her so much to the point that the gullible social media users will unconsciously succumb to the social media trend, and join them in voting their Igbo contestant.. they will make it so subtle that you will not get even a single hint that they are supporting the contestant only because he or she is Igbo. they used that tactic to make Uti unwachukwu the winner, they used the tactic to make miracle ibokwe as the winner, they use same tactic to make mercy Eke as the winner, and they also use same tactics to make white money as the winner.
now they are trying to use that tactic again to brain wash people to vote for peter obi by creating a trend on social media. people like to follow anything that trends.so such kind of people will easily fall victim to them and join them in fighting their battle..

be wise!!

BaddestQueen:
dear Yoruba Christians
Stop sleeping on the bicycle.
stop falling for their deceit
they know what they're doing
that's why they ganged up against a more qualified yoruba Christian Osibanjo and put a corrupt old, useless drug baron because he's a Yoruba Muslim.
ask yourself why Tinubu and not Osinbajo?
they're now painting an obvious black to become white.
after their mission they'll come with "yoruba Muslim and Christian are one" to confuse you.
the same people that was so determined to take up a mere hijab case upto supreme Court level is telling you that religion doesn't matter in South West.
they're now gradually pushing for Sharia and also determined about it.
when they achieved it they'll come back and tell you that it doesn't matter.
Yoruba Christians wake up
stop falling for this daylight deceit.
these guys doesn't rate you infact they rate a Muslim from the North more than you people, that's why most of them are clamoring for Muslim/Muslim ticket because they knew that, they will still deceive you guys that religion doesn't matter.
if they rate you and care about your feelings and vote why Muslim/Muslim ticket?
they're more concerned about pacifying their more closer brothers in the north than you people even when the north no even rate them.
they know that you guys can be easily be deceived by telling you that igbos are your enemy while they're the one sabotaging yoruba interests truly.
Dear real Omoluabis wake up and smell the coffee.
be wise like a serpent.

Yoruba Christians ronu
God bless Yoruba Christians, traditionalists and reasonable Muslims.

God punish Tinubu urchins

I understand you are trying to play a religious card here.. I don't really give a Bleep which religion leads the nation as far as the the person is competent enough.. this Peter obi movement is more like a tribal politics. you will hardly see any Igbo that routes for other presidential candidates, but the igbos want other tribe to support their candidate. the igbos are so manipulative that they have succeeded in brainshwashing some few gullible Twitter Yoruba's and other tribes that 2023 election is a fight between the youth and the government but in reality, its a fight between Igbo and the country. they campaign so hard on social media, they attack anyone whose opinion goes contrary to their opinion like a rabid dogs. claiming they expect every youth to support peter obi. tell me, is peter obi himself a youth? peter obi isn't new to Nigerian politics. he has been a governor of a state for 8years. he is part of the past corrupt Nigerian government.. so how has he suddenly become a saint?
he is equally corrupt just like other Presidential aspirants.
in my opinion, biafrans Have always recognises Nigeria as a ZOO. so, A biafran man should never be allowed to govern the ZOO.
GOD BLESS FEDERAL REPUBLIC OF THE ZOO.

BaddestQueen:
shatap and be Obidient
the youths are coming

they have no manifestos to campaign with apart from their usual old tribalism and tribal card tactics.

But we'll remind them that tribalism won't bring back dollars to at least 400
tribalism won't bring back fuel to 95 naira
tribalism won't send our undergraduates back to school.
tribalism won't fix our security.
tribalism won't develop our economy.

since suffering knows no tribe or religion, since we're suffering together irrespective of our tribe and religion, it's also fair if we get it right together by sending thieves and those who thinks they can rape Nigeria TURN by TURN.
Enough is Enough!!!

2023 will be the youths vs the criminals
it won't be business as usual.

you are making people believe that 2023 election is the youths vs the government.. but in reality, 2023 election is Igbo vs Nigerian

pls I need a hotel job in Abuja.. pls kindly dm me or refer me if u have any vacancy

Fxmansaix:
never try expecting a candle forming to support your bias, you get?, but always be chilled to interpret whatever the candle is communicating no matter how painful it might feel because thats where the real character is

I feel this advice is pointed directly at me..
you couldn't have said it better boss.. nice one!

Emmizay12:
Bro your way no be my way,,, if you no fit do am in a short time no mean say another man no fit,,, una dey talk as if Jobs are running away,,,, jobs have been existing since 2000 years ago,,,, so if you think say to get job na achievement bro, that na small thing in my reality...

Forex affords me freedom from the pressure of holding down a slave job,,, if your intentions of trading is to become a millionaire,, that's you and Ur free to pursue that....

Made this quick trade today morning,, and I earn less than 200usd monthly,,,, damn what y'all say,,, I'll make that mistake with my full chest

Good luck bro. who knows, I just might been discussing with future warren buffet.

Emmizay12:
I totally understand you bro,,, the reason I'm considering quitting this my job is that I do not have the luxury of time to trade during working hours which is when the markets move the most....

I work in a bank if you understand (I'm up 5am, 7:30am- 6pm daily, work on Saturdays too) I only live life on Sunday for peanut salary

and right now, my job is standing in my way to fully maximize the opportunities in the markets. even with limited time, making 10usd a day is like the easiest thing,

I can quit and take another job which can afford me more time for Forex,,, it's not like I'm married or have any serious responsibilities,,, still a very young hustler

THE REASON I GAVE MY ALL TO FOREX IS BECAUSE OF FREEDOM,, I have found my edge and right now. I cannot even stop myself

I equally understand you bro..
if u insist u want to quit ur job, u must be very careful. nothing is sure in this game.
a lot can go Wrong in a blink of eyes..

my final advice to you is, once you quit your job and start trading, don't allow too much freedom make you start over trading.. greed triggers over trading, and over trading leads to margin call..

konfusedgee:
After six months of almost cracking my head open,,, I finally found my trading edge,,,,,,phewwwww


For the past week, I put my trades and go to sleep in profit,,,

Never in my life would I have thought it possible that the markets has a very high level of predictability and not be nervous about taking a trade and holding it for profit,,,,.


Guys I have found eureka,,, I see myself quitting my job and becoming a full time trader...

May the pips bless me accordingly

congratulations boss.. but to be honest, don't quit that your Job..
i know what am saying.. hold on to your job.
a lot of us in this thread had once been where you are now.. we have sound edges and all.. but in this game, the market is the ultimate Master.. and it rules ruthlessly without an atom of Mercy.. it set its own rules to be followed by all traders. if you fail to follow the rules, you get punished heavily. and when you are thinking you have known it all because u are following all its rules diligently, it could suddenly decide to bend or break it's own rules in order to see you punished..

deal with the market as if u are dealing with an unstable mad boss at the office.

your job income is fixed, the market isn't.
think twice!