₦airaland Forum

AwesomeDuru:
This is actually heartbreaking how come not even a single person gave any of us a heads up on the Brexit vote this week? Too bad. I didn't even know about it. I was stuck with my technical analysis only to be rubbished by this. My account that was comfortably sitting at $102 as at yesterday, has now been reduced to $58. This is too sad. I'm very very heartbroken to even do anything anymore. Feels like failure from here
Me too. I didn't even see it. Smh. This is so sad.

Bro don't blame anybody. You either overtraded or used bad money management unlike before.

Though you may still need to improve your system and/or find other good ones.

Sorry but don't lose your head and empty Your remaining balance quickly...

AwesomeDuru:
This is actually heartbreaking how come not even a single person gave any of us a heads up on the Brexit vote this week? Too bad. I didn't even know about it. I was stuck with my technical analysis only to be rubbished by this. My account that was comfortably sitting at $102 as at yesterday, has now been reduced to $58. This is too sad. I'm very very heartbroken to even do anything anymore. Feels like failure from here
Me too. I didn't even see it. Smh. This is so sad.

Bro don't blame anybody. You either overtraded or used bad money management unlike before.

Though you may still need to improve your system and/or find other good ones.

Sorry but don't lose your head and empty your remaining balance quickly...

pinbar:
i will give you guys a hint this day on how market makers do their stuff.....perhaps it will improve your performance in the fx market.

Market makers enjoy red news cos it gives them the opportunity to move price to where they want . What you see happening to GBP is not new when news like this is coming.... it defiles chart analyses and rubbishes known chart patterns .

They actually keep pushing price as far as they can taking out stops only for them to dump in a massive way. So in other words, GBP is going to drop like no mans business later today, if you are long, you are actually on a loooooong thing.

Cheers

Boss I have also read some probably experienced traders claim those guys don't send retail traders and are just about their normal business. I mean they use far more more money than retail traders so what do they still want with stops...

collitexnaira:
Boss, beside forexfactory, which other reliable platform can one get news that speculate more on news that will move the market. Because looking at forexfactory i couldn't see any indication that there will be Brexit news this week.

Reuters, Bloomberg etc that do more news than reports and stuff like that...

PJAMES1:
I have learnt my lessons about news and major economic events. Best thing is just to stay out. Protect your capital.

Bro might be better to learn how to take advantage and earn fast profit. Coz most of the other times, market may frustrate you beyond reason...

alphaNomega:
To make concentration easier. I only focus on news and articles concerning the British and American economies. Every other thing was noise.

The disadvantage to this method is what I'm facing now. A high profile process like Brexit brings a lot of controversy when trying to make technical analysis and follow price action.

The fundamentals will drive you crazy too. Early today a news release for USD was good. Normally this pair should favour shorts for the short term at least, but look at what happened today.

AUDUSD is a more stable pair fundamentally so I'll stick with that and maybe EURJPY. Though AUD and JPY pairs really move during the Asian session when I'm asleep. I'll give it a shot and see how I fare.

Wow...

I have actually been itching to short gbpchf but decided to wait for certain setups tomorrow. Already could have earned a few pips from short after the big move today.

Will it burn me if I short it tomorrow? . I would be very interested in shorting it if it comes tomorrow to stress test my system.

Let's see what happens tomorrow. No fears as I always use SL now...

redsox11:

Take the path that is making you money / that is working for you already.
Well we win some and lose some. The U/cad didn’t fall some until the next day.

Another thing, say I have entry signals on G/aud , G/cad, G/jpy, G/usd , E/cad , E/Aud, E/gbp, U/cad and others. I won’t enter all, I’ll enter the best 2-4 pairs.

Watchlist- It’s fairly easy for me. At the end of each trading day, I know probable pairs that could go into the area I’m looking for set up.
I just wait for price to get into the area and show some weakness or blow through it.

Sometimes when I get a good read, Say I want to sell a market in a particular area, I put a buy into the market and when price rise to the area, I close my buy and enter sell.

Big thanks boss...

GladmanGoddey:
U e bi u nw . How long have you been trading?

Like 1 and half years now. Mostly demo with like 2 weeks of live trading before, you know..

Now doing very tiny live trading till I finally decide to step up. Had other really cool stuff going that are now on hold just because of this. So it's not a joke anymore...

Enjoy the rest of your weekend...

GladmanGoddey:
OK boss thank u

LOL good for ego; but where you see boss?

Pipnator God bless you. You are a real boss in your game. Wish you the best boss.

But where is P James? Hope great man??

GladmanGoddey:
i think you guys are right, it didnt go as i expected. thanks for the head ups

GladMan it's a great thing to try. But it's not too great to call it a failure as soon as you are doing. Try adding money management and maybe some news analyzing skills to your promising idea to see how it goes...

redsox11:
Did you get into UsdChf, ChfJpy? or others?

I only traded USDCAD and USDJPY. Although I saw that a lot of the pairs on the watchlist I posted did make good trades later. I also saw how USDCHF turned where I may have entered if I was watching...

Your method is really solid but I now have the probably good problem of many paths to take and don't feel like abandoning any. In fact my mind keeps wanting to try for more. I know different methods can have dry seasons and I dislike dry seasons...

How do you manage to track your watchlist. I won't even burn effort preparing them manually; never mind trading them simultaneously. I get very engrossed in individual or few trades; but I am trying to think of a way to take everything and earn more.

Eventually the week was a slight loser because some other things I tried (seasonality) flopped (or just went through a bad phase) and I got out too early from uj (which actually earned much more than the USDCAD I posted)...

AwesomeDuru:
But seriously, where are the

Currentprice
BullBearMkt
Tunderr
Edd1e etc of this thread na

What is happening? FTA has been surviving solely on special efforts and inputs by

Infofirst
Pipnator
Redsox11 etc

We need more old hands please.

Okay etc. Never mind. Na small thing dey vexing me atimes. Happy weekend...

JoshMedia:
50% on each trade profits. They said they don't share loss too, meaning when there's loss, I bear it alone while we share profits.

I might have to wait for 122 days and any profit added to the account will be divided by 50%.

If I am completely honest and objective I don't think it's nearly a bad idea for Nigerians seeking a way out to invest in other Nigerians who have found a way in this market and profit with them.

It may just be that for everyone that gets successful in fx many more just blow time and/or accounts. Sometimes quickly sometimes slowly.

Maybe people that have experience in this area can help point others in correct directions to help people avoid scams and truly benefit from forex...

redsox11:
That was perfect entry, I couldn't even get close to that if I try. Don't bet too much % on 1 trade though.



You should be very wary of something like this. 50% monthly or ?

Thanks boss. I will keep it in mind. Although I benefitted from earlier distraction. I may have been tempted to enter at lower levels, using up the number of trials I allow myself...

Don't promote shady investments like betting, HYIP, MLM, FOREX, binary options, and cryptocurrencies on Nairaland

Good morning

JoshMedia:
It's time, I bearly have enough of the time.

Well one could make you an EA if you can define your strategy. Will save you time and effort ...

I don't know much about the investment stuff. And I guess you already have an idea what 50% is worth from the account history. Whatever you want to do, great luck...

JoshMedia:
Profit. Each trade profit is 50%

Day, weeks, or months.

You mean they will take 50% of profits and 0% of losses? I was actually thinking you meant 50% account increase à year.

What you're saying now is even less exciting. What is in it for me?

I think I recognize you on this thread and thought you were a fantastic trader already. Why would you want to do this?

JoshMedia:
Hi guys.

What do you think about FXTM investment account?

What are the risks or disadvantages?

They offered to pay 50% profit

Cc: PJAMES1, PIPnator, AwesomeDuru, seyiade26, JAkpayen

50% a week or month??

PJAMES1:
Not trading live at the moment. Not likely I do for the next six or seven months for some reasons. I have traded a live account before though. A short trading career . I grew 70 USD to about 200USD in two weeks. Then blew in a matter of seconds. Wanted to trade a news event. I was very naive. Plus greedy. Opened a lot size of 0.3, I think equity size at the time was about 160,170 USD. A couple of pips.. Margin call. Can't do something like this again.

Learnt immensely from the short time and the margin call.
I am never trading news again.

One can't precisely say what will happen to a currency pair. One must always have it in mind that the market can go against one's bias or position. That would make one have capital protection in mind when opening trades. One must always have it in mind that the opposite of what I expect to happen can happen.

Money management is almost everything. Before opening a trade, one should think if there is a flash crash that goes against me while I am in this trade, would my account still be fine. One must protect one's capital at a cost. If one loses one's capital, then one can't trade. Mine was particularly annoying because the other trades were doing fine even after I got the margin call. Would have been very fine if I had not made that decision to trade the news.

Psychology is very important. You can have nice setups.. Get the direction the market would go and still make losses..

I needed to work on my entry. Already doing this. One doesn't just jump into a trade because a resistance or support was broken or sth. There is a need to know what exactly one is doing.

At the moment.. Not going to invest my money yet. A lot of things still to work on. Getting there slowly. It's a gradual process.

My brother

Should have gone in thicker on this. To just double this tiny live account. Trend people are enjoying sha

myseyf:
Experience traders I need your help! I tried to open up a new demo account on meta trader 4 using Fx Pro as my broker. But the least amount of money I can deposit is $3000 while I only want to use a $100 deposit for practice.
How can I solve this issue?

I think there are other demos that use about 500 min deposit (it has been a while since I blew and refunded my demo).

I don't think you can get 100 min demo deposit. But it should not be a problem now. Or better yet use 1000 deposit. So you know you have to divide everything by 10 when you go live...

I will in fact short it later today if it continues to rally and comes to me...

USDCAD and CADJPY... Especially UCAD. May be due à sell imminently because many alignment. But maybe I will just watch for today...

Most of the pairs already moved by yesterday afternoon when we finally came up with a watchlist.

Right now we feel AUDUSD, AUDCHF, NZDUSD, NZDCHF, ISDJPY and CHFJPY may soon prepare something.

Am I right boss ?

PJAMES1:
Thank you so much for the compliment.
A confidence boost.
Hopefully the pair moves decisively in the desired direction.
With EURCHF, I think the issue is that CHF is a bit strong at the moment (in my opinion) . Opened a long position two weeks ago or so on EURCHF. Had to close manually. It wasn't particularly going anywhere, Infact at times looked like it would drop or even started dropping.

Nice one man

My bad! Looks like my new advice for beginners is to test EVERYTHING they read on babypips for themselves and build enough confidence on the one they find to work best.

They do give stuff that could give you an edge, FOR FREE! It is just that you have to backtest enough to build enough confidence before you forward test and/or go live.

Demo trading is forward-testing and takes a really long time (there is lots and lots to test out). That's why backtesting is better in my opinion. Good luck and happy Sunday...

redsox11:
Take what you can from this.

Too much spoon-feeding boss...

Boss FxWarrior, you are online. You are acknowledged. Wish I could just magically know like you and loot the market...

Happy weekend house. I trust the week has been pipful. I did not trade during the week; so nothing to post really.

@boss redsox11 we are taking advantage of them (your posts from some time ago) .

@boss infofirst you are too kind. Actually an hh, ll indicator (or something like that) does exist. But despite being flexible it may not be actually the one you want.

If you want a new one; whatever the rules (like minimum swing movement or number of candles or stuff).

If it would be of benefit to a generous person, of course one could share or sell ...

And it would also be really nice to know brokers that allow Nigerians and have min deposit amount like that of fxpro or less who have better spreads than they do...

PIPnator:
You think spread of 1.4 is cool onUJ?
Here is 0.4 (commission) and less then 1 (mostly 0.8 ) with same broker.



Oh my its monday!

You asserted 25 but there is a big difference between 25 and much under 20 (which is what I get most of the time on UJ). That was the whole point in my response.

I never said they were the coolest but they certainly give you much better chances than fxtm. I don't try to scalp so under 20 really cool for me if I can get my strategy right...

Cheers boss ...