₦airaland Forum

Shevychen2:
USD was the star performer last month (strength wise). Looking like GBP will be the star performer this month. Rethink if you are considering selling.

Still going strong...USD weakened considerably so will probably get out of UJ if the sideways continue till end of the week.

lawson007:
That is an impressive result in these days when people are complaining of uncertainty of market direction.
Don't you think you can be carrying us along like @pipsbasketing is doing so we can join up in lagesse?

Will chip in once in a while.

Market uncertainty? It has been very "certain" depending on where you looked. USD and JPY (strongest and weakest respectively) were the performers last month. Pull up a 4hr chart on pairs affected by both and you will see a clear trend for last month. Seeking for trades in line with that would have brought in tidy sums.

I got out of USD positions as GBP took over the mantle of strongest towards the end of Nov and start of Dec. Those trades were opened yesterday and will hold until important levels are destroyed or sentiment changes.

"Largesse" now down to 700+ pips on retracements but we'll see how it goes.

USD was the star performer last month (strength wise). Looking like GBP will be the star performer this month. Rethink if you are considering selling.

mrikay:
Oga pls forget empty talk and give me your thoughts on eurjpy and usdjpy... I am currently in the red on those pairs...
your input is appreciated as always!

JPY has been very weak across board for weeks. It hasn't shown any signs yet of reversals so ordinarily it is to buy at every dip. For me, I will start looking for a UJ sell under 111.50. and EJ Sell under 118.50. But that's just me.

@Kulimart Number on your site has been off. I am looking to order Mi Max 3GBRAM 64GBROM. I can see it is only available on Pre-Order. How long will it take to get it? Is there any other number to call?

currentprice:
may be you use tight SL over night for your swing trade,,,,,the pair still in good levels to fall since it failed to stay above yesterday high.

if you don't want to SELL,,,,, it better your stay sideline completely than keeping that your BUY ^{"don't give back to market your hard earned pips"}. currentprice now is 1.4498

^{this pair on my daily MENU list today}

Capitals:
SL on sell hit, observer mode for new signals activated

Tight stop yeah but 4550 was the optimum sell limit point. If that gets invalidated (hope not), 474x is another good junction.

EURCAD and NZDUSD are two other very neat sells I am in. 100 pips stop on both.

Pipsbasketing:
Excellent,

So what leverage does your broker provide, so we can discuss the reasonable lot and maximum no. of pairs to load a basket with.

By doing this, you can hit chest on your account survival (till eternity)

That's the realest truth about this business. But you'll be surprised how many people don't care about these calculations. I remember being mocked for saying I risked 3% on a trade (has since been reduced to 2% as my broker forced me back to 1:200 leverage max). Imagine how those that use any lot size that comes to their mind or put 15-30% on one trade will be feeling this morning. Even stoplosses could be bypassed in such events. Even if you are sat on your computer 24 hours of the day, the brokers normally freeze platforms within seconds of such moves. You can't even close manually.

Black swan events like this will always happen. I have seen it 3 times in the last 4 years and more will happen. In the other ones, there was clear explanations. Almost 6 hours after and no one has given a tangible reason for this one (Francoise Hollande's comment doesn't mean anything).

Those that don't have ears will learn from their own mistakes.

Capitals:
Ahhhhh, the boss. E don tae oh. You just disappear leave your boy.
The thing just reversed jo, I can decide to take BE but I wont. I will let it ride as pre_planned. Mine is 1.2502

Typical Nigerian
Always trying to deflect respect

I am chilling o.. I remember everyone once in a while. Even if I don't post.

Let's see how that trade plays out over the coming days (stop loss) or weeks (TP). Well done sir.

Capitals:
Hit just first tp, 75pts. 2,3,4,5,6th trades still active and look like may lose. Sticking to plan any way.
Here s the math.
6 trades each 25pts =150pts risk
1 trade hit 75pts tp = 100pts risk off.
loss on all other trades = gross 50pts loss if it goes wrong.
Edit: Add spread at entry on each, the reason risk appears greater than 25pts

Maybe your stop is tight sir but I have a trade on that pair as well. My own stop is 1.2400.

Whilst it is possible to win whatever amount in competitions, Nial Fuller has a relationship with the broker. Also, unlike him he didn't announce participation and progress in the competition until he "won". My good friend analyses the whole thing better. Take the "winning" with a pinch of salt IMO.

http://www.jltrader.com/2016/05/12/nial-fuller-the-unexpected-winner-of-axitrader-million-dollar-competition/

Shevychen2:
To complete the tutorial, I finally got what I was looking for so pull up your chart and see what happened around that zone . If price goes above current highs, I will exit and reevaluate otherwise, let's see how long it will take to hit 4700

I exited this one too early at that 47

currentprice:
for those who buy eur.nzd with. i have manually close my trade with 40 pips negative
you can pick your choices

_{^{i will not sell this pair but will remain on the side line for re-entry if the sign come}}

It may run for 61xx first sir.. At least I hope so.


Also expecting EA to hit 46x before any sign of reversals.

Good luck to the man that paid for a course. May God replenish your pocket as you have donated to the cause of another teacher without verifiable trading proofs.

www.jltrader.com/2015/09/09/the-battle-of-price-action-trading-giants-chris-capre-vs-nial-fuller/

Everything you need to improve your trading can be learnt free of charge online but if you are rich enough to pay someone that packages something simple into something sophisticated to sell it, instead of using the same thing to make money, good luck.

Lol.. 1 standard lot of EU or gold is 10$ per pip. It's not the same for GBPNZD. Take that into account in the blanket calculations.

surveycash:
I get it personally but most traders don't know how to apply this.

Let's go practical. Given the signal; Sell gbpnzd @ 2.1740, sl 2.1770, tp 2.1620. Determine the lot size to use on an account of $31,569 if you are to expose 1%.

Most traders can't answer this. That's what I mean by I wish most traders can apply it.

@all, if you have the lot size, let me have it.

Oh I see.. It is difficult if you are not used to it.

Answer is 1.5 lots though (taking into account the pip value of GN)

I don't trade GU but pull up your chart and see reactions around 4480. The pair is in a downtrend by my count since August and recent sell trades would have been at 4468 on the 17th of March and 4390 on the 30th of March. Both trades would have yielded 200 pips each.

It could fall to 4110 before any rise and GJ could touch 156 (highly unlikely though)


Those wey get eyes go don understand how far by now

Shevychen2:
^^Price was sharply rejected at the door to that level..

No trades yet as NFP is minutes away. If the rejection still holds at 2pm and price doesn't run away from me, that's a potential 200pips. So yeah..Enough tutorial for one day.

To complete the tutorial, I finally got what I was looking for so pull up your chart and see what happened around that zone . If price goes above current highs, I will exit and reevaluate otherwise, let's see how long it will take to hit 4700

^^Price was sharply rejected at the door to that level..

No trades yet as NFP is minutes away. If the rejection still holds at 2pm and price doesn't run away from me, that's a potential 200pips. So yeah..Enough tutorial for one day.

currentprice:
very very good point here,,,the holy grail i have known for a very long time..... unfortunately,,,many trader will likely skip this long post because is not coming with that flashy arrow GREEN(BUY) RED(SELL)/map of Africa
for you that miss it i have quoted it here again to read.

_{^{with this forex is made easy}}

Abi o.. Well I have said my own.. Person wey go hear go hear

surveycash:
@Shevychen2,
Nice image. How I wish most traders can interpret this practically?

If I understand sir, you are talking about the RR image? I believe it is self explanatory for anyone to practice. Simply make sure your system involves a 1:2 RR minimum with decent winning rate (at least 40% win rate but aim for 55% and above).

If you are talking about the overall idea I mentioned, here is an example:

I have gone through all the pairs I trade and only ECAD is nearing a zone I mapped out from the daily chart. So I have gone down to the hourly chart to watch for it to enter the zone and for price action to suggest that the zone will trap it and send it down because it is in a downtrend by my count. If price action plays out to show me any sign of weakness, I will enter a sell. That's the idea really.

I am just laughing at all the comments directed to some transgender women here.. It's well.

Meanwhile, I have a little bit of time to write something for newbies. The lad above that has tabulated his earnings is doing a great job with telling himself the truth and ensuring accountability but I have a problem with his trading results. It is very negative and should not be used as gold standard in any way. I mentioned once that he has a good system that needs tweaking but don't know if he ignored or not. His strategy is somewhat similar to mine in terms of levels he watches but while I only take my levels from the daily chart, he takes his from lower charts at times which means lower quality entries.

Using that similar strategy, I have nearly 10% already this week and was only in the market from Tuesday. No trade today yet.

Apart from that, his style or something similar like my boss Capitals does is what any newbie should incorporate. LEAVE SHINY TOY INDICATORS. They are basically the same and will kill you hundred times over before you wise up. Of course I know all about the "use what works for you" mantra but is your indicator really working for you?

Here is something I got from somewhere else that encapsulates my trading beliefs.

1. Pros don't predict or chase price. They trade in the direction of the trend when price pulls back temporarily. They know that the trend is your friend and they will piggy-back on the momentum of a trend. However, they won't hold their trend trades for long, knowing that most of the trend's move has already taken place.

2. Pros know when to stay out and observe. Sometimes it becomes impossible to trade, esp. when markets range heavily or become too unpredictable. Pros know to trade only when the stormy clouds part and the market's picture becomes clear again.

3. Pros trade selectively not frequently and don't over-leverage. They take only the best trades as they know that this approach leads to the most profit. They know that trading too large and being in market all the time does not build accounts but rather destroys them.

4. Pros show no loyalty to a trade. They will prepare for a trade, making sure all the required elements of their method are met, while at the same time being willing to abandon it the moment the market changes or something unexpected occurs. Once a trade is closed, they move on to the next trade without letting the outcome of the last trade (good or bad) affect how they take the next trade.

I got this from http://www.forexfactory.com/showthread.php?t=584705 I don't agree with some of the things but 90% of the things there are hometruths for people that want to last long.

So if you are a newbie here, do these things.

1) Learn how to identify important price levels on the Daily chart (support and resistance, supply and demand anything you want to call it)
2) Learn how to trade these levels by entering in line with the trend (In a downtrend, only wait for price to get to pullback to resistance and sell etc)
3. Be patient enough to wait for the market to come to you (at your price levels)
4. Don't trade with any silly targets (set your logical SL and TP for each trade and take what the market gives to you. You can make 20% in one month and make 75% in another month as I happily recorded this march)
5. Ignore all those fancifully named indicators if you can. I know why I am repeating this. Extremely few traders have gone on to become successful with them.
6. Demo trade your strategy properly to know your winning percentage. This will help you figure out a good R:R to use in your trades. See the image below for ideas (thanks again to that forexfactory thread for the image, I didn't create it). A rule of the thumb is to use 1:2 RR. With this you only need your system to be right just 33% of the time.
7. Money management is vital. I won't dwell on what percentage is right but for your own good, protect your capital by all means. A recent case that happened here is enough lesson if you want to learn!

Apologies to the pros for the long post and this is not a "my way is better than yours" thing.
Cheerio.

lawson007:
we should be warming up to SELL GJ and GU,wait for price action at these levels,it is not ripe yet o.

It's reluctance to follow the downward explosion of GCAD, GA and GN is a pointer that it could head to retouch 163.8X or 164.xx levels. At least I hope so as it is the nearest to my first trade of next month.

On another note, I think it is the first time I have benefited from spike beyond my take profit target. Kudos to XM. Spikes usually only make sure our stop losses are disrespected. Nice to see it applies to take profit as well. 8585 was the target but they closed me out at 8550.

Was just smiling when people from nowhere came out to back the miracle trader when he moved $10 t $500. It highlights why many people will never break even in this business. You know something is wrong but since you have seen some abracadabra, you will want to sound smart and jump on a bandwagon that has broken down countlessly instead. Lol. I wonder if the ghost handles that appeared to offer praise will help pay the young man that his money has disappeared.

Can also see Benpuzzy still using his female account lmao. Una well done.

fxbomovi:
my own is that each trader should use whatever works for him or her...period.
i once used indicators, but i dont see myself using it. never!
but if it works for u, then use it.

Good point sir. However anyone that can stop using indicators should do so. You will waste more time and lose more money with them.
And anyone that has been here for a while that is dumb enough to pay for an Indicator deserves whatever happens to them and their money.

Ogboraph:
@Shevychen2: so its your type who feed on commissions from people with brokers you have prove that you are not a trader but sales man for brokers keep on the work referral commissioner

Kindly leave my handle out of your nonsense Sir. I apologise for even putting mouth in the first place. Forgive me.

You are obviously too slow to understand how a PAMM account works or what it is in the first place. Even if you understand, no one will be willing to put Zimbabwean dollars on your beautiful equity curve and money management model.

Enjoy your rollercoaster Sir and sorry for intruding.

Lol

Like I said, enjoy yourself. Talking about last withdrawal when you are still running around taking accounts to thousands before crashing them back down. You can withdraw 10,000 today but what does it mean if you are still in red overall? My commissions for February alone is more than the amount you lost nevermind my withdrawal. You can keep providing entertainment for children you know when they began demo trading.

Knock yourselves out man.

Capitals:
Nah, I m still going solo and been busy with other thns these past few months. May try it out later in the year though

Ok sir.

@ Thread
Funny that people are still throwing about ridiculous forex rules that have never worked for anyone. There is no hard and fast rule in this thing. Find a way to stop losing money that's all. Some say 10% is too much bla bla. Others say 50 is the maximum. Simply take what the market gives without losing your capital that's all. Could be 5%. Could be 200%.

I have over 30% potentially with just 3 trades and have surpassed 50% returns this months already. All without risking more than 3% a trade. Find what works for you and leave story,.

Ogboraph. What you are doing is not working. Why keep doing it? Enjoy though but I believe you have come far enough to know better. Funding and crashing accounts weekly is not life o.

E no dey hard una to vex

Ordinary suggestion someone turned it to quarrel and long needless rant. Sorry o.

@Capitals I see you sir. Hope you have taken that plunge? They need your type badly. Well done sir.

Odionastron:
Where are the ol time gurus in this house ?
Speaking of naijababe, rozayx5, Fxisreal frenchman etc
Back in the dayz
Miss them all

There's a limit to what people can cope with. I used to campaign for them to return but not anymore. Too many kids here so it's now 90% empty talk, marketing, snide remarks, stupid sarcasm etc. Remove Capitals and Currentprice and you have very little reason to be active here as a serious trader looking for stimulating conversations. Whatever

AK284:
. i really remember people like shecvyen telling me i am clueless about forex but i known the end will justify the means.

I dont know what you intend to achieve with this line because that wasn't what I told you. Find the only exchange we had attached and tell me how it translates to the bullcrap you wrote up there or are you looking for pity? Anything to make feel better though...

endfx1:
Weekly candle engulfing all the previous on the chart is not a good sign for bulls you may want to watch it boss just my opinion i may be wrong.

Thanks boss.. I definitely won't jump in now. Bearish sentiment still well alive.

Capitals:
I think the current down move is a retest which reduces the probability of it holding, the profit margin is big though.

Hmm... Guess it's hard to catch it all Kinda hard fishing out these retests for me so I guess I have to stick with taking the ones with the least amount of pips in risk and allow stop loss do its job.

For example I was looking at the USDCHF and it also looked like a retest in my own chart but I can see it is turning out fine.

Anyways thanks so much. Learnt a lot from you in this time. I can confirm from my results that taking trades with same amount of risk and holding is definitely a less stressful way of achieving trading goals. Imagine making 3000+ pips by looking at the chart for less than 10 minutes total each day. Before I'd be happy with making over 1000 pips in any month after tens of hours of screen time monthly.

Weaning myself off checking price every hour is still taking time though..

Well done boss.

mrikay:
I received a call today from Alpari **NIGERIA** am withdrawing all my money from alpari tomorrow.

What did they tell you that's making you run?

jamace:
BUY GBPNZD @ 2.38400
SL @ 2.37000
TP @ 2.48000

Trade may go into next week.

Careful bro... It may keep going lower till month end.