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Business › Re: Forex Trade Alerts: Season 20 by Shevychen2: 8:10am On Jan 08, 2020*

meshpips:
Use TigerWit. They are the only A - book broker I know in Nigeria. All the others are B - book brokers.

global.tigerwit.com

B - book brokers take the opposite side of your trade since your orders are not passed to the interbank market. This brings a conflict of interest because your loss becomes their gain.

It is noteworthy to state that B - booking is very legal. Brokers take the risk of doing this because they are aware of the statistics - 90 percent of traders will lose 90 percent of their capital within 90 days of trading.

Don't have any issues with Tigerwit but this talk of A-Book and B-book brokers always get on my nerves just like the ECN talk. There is still no legislation that PROPERLY differentiates both. Almost all retail forex orders are internalised by brokers. No broker is sending your 0.01 lot size to any Interbank market. Some of the most respected brokers run two books where they keep all small orders in-house and send whatever they deem risky to the Interbank market.

And an important point to note for new traders, there is no central exchange in forex. What constitutes as Interbank market for Broker A might be different for Broker B. Brokers that "send orders to the market" instead of just taking the opposite side are only shifting the risk to a liquidity pool often made up of three to five players far larger than them. So in essence, even when the broker is not making the market, they are just shifting you on to a bigger shark that is making the market.

As rightly stated, there is nothing wrong with B-book or so called market maker brokers. And until there is a readily available and undisputed means of determining who is responsible for the liquidity on ALL trades you take with your broker, A-Book, B-Book, ECN, DMA, STP and all that bullshit is just marketing speak. If you want a proper central exchange, leave retail forex trading and go to the US/UK stock market.

It is no surprise that brokers in tough jurisdictions like the UK have since been forced to drop all these rubbish acronyms. Let's top allowing meaningless marketing speak influence decisions. Unfortunately, these broker myths have been around for years and is still constantly spread. Once people hear "ECN" they think it is the best broker ever and market makers are evil.

Some of the best brokers in the industry today are market makers.
Some people also still believe that brokers that "send orders to the market" are matching up your sell order with another person's buy orders. LOL. What happens when 80% of the retail population in their liquidity pool are long USD across various instruments?

The best broker is the one that meets your specific needs: minimum capital, deposit/withdrawal methods, spreads and leverage, quick payment of profits without grammar etc. Most popular brokers meet these requirements.

Again, no spectacular issues with Tigerwit but I am always wary of brokers that have a separate license for UK or AU clients and another for their "global" clients like they have (Bahamas license for others, FCA for UK traders). In my experience, they are using the foreign license to navigate a red-tape set by the FCA. In many cases, it won't mean anything but still..

Like I have said before, when someone is FULLY ready to trade forex, brokers won't be a problem. Until then..

10 Likes

Business › Re: Forex Trade Alerts: Season 20 by Shevychen2: 2:52pm On Jan 03, 2020

GodisGreat4vr:
Good margin level�

You can't say this without knowing the actual leverage though.. Definitely not on a 1:30 broker. Not even 1:200.

Happy New Year guys..

2 Likes

Business › Re: Forex Trade Alerts: Season 19 by Shevychen2: 3:27pm On Dec 19, 2019*

infofirst:
The figures at darwinex are lovely to see but interesting all that are demo figures o to some folks here.

I have a bit of challenge with @darwinex.they turned my request for a swap free acct and the reason I step down with them. I do not trade swap acct for faith reason.

Thanks again for your insight. They really helped and challenge me personally.

One thing I have learnt, is to not argue much when someone can't see beyond their nose so if they think over $30m invested on Darwinex by more than 2,000 people is fake, I know what the pockets of all us benefiting from Darwinex think

Unfortunately, their shakara too much. Once in a while it shows like with your swap free account. They no dey try attract new customers, although some of that is regulation related. They only started placing adverts sef. Good you have found other alternatives. Well done sir.

saxy4c:
Always available to learn a thing or two from you sir. More greens to your levels

Oga trust me, I no get anything wey you wan learn grin

Your risk profile dey make me squeeze face but as long as it works for you, fire on. Finding a strategy that works is the majority of the hard work in trading and you seem to have nailed that down.

SayDeeJay:
Thank you for this

Anytime sir.

3 Likes

Business › Re: Forex Trade Alerts: Season 19 by Shevychen2: 2:32pm On Dec 19, 2019

Fmusty:
@Shevychen2

God bless you.

And you too bro.

Business › Re: Forex Trade Alerts: Season 19 by Shevychen2: 2:30pm On Dec 19, 2019

infofirst:
@Shevychen2..

My boss, we have closed shop for the year o. Giving alerts na hard work. I salute those doing it regularly. Not easy. It's why it's a bit sad that some people are too focused on discrepancies instead of appreciating the time that goes into it.. I understand the need to watch out for scam, but it's important to be sure it doesn't turn to witch-hunt.

I can suggest caution on buying GBP pairs though. Take a look at GJ weekly chart. See where the election spike ended and what is happening now. There is no obstacle keeping it from falling back to <135 technically and fundamentally, I don't see the good news that will push it back to 147 anytime soon.

As for Darwinex, I don marketing dem finish. The highest earner there this year made almost $200,000 from performance fees alone and he only needed to make 63% for investors in 2019! People are breaking heads about making 100% weekly.

Those wey hear am don hear. People are already moving on to trading for high networth individuals directly outside that environment.

10 Likes 3 Shares

Business › Re: Forex Trade Alerts: Season 19 by Shevychen2: 9:32am On Dec 13, 2019

Just happy that the whole Brexit nonsense is gradually ending. How do you explain the fact that choosing to leave the EU caused the pound to crash but electing a man that is certain to see out the Brexit is good news because he got a deal to STILL leave the EU? Never made much sense which is why people like us just focus on the technicals.

Next year should be fun.

3 Likes 2 Shares

Business › Re: Forex Trade Alerts: Season 19 by Shevychen2: 9:20am On Dec 13, 2019

harizonal123:
There is always a d**k bigger than yours bro .Mind the way you flash it in public

Just kidding . May the gods of pips be with us all

Abi oh..

I am really impressed by the quality of the traders here now though. Gone are the days of marketing shiny indicators. Saxy, PipMarshall etc doing the lord's work with REAL strategies with edge. Kudos!

2 Likes

Business › Re: Forex Trade Alerts: Season 19 by Shevychen2: 12:05pm On Oct 25, 2019

Just catching up on everything I have missed so far.. A bit of a shame some of the discussions. Seeing some things I didn't expect from people that have been struggling in this thing for at least 10 years. I believe that is enough time for anyone to tell themselves the truth.

This business is EXTREMELY hard. Not because it is quantum physics but because the human nature is designed to fail at it. This is why when you read the stories of traders that have failed, it is almost the same exact reasons that made them fail.. Yet many more will still fail like that again.

Just read this page if you want to understand what I mean https://confessionsofatrader.com/.. The page is also important for anyone just starting out. It may be best for you to not start at all because there is an 80% chance that you will be frustrated even 5 years from now! Not a curse or exaggeration. Hard truth.

If you find yourself still struggling after years and years of trading, quit the delusion. Don't go collecting money from people. Don't sell your father's land to fund account. Just swallow your pride and go back to the drawing board. If you can't do that, just quit completely before it is too late!

P.S I have seen some comments saying 3 months data is enough to prove profitability.. No, it isn't. If you don't have an account that has minimum 2 years of profitable trading with maximum 20-30% drawdown, don't go about claiming guru just yet. If you collect someone's money to trade, you will crash it.

And for the people that are always quick to give people money to trade, good luck as you keep losing. Just like becoming a doctor, software coder, astronaut etc, Forex trading is not a get rich quick scheme. It is very torturous. Stop being deceived.

11 Likes

Business › Re: Forex Trade Alerts: Season 19 by Shevychen2: 10:10am On Sep 19, 2019

Shevychen2:
Many traders pay far too much attention to brokers instead of their trading system and trading skills. That's why regardless of which broker you choose, someone has a bad review about them somewhere..

Find a popular broker and follow..Then focus on your trading. You will be alright 99% if the time.

Like I was saying the other day.. More than 80% of cases of broker complaints are a case of transferred blame. Instead of owning up to their carelessness, impatience to properly follow account opening and funding processes, greed, poor trading system or trying to make money too quickly, traders start blaming brokers unnecessarily.

They will keep funding more peanut accounts, crashing them and painting the broker bad all over the Internet. This is why more big name brokers are trying to stop a certain demographic of traders from joining. Darwinex has a $500 minimum deposit, Dukascopy has a $1000 minimum deposit..etc.That way only serious traders that won't blame the broker for traffic jams will join them

Unless it's an unknown scam broker( in which case,na you do yourself) focus on your business. You will be fine!

Even the forex time with high spreads and charts that perform magic sometimes during high volatility doesn't affect a mid-long term trader in any way.

8 Likes

Business › Re: Forex Trade Alerts: Season 19 by Shevychen2: 9:01pm On Sep 13, 2019

Men no dey ever learn.. People wey dey double account in three days dey double.. People wey dey jump on a lucky week for marketing dey jump. No wahala o.

9 Likes 1 Share

Business › Re: Forex Trade Alerts: Season 19 by Shevychen2: 5:57pm On Sep 11, 2019

[quote author=infofirst post=82128373][/quote]Yes. Hopefully it helps some people.

Business › Re: Forex Trade Alerts: Season 19 by Shevychen2: 11:34am On Sep 11, 2019

A 1% risk on a $10,000 account is the same as a 1% risk on a $100 million account. They are both one percent. The dollar amount is irrelevant.

There is an important lesson to be learned here, and it has everything to do with position sizing. I hear too many traders say things like, “I’ll position size correctly once I have a larger account, but right now I need to build my small account as fast as possible.”

The statement above is a death sentence for most traders.

Having a small account is no excuse for improper position sizing. In fact, it’s likely the very reason that you don’t yet have a larger account.

As I always say, forget about making money altogether. Instead, focus on the process of becoming a patient and disciplined trader and the profits will follow.

https://dailypriceaction.com/blog/trading-quotes/

5 Likes

Business › Re: Forex Trade Alerts: Season 19 by Shevychen2: 10:26am On Sep 10, 2019

MrStan11:
Its a new method I'm seriously planning to switch to. Though I'm still demoing.

Its from a guy called Robinhood from forexfactory. Read his thread it will help a lot.

Demo it a lot more before you switch. If you ask me though, I will tell you to look for strategies that are based purely on the numbers. Raw market data. Most of the charts from experienced traders here are based on it or some variation.. Haven't you wondered why they don't use these christmas light pointy arrow indicators abi na only you dey see am?

You may find success with these indicators but the number of failures with it are far higher.

All those Forex factory threads go the same way: someone posts a system filled with indicators.. Then others join and introduce even more indicators to "filter". A few months after, *crickets*.

4 Likes

Business › Re: Forex Trade Alerts: Season 19 by Shevychen2: 10:21am On Sep 10, 2019

[quote author=Capitals post=82089345][/quote]The main boss! Longest time. Your boy dey loyal grin

Business › Re: Forex Trade Alerts: Season 19 by Shevychen2: 8:00am On Sep 03, 2019

meshpips:
Seun just needs us to prove to him that money can be made CONSISTENTLY from currency trading.

People like Oga @shevychen and @currentprice can help us prove that to him.

Simply open a thread dedicated towards publishing (on this forum) your daily transactions in this market.

After about 3 months, if @seun doesn't change his mind about the currency market then absolutely nothing can make him change his mind.

I don't need his money so I am not proving nada to him or anyone for that matter. Maybe if he has $100k he wants to invest with me then yeah.. Otherwise, I don't give a toss about anyone's perception.

Almost every week I remember to check here, Currentprice openly closes over £3,000 profit. This has been happening for more than a year! If that's still not enough proof for whoever, for their pocket o.

5 Likes

Business › Re: Forex Trade Alerts: Season 19 by Shevychen2: 7:56am On Sep 03, 2019

priceaction:
Bro we are talking of iq options here ooo . Se.eun needs the money from the big firm meanwhile the traders trading with them is not allowed to promote anything here. He has forgotten that majority of brokers are the big scammers. What an irony. See how life can be and money can change human thinking?

Funny if so... IQ options and other similar Binary options brokers helped make people see forex trading as the same as betnaija. There is a reason why Binary Options is now banned in Western ountries.

Anyways good luck to him.

1 Like

Business › Re: Forex Trade Alerts: Season 19 by Shevychen2: 7:53am On Sep 03, 2019

dungas30:
Pls guys check out this spread , is it normal Took it by 3am

It is, if you target 60+ pips per trade. Otherwise na armed robbery.

Business › Re: Forex Trade Alerts: Season 19 by Shevychen2: 12:12am On Sep 03, 2019

Many traders pay far too much attention to brokers instead of their trading system and trading skills. That's why regardless of which broker you choose, someone has a bad review about them somewhere..

Find a popular broker and follow..Then focus on your trading. You will be alright 99% if the time.

5 Likes

Business › Re: Forex Trade Alerts: Season 19 by Shevychen2: 12:06am On Sep 03, 2019

I thought Seun has a rule against "promoting" Binary options? Why was this advert accepted?

1 Like

Business › Re: Forex Trade Alerts: Season 19 by Shevychen2: 10:36pm On Aug 30, 2019

femora007:
pls i need your help about account funding on darwinex. It is stated on the site that deposits are only allowed from cards which have the anti-fraud 3-D Secure system enabled. How will i know if my mastercard have this feature? Which Nigerian back card have you used for successful deposit in the past?

None. Bank wire is my preferred option.

1 Like

Business › Re: Forex Trade Alerts: Season 19 by Shevychen2: 9:36am On Aug 27, 2019

obumnaeke:
My oga, no be so.

I always use stop loss, even in that trade. But market jumps does not regard stop losses and take profits.

well, I realized the hard way sha

Stop losses are meaningless if you are over exposed already. For example, the gaps happened on Yen pairs. Most of them gapped 45-55 pips and moved lower by another 50-60 pips each before reversal. Assuming you were trading all 7 major yen pairs at once (very poor trading decision), that's around 650pips-800pips of movement. A trader with a $200 account that is trading 0.01 on the 7 pairs plus others (serious overleverage) without stoploss would have seen the account go down to max $120 before recovery which isn't enough for a margin call on most brokers.

If it was a $500 and still 0.01 across the 7 pairs and maybe others (mild overleveraging), it would have gone down max to $420. If the trades were opened with a stop loss, the broker would have closed the trades at market open, assuming the stop loss was already breached by the gap. So the potential loss on both accounts above would be less than 50% of the losses we mentioned earlier.

So the issue wasn't the stop loss or no stop loss. It was the number of open trades and the size of the trades in relation to your account balance.

If the total sum of the potential loss you will make on open trades if they all go against you is more than 10% of your account, you are a high risk trader who shouldn't cry when the market bites hard.

Consider the fact that many professionals treat stop losses in relation to market movement. So, they only lose 1% of their capital when that pair has moved 1%, which is 100pips. This means that before they lose 10% of their balance, all positions must have gone against them by 1000pips. It will take far bigger gaps to cause that kind of loss for them assuming proper pairs diversification. It doesn't make sense to have more than 2-3 JPY pairs open at once, especially in this trade war environment.

So, slapping arbitrary red lines as stop loss won't save you if the maths doesn't add up. Nothing wrong with high risk, betnaija style trading. Just don't cry when the inevitable happens. Especially as an inexperienced trader.

7 Likes

Business › Re: Forex Trade Alerts: Season 19 by Shevychen2: 8:05am On Aug 05, 2019

Looks like nearly the entire forex factory community has become countertrend scalpers.. That or there is some serious sheep madness going on.

1 Like

Business › Re: Forex Trade Alerts: Season 19 by Shevychen2: 6:40am On Aug 05, 2019

^^^ Well said.

I always smile and move on when I hear people say forex is a scam, forex is just betnaija that is wearing suit, forex is bla bla..Years ago, I will try to educate. Now I just say okay and move on.

Most of the people saying it are dumb sticklers that can't get their head around it. Can't research, can't calm down to learn, can't invest enough money into it BUT still greedy as hell and looking for crazy returns. "Let me quickly use $100 to start, I can turn it $1000 in a few weeks.." lol.

Saw a post asking for how to trade without verification.. Crazy. Why would you start a business without proper registration? Anyways, I guess if you see forex as "betnaija" wey wear suit" it will remain the same for you..

And we wonder why more than 95% of first deposits are lost and over 75% of traders don't make any profit at all every year.

Business › Re: Forex Trade Alerts: Season 19 by Shevychen2: 1:18pm On Jul 17, 2019

femora007:
please is it advisable to open two darwins, one for conservative trading other for aggressive trading? Hope it won't be a turn off for potential investors?

You can of course.. As long as they are both delivering, they will choose which one they want and in no time, the below will also be your portion

2 Likes 1 Share

Business › Re: Forex Trade Alerts: Season 19 by Shevychen2: 3:18am On Jul 15, 2019*

drpips1:
This is tragic after all time and energy invested, to those condemning the manager, he really tried to have traded manually and profitably for 117 days something i can rarely find, i feel he would have avoided that one bad entry that caused this crashed if he allows EA to calculate lots to risk in percent for next trade or for the entry signal, trading evolve every day though with new strategies for managers to adapt quickly to.

This is also as rare as finding automated profitable trading. A good trader is a good trader whether automated or manual. No side of the divide is better. Some of the EA users still keep tweaking their EAs every time or even manually tampering positions opened by the EA.

Here are some consistent manual traders with far more history and I didn't even look too deep...
https://www.darwinex.com/account/D.58234
https://www.darwinex.com/darwin/ERQ.4.4/
https://www.darwinex.com/account/D.66738
https://www.darwinex.com/darwin/ODE.4.15/

that one bad entry that caused this crashed

Looking at the graph, it wasn't one bad entry that was the problem. It was the same old enemies we always talk about. The reality is that most people are not adequately prepared to handle them. You can see where I marked to highlight where he started gambling, probably to make as much money as possible from his investors for that month.Which reminds me of that pros and cons link I shared. The dots represent various positions so it wasn't a one trade issue.

Add the fact that he was trading without stop loss and also having as much as 20+ open trades and you can understand.

Bottomline, the crash has nothing to do with being a manual trader

5 Likes

Business › Re: Forex Trade Alerts: Season 19 by Shevychen2: 5:54pm On Jun 21, 2019

meshpips:
I am really grateful to @schevy for making us see the light.

Many others have recommended proper money management but didn't show us how that will be beneficial to us in the long run.

Thanks @schevy, you might not know what your indefatigable and relentless posts about darwinex has done to traders in the Nigerian community. What many of us dreamt about when we began this journey into the FOREX world but didn't know how to connect the dots is what you have carefully guided us into.

Thanks a million times.

Anytime!

A client I met while hustling PAMM accounts recommended Darwinex to me and I am forever grateful to him. Glad I have also helped others. Even if it is one person that became successful through those discussions here, I am happy. cool

5 Likes

Business › Re: Forex Trade Alerts: Season 19 by Shevychen2: 3:37am On Jun 17, 2019

Good read for intending Darwinex investors https://healthyforex.com/tips-to-help-investors-find-profitable-darwins-on-darwinex/

4 Likes

Business › Re: Forex Trade Alerts: Season 19 by Shevychen2: 6:11am On Jun 15, 2019

alphaNomega:
I have observed that all these trading systems and indicators are not so helpful. You are better off with a single indicator if you must use any, what really matters is being on the right side of the market when your trade is open.

That's all o (if you are a trend follower at least).

1 Like

Business › Re: Forex Trade Alerts: Season 19 by Shevychen2: 6:06am On Jun 15, 2019

Looks like this month will be like March, two way swings all through.. First week for the bulls, second week for the bears.. Who will own next week?

Any which way, we go dey follow grin

2 Likes

Business › Re: Forex Trade Alerts: Season 19 by Shevychen2: 9:50am On May 17, 2019

AgentGoat:
Give me some guidelines to begin?

Begin trading? Start with Babypips.com to get the gist at least.

When you are done, start trying out different strategies. There are lots on forex factory. With time it will start coming together for you.

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