₦airaland Forum

docus:
Bro Abeg which broker do u use?

Darwinex, Hotforex, XM

sammi21:
Gurus in the house I hail una..pls is there anybody who knows how I can use my bbQ10 phone to download mt4 or mt5,my andriod phone just got damaged and right..pls any info abeg una..

You can't be a serious forex trader without a computer. Even naked chart traders need to look back a long period of time to make a decision and I don't see how that works on a phone. Your BB can't run MT4 at all even.

PIPnator:
Wouldnt be bad if you post about money management here..
Post about already taken trade or yet to be taken trade, explain the reason you considerd the trade.
One may not necessarily take the trade but learn from it.

On trade calls, I will chip in when I can as always but I am too lazy to be consistent.

The only thing I will keep saying about money management is to make sure you are not under pressure to trade and make money and you will be surprised at your abilities. It is one of the best ways to ensure you aren't jumping the gun on trades, exposing your account too much or increasing lotsizes when you shouldn't. This is why people that have grown from small to larger accounts rarely ever fail again(I mean actual growing not luck on a few gambled trades). The days of riding the markets on a small account have cooked them properly. Don't know if you are exposing yourself too much? Myfxboox Risk of Ruin should be your friend. If you have more than 5% chance of losing 10% of your account, you are. Mine never goes above 1% even.

Of course anyone still on the <$1000 stage and judiciously risking only 2% trade (not the goldmark, just an example), will need a lot of patience before the hardwork begins to pay off. May take up to 5 years. To shorten this curve, what should you do? Of course back to my favorite topic: seeking out investment platforms. This is only for people that are real traders not gamblers as these people have tons of software that go beyond Myfxbook and Forexfactory to dig into your trading behaviour. When you have lots of people investing in you, you will be mandated to stay disciplined and the pressure to make money won't be that high as you aren't relying on your small change. Below is the investments on one of my accounts and I am not even a year yet in that community.

We have traders here that are better than the EA hogging frauds in most of these platforms. Pressure is why they lose and crash accounts.

PIPnator:
Very correct brother.
Price movement can invalidate ones trade call/analysis.
But also, you can post educational materials so rookies like myself and others here can get better.

Lol.. If all of us were at your stage when we were rookies, eye and head for no dey us as e dey us that time

As for educational materials, I don't teach anything these days apart from money management especially to people with a working strategy. There is nothing new to learn. It may sound contrarian and against all the talk of "we don't stop learning" but that's my mantra.

There are millions of sayings and theories in this market so anyone that wants to keep learning new things, will learn all their life and probably run mad lmao. The ultimate aim is to make money. Find your edge, stick to it and manage your money extra judiciously.

Shevychen2:
Agree with you on the JPY pairs.. On a few of them since Monday.. BOJ Friday is what will determine the immediate direction. I expect it will be at least a 1%+ change in our direction but you never know.. Got a stop on this week's low.

I saw the JPY strength building at midnight and got out with small profit and into the new direction. The GBP news has also helped.

This is why "blindly" following a public trade call isn't advisable..Only use it as a mirror and still have your own plans. You can't follow the trader's exact moves because he may not be able to keep you updated (unless you are paying him but even that isn't guaranteed).It's why I rarely post calls. Which one I wan post, which one I wan leave lmao..Posting the call is one thing, trade management is another..

pinbar:
more loading...

Agree with you on the JPY pairs.. On a few of them since Monday.. BOJ Friday is what will determine the immediate direction. I expect it will be at least a 1%+ change in our direction but you never know.. Got a stop on this week's low.

pinbar:
possible scenarios on GU

I'll be surprised if it doesn't reverse strongly on Monday. Holding a sell but I will lock in 150 pips at Market Open. Will see the reaction around that 4000 area. Might fall lower to 3900 but don't think it will go any lower.. If it chooses to continue lower, great still. Any which way, actions are already planned.

Well done with the great job you are doing bro

redsox11:
This is non issue as you can set each trade to 2%, 1% or 0.1% of account. Risk according to each trader risk appetite.

I don't think I would have reacted if I didn't see the 0.4 but ✌️✌️

@Redsox.. Don't think @Priceaction meant any harm

My own grouse with the history is the 4-5 pips SL on GU,GJ, EJ etc.. Even if trading off a 1 minute chart, I'd think 10-20 pips will be a better SL to actually say the trade failed. UJ, EG, EChf are some pairs where such tight SL might work. I'd love to know how many of those trades that hit 5 pips SL went on to be winners. Or how many of them would have been profitable if he reduced lost size to 0.1 and increased SL to 20 pips. Under current methods, 5 straight losers (just 25 pips) gets him on -10% of his account and that could happen in a day. Scary for me.

Anyways, that's just me looking at it from my "enough wiggle room" style..

priceaction:
@ bolded, you know him well bro. This is the same problem I always see, why can't many of the so called gurus that have good marketing skills also show their live trades, even if it is for those who are their students? I think it lies down to individual also.
The guy mouth sweet die and always bragging too, just like that oyefeso too. Well whatever works for them, let them keep on. All I know is that no single person knows the secret of market, because market has a way of humbling anyone at her will. Institutions, yes, because they have data that are not made public, but individual, no .

I am of the opinion that no one should ever sell any courses on this market tbh. If you have a profitable strategy and want to share it for free, then great. Whatever you are about to sell will still have losing trades.. It can't be 100% so what are you selling? Even the institutions that manage millions year in year still have losing trades (and even losing years!).. So when someone comes to tell you that every other strategy is silly and only his method makes sense.. Take it with a pinch of salt.

The man is preaching that day traders can't make money.. Yet I can count a dozen daytraders that probably have better year-on-year results.

@priceaction.. Nothing special about Anton sir..He used to be an okay trader but nothing he has to offer is worth the hype. Every once in a while, we have a new set of of sheep that start lapping up his Kool Aid and go to Forums to try and feel good about their new mentor. The few of his mugus that can afford the $3k pay it, then try to replicate his "teachings" but they quickly find out that fundamental trading is extremely subjective and doesn't follow a set pattern (making teachings based on it completely useless). When they realise this, they fizzle out and you will never hear of it again. Few will try to sell you the course for $100 to recover some money lmao.

Anyone that believes a winning trader will share all their secrets for a paltry sum is a big joker.

Do you know Elijah Oyefeso? Anton is just a polished version of him. Use the media and clever marketing to draw in new sheep to fund your costly millionaire trader lifestyle but you don't have to bother about maintaining a profitable portfolio. People that were part of his institute at some point never saw him place a live trade or manage an open one. Go figure.

Not knocking whatever the lad that brought his name here wants to share but I wouldn't be ecstatic about anything from Anton or based on his teachings.

^^ Some good ones have $20-50k accounts too. Depending on peculiar situations.

In fact, most pros I know will tell you to never have more than the amount covered by regulation in the trading account. For brokers regulated in the UK, that's a maximum of £50k or its equivalent in other currencies. This means that if you have £1m in your account and the regulated broker goes bust for whatever reason, you will only get £50k back from the regulators. So most of them split the money across the account of "friends" and replicate trades if they need to trade large money. If you trade with a broker that isn't covered like this, your money can disappear at any time and you can't do shit.

priceaction:
What I still don't get in this drawdown over a period of time. Assuming you start a trade over some 4 months and your dd is around 25%. You progress to make let's say 10% dd in the next 2 months. Does dd recalculate too just like profit ratio? I am trying to reduce my dad which stands around 21% now . Is that possible?

21% is reasonable. Most platforms recalculate over specific periods. Some do it every 200 trades. Note that some platforms only calculate drawdown on your starting capital while others also calculate drawdown from the peak of your equity. This is why investors also look at things like Loss Aversion, Positive and Negative Excursions (basically how low and how high positive and negative trades go), consistency of returns before making a decision.

Regardless of the method of calculation, a good risk profile and trading system will keep it from increasing too much. Can't go from that 21% to 40% for example.

priceaction:
Bro, from that your chart, it just completed short buy reversal, making it likely difficult to go up as am thinking. Breakout may be seen soonest if the candle remain like that.

Yep.. Taken the loss and waiting to see if we will get a good retrace to go lower (or if the reversal I expected will happen).

noxide:
Pardon me for dragging the forum back, but what sorcery is this?

Stop hunting? Please help me look at your charts

Gold H1

Happened on several pairs at the same time.. Volatility has been off the charts this year so literally anything can print a massive pin.

Anyone else watching UJ at its current level? I am already in with a 100 pips SL. If it breaks below 106.50 then maybe time to mobilise for 102/100.

ncpat:
I now see Forex from different angle

https://www.myfxbook.com/portfolio/f100/2410983

Congrats on your new system pal. Just need to be careful with your risk. Look at your risk of ruin tab and you can see that it will only take 3 trades to lose 10% of your account. There is 31% risk of you losing 10% of the account and almost 10% chance of losing 20%. Of course it is hypothetical but it is a good way to know if you need to tone down your risk.

Here is mine.. I like maintaining a less than 1% chance of losing 10% of my account. But of course: Different people, different traders, different systems, different risk appetite, different targets.

Futureinvestors:
[s]
But then... I have seen you say shit on my post but I'm a businessman I have seen things...

Well just to say here about your post and your strategy hope it helps anyone...

#TP-Take Profit Extras�
First you must split your lot size to have multiple TPs & SLs
Enter your trade place your TPs & SLs if u love dem.
When TP1 is taken,-Move/place SL @Entry (BE), wait 10-15pips in profit more then Move SL to TP1. In case of pullback u take half of TP2.
Even if you have a new key level wait for a reasonable pullback before making new entry. Learn to trade better this way�[/s]

@FutureInvestFX

I don't need your useless ideas. I am very fine where I am thank you.

Come back when you have a live account and can back up your phantom pips. If you had a live account you will know that "wait 10-15pips" is a very useless thing to say when you have no idea the assets that make up a trader's portfolio. You think every pair will move in the same way? Lmao.

There is a reason why I have never quoted you in the first place. I have seen your type come and go and it will happen again. I don't pity anyone you are able to draw in with your sham.

redsox11:
That shouldn't happen often with proper trade management, applying breakeven stops.

Agree on Daily requiring wider stops. Which is why the stacking doesn't work for me. Every new trade tends to have 100 pips stop on average for it to be judged as having enough breathing room based on my strategy. Break even stops won't prevent the loss for me. For example, you get into a trade and it goes your way 100 pips before breaking a key level. You add a new position at the key level with a 100 pips stop while moving the first trade to BE. A retracement hits and takes out the 100 pips SL on the new trade and taking out the BE on the first trade so you are sitting with a -100 instead of 0.

But of course I understand people have different systems and trade management methods. Just highlighting how it affects me.

redsox11:
It's not for everybody, I know. As you might be very comfortable with what you are doing and make a lot of money from it. Why change something that is not broken.

Do you trade strictly on daily & upward?

Daily 80% of the time but can step down to as low as hourly to find retracements if I miss a move. VaR means value at risk (not just what your stop loss risk is). It is an important metric that also affects your Risk Stability. All parts of what savvy investors look at as elements of a traders money management. Industry standard for VaR is that it should be below 20% at all times.

I have added into trades on level breakouts in my direction three times. It worked nicely once, turned a winning collection of trades to losers the other times because the break wasn't sustained. My VaR also shot up from around 8-12% to >30% so yeah..Not to mention that it gives off the impression that you are doing some form of grid trading to anyone that looks at your history (and investors hate grid trading even more than scalping). Additionally, I don't think it is for people that are happy with 5-20% ROI in a month. So if a trader has a healthy 5-6 figure account and is managing another even bigger 6 figure to 7 figures in AuM, where the investors are watching keenly, I don't think the risk is worth it.. But like you said, anyone that works!

redsox11:
I've got a lot of buffer with G/A in the bag, to take small losses here and there before I got in on another ride. A true professional would have banked nothing less than few thousand pips on that run... I've got a long way to go.

By stacking into the direction right? Messes up my VaR and you can easily end with a net loss when a sudden retracement hits. Kudos to anyone that can consistently do it.

beejaay:
you make over a 1000pips within two days and still you want peoples money??if you make so much pips you should be a billionaire by now...to top it, you asked not to be criticised....una sabi lie sha

Lol.. The 50/50 nature of the market means it's easier for them to make 10 to 20 trade calls a day and then sit back and count the winners instead of actually taking and managing those trades on their live accounts.

No serious Forex trader will commit to the stress of running a signal service. Quote me anywhere. Creating and running a PAMM or similar model is a far better way to use your intellectual property (if it is valuable anyway).

Bollinger:
Also entered 4 lots in AUD/JPY buy. It's completed it's proper bullish trendline. Will exit if it breaks. Fingers crossed.

Agree on AJ. UJ mini melt down holding it and might pull it back. Hopefully it doesn't succeed.

^^^ Excellent tip. The same thing played out on GU on Wednesday and EU last week Wednesday/Thursday.

Jumping into supposed breakouts rarely work seamlessly. If not in the market already before the break, chilling till it comes back to a good level is a better bet. You will miss out on some strong runners once in a while but yeah..

^^ Wonder where that 80% figure came from lol

GJ and EJ will still come down but while I wait for them, had to exit based on reactions around the weekly support on both. We'll see where they decide to go next week but my immediate bet will be down again.

zenith7:
That was before I took keen interest in indicies, energy, CFD's and co. It takes time for currencies to hit your exit points than the aforementioned commodities. Can you imaging that I am yet to make or lose something on currencies this new year while I have entered and exited oil and gold alone up to seven times this year with better returns. I am tired.

That's odd. The major pairs combined posted a net change of 800+ pips last week to the upside and currently 1200+ pips to the down side this week. Should've been able to grab something from that?

Gold and Oil may be trending now but their range periods are more unforgiving than currencies.

Just saying you shouldn't base your decision on one week (or even month) of trading data.

priceaction:
Do you always have a target or you take what the market offers.

I always have targets but I know when to take what I have. For example, with the GJ I am looking at 148.xx and EJ 132.xx. As the days progress though, I will know if that target is feasible or if I should keep what I have.

FX:
Who is monitoring USDCAD? I can see a bullish Engulfing candle breaking above the 1.2420 support on the 4hrs chart . But unfortunately I only trade the daily chart. Though if it closes above this 1.2420 support today, I will consider going Long.

I'll be happier waiting for it to crash to 2140 but a close above 2450 is worth the buy risk.

FX:
I missed this EURJPY sell after forming that pin bar on daily chart. I feel like crying!

Entered too early at first and that pin took me out.. Not complaining now though. Got GJ too.

teemy:
Furthermore, it is quite possible to give some exact reversal points.

Wishing y'all well - Teemy

Emphasis on some. Like this UCAD..Mr. Redsox mentioned the possible reversal point weeks ago and I am sure other traders saw the reversal zone (which is why it was respected obviously). The problem comes when you feel you know for sure that the level will hold. The probability is constant.

muckvic:
I think d engulfing bar signal d continuation of up trend ....so house is it safe enough to go long

I'd wait for a clean break into 1.98 first. Then wait for another reasonable retracement. People that entered a buy around 1.88, 1.91 and 1.94 are exiting the positions around the previous daily high. Need fresh thrust to break above again.

But that's just me o.