₦airaland Forum

Holding a gold buy from 1167. SL is 1157 and target is 1220 or until a reversal appears. You can still get in if you can afford the stop loss.

maslong:
On what time frame please.

If you want to watch and catch reversals? 15m is best.

While we are on the issue of support and resistance.. There is one strategy I use to trade currencies.

It involves using the daily pivot and placing limit orders at support 1 and Resistance 1.

You don't need to do any calculations. Any autopivot indicator can solve this problem. Just apply it, set your buy limit at support 1 and sell limit at resistance 1 add a 30-50 pip stop loss and a 100 pip TP. Don't use autopivot indicators that count Sunday candles please.

To be sure your indicator works fine, check the values with a manual pivot calculator especially on Mondays. They can be found all over the web.

If you have time to watch your charts, you can avoid using limit orders and simply watch for reversal candles around these areas on lower timeframes.

The benefit is that it is low risk. It can also keep you out of the market when there is low volatility. It is also good for medium ranges (which is what happens in the market 70% of the time). On the occasions when the market is trending for the day, you'd lose 30-50pips.

Apply this on several pairs on demo and see results at the end of a month.

Just one example. Open a GA chart for today and see the sharp drop that happened as soon as price hit R1.

This is a day trading strategy so you should close all positions at 7pm daily if TP or SL is yet to be hit.

Just thought I should share.

Sentiment for Gold has turned bullish for me. Will be buying dips only until 1140 (sell zone at the time of writing) is taken out on my chart.

drpips1:
I don't use SL orders for exit from at least 3yrs - and never will.

why/, cos i believe Stop Loss is the way to drain your account , get drowned into revenge trading and start to buildup conspiracy theories that "brokers have huge organized alliance to get my dollars of my account...mimimimimimimi" - i got real with this....

I always do low-leveraged (account margin heavily calculated and considered) progressive/dynamic hedging if the trade goes against me.

I do not use USA-regulated shitty brokers that do not allow hedging. Such brokers have been regulated to do FIFO and no-hedging with the explanation (quoted from FCA): "to protect the interests of the small customers". Exactly the opposite is the end effect (very deliberate lobbying actions that benefit brokers and institutional players) - by forcing you to close your "first enter" trades (at profit or loss) and no hedging is totally screw your chance for even 5% of success. The biggest FX losers I know are the ones that always "read the chart" and "have skill edge". The profitable players focus 90% of their attention on the risk/money management - this is where the hedging is a wonderful tool.

Hedges are even more effective if the price moves widely more into the loss zone of your main trade - more progressive counter-orders would kick-in and you cover your wrong entry with minimal loss (when you decide - avoid setting hard SL at broker's account).

Just use your head and be rigorous on your maths and avoid "mantras" like "hedging is dangerous"

I was expecting you to tell us why hedging is not dangerous instead of the condescending stuff you put up there. Guess I should have just minded my business. Each to his own abeg.

.

drpips1:
Hi guys,

I have something in mind about hedging a position to cancel loss versus setting a stop loss for it to exit

Say for example I open a long position for EURUSD and it goes against me. Now, instead of setting a stop loss and having the trade hit that SL, I open a short position when it reaches the price point where I would have set a SL.

The net loss will always be equal to that and when I open other trades and cover that net loss I'll simply close the position and be done with it.

Psychologically speaking, What do you guys think?

This is dangerous. Depending on the time frame you are trading you can have the two trades sitting in the middle of nowhere.. The buy may be far below entry and sell may reverse well above entry without reaching your initial buy position.

Before you know it, you are dealing with huge drawdowns and the pressure alone can make you hit the wrong buttons.

Avoid this as much as you should avoid Martingale.

Stop loss hunting on Gold today..
It still has a chance of hitting 113x before we see a reversal.

Still sticking to the daily chart trend and only selling gold on my end. Will only start looking for buy after my buy zone has been breached. It is currently at 1175 for today.

Gold is still bearish on my end.. Holding an 1170 sell from Monday till close of today. It has been a relatively quiet week.

If you want to daytrade Gold today, selling now with a stop loss at today's high may be a good idea.

seyejohn94:
If u didn't join d gold Bulls... Price is giving you anoda opportunity to join d bulls..4hr close above 1153.9... Those joining now can use 50pips stp...

Happy trading....
Nothing is guaranteed...

Those of us that don't do counter trend will be watching for sell signals.. At least before that your TP area gets breached.

jendy36:
Sarcasm or no sarcasm, I take the first part of his post. if I could keep on multiplying, one can make a living from it. Even though the last part looks like sarcasm, still no p. I have also taken the advice by one of my mentors not to leave my manual work. It's not a do or die business.

I like your enthusiasm.. Hopefully you will still be this enthusiastic about trading in 3 months. Take things gradually. You sound too excited in some of your posts and it is not a good thing in trading.

Please if the new science of forex trading you talked about is the one from Toshko Raychev exercise heavy caution before putting live funds to it. The indicators repaint and the trader was known for trading without stop loss and using martingale to get impressive results.

Well done.

currentprice:
yes now ,,,,,, do the maths yourself, you turned $10 to $44 within four week of your trading this is 340% in a month. which other business can yield that return . why the question to make a living comes again are you doubting your now 2 month experience
source for £10k loan for trading and compete on Forbes list by February next year. Remember me when you get there brother

Surprised no one saw the sarcasm in this post

fxbomovi:
I just love you.

are u piponomics? really miss d guy

No Sir..

Another reason why you should not take analysts serious.

CNBC (rarely listen to them) was saying this morning that the winter will bring about poor job numbers for the US.. Their forecast was 210,000. I nearly exited my long term gold short and a short term gold short I entered this morning because of it. However experience told me to stick with the trade. Even the trader positions on many social trading platforms had more people buying gold than selling.. Well I stuck to my guns and numbers came out much better for the US. The benefit is attached below:

Summary: Believe in your strategy inside out and don't listen to external sources.

^^^^ Yet another theoretical bullshit. Instead of going through the stress of trading for 10% yearly returns you are better off leaving your money in your savings account.

People need to stop quoting these ridiculous theories and face the real demons of forex trading which are greed, indiscipline and impatience. These three things are what have kept on hunting that guy for years now. Nobody is pitying him like you'd like because we have heard his mindless babbling for years. He won't commit any suicide. He won't quit forex. He is not as poor and wretched as he would want you to believe.

Even if the thread is to be deleted, it won't free him from the shackles of losing money.

Capitals:
from experience, there isn't any guarantee that they will hit tp, swing/long term trading is they way to go, especially if you run a small account. This is not a get rich quick scheme and losses go with territory

You are right bro. But it is also the way to trade even if you have a big account. Problem is how many people can be that patient? It is the best way to trade but many people have small accounts so instead of using micro lots in order to be able to accommodate a 250-300pips loss they will rather trade 5 minutes and 15 minutes with bigger lots because they nee to make tangible money every month.

Someone with a $300 account trading 0.02 lots on 3 pairs on at least the 4 hour charts with a good strategy has a higher chance of success than one with the same amount and trading 0.1 lots on 5 minutes charts. The latter will get frustrated and burn his account in a month or less. Always.

Take a look at Gold. Pull up a 5 minutes chart for this month even a one hour chart and see the nonsense going on and the massive number of trades you have to take with an average indicator based system. Pull up a 4 hour chart and compare. A 4 hour swing trader will be on one sell trade that will be at least in 500 pips profit now since the start of the month while the small time frame trader will be chasing 50-100 pips here and there and having either a very small net profit or a big drawdown.

People will learn from experience though.

I can see Tom has opened a new account already

jamace:
Stop Loss hit.

Kudos with what you are doing bro..

Whoever is liking the loss is a sad life..

willscolf:
bought gold @1233.3,sl=1220.5,tp=12544 abt +50pips as of time of typing ....lets kick it out of d net nd c if it flies

I agree on Gold.. Holding the buy since Monday with little activity.

willscolf:
it pisses me off 2 c price hit my tp nd continues heavily 2wards my direction,GJ buy hit 83pips tp nd in less dan jst 2hrs it has made over 50pips mtcheew!

Lol.. Also remember the days when it will go as close as 80 pips but reverse to close you at breakeven instead of giving you your 83 pips

here is my trading style well explained by someone here except i do not use rsi, 200ema on mine. link
http://www.forexfactory.com/showthread.php?t=510468
use 5ema shift2 . 5 becos it symbolizes grace/mercy. 2 is standing as witness. Jesus performed dat great miracle of feeding more dan 5000 persons using this two great numbers. when added together gives d perfect number 7. this is what i use in trading those screenshot i uploaded here since last year. i was happy when i saw dat guy using it.

Never read a bigger bullshit in my life. Keep your religion away from Forex trading. As soon as you start involving Jesus and speaking in tongues for trades to go your way, you are on your way to crashing countless accounts. I know you will open a new account soon. Just make sure it has nothing to do with MAs.

raycolz84:
Hehehehe i understand your pains and frustration, you have started involving God already
whether its 500, 5k or 15k, naira, you are very heartless and wicked to request from money from FTA members in terms signals
can you swear that you have not beniffited from the FREE signals dropped by some of our ogas at the top
and even our able 'mama"
if truely you have traded a free signal from here to make as low as one pip, then the WOES are returned to you in a hundred folds

It's just sad tbh.. Naijababe and natruetalk has helped a few people here build accounts to sizable amounts free of charge. They have also given out free valuable advice that some of the signal and indicator marketers also benefited from at one point which is the aim of this thread. Now someone is coming to this thread to ACTIVELY raise subscribers and supposed old heads find nothing wrong with it.

Nobody will stop anyone that goes through personal emails or to another thread to agree to signal selling/buying deals but all these things happening here now is indirectly telling guys like natruetalk that he is stupid for not selling all those his highly profitable signals..

You think anyone will give a toss if these people opened their own threads to market themselves? One of them already did and I am sure nobody will go there to challenge him.

Una well done sha.

Option C is always available too. Keep the supposed $2k in your bank account and research a trading edge. Trade it judiciously on demo for two months and deploy half the amount in a live account. If you are able to replicate the demo results in your live account, you will be better than most wannabe traders in that 10 months. What happens if the person you are subscribing to his signals becomes unavailable before you have learnt to trade live? Close the account? Lol. Many people will proceed to blowing it. Forex trading is a career. You cant become a doctor by paying someone to read for you. Treat it as a business and learn the ropes yourself. Look whatever jare ..

noblezone:
Does it mean nobody here can hep me out?

Please folks, I have made this request two times.

I need advice on a reliable and honest broker with good support services.

Thanks to you all.

You never learn finish you don dey find "broker that is reliable and honest"..

Don't mind me sha.

Xm.com is the most popular. Most of us have accounts with them and they rarely misbehave.

noblezone:
How do you trade the NFP?

My problem is the timing.
When to enter after the data is released,

I have discovered that before I see the data and place my order, the party is over.

Let me guess, you are like the average forex trader that has around $1k in his account and trading on MT4? You can't win at news trading.

Leave it for the sophisticated wall street traders and those that see big money order flow.

micynute94:
I amuse myself with this thread a lot..

Good points mate.. Exactly what I have been hinting on in most of my posts here. The only hard and fast rule in Forex is to find an edge that makes sure you don't lose your capital while making consistent gains (no matter how small). However you arrive at that edge is up to you and it is not by following tired and worn out rules that have done more harm than good to those that followed it.

Every trader is unique in his finances and needs. For instance, telling someone with a $100k account to only risk 1% when he only trades one pair and takes one trade per day with between 50-100pips stop loss, is madness and a waste of resources.

Money management goes beyond risking X%.

We have hammered on this issue here before but as soon as someone comes with lengthy "big grammared" write ups you will still find willing listeners.

The system/subscription seller, seminar marketer and commission hunter traders will continue to see customers because of too many gullible people. You can't do anything about it.

Each to his own sha.

endfx1:
Closed EN @-30pips
Bought. EA
Sold AU
both +170.....
GJ +100.......Now in the lower range area @ 176.12 off the daily chart its a place to watch closely..a close below the zone will give more bearish move
UJ +30
GU +15...still dancing

Well done bro.. Thats how it should be..

FOREXMARTS:
Yeah take it easy i understand ur anger and frustration but hating won't get you anywhere especially where I am now, I have payed my dues in this thread, i have affected lives here and some good people in turn have affected mine, it's no news i escaped from Kano courtesy of Boko Haram and am better off now so what's ur point chief? Get used to my posts, I have a reputation u can't smear or drag in the mud but hey get used to my posts or or shove a long one down.

@current price u funny sha. But u can achieve those results, anything is possible in this business, how u dey chief?

Hahahahahahahaha.. Anger and frustration at what exactly? Hate on you for what? Getting to where you are? Do you know my account balance? I am not going to indulge you further. Enjoy yourself bro.

FOREXMARTS:
At first i wasn't going to reply you but i asked myself "what's the use of my chats with current subscribers if i don't use it to entertain people like you. Honestly am not surprised because a lot of nonsense fly around in the name of money making systems, holy grails and signal services. You are new here i guess else you would choose carefully who to throw jabs at but it's all good (knock yourself out with these). Last thing, our official target for every week is 100 pips and 400 pips per month (40% increase) all excesses are thrown into our sl tank. Some testimonies with subscribers below.

You shouldn't have replied. You just made a complete mess of whatever reputation you have. If you seriously don't see any reason to stop declaring profits when you didn't make any trade calls on this thread then go ahead. I am old enough to avoid internet dick-swinging. I only tried to point out the wrong behind baseless assertions in support of the lad I posted after. What happens on days when the correlated pairs hit SL? You are showing cut out whatsapp chats. To what end? It is just like an emarketer cutting out parts of his account balance to boast online.

I have a lot to learn? Go ahead and sound as condescending as you want bro.. You will only tell me I have a lot to learn if I come to meet you and ask you for help in my trading. I am not the one asking for subscribers to boost my pocket but nevermind..

Enjoy yourself Oga.

And oh.. I have been around since season 1 when Martog opened this thread. I also know your story and how you left the north that year. So I am not a newbie..

Anyone willing to take caution will take caution from these warnings. Those that ignore will come here and cry like others before them when shite hits the fan like it usually does in these cases.

Carry on though.