The time always comes, just keep going....

peteregwu:
I killed it with a bang this morning, now over to the next phase.

Congrats! Well done!!

BeginnerTrader:
ACG $50k phase 2 account smashed, it feels good to be funded once more, thanks Jah!

Congrats! Well done!!

Cashhy11:
'A successful trade is one that follows the rules'.
'A failed trade is one that doesn't follow the rules'.

I fomo'ed a trade yesterday, and after thinking about it when I closed my MT5, I had to open it again and close the trade even though it worked out and was in floating profits (already did 1:1rr). It would have dropped me some 1:2rr profit if I had left it. But I just couldn't withstand breaking my own personal rules after many bitter lessons doing that has taught me.

It finally dawned on me yesterday that I'd rather lose following my rules than win not following them.
So seeing this here just when I needed it most is like a huge relief that yes, I did the right thing. Thank you so much for sharing this.

This is the screenshot of the trade: Was waiting for it around 1.27579, but when I realized it wouldn't come down that much, I rushed in at that 1.27666 and it worked out as seen.

Well done following your rules.
Happy to help!

Some gems from Yumi San!

Cashhy11:
We all know the risk involved already, yet we signed up for it. No biggie. Bought my prop account a little above $100 just less than two months ago, they now owe me my purchase fee + $292 which is 15% of 13% I made at the two phases, if I add it to my current profit share, it should be closing to $2k already.

Please, can I make such trading my measly $100 in 2 months?

Prop this, prop that. We know, we are also leveraging on the advantages they give for now to go have our own 5digits trading capital too ni.

Anyone who doesn't know prop are fakes need his/her brain examined. How can people offer you such amount to trade at a very cheap cost and only claim 10-20% of the profits while you the trader claim up to 90% of it. It's surreal, which makes them all a form of ponzi scheme.

But if he has other alternatives for us to follow, we are listening.

You have been around long enough so i'll engage.

Its good to see that you know the risks and understand what props really are; so the message i put out is not really for you. I know many well intentioned people who have been putting out messages about the dangers of gambling for years, so get the message some don't; it really doesn't matter as long as they have done their part. I trade full time so this for me is similar, if i can help just one young Nigerian escape from the clutches of prop scams then thats good enough. Some will get it now and some still later, i'll still do it. Many of the folks who speak out against prop firms are experienced and profitable traders so they are not doing it because they are broke or retired.

I have no obligation to show proof that i trade but heres one (a whole year for such a small amount) that fits the range you put up, I was in that range 5-6 years ago with an actual licensed broker! I was in a much lower range several years before that, some here may remember the days of Alpari in Lagos. It was $100 range those days but things have moved from that decade ago to what is available now with a lot of patience, persistence and perseverance. That is to say $100 is not measly when you get trading right, the only thing between $100 and $2000 is time and that time can move by really fast with compounding. Again forex trading is about compounding and portfolio growth not a one hit wonder!

But new traders today want to manage $200k and $300k after 2 years of trading; thats the valuation of some companies on the Nigerian stock exchange and they've been in business for decades. There are several reputable companies in Lagos that don't have a market cap of $100k and have been doing business successfully for over 3 decades.

I have no alternatives for you, there are no shortcuts for this chosen career. Just stick to it and if you do it right the money will follow even if you started with a measly amount! You will get that 5 digits!

If the cautionary message about props upsets you, please understand it is from a good place. You will understand why someday!

That's 49 years of trading experience talking! Maybe it will help someone who really wants to make this a career focus on the real thing...

infofirst:


Why did you say that it's broad day scam? I think if they pay, there is no scam involve. They never force anyone to come take up the challenge. And as long as man is greedy, impatient, the model will survive. It's some greedy prop owners that messed up the industry.
Then if one is waiting on free challenge from prop firm, E go hard to have access to $100k. I will say, get $10k, make profit, make withdrawals and use that to take $100k challenge.

Because they are actually. The prop firm business model is a very clever but deceptive and ponzi-like model. Real prop firms don't sell anything and don't run contests; they hire traders probably fresh out of college or promising individuals, train them and pay a salary like an apprenticeship (Watch something like Billions, you'll get the idea). Before the MFF saga, they led traders to believe they were being funded while knowing that even the so called funded accounts are also just demo and they simply pay your profits from the money they get when traders buy challenges. They were and are still selling a lie. But true like you said they don't force anyone to buy, same as coins/tokens that rugpull don't force anyone to buy.

I agree that funds can be hard to get. But there used to be a time when trading was about growing a portfolio and no one cared about how much you have to start; we had better traders then and it was about compounding. When you're really good at trading the magic is compounding and it doesn't matter if you start with just $100. It will take longer for sure but trading is a long term game of consistency so no probs with that. Now focus is on funds, flipping, social media, show off and lambo! Hence the prop firm sales...

What you advise can work for a smart trader. I just won't advise it.

infofirst:


I glance tru some of your write ups and nice one from you except for the prop firm sha. I kind of differ on whether to deal with them or not. As in buy or get free ones only.
I would always recommend them thou one should stick with the reputable ones. ( Not with what I have earn from prop firms, it wil be selfish of me to discourage any good traders from doing prop firms. Without trying to be loud, I have earn pretty decent sum from prop firms)
I no too care whether they copy my trades or not. Even those retail forex brokers do not send our trades to the central market, they simply trade against our positions since they know 95% of us wil lose the accts. Once the prop firm pays, lobatan.

Haha! Internet doesn't forget right.

I understand you and also agree there is an opportunity if a trader is early enough and fast enough. Thing is since they are all scams (that is the online ones), you never know when they will pack up which is why i advise only to get the challenge for free and never use your own money to buy. If you can win it in a contest or giveaway then sure why not; quickly get as much money as you can while there is new traders money to pay with and move the money to your own live account. But for me using your own money to buy a challenge from a ponzi-like business model is a no no.

At the end of the day, when purchase of challenges dry up the prop won't be able to pay anybody as that is their only source of income and you don't want to be left holding the bag when that time comes. No matter what they say, they don't copy any trades, they don't A book anything and they never really fund anyone as its all simulated. Its like a broad daylight scam! But thats my opinion.

So as per your comment, I would say get free ones only.

CaptainJune:


Obviously, you are not new to trading. I concur with many of the things you have said. The only reason I quoted this particular post of yours is to direct your attention to the fact that while it is good to offer helpful bits of advice to traders just getting their feet wet in forex trading, veering them off track from their purposed learning path is detrimental to their learning curve, psychology and infant confidence. You mean well I know that, but many disasters have resulted from good intentions.

I would have directed the seeker to Elliotwaveforec. He, as well as any other person who trades using elliott waves, best should answer him. My 2 kobo on the matter.

Noted, thanks!

XAUTrader4L2:



Yes you didnt mention EW but the trader you were quoting didnt mention "indicator" either.

The traders I have seen that use EW, use price patterns. Maybe there are people that use EW indicator. Good luck to you too 👍

Touche and thanks!

XAUTrader4L2:



I believe since EW is a theory, it leads price which means it is not lagging.

You are correct Elliot Wave is a theory! If you re-read my comment, you will not find anywhere i said otherwise. I never even mentioned the phrase "Elliot Wave" anywhere.

To use your 'Elliot Wave' theory on TV for example, you need add an indicator to the chart that interprets the said theory.

Feel free to use as you understand, I simply provided the trader in question information that would help him/her not to depend on indicators.
Good luck!

blackjack21:
Hello Boses In The house.
Hope you’re all getting good results from your trading journey.

Is there anybody amongst us who uses The Elliot wave principle to trade ? What is the best time frame to use it on?

Thank you

You may not appreciate this now but you will some time later in your trading journey: All indicators are lagging! They are of no use to you once you have developed a trained eye which now has helped you identify an edge which is reproducible frequently. Learning about indicators should be part your trading learning curve but you should eventually move on from them. At a point indicators will become simply a distraction for you; then you have made progress.

There is no need to focus on time frames as you are still learning. When your eye is trained you will easily know which time frame suits the edge you have identified better; even though a good edge is visible on all time frames. You do not however choose to execute that edge just anywhere. You who have identified the edge will also determine the best time frame to execute it and doing that automatically will become part of the rules you will make for yourself to ensure that you execute your edge correctly. No one can determine the time frame for you.

Your aim should be to trade on a naked chart as all experienced traders who have at least 10,000 hrs chart time do. There is no substitute for pure price action and frankly there is nothing better than the language price action speaks.

XAUTrader4L2:






I will have to agree with this, if you can backtest longer is better. My sell entry has passed so no more entries for me.

There is nothing wrong in flipping your account with a single trade if you have an edge.

Let me just put this here for anyone it helps to learn the right way. I have time this morning..

To the trader with $7: Keep your funds, save a lot more while learning and backtesting patiently until you are ready to trade based on your own understanding, edge and decisions. You can't be a trader if you need to follow someone else (Whose risk mgt will you use his?, whose psychology will the decisions be based on? Do you know his time horizon?) that is not sustainable and not the way it works. If you feel you have to jump in right now and follow, you have the wrong mindset and you can change that mindset by gaining more knowledge; there is no rush, trading is a long term game. You can change your life in 6 months but you need 5-7 years (the time it takes to develop a trained eye on the charts) to prepare for those 6 months! Please go back to demo and keep learning. While youre at it, read a few books (popular one is Trading in the Zone for the right mindset).

To the trader that suggests demo trade for 2 months: 2 months is not nothing when trying find an edge; thats not enough time to gather a sample size of at least 1000 trades executing the exact same setup on a single pair within the same session. If your sample size is not large enough, how can you have confidence in the edge? How can you even draw an edge out in 2 months? A large sample size allows probability to work in your favor and without probability you are not a real trader, you are simply passing time or do not yet have enough knowledge.

To the trader who agrees with flipping in one trade: You have the wrong mindset for this career (that is if you hope to make it a career). If you can flip an account in one trade, then you can also lose it in one trade! That is not trading, that is gambling! You are better of in the casino with that mindset. A trader must take a position size that has 0% chance of bankruptcy even in a long losing streak. The word "flip" doesn't even belong in a trader's vocabulary. Please don't use the word flip and edge in the same sentence and/or discussion again. This is a skilled profession, try to measure up to the standard. A trader with an edge has no interest in time as he already knows as result of testing his edge over a large sample size that there will be portfolio growth; time is irrelevant, wins are irrelevant just as losses are also irrelevant. They are all part of a tested and trust system. To understand this and have the right mindset you must understand probabilities. There are books and articles that can help with this. I would suggest the articles of Yumi San on twitter (free to read): profile is samuraipips358 or just Yumi

Now before anyone decides to reply to this, know that i am neither new to Nairaland nor new to trading (you should be able to tell with the above); please reply with your head and not your fingers if you feel the need to!

yMcy56:

Thanks a lot for your contribution.
This is what I'd expected but no, some of them won't talk but would only be waiting at the blame corner......some for don dey talk say new monkey don reach town self.

Like earlier mentioned, it's a potential good stock to keep eye on........amd like you said, the company truly worths more for what they do.
The death of the founder was a major setback but the company is waking up and trying to see how to revive the the company and set it on profitable track.

Some are buying into the future of the company.
Anyone not disposed to penny stocks should stay away. E go be for everyone's eyes.

Very well said!

yMcy56:
FPI's STAKE IN NGX NOW AT 23.74%


OMATEK
* A penny stock with future prospect and hidden potentials
* Free from receivership
* The only computer manufacturing coy listed in the ICT/Technology section of NGX
* Stands to benefit from the FG's renewable energy plan as a listed company
* Has standard Solar System facility in place
* Temidayo Seriki as chairman and another active CEO in place
* Status changed from delisting to "Restructuring"
" Plans to raise fresh Capital in market with Unissued share Capital of around 4B
* Possibility of bonus issue
*
https://leadership.ng/nigeria-signs-historic-solar-plant-deal/
https://www.google.com/amp/s/guardian.ng/technology/omatek-free-from-receivership-plans-fresh-investments/amp
https://omatek.ng/omatek-ventures-gets-fgs-backing-to-boost-productivity/

* No be say I dey market this stock o......you know say na how we dey bring out this hidden values, infos and checks be this. At the right time it will respond.
* The Mutual Benefits some are now seen have been sighted and posted here last year, before now; So also some few others...

This is very good.

Their 5 year financials are still very disturbing though....

Many of us trading and/or investing here have probably made more money than the company in the last 5 years....

Can the current leadership recover....

For what they do, the company truly should be worth a lot more than what we are seeing but........

I'm just highlighting what is visible on the surface, not recommending or advising in any manner!! Anyone reading please DYOR!!

Piroty:


I do understand your point very much,yes many prop firms have failed and all that and yes they do profit from inexperienced traders but do you blame the prop firm or the trader. Prop firm give you unlimited time to pass a chanllenge and you want to use 1 day to do so, after loosing you turn around and blame the firm's dd rule and all that. Truth is prop firms will come and some will go but they are here to stay. Some will stay for long,some are basically here to scam too so it's a dicy situation. I use prop firms and i actually advice experienced traders to do same.

That's fine.

I remember when BSC was new and every crypto trader was launching their own token daily across the globe. People were rushing in and of course getting rug pulled. Till it all went burst. Same with wonder banks! There are so many other examples.

The online prop space is a bubble and it will burst eventually like all get rich quick schemes and/or ponzis. Remember this conversation when that happens.

Piroty:


You are actually right for most of your write up except for the online prop firm thing. I actually would advice you read very well on how they operate and why it's actually difficult to pass their challenges and use that so called "500k to get 10m"

So what i wrote is not about the difficulty of passing their challenges. The challenge being difficult or not is irrelevant to my points. My write up is for inexperienced traders to understand that online prop firms are more or less a ponzi scheme! The online prop business model is a scam. Just like a typical ponzi scheme were those who get in first always cash out, online prop firms pay out profitable traders from funds of the sale of challenges. Thats their real business, selling challenges. They don't fund anyone and they don't copy any trades. There is no real actual capital anyone is trading, its all simulated or demo if you like. New traders need to understand this. It is deceitful and unsustainable and you cannot build a trading career based on online prop firms. Ask any forex trader who has been trading for at least 15 years!

My advice to any Naija trader interested in online props would be make sure you get the challenge free!! Don't use your money to buy one, instead fund your own account, trade patiently and see the power of compounding.

Many people are not willing to put in the time to learn to trade. People will see your life and ask what do you do, they hear trading and say please teach me thinking they can learn everything in 2 weeks!! Its like telling a doctor to teach you how to be a doctor, its ridiculous!

100% of traders want to become millionaires but no one wants to plan, follow rules, trade, win, lose every day for 5-7 years.

Traders fail because they don't finish getting the knowledge, they have no patience, they want to get rich quick, they can't control their emotions, they can't stick to one strategy, they can't ignore the noise, they are always following someone. Mediocrity is not for trading!

Low capital isn't really a problem for a patient trader, compounding has serious power!! If you can't think in probabilities and don't understand risk managment, it doesn't matter how much capital you have you will still lose it eventually. 80% of traders lose because they focus on going from 0 to 100. 20% win because they focus on going from 0 to 10, then 10 to 20, then 20 to 30 until they get to 100.

The get rich quick mindset is a serious problem and that's why online prop firms are making money from inexperienced and ignorant traders. No online prop firm ever funds anyone and they never will. Real prop firms don't look for traders online and you can't pay to join them or trade their capital. But traders want to be rich in 1-3 months so they waste all their funds on prop firm challenges. They never bother to think, if both the challenge and simulated funded account are demo, how can demo generate payouts? How can you earn real money from metatrader demo? There are enough movies and tv series on trading that give an idea of how actual prop firms operate in the real world. If you watch Billions for example on Showmax, it gives an idea of how traders get to trade funds for a company and its definitely not by paying to sign up or winning giveaway. Can you give a naija bank N500k in order to trade their N50m? Can you use a bicycle to collect N10m from a bank? Real prop firms hire traders many times fresh from school and train them then pay salaries. Anyways common sense will never be commonly available!

There are perhaps 4 trading stages if you learn right, each stage comes with emotional rollercoasters (it is not for the weak):
1) Analysing charts - this is where you find your edge and choose your pair.
2) Executing trades - this is where you learn patience and learn to follow your rules. This is where you understand trading psychology!
3) Compounding money - this is where you learn how to lose and how to think in probabilities. 1 trade is meaningless! 10 trades are meaningless! 100 trades is learning! 1000 trades thats becoming a trader! You understand RR.
4) Freedom - you have given 10,000 + hours and 10,000 trades. You know risk managment like your palm! You have only 1 pair, 1 edge and/or pattern, you trade only 1 session.
There is so much more though....

Any new trader that can't go through the entire Babypips curriculum is probably not ready for trading.

Trading is probably the most difficult thing a person can try to master but it is the best and most rewarding business in the world! If you can give it 5-7 years, your older self will thank you!

ojeysky:
Intbrew has refused to move

I feel like this on CAP as well, been stuck in the range for some time.

megawealth01:
My people in DAAR... HOW DEY DEY GO? We are officially on how many percent from #0.22?

I was on this as well from 0.22, out now and pleased!

Diyke4rich:
Thank you transcorp for 580%, running to 1000%

Well done! You've got some real diamond hands!

DrAkpa:


25-30percent profit is my time horizon. Already achieved that with UBA but still waiting for zenith bank which is at 9percent as I didn't enter on time. I will wait till January to offload as that's when dividends and quarter results would be declared. I have always been a long term investor with nsl brokers since 2005, but opened another account with chapelhill to enable me monitor my stock in real-time online and trade short term

This is very good. You know what you want and you have a target, so stick with it.

All the best!

DrAkpa:


Pls Should I sell my UBA and zenith, or should I keep holding?

The decision to sell or hold should be based on your own time horizon and what you had planned to achieve at the time of purchase and/or investing. If you don't have any target in mind or don't know your time horizon, then you need to get some more investing knowledge or just invest with the help of an advisor or stockbroker. 


As an example, you may be investing for the short term but the advice you're reading online may be from someone investing for the long term. You need to know you and what you want before getting in!


It is neither advisable nor sustainable to make decisions about your funds based on the targets and views of people online. 


I say these with all the best intentions!

Karsun24:
Good evening boss, how can I claim my share coz I am confused

The giveaway has closed.

philest222:
I am unable to sign up since few days ago bro.... please how did you do it?

Click the Google icon to signup with your gmail instead of trying to signup by filling in your details.

This is still available for traders who need capital, theres no time limit on the challenge. No need to rush!

I hope this helps a good trader out there! Please help a trader with the info if you don't need it. It expires on the 12th of December.

Note: Just click on the Google icon to signup with your gmail, its faster.
[b][/b]

Claim yours now – visit the website: https://app.alphacapitalgroup.uk/login, sign up, and head to the 'Profile' section and select 'Verification', complete the KYC form via Sumsub, once successfully verified, click the ‘Claim account’ button and check your registered email for account credentials 📈

*T&Cs
- Limited to one per person any user or individual found to be claiming multiple accounts will have their accounts closed immediately
- No Martingale - please read our FAQs
- Max lot cap on funded account of 2.5 lots for a $5k account
- Max daily loss of 5% calculated at daily starting balance
- Max loss 10% $500
- EA enabled on all phase 1 accounts please refer to FAQ in regards to EA usage

A good forex trader without capital can do alot with this! Please pass it on.

yMcy56:

Recent events has overtaking this in my opinion......
It resumed at day's high in market....1.68...few offers on ground now.....

* You asked if it's good for pick?
It pulled back to 1.31 last week, you for don ask this question then.....
* Providus is merging or buying high stake in UNITY, we dont know the price yet but if you're a risk taker you csn buy some, watch out for bargain entry and buy some...

Agreed. Article on Unity seems doa...

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