Hello Traders,

Let's hit the charts ladies and gentlemen before we hit the weekend...

Gold is looking good as price is touching a key resistance level (1500.80) within a pennant.

If the present daily candlestick closes with a well defined bullish breakout, we could be looking at price reaching level 1519.27 before the close of Friday market.

If we also get a price pull-back at the close of the daily candlestick, there is also a possibility that price will rest within the pennant till next week.

TGIF everybody, I release you...�


Check out other viable setups here: https://craftingpips.com/category/trade-setups/daily-setup/

There is a thin line between a GAMBLER and a TRADER

Hello Traders,

Let's hit the charts...

On the GBP/CHF, price is trapped within a consolidation band.

A breakout through resistance level 1.28446 may further encourage the Bulls to pull price to the next possible resistance level (1.31156) and a breakout below the support level of the consolidation band could further encourage the bears to drag price down to the next possible support level (1.24649).

What are your thoughts?

NOTE: Check out the other setups here: https://craftingpips.com/category/trade-setups/daily-setup/

wiconse:
Professionals in the house,What do you think about this comment?




Coming from an experienced american trader and also a mentor

Hello Wiconse,

Trading without charts is what some traders call

1. Price action or
2. Naked trading.

I take over 85% of my trades without any indicators. Just trendlines.

There is nothing impossible in forex trading, all that matters is: "How well have you mastered your system"

Some time ago I read an article of a Balle Dancer in the 50's who turned $2000 or so to over $2,000,000.00 (about that range). The most unique thing about this trader was that he used a very unique system, never heard of before.

You see those numbers displayed on your chart (BID and ASK price), that ticks every second?

That was all he used... No charts, no indicators, no fundamentals....

Just his own system.

He would write down those numbers at different times of the day and compare them. By so doing he developed his own system.

You see a lot of new traders get bamboozled by older traders who tell them that THERE IS ONLY ONE WAY TRADING THE MARKET or SO SO and SO indicator is the best indicator.

The difference between a PROFITABLE TRADER and a NOT PROFITABLE TRADER is:

The PROFITABLE trader has found a way of GAMING the market, or let's say found an edge in trading the market (It doesn't matter what system he uses)

Most traders get to that level after spending thousands and thousands of hours staring and backtesting different system (not necessarily with real money)

See, to be good in this profession, you only need ONE THING...

PURE LOVE FOR THE GAME... It's not about money or wealth now.

If you naturally love analysis, you will find a way out of this seemingly complicated maze

If your only drive to become successful at trading is MONEY... There is a huge possibility you MAY never make it.

I hope this answers your question Wiconse?

Do have a productive day ahead

alphaNomega:
Damn! Lost $120 from GBPUSD. I should call it a day

Sorry Chief,

Signs of better trades to come

tradepunter:
We are really doing a deservice to none professional traders and newbies.. Survey of fx in niaja is really bad, if you can not hold the hand of your said student for at least 6 month to a 1 year don't take his money to say you will train him/her.

If you feel they are not psychological fit tell them from the onset that it will be dangerous if they engage.

Forex is not a business for everyone so don't have to a overzealous brand ambassador were you say yes to everything.

The brokers are very deceitful also, I don't know why they are permitted to train new comers especially when there is conflict of interest.

Our 2 years survey across the country showed a bad taste for forex.... Which is not good, because in everything one does you must sacrifice and give value.

To those already giving value, maintain that track..

Hello Tradepunter,

Awesome input you got there, if I may add...

I really do not blame the forex educators 100% on this one. I have come to realize that in general, MOST people have a negative relationship with money subconsciously and in Nigeria, it's worse.

There is this "get rich quick" mentality ingrained in most of us and to be sincere, most new traders for some funny reason believe they will become profitable in less than a year which is quite laughable considering the mentality most come into the business with.

I have personally witnessed traders drop off a trading course in less than a month, the few who remained after one month are more or less just hanging in there simply because "them no wan fall your hand"

This is not just particular to forex trading, it touches every profession in Naija.

The baba who repairs my cars has been in the business for over 30 years and I personally believe he should be one of the best in Nigeria, and he has the same complaints.

Anytime we talk. he tells me that NOBODY wants to learn his craft in-depth anymore, they all come with the sharp-sharp mentality, in less than 2 months the new intake's truancy gradually gives way to them staying off the workshop completely.

Before you know it, some start their own workshop with less than 10% knowledge of the craft. These are the roadside mechanics who turn their client's vehicles into scrabs.

If we look around, its a cultural epidemic which I believe the forex educators JUST FEAST ON.

The BIGGEST MISINFORMATION most of us have is:

Believing we will be GREAT at anything without spending a good number of months/years honing that craft of interest.

It saddens me really, but I am happy a few Nigerians are stepping up to the challenge.

Thanks for sharing ones more Tradepunter, do have a restful evening.

BullBearMkt:

...better if it re-test 67.953. Breakout needs to be supported with fundamental - NZD higher interest rate

Fundamentals DOES NOT always support breakouts or price movements just like we all know that there is NOTHING ABSOLUTE in trading.

Every decision made by a TECHNICAL or FUNDAMENTAL trader is purely based on PROBABILITIES.

Fmusty:


Thanks, but u still didn't answer my question, u only give explanation of temparament, types of traders and all.

Answer my Question


Name any consistent Forex scalper that have being successful for years..

I know a few, but for clarification purposes, I will one of them:

He is known as John Rambo in the trading community and he is a badass scalper, check out his interview by Aaron Fifield on youtube:
https://www.youtube.com/watch?v=EkRw6NC0Jew

Enjoy

Fmusty:


I may be wrong, or needs to do more research, no successful consistent trader is a scalper. Scalping is a glorified gambling...

Not really!!!

In trading, there are gazillion ways of trading...

Your trading style has a lot to do with your temperament.

Some traders have VERY LITTLE patience trading off the 1 hour, 4 hours, daily or weekly chart, so they trade-off the 5 minutes to 15 minutes chart and are VERY successful at it.

Mind you, any trader who has a different temperament will struggle scalping. It's the same thing with swing-trading. Traders would wait for days and sometimes weeks before they take a trade or exit a trade.

What you have to, first of all, know about yourself in order to be a successful trader is:

What TIME FRAME is your sweet spot?

Once that is settled, learn a good trading system which supports your core personality, rather than copying a trading plan that doesn't fit your personality.

I hope this explains it

Hello Traders,

Let's hit the charts...

Price on the NZD/JPY has reached a key resistance level (69.638).

A bullish breakout from the present resistance level will most likely drive price to the next possible resistance level (72.309)

A reversal should drive price back to a familiar support level (67.011)

What are your thoughts?

Out of the USD/CAD analyzed yesterday on https://craftingpips.com/category/trade-setups/daily-setup/weekly-setups/

heskeyw:
I have this forex class am attending, stage 1 and 2 are free but 3 and 4 na paid group. The tutor just dey post his students profits like mad. Is it possible for someone to making like 50k each week from forex?

Hello Heskeyw,

There is nothing impossible in forex trading, but again, I always tell traders to be very careful what they expose themselves to in terms of information surrounding forex trading.

While there are some genuine traders who could make over 100% ROI annually, there are also some mentors who connive with brokers to produce fictitious results which they use to bamboozle beginner traders in order to pay them money for tutorials.

Truth is, nobody can promise you anything in forex trading.

Some weeks ago, a well-respected trader (Tom Dante) on twitter exposed some illegal deals in the trading world between trading mentors and some brokers, I will attach them here.

Be guided

Hello Traders

On the daily chart, the USD/CAD closed with a bearish outlook on Friday.

Don’t forget that the USD/CAD on the daily chart has a descending channel pattern. Furthermore, price closed on Friday by breaking out of a minor support level (1.31417).

If our bearish bias is confirmed this coming week, our next possible support level would be 1.30442.

For more setups, check: https://craftingpips.com/category/trade-setups/daily-setup/weekly-setups/

Hello Traders,

Been following this thread for a while, and I have found it quite interesting.

I am also a fellow trader, and I hope you guys don't mind me sharing my own views on the market?