₦airaland Forum

rozayx5:
We preach the same message bro


Forex is no friend of small capital

If u wanna live on trading u need it big

I trade 5 figures and I can tell you the psychology at that level is different

I take max of 4 trades a month,picking trends on daily and charts and using 4hr and 1hr for entry

Nice to see you again bro...

Tunderr:
What's the minimum account balance to start build account statement from, $200, $500, $1000 ? Say 6 month account statement, would that get me good funding? I'll check out the blog link you posted.

Question for you, do you think there's no one out there making good money, not some 5%/month stuff? I believe some people are special and make tonnes of cash trading forex and don't even come online to talk about it.

I believe there's no one way to trade, I'll give you an example;

Through this FX contest; You know, there's no way I could tweak my system to make 800% / week, I simply can't, no way I can achieve that result, no matter what I do BUT some can with their system.

I believe if you can trade very high risk 800-1000% / week, then you can reduce the risk substantially to make anywhere from 2-5% / month comfortably. What you think?

Any amount is fine to build a statement. What matters is responsible and sustainable trading. 6 months can get you funding but 1 year+ is obviously more attractive.

Regarding your question, anything is possible.. However, what I said is the more common pathway to success. The number of people that close a trading year with any sort of profit in this industry is around 20% of the entire trading population. How many people among those do you think are making 100% every month, nevermind 1000% a week CONSISTENTLY? You can be certain it will be something like 0.01%.

5% a month is not the gold standard, in fact in December I got more than 3 times that figure even with my risk profile. Nothing is the gold standard.. What matters is how much risk you are taking to get the return. If you can find a way to risk 10% of your account only throughout the month and make 100% returns by all means fire on!

On Darwinex, there is someone that made 100%+ for himself in December in 50% VAR which translated to around 20% for investors. He is the only one that posts that kind of return, out of over 2500 strategies existing there, to close the year profitable. Others like him crashed. That's to show you how hard it is. However, that kind of trading also means huge swings in equity curve and some deep drawdowns. Investors know it is not good and are treating his trading with extreme care. His kind of account should have around $1m in trading investments but he is still on $100k.

It is possible to walk from Ikeja to Ogun State yet the best way to go down there is not by walking.

Every single person I know that made >$50,000 from forex last year had less than 200% return for the entire 2018 on their personal trading accounts. Money came as a result of either having their own 6 figure trading capital or other people's own. Admittedly, its a small sample group.

I know I am beginning to sound like a buzz kill to some people so I am going to stop preaching. Please I am not discouraging anyone from turning $200 to $10k or even $1m in a year or saying it is impossible. But the chances of STAYING CONSISTENT and succeeding with that plan is like 1:100000 so why bother going through the mental torture?

Everything is possible and there is no 100% fixed way to success but years of history and examples have shown us that some ways lead to disaster faster.

As for being able to switch from high risk/return to low risk/return, again it is possible.. But will the person be able to resist the urge to increase risk again in future? Also, if you have any plans of showing off that trading history to get investors, the past behaviour can discourage or make them very careful with you. This means pulling their investments once you have a 10% drawdown or less sef.

harizonal123:
This is a typical example of what trading for a living is suppose to look like. This guy started trading with $100,000 at the beginning of 2018 . At the end of the year he has made a profit of just barely 62% for the whole year which translate to about $5K per month. But here we are undercapitalized traders trying to duplicate our balance within every 2/3 months.

This is what I have been preaching... Seeking proper funding and keeping your targets as low as possible (to ensure low risk and proper money management) is the easiest way to sustainable trading success..

62% will be scoffed at by some who may be thinking of how they could have made more with that money but that guy will probably be trading for another 30 years while those that are making 1200% a week will crash in 6 months or less.

Here's a quote from a nice blog post: "Although it may seem “easy” in a backtest to double an account every year, as a general rule, if you manage to yield an annual 20% in the next ten years with moderate drawdowns, you will be able to enter in the Champions League of trading / investing."

Full post here: https://blog.darwinex.com/trading-capital-to-earn-100k-a-year/

Happy New Year Everyone!

ayesco202:
Profitable trading seems to be difficult this season.

If you are on the wrong side, yes. Thin liquidity leads to exaggerated moves. Imagine quiet pairs like AJ with an ADR of 60 usually, doing 300+ pips in a week. Was a great week that delivered December's profits though.

Fxwarrior:
Please tell us how much you started with if it was $100

Lol.. Started when, my first forex account? It was $1000 but of course I crashed it and a few more thousands. If you are asking about my last deposit before turning profitable, it was $150.. plus the 30% deposit bonus that XM gave me so $180

Tunderr:
Hey , be careful of your so called guru you see online , posting winning trades before you throw your money into burning fire. Do you due diligence, don't be Like Sheep to the Slaughter

-$10k gone in 2 weeks.

I have no pity on anyone still investing in traders in this crude manner of handing out money without proper analysis of their trading ability and without being in control of your money. PAMM accounts and the different variations that exist don die finish?

Smh.

[quote author=DivinePips123 post=74062205][/quote]Nice profile on Forex time bro.. Why don't you explore bigger platforms like Etoro and Darwinex.. If your account has at least one year worth of GOOD history, you can get $1m in investment in the next 6 months without any adverts.

Read my previous posts on this subject to understand.

AK284:
From the account you posted below, I am very comfortable with swing trading,but with what I saw below it seems scraping is the way, I have been working on changing to that lately and with some decent results, I got tied down most time with swing trade, naturally I am a very impatient person and it seem that goes well with scraping, but market has taught me patience the hard way,but with some results I am getting from scraping strategy in the last 3weeks I believe it's the deal!
Surely which ever strategy you use,I think it's very important to know thyself

As someone experienced in both, scalping* is by far more mentally and physically demanding.

Will you be able to sit in front of your computer during your trading hours without any distractions? Also, with the sharp swings and noise happening on lower time frames these days, will you be able to stay calm when you see a trade go - 20 pips against you first before going your way again, especially on the huge lots required to make scalping worth it?

Anyways like you said, "knowing thyself" is what matters.

Fxwarrior:
Guys in all honesty. Trading with any fund less than $500 can be frustrating.

With $500 it will be easier to trade a lotsize of 0.02 with peace of mind and it paves way for a faster rate of account growth than starting with $100, its like the person is joking.

That's my honest opinion.

If the person is a new trader just looking to make money for themselves quickly, then yes it could be frustrating.

However, if the new trader is just focused on becoming good and building a good track record, it won't be frustrating. Especially when they have other means of income.

Once he/she succeeds with becoming a consistently profitable and responsible trader, the small account can open doors to big money. Doesn't have to be yours alone.

5 years ago I didn't even have a personal 5 digit dollar trading account but the progress I made since then as a trader means I now comfortably control 7 digits that I don't even know where it came from and I didn't advertise anything. Today, even if I only make 2% a month on average, I can still end the year with a comfortable 5 digit revenue.

Put the process first and the money will surely follow.

currentprice:
@ priceaction, it look like I senior you in this business if you don't mention "North finance" as one of your broker. I started with North finance

See chairmen! Alpari UK, Marketiva and North Finance cashed out big on us back then in 2007/2008. Then FXpro joined in 2009. Lots of forex teachers didn't know anything but were busy organising seminars and ruining people's savings.

Thank God it was all part of a formative process

Fxwarrior:
An insightful post. I wish you get to post this often as a reminder to us.

I like that point that 100 pips get levels. 100 pips can be $100 000 to one and $10 to another. At the moment, my aim is to grow my account so that 100 pips will take care of my yearly expenses.

Forex is far better than football betting as you can't guarantee the outcome of a game but you can guarantee the outcome of a trade.

I catch up on weekends and will always chip in when I feel the need to.

Not sure anyone can guarantee trade outcomes but I agree Forex is in a different league to football betting because with a good strategy, you can predict directions to a high level of accuracy. Even when you are wrong, you can take a small loss and switch positions to recover and make more.

Fxwarrior:
In such competitions most traders use big lot size which is not advisable for long term trading success. Many an account is blown in that competition.

Some traders are satisfied netting 10% in a month. What is important is consistence.

Excellent point.

It's a pity that many of us still dont understand the shady stuff that happens in this industry. A large majority of contests like these are usually rigged by the brokers. The end game is publicity and the 1% of traffic, generated as a result of the competitions, that will end up opening and crashing live accounts.

Let's even assume 1200% in a week is real, it is not responsible trading and will never be. In fact, whether you are making 5% or 100% weekly, it is pointless to real investors until your Value at Risk is analysed. If you are making 100% a month with 80% VAR and another trader is making 10% a month at 20% VAR, the second trader is almost guaranteed to outlast you and he will be the one regarded as the better trader in real professional circles.

Again, it is easy to make 50-100% of $200-1000 in a week, taking sizable risks but will your emotions allow you to repeat the same level of risks with 10,000? What of 100,000? lol That's when you will know that -100 pips get levels.

Anyone not looking at forex trading risks and returns professionally and only focusing on respectable quarterly and annual returns will most likely end up funding multiple accounts as they keep struggling. Excel sheets can show you how easy it is to risk 5% per trade, make 50% a month and turn $1000 to $1m, but in real life, we know how it goes.

This is a business. Not your way of quickly hammering in a very short time. Again, those that survive are those that have a long term view and focus on becoming professional in every ramification but most especially in setting trade sizes and targets.

wiconse:
Hello guys, am a beginner in d forex world. my friend introduced me to the platform called iml service, where new members pay $217 to get tools and being taught. pls my question is: should i get myself involved in such platform. anybody with any experience with iml can help out. tnx

If that's Instant Market Live, ask yourself: can you afford to pay N80,000 to basically learn moving averages and bollinger bands? The platform makes money through their teaching and nicely garnished ponzi structure..

You can pay the money if you value basic forex knowledge that much but don't start dreaming about trader lifestyle with them

Tunderr:
I'm not trying to argue with you or sort of, you definitely have some experience in forex. I'm just telling you facts here, mention the genuine ones you know on instagram, let's see.

I don't know if Captain Jack is million dollar trader and I highly doubt it... I never see any verify account from him. He's very close to all these fake forex gurus you find online. I know a lot about him, more than you do definitely.

I'm just saying people should not get carried away. Even on here, a lot of people are fakers. Do you guys remember Wikyilo (can't remember the name correctly) that was passing of demo account as live account?

There is very few people I can take serious here, PriceAction being one of them. Anybody can post past trade already getting to profit or reached profit already.



They are 3 groups you will find in forex;
1- Very few successful traders
2- Struggling traders.
3- Those that sell forex product or forex education.

Both of you are correct in a way.. Myself I am against selling any forex materials or training and will never do so but teaching a novice how to become successful in a trillion dollar market where less than 30% are excelling is a herculean task..It will require weeks or even months of handholding.. I know I can never do that..Anyone that wants to charge money as an incentive is within their rights to do so because the time required and patience to mentor the person can be hugely demanding.. If there is no motivation/obligation, he or she might get tired from the teaching..

Additionally, we know how our people treat free information. Packaged nonsense outsells free quality stuff here so you can imagine the frustration when someone can't keep appointments etc because they are not paying you..

What I will advise anyone paying for training is to ensure the person teaching you really knows what they are doing.. Ask for proof, at least 2 years of consistent and disciplined trading.. And be sure the strategies in use for that two years is what you will be taught.

Otherwise, go on BabyPips, Forex Factory and YouTube and put in the work that goes into learning this market and creating your own strategy. The size of this market and the earning potential should be enough motivation to take even 2 years if required to learn.

As for me and my father's house, no free or paid training. I am definitely not sharing the details of my hard earned strategies so I won't have the mind to collect money (at least what I know they are worth) from anyone. It is extremely rare to find a trader that understands how this market is a zero sum game doing that. Imagine spending money, sweat and tears for 3-10 years to come and give away your secrets for free after you have turned profitable.. You must be the son of God It's why I laugh when I see people expecting our excellent oil trader on this thread to expose exactly how he gets his entry zones.

Any serious person can look at charts posted here and then try to reverse engineer the entries with as many related tools as they can. In no time, you will have your own bespoke strategy but if you want to pay for training, by all means go ahead if you are sure of what you are getting.. Otherwise you just helped a fake trader keep up with his fake forex lifestyle.

Donvic4u:
XXXJPY LOOKS BULLISH .....

EURJPY AND USDJPY ON MY MIND....

In this current market? Nawa.

Sidenote: This is one of those weeks where you will hate using TPs.. Most pairs smashing through obstacles and pouring down. Great way to compensate for the low volatility earlier in the month.

teemy:
So you've finally joined Darwinex. How has been their services so far? Spreads and the rest?

In one line..

The best I have ever used.

Bolutumiii:
Perhaps, You trade Price action nd it looks like its not yielding enough, I'll encourage you to move to Forex Factory nd visit Davit Pivot thread, download the indicators nd template, it's basically pivot levels drawn in correlation with fibonacci on Weekly TF basis in combination with TDI.
Note : It's For Individual that cares.

Nice strategy on paper but I remember reviewing and discouraging it with someone outside NL last year or so and I am reviewing it again for any new traders that may be considering going that route. It is a poor way to pick tops and bottoms. 90% of the time, the biggest moves for a week are in line with the trend. I wonder why anyone would deliberately leave that and then try to catch a reversal of 20-40 pips. Even when you open numerous trades like they are supposed to do, you need to be extremely careful with your stop losses and Risk to Reward ratios for you to make money consistently with it. It is not something I will advice a struggling or new trader to start with.

See an example below using the template: Look at GU.. It has fallen over 240 pips this week.. Wouldn't you rather be catching 120-200 pips from the main trend (down) than trying to squeeze out hundreds of pips by opening 15-20 trades when price retraced in that circled zone? Now imagine that you were away or didnt set a tight SL when the current break to the downside happened..You will be sitting in a big drawdown in a week when you should be in profit.

Benqozenero:
Can a demo account be listed in Darwinex exchange? I ask because I have tried to deposit into my live account several times with my card but it's not going through. I have gone to the bank to activate everything needed for it to work but it's not working.

No. Only a live account. With your investor passwords you can import your history from another broker. They don't do card transfers especially from outside Europe.. Bank wire and $500 minimum. Leverage is now 1:30 though, like other big regulated EU brokers so depending on how many trades you leave open, you may need at least $1000 to join them. You can open a demo and see how the leverage affects your starting balance and strategy.

Their support is very good.. You can ask them further questions.

Meanwhile.. Those that are already good enough should take every advantage of their abilities.. People are looking for where to put money and will back a trader that shows any signs of being good.

I can see a lot of enthusiastic newcomers to the business.. Kudos to everyone pointing them to the right direction..I just wish they will listen,learn and stay patient...This business is the easiest yet the hardest. You can see the money but touching it is a different thing entirely. Only those that achieve an extreme level of self control and patience can survive in the long run. Self control to follow a strategy and patience to put your Mercedes dreams on hold as you learn.

To show you how hard it is to survive in this business, see the chart below.. It shows the percentage of profitable customers that each of these brokers have ever had since inception. Think about it.. Meanwhile, it also buries the 95% of traders are losers myth. 76% as losers is still high though.

Lmao.. People happy about making $600 on demo talking about funding with $100.. Recipe for disaster.. Will definitely use 0.5 on the $100 and lose it 6 hours after funding

PIPnator:
Naturetalk..
Notice the yellow line. It was supposed to act as support but price broke through it and its making a retest. When the retest is complete, I suspect price will head all the way down to Southie.
Also is the red trendline, break out and a retest.
And you can also say price made a head and shoulder.

This is what I feel and thats what informed my trade.

Didnt quite like PA on EC so I went with EA but they were in similar positions. Expecting a retest of the former inflection point so no major reversals this week anymore.. Maybe by Monday but we'll see.

FDOzioma:
please who knows about a good broker offering no deposit bonus

Did you try a Google search before asking this question? If you did you would see that XM, Tickmill, FBS etc have those.. Let's try and stop asking such cheap questions that can be easily solved with one search.. It's why nobody bothers to reply.

By the way, unless you are trying to use the bonus as a glorified demo, it's useless for most brokers. The terms and conditions make it impossible to do anything with the money in the long run without a deposit of your own.

dungas30:
pls guys help a learning brother I want to fun my IQ OPTION ACCOUNT. PLS WHATS IS THE BEST METHOD ? DO U THINK FUNDING WITH BIT COIN HAS ANY AFFECT OR CAN I USE MY NAIRA VALVE CARD PLS HELP

If you can't work this out yourself, you have no business creating a live account yet.

Harsh but that's the truth. If you like go and waste your money.

Tunderr:
ANybody want to discuss unconventional money management here? I mean not your regular trade 1/2% of account ? (Note i'm not saying this is bad)

I just want to have a conversation with someone outside the norm money management.

Anybody?

A good method is to fashion risk according to the expectancy of your strategy. So if you somehow have a strategy with at least 1:2 RR and right 80% of the time(rare), you can afford to have more than 15-20% of the account exposed at a time. This means that when you are killing it, you are really killing it and when the loss happens, it only takes a winning trade to recover.

haon:
Hi, i'm thinking of investing a little of my money in alpari pamm account and after reading through your post i'm considering darwinex potfolio as an investor. can u pls explain to me your experience with investing in forex brokers pamm/investment account and also darwinex investor acct.

What I will tell you is to ignore any PAMM account you don't personally know the trader. Forex trading is very risky and the risk tends to double when the pressure is on the trader to make money. Many PAMM account managers practice martingale until their accounts are blown due to the pressure to make the highest percentage of profits monthly. Others do a lot of scalping which isn't really an issue but when you factor in the divergence and spreads, the investor won't make anything useful. If you can vouch for the trading habits of the trader, PAMM can be beneficial. If you can't, you can go ahead but be ready for anything.

The Darwinex model is different. They manage the risk for you by keeping it at 10% VAR and you won't see the trades being taken. That's not to say you won't lose when the trader is bad but when a trader on 50% VAR on his account loses 50% of their account in one month, you the investor will only lose around 10%. Take your time to understand these things before putting in money. They have a demo. The thing you are investing on is called a Darwin which is a unique version of the trader's account. 

Their analytics is also extremely good if you know how to use it. It will show you a trader that is taking too much risk, one that is a scalper or one that adds to losing positions. Few things to keep in mind on Darwinex as an investor:

1. Most of the traders are EA developers and not conventional traders. So out of every 10 systems you find there, 7 are automated. This has its pros and cons of course. 
2. Look beyond the systems with a large number of followers. Some hidden ones are good. However, if you are risk averse, look at the best performing "Darwins" (systems) in the last 6-12 months, find the most invested among them and spread money across 10 of them (that are low correlation) AT LEAST to be safe. 
3. The strategy of spreading your money means you won't make more than 2-5% a month on average but you won't be losing 10% in a month either. They will balance themselves out. The returns may be small to the average person but the biggest Darwinex investors are looking for a stable 20% a year on average (maybe because they have hundreds of thousands but yeah) 
4. IT IS NOT FOR PEOPLE LOOKING TO TURN $1K to millions in a year. The best traders on Darwinex risk very little. Look at the best Darwins (that you will be buying and selling) and you will see that only very few ever make more than 30% a year and the investors are happy. 
5. Finally, Darwinex traders are also normal forex traders which means lots of indiscipline as well even with their EAs. In fact I can say that the percentage of the Darwins that can guarantee yearly profits of at least the threshold 20% is less than 20% of the total number of Darwins. So exercise caution when choosing what to invest on. 

NB: All quoted returns are on the 10% VaR. May or may not be the same thing the trader made on their own account. 

You can chat with their customer service with further questions.

Tunderr:
I never thought about these hanky panky ways some investors could use. Now I have idea. And you are right as there is one man here trying to copy someone else's signal and present it as theirs. If my memory serves my right.

I just clocked 20% for the first month, I have [b]1week + 2 days to spare. [/b]What does that translate to? that means I could further reduce my risk some more, which is a good thing for long term goal.

I trade with MT4 platform , would that be problem with joining Darwinex? I still want to remain with my old broker.

Thanks for the help. Good information to work with.

1 week and two days for where please make I follow you come there

Just kidding.. The month followed on these platform is strictly calendar. So even if you traded only for two weeks in May, your May ends on 31st like everyone else.

Your idea makes sense but in my experience, it is that week you reduce risk because you hit target that will now have the craziest of moves that might even give you another 15% which will protect you from the bad weeks. I treat every trade like a new one regardless of past or current result but that's just me.

Darwinex has Mt4 and Mt5 as well. When you are ready to move, all you need to do is to present your old account with your current broker (investor passwords etc).

Tunderr:
Traders can scoff at 2% and that’s because the capital they are working with is not much.

Investors won’t, I have seen some trader’s statement with -5% in a month, or 2 losing month in a year and that’s consider okay.

How do you get your commission from those platforms? Send to your bank account or ?

Do you get paid every month or every 3 months?

Do you transmit your signal on more than 1 platform?


Thanks for the invaluable information.

These are the top 20 most invested on Darwinex.. https://www.darwinex.com/filter/TOP_INVESTORS Look at the monthly returns and you will see that 3-4 losing months are okay even. Of course the results generated for investors on this is toned down to a 10% VAR but you get the point.

-Commissions are sent to a wallet from where you can then decide to withdraw to a bank account or to use the money to fund a trading account.

-You can get paid monthly on some platforms but Darwinex pays three months from the date of the first investment.

-Yes I used to. Not anymore. Found out that many of the people are thieves that will copy your strategy with $1k and then take the signal to trade a $100K account separately just so they won't pay you much money. Some even start replicating your trades as their own strategy. This is why it looks like I am now a Darwinex marketer. They hide your last 3 open trades so that kind of nonsense isn't possible. You can further hide everything you trade completely, including the history, so that no one knows what pairs you are watching (not advisable for a newbie as people need to trust you first). Additionally, there is no MT4 account where the investor can see what is going on on a per trade basis. Investment is in a black box vehicle designed from your strategy. Throw in the UK regulation they have and they are my best by far.

Tunderr:
Hello Sir, I would be interested in this, as I've come full circle to really see the point. I don't want to wait 3-5 years before making something substantial though.

If I may:

What do you aim for per month? % wise?

As an example; say a 2000 dollars account, what size do you trade? 0.05 / 0.02 or 0.01?

How many months record would I need to start gaining followers?

1. Don't have a target.. Could be as little or as high as whatever the market decides. This is a very crazy market to be in, so why box yourself in with targets? That month you make 35% will give you the buffer you need to soldier on for the month you make just 2%. I know some people will scoff at the idea of making just 2% a month but it happens and even worse.. Good traders even have losing months. What makes the trader is the year on year results not just one month or one quarter.

2. I normally aim for 1% risk on each pair I open but if I don't have any other pair I am expecting to trigger anytime soon, I can increase to 2%. I strictly aim to only have 5% of the capital exposed at any given time. This is the sum total of all active stop losses excluding pairs already risk free at BE. So for that example, I will trade 0.02 if I have another 4 pairs to add later. Or 0.04 if I don't have any imminent pairs to open. My average stop loss is 100 pips..

3. This depends on the platform. On Darwinex (and other similar advanced platforms) for instance, if you already have a decent live account with 1-2 years worth of POSITIVE history and excellent risk management, you can import it and start gaining followers in as little as 1 week. If you don't have a good record to show, forget gaining followers for at least 1 year. However, within that year, if you demonstrate good trading skills with excellent risk management, some people will back you within 3-6 months.

Edd1e:
USDCHF Sell

datjohn:
Got in last week on same trade.

GoodLucks Sir.

Same.. About time it started moving. Let's see how far it goes before the USD strength kicks in again. Looking at .97 first then .95.

femo86:
All this demo stuffs...hope it's real

#monitoringSpirit low level tinz

You called it demo and you are asking if it is real again?

As you celebrate the profits, ask yourself if you know why you are making a profit. If you don't know, you are basically playing Candy Crush or Temple Run.

Also, can you afford that amount on a live account?

Benqozenero:
@Shevy, thanks for your contributions here. please I have a question for you. Can you please suggest a reputable investment plaform where I can register with as a strategy/account manager?

Several online if you search.. My favs are Fundseeder, Darwinex, eToro, Ayondo, Hotforex. All different in the way they operate though so due diligence to choose those for you.

Sorry I can't see the emails sent.. Like I have said before, lost the password for the Nairaland email ages ago.