boom99:



Ok sir. But if you took this trade you should be in profit. Took this one this morning. No losing trade through out this month...

Lol. Thank you. Below is my own USDCHF. Enjoy yourself man. Sorry for bothering at all.

boom99:



I understand you. I will work on that. As I continue my demo trading.

You've been saying this thing for months but keep trading in the exact same way. Even in this response, I can read between the lines. You better listen to what they are telling you and avoid losing the money you'll start a live account with in 20 minutes.

What you are currently doing is not trading and will never be. Scalping or no scalping. Opening a big lot sized trade and waiting to clear the spread and go into 1 or 2 pips profit, then run to come and post screenshots is a massive waste of your time and energy. Trash that system (if I can even call it that) and start demo trading with a healthy system. If you insist on doing otherwise, go ahead. You will learn immediately you get a live account.

Immortal99:
I'm soooo angry with Hotforex right now

ordinary $50+ Withdrawal is taking 24hrs + in 2021 ..... im so closing that account wen i get my money ..nonsense ....


Modified:

Jst Received it after approximately 28hrs .... definitely can't trust them with big bucks.

Are you sure you aren't overreacting? Foreign brokers process a request within 12 hours most of the time, but the wire completion process takes a minimum of three days after you get the processing confirmation. So, I am not sure how 28 hours to completion is too bad. I am sure they are only able to do that because of their Nigerian presence. Otherwise it will take the same 3 days like the rest.

Also, $50 or $5000, the process will likely be the same. Hotforex and others like XM have been around for more than 10 years. You think no one is trusting them with big money since that time?

Still seeing recommendations on how to make the contest better. Truth is there is no sure way. I once thought weekly competition was better to stop those that will make profit in week 1 and stop trading until month end, but that would have encouraged even more reckless trading. Hence why I now support monthly.

After the new restrictions, we are unlikely to see people gambling on one candle and sitting on 40% after week 1 until the end. There's a bit more equal footing and tighter risk allowance. Gamble and you get disqualified. Try to sit on 5% and someone will overtake you.

At the end of the day, it's up to Infofirst. He's one person. Even big companies with lots of workers still get complaints about their competitions. He'll do whatever he can do and anyone not interested should ignore.

ILovebigyansh:


I thought as much, someone wit that kind of performance doesn't just gamble.

You still closed profitable means you know what you doing.

More wins once again.

Quick look at that account and I can see the main signs of high loss aversion mentality. Probably not gambling, but that's a very unsustainable approach to trading. It's easy to recover on a demo account with zero emotions on it and of course the market reversed later. Will the trader have the same level of control if that was their real money in 50%+ drawdown? Would you be praising him if the market didn't give an opportunity for recovery immediately? I leave the answer to you.

When Ogboraph was doing his magic, I was one of the few that wasn't clapping for him. I saw through what he was doing and warned but whosai. Anyways, people will learn their lessons. Peacefully or painfully.

Never seen anyone that can maintain an average loss twice the size of the average profit and stay profitable for more than one year of trading.. And I've been around for a really long time.

infofirst:
$100,000 Live trading account. I am 99.9% sure that only 5% of traders across the globe can manage such account balance successfully for one month.

@wiconse @donvic4u @don_sheddy
What says you to this?

Of course. Why do you think more "prop firms" are popping up? They take these sign up fees and offer hundreds of thousands to trade knowing fully well that 9 out of 10 traders won't succeed with it. They pocket tens of thousands without doing anything. Many of them don't even put any money at risk. Just a fake $100,000 demo account.

If you can't display consistency and discipline with $500, you won't do anything with higher sums.

infofirst:


Satisfying everyone leads to more issues but then when you see some trying to use their activities to discourage some people is another reason why its difficult to over look.

@shevychen2

One month you recommended?

Yeah. I said so because every time I check here most weekends, the winner is a different person and the previous winner probably doesn't make top 3 (I could be wrong on this one). Still, trading consistency for one month beats consistency for two weeks. One month is nothing in the grand scheme of things but yeah.

infofirst:


Thanks boss mi. Tell me one reason why I should not doubt you have purposely open this moniker for this contest and that you have another moniker here. Your moniker is so new and gbam you found this thread. I want to learn o.


@theyoda what is your thought?
Patience

Glad to see the new rules you're adding. It will feel less like you just dashing gamblers money that way. Left for me, it's only one year contest I will be doing.

To further entrench the lessons you're teaching, consider making the duration at least one month even with these your new rules.

As for people creating multiple accounts, we all know the truth. Again, you can avoid that by only allowing user names that have been around for at least three months and have decent number of contributions here. Afterall you started this to make the forum busy.

Any new user account created since you started this contest and the person rarely posts is owned by an old member. Maybe not all, but definitely sure of 90%. Nigerians know how to frustrate good will. Which is why I always cut cap for people like you. Well done boss.

situations:
WINNERS MAKE RISK FREE MONEY

Mr Tom29 is back I can see

GabsonFX:
I had to switch to day trading yesterday to make some pips, now back to swing

Way to go. Anybody that can't combine daytrading and longterm (or trend+contrarian) must be really good to make money from the markets of the past few months. All the major pairs have been stuck in a range of a few hundred pips. Poor volume everywhere causing very little sustained movements and sharp reversals. Effects of trillions of dollars leaving the forex CFDs market to the crypto market.

@infofirst well done for the work you're doing. You're better than many of us tbh.

However, I understand the points your participants have raised. There is a line between not trading because your strategy didn't give you entry signals and staying out of the market to protect profits luckily made in one day with high leverage. You also can't mandate people to take X number of trades as it won't suit some. This is why some platforms take an average of the number of trades opened in the last three months in computing their rankings for these competitions. Of course, you don't have the technology for that.

My suggestion: split your prizes and run a weekly competition instead so that only people that have taken part in the market for the week can get prizes. Of course it's your money but it's a better way of judging to avoid rewarding people that are away on holidays. No offence intended.

More importantly, I hope the participants are learning lessons. Forex is easy but succeeding in it over the long term is very hard. Over 30 accounts in the competition but just 7 in positive (could be even lower if some of them didn’t stop trading to protect profits).

Some random pointers for the new year. (may not appeal to everyone though):

-Your stop loss is useless if you don't practice proper position sizing. What will happen to your account if a flash crash jumps your stop loss and sends your positions to -2000 pips negative? Position sizing goes beyond saying I risk 2% per trade. How much have you exposed to the market, even without a flash crash? If you'll lose more than a combined 10% of your account if all your opened trades ends as losses. That account may not last long.

-Ditch conventional indicators. Especially all those shiny arrows that are all based on moving averages.There is a 99% chance they won't work for you. You'll keep running around in circles with them until you either quit trading or you dump them.

-Embrace higher time frames. This is even more important now that sharp intraday market swings are common. You'll find your trade 70pips up, then one tweet or one news sends it back down to -40. On the higher time frame (daily, weekly, monthly), the big picture move will continue after the effects of that tweet or news has cleared. Seriously, if you learn how to look at the big picture, you'll be unstoppable. However, what qualifies as big picture will vary from one person to another. You also need to make sure your strategy always reacts quick enough to major trend changes even when you trade higher time frames. This part is tricky, but when you nail it down, you'll know.


-Don't pay too much attention to correlation. Most forex pairs are correlated somehow at the end of the day. Even if you choose to trade only GBPAUD, CHFJPY, and EURUSD, they are still correlated indirectly. Instead of avoiding correlation, embrace it and spread your risk properly.

-Don't trade one pair. That's giving too much power to one instrument. Your account will literally depend on how that instrument moves. Aim for around 5-15 pairs and maybe (if your account can carry it) 2-3 metals and the two major ndices in your watch list. The currency pairs should be decent movers that are not too volatile or too slow. Like USDZAR, EURGBP, CADCHF etc. The slow ones will move 20 pips in one week. The volatile ones can have 30-50 pips spreads.
As you get more entries from your list, close out partial positions to balance out your overall risk exposure.

-You won't buy skyscrapers with your less than $1000 account in one year. There's a higher chance of crashing it if you want to push the limits and make as much money as possible. You need at least $100k to start dreaming about using profits from one year of trading to build houses and that's assuming you have a strategy that will allow you make 50-100% of that every year COMFORTABLY without panic, fear etc tampering with your trading results. Of course you can find some Chinese guy or something that turned 1k to 1m USD in one year from time to time.. Can YOU do it?

With solid medium risk trading, it will take at least 10 years of compounding to convert that small account to something big. Unless you show skill early enough and start focusing on attracting investors (always the best way to go).

Remember, these pointers are not for everyone. Pick what you want, discard what you don't like. I don't have power to argue anything o. Happy New Year to everyone.

djwalata:
If u have EUR long open position over d weekend, I pity ur SL because d gap no b small at all. Eur is selling no b small.
Notwithstanding, blue pips will surely fall on us.

According to XE.com, current gap is barely 20 pips.

Pipsbasketings:
Withdrawal processed (fx)....This is like my 4th withdrawal within a month from the fx market.

Above all, I'm doing this to convince and to encourage you all that you can live only on forex - yes, it is possible...See it that way.

Never see it like I'm the type that will take your money, a BIG NO.........
I'm only making sure that everyone has the right mindset and believe that this biz can be life-changing for you and your family.

If 2020 wasn't your year, 2021 can be for you.
Success to you all

Good work bro. You can't wake someone pretending to sleep though. When people tell me forex is a scam, I laugh and agree with them
I'm too lazy to convince anyone about anything. The most I have tried was with my past posts where I tried to get people to start seeing trading as a proper business. Like running their own investment company. Some listened, but only a few took proper action.

Others still think telling them to start aiming for around 50-100% per year with their small $1k account so they can go and look for investments with a reasonable return curve and low DD is you making them to think small. Well, they will keep crashing accounts trying to buy bugatti with $100. While smart people keep leveraging on investor funds in a legitimate way.

Still for motivation, below is my latest received fees from just one source. December own never even begin come o

Please if you've messaged me, don't bother. Everything you need to know is in my past posts.

WallStreetfx:


Reducing your drawdown, Can you give us some step to be taken to decrease a drawdown? Does it have to be reducing your risk per trade or reducing your risk to reward because there are some strategy that will allow you to lose 5 trades out of 10 before you bang profit.

Definitely reducing risk per trade. A system with a potential 70% historical max expected drawdown on 2% risk per trade can go down to around 10-12% max drawdown if you reduce risk from 2% per trade to 0.25% per trade. And the thing with historical drawdowns is that they are just that:historical based on backtests. Some flash crash or whatever can increase the expected DD in future. All the more reason why you should lower it as much as possible to give yourself a chance to survive forever.

Problem many people have is that they can't lower risk too much otherwise they won't make meaningful money. For example, assuming average sl of 100 pips, someone with $100k can comfortably do 0.25%. Someone with less than 1k can't. The alternative is to go to lower time frames and get entries to reduce the stop loss. But that will also need you to do another backtest to be sure it works.. Bla bla. Summary, reduce risk as realistically as possible for your peculiar situation.

I don't believe in risk to reward ratios. I worry about my risk only and let the market do whatever it wants until I get an exit signal. The exit signal may come where I had in mind originally, fall short of it, or blow past it.

ZedFX:
hello to everyone.

@pipsbasketings @every experience trader(4+ years) in the house.

I'll love to know.

it is true that we need to learn everyday.

now why am bringing this up is that luckily we have access to people we can verify that truly the have done this thing for atleast 3yrs+

My issue goes as this, is there any point in the process of becoming or a trader that you can stop to learn something new about the market? or once you get pass the knowledge phase all you do for the rest of the years is focus on the practical, trade and trade and trade?

is there at any point in time need to learn or relearn about the market?
or look to get any information, in that does the market change?

Cause, having clocked a 1 year with months now, I reach a point that looks like if I continue to learn more, it is harmful, instead it looks as if I should now go forward into the process of trading and trading as a technical trader?

Hope the insight I require is clear?

This is a fantastic question. In simple and clear terms, if you still feel the need to keep learning and tweaking your strategy, you are still a learner, pun intended (even if you're no longer blowing accounts).

Every successful trader will tell you that trading is boring. Why? They only repeat specific steps day in day out, year to year. Get a strategy, backtest it for 5-10 years, if it delivers good results (this is relative, but for people like us anything above 60% per year on average), forward test with real money for 2-3 years. That gives you over a decade of various market cycles. Any system that passes the test is good.

Don't forget to make a note of how different risk profiles affect the strategy. A strategy that will give you 350% a year but can go in 50-70% drawdown is useless. You will most likely crash that account when the drawdown hits. Reducing the risk to allow for a max 20-30% drawdown and making 100% per year on the other hand is a good way to ensure longevity. Some people with big capital (7 digits) will further reduce the risk to allow a max 10% drawdown and maybe 30-50% return per year. This explains why one trader can blow their account in one month while another trader using the same strategy keeps making money for decades non stop.

Make a note of the steps in the system and your ideal risk profile, then keep repeating it forever.

If you want to keep reading all the hipster forex strategies and techniques on the Internet in the name of gaining more knowledge, you're wasting your time. The teachers of the bulk of the so called knowledge don't have an account with a one year track record that hasn't blown up. Find what works, shut out everything else.

My answer goes against the grain of what the average person believes, but normal human psychology is why forex is hard for 99% of people anyway. Forex is different from other life scenarios where more learning improves expertise. In forex, more learning often means analysis paralysis or uncertainty in your mind.

If you haven't perfected a strategy, however, keep learning and keep looking for your own system.

^^^The owners of the Aliyu and Donvic explorers should keep it up. E get why.

IMAliyu:

Still trying to figure out how this news affected AUD more than most other pairs.

Long story, but short form is that it's a commodity currency.. Economies recovering (thanks to the vaccine) is good news for it. Also, the fact that they and NZD didn't have as many cases means they can get in front of most other countries with their economic recovery.

The action is also most heated on their JPY counters because JPY loses its safe haven status when there's no more uncertainty.

hidhrhis:
is there any explanation for price movement on one candle

COVID-19 vaccine success (check Forex factory) or anywhere you use for headlines.. Triggered risk on sentiment. Many people expected such "good news" once Biden was confirmed.

A beautiful Monday indeed. What's the opposite of Black Monday? Green Monday?

Lol.. You people are missing the point with these personal attacks as usual. Yeah turns out the man lied, misrepresented his abilities, and probably got a few quid off people via affiliate marketing, but what about the full grown adults that willingly followed him with zero scrutiny?

For all this crying here, no court of law will indict him for crashing anyone's account. None. As far as I am concerned, the alleged impersonation of someone else is the crime here. Nothing more. People should learn to take responsibility for their own foolishness.

Give it a few weeks, and some people will still find yet another guru to foolishly follow blindly. That's the big talking point for me. People always stop thinking when there's the prospect of making "easy" money. Yeah Saxy's calls were generally good, but there was discussion on the huge volume of trades per day, and the risk..(3% on 20-50 pips will always be dangerous). Yet that wasn't enough for some of you. I thought he probably was comfortable taking the risk because it was working for him. But I was never going to jump at recommending him to trade for anyone obviously.

Emphasis should be on educating these newbies on how to be more discerning, or else, this whole episode will play out again in the future with another person. We've seen Odiaero, Benpuzzy, Meshpips, Blackeurope now Saxy. What's the common denominator? People believing in paper forex heroes long before seeing consistent results. (not some useless 3 months trade explorer).

You want to turn $100 to $500 in a few weeks. A 400% growth. That's not even easy to do in a year. People with longevity in this industry will tell you that anything between 20 to 100% a year consistently is god level. But poverty has made people to look at forex like football gambling. You get in with a few pennies, while calculating how much you will spend on a 2020 Mercedes. Lol. Una go learn. Keep running from pillar to post, then look for who to blame later. I am even seeing $100 to $5000.. A 4900% growth . It's one thing to be greedy, it's another thing to be greedy and incredibly stupid. I only have pity for people that are stupid enough to believe shit like this if it's their first time.. Otherwise, they deserve to lose that money since they don't need it.

I briefly read someone talking about how microlots is evil, and how you should be making millions bla bla. When the average newbie here has less than $200? Some people are crying about losing $10 ffs. Okay o. It's no surprise that more broker companies are popping up every day. Too many sheep to fleece.

Again, person wey get ear go hear. I haven't seen a signal merchant that has impressed under scrutiny. I always wonder why they do it because there are lots of forex businesses around that are willing to hand you BIG money if you show some consistency (not going to delve into that again as I have already done it enough).

If you enter those companies and start making money consistently, some private individuals will corner you quickly and give you sums you can only dream of on a profit sharing basis. It makes zero sense to be running a signal generating business either paid or fake free (like forcing people to open accounts with your affiliate link first) or asking people to give you their peanuts to trade for them.. So anybody doing it, is not a good and profitable trader until proven otherwise. Once you see such people, your bullshitometer should be reading off the charts. If you have sense.

Blessedisthelor:
Here you go

Omo. Nawa o. I have said what I said about trade calls though. Person wey go hear go hear.

I still want to believe there's a mix up somewhere, but make I quickly borrow leaf from pontius pilate.

Blessedisthelor:
Shevychen2, he played on my intelligence and thought I would fall for it.

Last week, I posted a challenge here that whoever makes 30% here will be gifted $200.
He sent me a private message to claim the money by showing me someone else's account which was even demo. I played along but later asked him the single question: saxy, this account you gave me is demo, does that mean you trade demo? his reply got was overly defensive. I did my research about the account and asked him again, he replied arrogantly asking me to put it up here if I wanted to.

This is the part that is annoying me. Why will anyone that makes 30% monthly need a $200 gift ffs??

Anyway, that doesn't negate his posting trade calls (which is my focus). I have already posted above that it will be a shame if he's been wasting time here all along. but let's not rubbish his trade calls side of things. On that aspect, I see absolutely nothing wrong so far, doesn't matter if its demo or live.

Claiming someone's account and other such details on the other hand, if true, will be a real shame tbh. Especially after following us to chase away Blackeurope

To Saxy, all I can tell you is to look at yourself and ask why you’re doing this thing here. Why are wasting so much time on the internet posting trade calls when you can use it to make money for yourself? Trading is hard and everyone I know that makes decent money in it will rather stay quiet on the internet and put energy into other things. Maybe you’re different and doing it to help people. If you’re doing it to help new traders grow, then by all means continue.. As long as they are learning, and you are also making money for yourself no problems.

If you’re doing it to build popularity and gain an audience, you are going about it in a VERY wrong way. Since you want the internet forums publicity, you will always get attacked as long as you don’t have a decent trackrecord to show on one account. Build a trackrecord of at least one year and you can use it to attract funds organically.

If you’re teaching people, you can also show them with the trackrecord that what you’re teaching them works. If you have a decent trackrecord publicized in good places, you won’t need any publicity sef. Na you go dey run from people looking for you. You’ll see you don’t need this thread for any reason. I don’t understand why you’ll want to be taking part in measly competitions.

If you’re not successful yet and just using this place to chase adrenaline high, then I have no words. Would be a shocking use of your time.

To the new traders, this is how the forex industry works. The only thing you should swallow is legitimate proof of profitability. If someone is going through the hassle of teaching you how to trade or asking you for money, look at their trackrecord before you accept their trading style or give them your money to manage. Free theories without trackrecord, should be treated just like what they are: Theories. Take with a pinch of salt and always do your due diligence. I have been around in this field for years and all signal providers and other such people always fail under deep scrutiny. It's the nature of the industry. It's easy to churn out signals than to actually trade.

If you see someone as a guru even when he didn’t beg you to, nor even ask for your money and end up losing money because of it, you’re a massive idiot that should take responsibility for your foolishness. Out.

**Edited**

Trading Demo or Live is meaningless if the results are real and the strategy is stable. Not gambling.

He never posts negative results, isn’t entirely true in the real sense because the SL posted on his entries are there for everyone to see lost trades. Besides, whatever trade tips he is posting here and wherever else is free of charge to the best of our knowledge. He is not under compulsion to follow anybody’s rules on how to post trade calls until he asks for money.

On late trade calls, also the same thing. He posts entries and exits. If you calculate the exit and the market has already moved too much, ignore the trade call. It’s as simple as that. Like I have always mentioned, nobody is mandated to take trade calls posted here. If his calls makes someone lose money, it’s the person’s business for blindly following trade recommendations on the internet like a foolish person.

The people saying how the results posted on his telegram were 90% loss are also funny. Did he force you to join that group? How long did you use the signals before confirming that his strategy is nonsense? One week? One month? Three months? You people need to grow the Bleep up. What is the Risk to Reward ratio for losses and profits? If you lose 3 trades of 30 pips SL each and hit TP of 200 pips on one, are you losing?

When you consider these points, you can see why most of the “attacks” against him looks like jealousy at his popularity. Has he asked anyone for money? Has he taken someone’s account and promised to double it, only to crash it? These are better arguments that can be used against him instead of the straw clutching ones I have seen.

Is Saxy a solid trader that can be trusted 100%? Not to me. I don’t like the level of risk he takes and in my circle, the only thing I respect is a trackrecord. People can provided signals and still be rubbish traders. If I see his account with AT LEAST 3 years of trading history and it looks good by my own definition, only then can I trust him 100%. But again, that’s not my business. Why will I need it if I don’t plan on giving him money to manage right? Also, how many of you gurus and investigators can boast of a one year trackrecord nevermind three?

karkinase:

Nothing there joor...man just tryna catch his fun .
All work n no play makes Jack a dull boy

Thank you o jare..

hidhrhis:

uve being trading for a very long time based on ur nl acct history and i expect much level of maturity from u
it is better u hide and observe the way uve being doing than dragging with people
with the level i place u i dont expect all this from u
uve stated ur point before about traders looking for who to blame for their misfortune which makes a lot of sense but this ur continuation of trolling isnt good

You must be fun at parties.

Anyway I wouldn't give a toss if he didn't say I was "always supporting scam" but I am sure you didn't see that too. Its the norm. People always want the aggrieved person to take the higher ground. Which I would have anyway, but like I said, I had time to play

akeensbussy:


We shall meet physically one day for sure... I know you have running e-mouth.

Meet where? In your dreams maybe. You can't afford COVID-19 test and flight ticket. Don't worry. Now, run back to your micro account. It's been fun rolling in the mud a bit.

akeensbussy:


I know you will support them...Always support scam anytime anyday.

You people are so funny. Don't go and learn how to trade. You'll keep wasting your measly $100 accounts (if e even reach sef) and blame it on broker. Very soon the naira will reach 1000 to the $ so you people will have small sense.

After you've burnt through 20 brokers, you will come back and join those blaming signals freely posted by someone else that they weren't forced to enter on their platforms. Hilarious clowns

The same people that will sign up with a broker and fund account with their last card without verification. When they want to make a withdrawal and the broker invariably rejects their student ID card they will run to forums to cry scam.

Anyway I get your time small. I understand why you'll think I "always support scam". You probably don't believe how someone's swap alone can be your monthly salary. Below is another shot for you to cry about. Illiterate peasant.

Fxwarrior:
I will always subscribe to closing a trade before the day runs out because whatever profits you take, stays with you but you see all these profits vibrating up and down during trading is never yours as it can disappear like a smoke bringing on it's trail losses.

It depends on your strategy (which should incorporate your temperaments). Personally, I would never subscribe to intraday trading even though I am virtually a full time trader so to speak. Some traders might love the thrill that comes with chasing daily moves, but it is also possible to do the exact opposite.

An example: my best trade of the month has been going on since the 1st of this month. Just one entry. Some people would have made the same number of pips from 10 to 20 trades on the same pair sha.

forendals:

this report can make someone to loose all hope, especially if you are struggling to be keep your head above water

Lol. Then the person is better off quitting. Nothing good comes easy. If you can't stand the heat, leave the kitchen etc.

It is always funny when people expect forex to be easy, as if other fields are easy. Only 15% of people that enter medical school become accomplished doctors. https://www.theapprenticedoctor.com/top-7-reasons-students-drop-medical-school/

The same applies to Engineering where 40% drop out in year one only.. https://www.collegetransitions.com/blog/so-you-want-to-be-an-engineer/ and I am sure it is the same for other professions that can make you money.

Even selling crayfish, how many people dey use am build house and buy motor?

When Linda Ikeji and the guy that owns this forum started making money, thousands of people rushed into blogging. How many even see ordinary $100 chop from Google Adsense?

Lmao.

hidhrhis:
I want to be like saxy4c in the forex world
Still stuck on demo but I sabi say I go go live one day
You always motivate me bro
Kudos I want to trade and understand the market like saxy4c and I know insha Allah I will get their

He certainly has the stuff. Keep working hard at learning while following him. Don't rush. Joining the 20-30% of people that are profitable is not easy but certainly doable.

https://financefeeds.com/many-retail-fx-traders-lose-many-gain-look-averages/