₦airaland Forum

Toks2008: Looking at the charts, euro is on a long term trend to res 12900 according to the swing configuration as seen on the weekly chart but long term trades such as this is not easy to trade manually because we need strong mindset to withstand random moves. So as you sell euro, sell with a long term bullish notion.

I fear we may just see a continuous bullish surge on euro but lets see what res 12636 has in store.

infofirst: 1.2626 need to give way n 1.258x acting as ,mini support now

We just may see a swift move to 12626 so lets just watch it and exit around that region. I don't trust the bulls after a retest of this res, i will rather wait to see what happens at 12635

infofirst: Today na today,am enjoying all these

All what we are seeing on euro is drama. I still see a bullish move up to vividly test 12626 and maybe 12635 then a crazy bad volatile bearish surge if that res hold but if it gives way then up up euro goes.

Ogboraph: hahahaha my man $500 a day is not a jok oh for Naira value so make i thank God that after closing my sell on GU and EU today by 6:47am with $257 i was waiting for the buy signal to enter buy so i got to office and missed the early entry that i am use to with just 10pips stoploss but by the time i place this trade with high lot and high leavrage with confidence my stoploss calculation was over 35pips and i dont like it that way so i came back i was happy to see it

You for use 5pips stop loss Lol! Anyway thats cool.

Toks2008: well fx trading is based on probability but buyers of euro should have 70% assurance of a retest of 12626 or just a little higher to 12635 but i will not risk leaving my buy above those points because they look very dangerous to me. Euro/jpy also looks good to test res 99.00

So don't be greedy o,just play safe by exiting around 12626

Ogboraph: OH my GOd i thank YOU LORD JESUS for today another sweet day i think i will take half profit now and let the rest run for more $600 till net week GU 1.6000 here we come EU 1.27*** here we come sorry guys no ALERT ALERT ALERT to buy with me cos then i was busy in office i place the trade and foget it and came now to see this my stoploss is not hit

Did you gamble these trades for you to really exclaim this way? Anyway don't mind me just kidding.

infofirst: I dont see it brking as long as 1.2626 holds but who knows?

well fx trading is based on probability but buyers of euro should have 70% assurance of a retest of 12626 or just a little higher to 12635 but i will not risk leaving my buy above those points because they look very dangerous to me. Euro/jpy also looks good to test res 99.00

infofirst: if u r buying eu here say hi hehe

The logical thing to do is buy to 12636 which was a res tested on the 31st of August as seen on the daily chart. so if that region holds, you can be sure to see another crash. So you can make a quick 20/30pips but chill out after euro test 12626/636. These are very strong res levels.

Toks2008: This euro im seeing seems to be heading up to res 12626/12636 before looking back.

And this may sound crazy but i see euro still crashing down if res 12640 hols so buyers can exit the bullish position before this res levels.

jamace: ALERT

Sell EU @ 1.25510 and TP @ 1.25000, SL @ 1.25570

Good luck.

Wow! Immediately I gave this ALERT, trade went wild in opposite direction. Was there any news or it was shere SL hunting?

This euro im seeing seems to be heading up to res 12626/12536 before looking back.

Toks2008: Good morning friends,

Euro has confirmed a down move to supp 12479 now at 12520 with a stop loss at 12560 so go with the bears with care using good mm.

Happy pipping

If you are out of this please place a new pending sell order at 12525 with tp at 12485 with sl at 12575. for a trader just coming on to trade and takes a look at euro, he may be forced to just place a trade in any direction he presently sees euro moving but this is not advisable.

Anytime you open your charts even if you see the pips falling like packs of card, always take time out to analyze the trend and place pending orders.

X3n: I'm usin d default settings

ok then, but that is too leading for me. Nevertheless just stick to your rules as long as it works for you.

We may see euro make a further intraday bullish retest of res 12560/582 but even if these points get tested, it has not changed the established bearish trend until 12585 is successfully breached. This is why i use comparatively wide stop loss which is modifiable in regards to the changing trend configuration.

X3n: jst bought eu @ 1.2550 targetin daily pivot for tp. reason: shaven bullish candle stick on the 1hr tf nd price has bin in oversold region in both 1hr nd 4hr stoch. fingers crossed. cheers!

What settings are you using? I use a lagging setting of 100 10 10, Furthermore, one need to confirm a change in trend using other parameters and not just a cross of stochastic oscillators.

Toks2008: Good morning friends,

Euro has confirmed a down move to supp 12479 now at 12520 with a stop loss at 12560 so go with the bears with care using good mm.

Happy pipping

Euro moved down to 12501 and now at 12548 so if you are still on this position, you may exit now at 12547 as i see a possible retest of res 12558 but i still maintain a bearish glide later today as the bearish trend on the intraday chart is still on course but we are only seeing a threatening bullish correction.

So if you entered a sell at 12520 and you are still in, you may exit now at 12545 losing 25pips and a new entry will be made if euro moves higher to test res 12558/12582

Nevertheless, as a swing trader, i still see a good swift move down as a change of trend is not yet confirmed so i still remain with the bears even if 12582 is tested.

X3n: noted bros, I'm not tryin 2 insinuate anytin o! if mrs price says she nids to pay a visit to south africa, I go jst join d escort sharpely, no time.

Lol! please don't be withdrawn, this is forex trading and many roads lead to success so be free to air your views the way you see it. We are all here to channel a common course.

In view of this, i will still advice traders to wait and sell euro as 12537/12541 may send euro back into the bears territory, But just trdae with care using good mm as we should expect and always expect the unexpected.

X3n: Eu still couldnt break the support, lets see wot happens in d nxt 1hr. will definitely learn alot from hw dis plays out. forex is continuous learning nd d teacher is price. if u listen to her nd follow her lead, she will smile @ u with her green teeth but the day u decide 2 tel her wot 2 do, she brings out her cane which is full of blood. still sitting on d fence tins ... sellers BWARE, buyers, B PATIENT. jst my 1 kobo

What we must understand is that price will seldom move smoothly in our anticipated direction. In my opinion, traders should desist from buying euro but wait to sell because the journey down to 12479 looks 80% certain.

Nevertheless, in price movement we should expect any crazy move but i still remain with the bears on euro to 12479 or even lower so in my opinion i will advice traders to wait and sell euro.

Nevertheless, retracement of 20/30 pips may be a good buy opportunity for scalpers but as a swing trader we may not risk trading retracement as a swift change in movement can occur when least expected.

So even if euro moves high to retest res 12530, i will still wait to sell at that point rather than buy to that level.My humble opinion.

Toks2008: Good morning friends,

Euro has confirmed a down move to supp 12479 now at 12520 with a stop loss at 12560 so go with the bears with care using good mm.

Happy pipping

You can make your tp 12483 because of spread.

Manutd19: toks pls can i have ur email id, facebook/ phone no, will like to chat/ talk

WE can interact on Skype with free calls so download Skype and add Forex refuge to your contact list and send me a request.

[quote author=raycolz_84]The respect i have for you is that you are not dettered by what people say, keep up the good work...[/quote]Thanks.

USING THE REQUIRED LOT SIZE IN A TRADE EXECUTION.

Many traders are not too knowledgeable in this area.Some traders don't even know how to choose account types.

We have seen many traders making the mistake of starting live trading with 500usd on a standard account where the minimum lot size is 0.1mini lot meaning the least lot you can place will give you 1usd per pip.

Unfortunately such trader have already lost that account before making the first trade. Why?

Price movement does not give the luxury of using too tight a stop loss even if you are aiming as little as 10pips,you must still use a realistic stop loss especially if you want to swing trade.

For scalpers using 20pips stop loss or maybe 10pips, you stand the risk of getting stopped out quite often losing about 4% of your equity if you lose 20pips.

5 wrong trades and you are down with -20%. So we must understand that choosing the appropriate account type is the first step in ensuring equity sustainability.

If you have less than 1k usd to trade then i suggest you use a micro account where you can open a lot size as small as 10cents per pip(0.01) any account from 1k and above can go for a mini account where you have minimum lot of 1usd per pip and you may still maintain a micro account if you are a swing trader.

The first rule in Forex trading and in every other business is capital or equity sustenance. Try at all cost to sustain your equity even if you will be making little profit.

So how do you calculate your lot size?

First you need to get the % risk value of your equity so if you have 1k usd for instance and you want to risk 3% on a trade, you first calculate your 3% which will be equity/100 x 3 = 30usd.

Your 3% is 30usd then to know the actual lot size to place, you must first define the stop loss you intend using so lets assume you want to use 50pips stop loss, you will divide the 3% by 50pips which is 30usd/50pips sl = 0.60usd which means you will use a lot size that gives you 60cents per pip. which is 0.06micro lot.

any lot higher than this will endanger your equity. But if you always play by the rule[b](which is he most difficult aspect of fx trading)[/b] you will never be scared of leaving your positions no matter how price movement tries to mesmerize you and even if you lose, you will know that only 3% of your equity is lost and you plan for a better trade execution.

Hope this helps

Good morning friends,

Euro has confirmed a down move to supp 12479 now at 12520 with a stop loss at 12560 so go with the bears with care using good mm.

Happy pipping

Dear Reader,

What do you think is more important, not going broke or getting rich
quickly?

Most marketers however, would want to make you think that
getting rich quickly is what matters. These deceptive marketers come
to you as helpers who have solutions to your trading challenges, but
in fact, what you’ll learn from them is a recipe for financial
disaster. There’s nothing bad in trying to market any services that
can help other traders achieve better results, provided people are
told the right things about trading.

I don’t want to go into numerous examples of high risk settings. As a
trader, you should know the amount of risk for each of your trade. You
should know if your risk is too high or low enough.

Once again, professional traders go for small and consistent results
whereas gamblers go for jackpots. Such gamblers dream of making it big
or striking it rich with seemingly easy trades, without realizing the
price they’d eventually pay for such high risk. If you’re using high
risk, you need to make adjustment to your position sizing.

Many traders fail to see the link between their position sizing and
their trading results. You ought to avoid position sizing strategies
that needlessly shorten the life span of your capital and impair its
longevity. If your trading results are poor, then you must make
adjustment to your risk parameters. When you make safer adjustments to
your position sizing strategy, setting reachable goals for yourself,
things would improve gradually.

P.s:- “For one or two trades, luck can play a part. Beyond that, luck
has nothing to do with successful trading.”

p.s.s:- “A lucky outcome, such as winning a lottery, is not a skilled
performance.”

In conclusion:- This article is ended with more quotes from Joe Ross:

1. “If you are too busy to be disciplined, then you are too busy to
trade. If you don't discipline yourself, you will soon disappear from
the trading scene.”

Hope this helps

I just love this Peter guy. He looks so responsible and cool headed.

Manutd19: Toks is right. The reason why most fail in this biz is cos they are being deceived and lack proper money management. If u're a newbie and really wanna be a pro in this biz, you have to stay away from this thread to start with. So many confusion here for newbies.........like some so called pro saying they make 100% monthly isn't a good thing for u newbie and intraday trading is something you should do away with for now.

You can swing the intraday charts and not scalp intraday price action which in my opinion is dangerous.


Simple stochastic with 100/10/10 custom settings will do along side heiken ashi candles and zigzag to spot areas of strong supp/res levels. You need to learn the simple application.

But the truth is that yu can even scalp intrday if you are disciplined to use good money management but don't ever scalp against the trend but always scalp in the trend direction.

[quote author=raycolz_84]wow.. this is awesome, just tried it on one trade, never knew such existed before, you see the essence of sharing ideas, many people are bound to benefit.. thanks a bunch[/quote]That is the point.No one knows it all.

For some of you observing the trading method used on the 20pips hacker,i want you to realize that is just a test account aimed at fine tuning any loop hole and as i wrote before, i allowed and i mean purposely allowed some features of the EA to run during the news release on Friday last week to see how it reacts during news release. I turned on the aggressive trade feature where multiple trades will be opened at very volatile price movement and i have realized its not the best.

This has absolutely nothing to do with the profitability of the system because a system that has been making tons of 20pips for 45 trading days or thereabout can't just go wrong suddenly in one day without a reason.

This is the essence of testing the method and despite all these anomalies, the test account has only suffered -6% loss which is an indication that the system is good enough to withstand crazy times.

See friends, the most difficult style of trading is intraday trading. swing trading is so convenient and i have no problem dealing with that and i have been a swing trader all the way but the intraday 20pips is a new system im developing and i will not relent until i fine-tune the EA to give me desired results.:

I am presently adding the pips locker feature and trail stop feature. So while i do that, you can still observe more as i have switched the aggressive trade feature off to allow the former conservative trade executions.

We must realize that this business is not bread and butter and all hands must be on deck to ensure we get the best from it.

Thanks

infofirst: Make we take am easy oh.

Honestly i am so so confused as to what is going on. One Bolinger posted sometime ago.

Bollinger: personally I blame you. you kind of talk too much. you have to realize that 95% of traders here lose money, including me, which is why I am taking it slow with trading. I have learnt and lost a lot. I have learnt not to trust people who make ridiculous claims when it comes to forex. I have learnt that traders here secretly pray for others to fail since they are failing. very few succeed in this business but can't stand this thread, case in point odiaero. bad belle has driven him away. others adore the sychophancy ''cough cough'' naijababe, unclenna. I have a talent for smelling fake. prove me wrong and link up your accounts to myfxbook to show your trading history. I don't know why this is so hard to do. it shows tranparency. anyway, I digress. just post your alerts toks and forget about the analysis. this will reduce your headache.

So i wonder why this should be so. Are we happy that we are losing money to brokers making them fat on us? Honestly i am so confused as to why this has to be.

I got my first lashing here when i wrote that making 10% monthly is reasonable enough to allow smooth and steady growth and i wish you could re visit the page to see how i got so much lashing.

Then i challenged anyone who is making 50% consistent profit monthly to either provide a link for us to see whether demo or real account so that i can personally learn from that method and newbies here will also learn and not be deceived that they can make consistent 50/100% profit month after month and this was when i really got the dose of attacks.

So honestly i am utterly confused. I taught we were suppose to bear our opinion without anyone ridiculing any one. If you disagree, do so in a brotherly manner and not writing in such a derogatory manner.

And do you know the funniest part of it? this test account in question has only suffered -6% loss and i am getting all these sadistic comments. Lets assume for one sec that this is a live account im trading, will i get crucified for losing 6% of an equity not minding the profit initially made. http://www.myfxbook.com/members/ForexRefuge/20pips-hacker/349461

Yet i doubt if these haters can maintain a clean equity on a demo for even one trading month.

endfx1: My Oga Toks2008.....i wonder what is really happening oooo...you that i know far back as 2009/2010 as a complete swing trader with hundreds of pips on a single call now an intra-day scalper with 20pips what is it? Is it that the greed thing throw you out or something?

I must say your calls this days is kind of confusing bro...please get back to your original pattern coz i know you are good when it comes to this biz.

I think all we need is to work on our GREED cos am also a victim

No harm meant my bro...just an observation

Endfx, thanks for your comments. I thank GOD you know me very well since 2009 and you know i usually gun for huge pips. I have long converted that swing method into automation and still testing but i will be going live on that this month. I intend to use that method generate a conservative return of 30/50% profit on a yearly basis trading very huge capital for banks and traders with deep pockets who would want something a little better than 5/7% giving by banks on fixed deposit in a year.

Now for the 20pips intraday system, i just developed that to see how easy it will be to capture quick pips in a moving trend using strong supp/res levels and use that to build small equity targeting 10/15% monthly with compounding factor. I was testing that for 45 trading days and i saw areas of improvement. Though i allowed a fauxpass on Friday intentionally to see the way it reacts during news release which led to some losses but the best part is that the EA still maintained a healthy equity so i decide to make some improvements which i explained here.

So its not greed at all. Its just a method im trying to develop and im still perfecting it which is why i decide to make the testing public to se areas of improvements so while i have gotten good recommendations from some viewers, i have also gotten baseless and unwarranted destructive comments from mainly Nigerians.

Nevertheless i am not bothered because there will be haters always and you should love them because they are the only people who believe you are better than them.

If i see a trader showcasing a system that makes so much green and something goes wrong in one day, i will rather pally with him and gain something tangible from that system knowing with a little adjustment, it can be made better but some Nigerians are too myopic to understand this.

dboy365: [b]Your post gives me nauseating feeling, Gosh! What do you advise newbies who took your EU buy calls? first at 12602, then 12587 now 12562 (thats 40pips loss from first entry and for a 20pip TP right?). I thought with your 20pips tp and 10% monthly mindset and your claim of years of experience and strict MM, you would atleast give clear calls of SL(i only saw one SL in this last post quoted above and TP, because the way I see it( no harm/quarel or insult meant), your calls are bereft of any good trading or chart reading skills (maybe just years of repeated boasting and delusions of expertise), let alone MM, RR, EA teachings you keep forcing down our throats. Your calls and demo acc history trades are filled with hunches and illusions(I had to delete your acc from the installed platform after seeing huge losses and one of the worst trade history from an acclaimed pro). Nobody is perfect and I'm still a newbie, learning and refining my system and skills like some great minds here, my pals frenchie, 9jababe, unclenna, ogboski,rozie, and co.
So pls do more research and less posting of your "I'm an expert so listen and learn from me" messages on this thread. I'm sure others are getting sick of these post and are just ignoring them. Last time I checked, Its called Forex Trades Alerts where members make calls, sometimes give tech and fundamental reasons, learn and share materials and tools to make us all successful. Nobody's post seem to show "Oga"ism than yours.
No insult or quarel meant oh....just couldnt take it anymore!
I don talk my mind and wont even bother replying you on this if you respond with a fight or arrogance!.[/b]

IO[/b]

Ok, take a cup of water and relax your nerves then read carefully. First i must thank you so much for even taking time out to check the test account which i gave detailed explanation on why there is accumulated negative value last week maybe you did not read that.

Nevertheless i can see that all you wrote here are still in a bid to bring me down because anybody with a very high intelligent quotient can read in between your lines but i will take it calmly this time and i am happy you mentioned that you are a newbie so there is so much to learn and i will try to educate you using your aggrieved points though you muddled up so many things but i will try and break it down one after the other.

You wrote "Your post gives me nauseating feeling, Gosh! What do you advise newbies who took your EU buy calls? first at 12602, then 12587 now 12562 (thats 40pips loss from first entry and for a 20pip TP right?). I thought with your 20pips tp and 10% monthly mindset and your claim of years of experience and strict MM, you would atleast give clear calls of SL(i only saw one SL in this last post quoted above and TP, because the way I see it( no harm/quarel or insult meant),

My Response: First you must learn to maintain proper decorum when addressing issues in written form especially if their is no antecedents to warrant temperamental writings.

Now understand this, intraday trading is characterized by changing configuration and as a newbie i will advice you to be prolific when trading the intraday charts. If i am to give a swing trade suggestion,it is usually calm and calculated but intraday trade suggestions needs to be well guided hence the need to use your combined trading acumen[b] and not just to follow any trade suggestion dogmatically[/b] so if i give a bullish trade suggestion to enter at 12602/12587, any trader with little wisdom will use his discretion on the point to use as entry and i remember giving 3 tp points and not just 20pips target as you wrote.

Now You must understand that these are not calls as you believed but trade suggestions which must be applied with your own trade analysis so it is saddening for me that we still find traders who follow trade suggestions dogmatically.

2. You also wrote: "( no harm/quarel or insult meant), your calls are bereft of any good trading or chart reading skills (maybe just years of repeated boasting and delusions of expertise), let alone MM, RR, EA teachings you keep forcing down our throats. Your calls and demo acc history trades are filled with hunches and illusions

My Response: I don't know your age but i will advice you get more matured because your posts are filled with Sarcasm and outright disdane yet you want me to see these as insult or quarrel free?

Dboy, you really make me laugh and with this attitude of yours i doubt if you will make anything good from this business believe me. You think i am disillusioned? oh my; anyway let me assume i did not see that but my advice to you is to try to see a good thing in every bad thing so that you can make progress in life. Always try to see positive aspects of things.

You have never ever asked me what i intended with this demo,infact this is the very first time i will be seeing any post from you regarding any of my comments here. But take time out to read your psot once more and you will see that something is wrong somewhere.

I set up a demo to try a method which is subjest to success or failure and all i humbly asked is observation and possible constructive ideas that could make the method better yet i wonder if this has to do with frustration or hopeless anger because it beats my imagination that all some people see here is a draw-down occasioned by me as i explained why i left the EA on friday.

This is an EA that has been generating lots of greens yet no one commented as to why there was a turn of event last friday but were so quick to send posts of jubilation that the EA experienced a draw-down. https://www.nairaland.com/1013803/forex-trade-alerts-season-9/68#12017139

I keep saying this that as long as some people choose this way of life, they can never ever make any good from this life and this is a fact.

Lets stop bringing each other down, lets see something good in every thing. This is a demo for crying out loud, there was no promise made by me yet someone wrote"(I had to delete your acc from the installed platform after seeing huge losses and one of the worst trade history from an acclaimed pro)" This is a shameless remark.

Now there is someone bold enough to come out to showcase a strategy for people to see and make comments aimed at improving the system so that we all can gain from each other and all i see are strange people with strange mindset casting unwarranted aspersions. GOD SAVE NIGERIANS.

Euro has decided to move south but not for long as we may see a strong supp at 12560 so sellers should sell with care.

But if the next 4hr candle breaks the low of the current 4hr candle which should close bearish by 20/30pips then we can say the bears have started their long expected voyage down to 12464 or lower.

Lets trade with care

Euro has tested a crucial point and we may see a bullish swift movement if the bears fail to proceed below supp 12562 so intending buyers can still do so with a vivid stop loss at 12562 and if this level is breached then down down euro goes.

Toks2008: There is no better time to buy euro as we may see a swift bullish surge to 12637 now at 12602 so buying for quick 30pips now will be ideal with a stop loss at 12570

Trade with care and use good mm

Happy pipping

We just might see the final bullish lap to res 12637/52 if supp 12587 holds and it just might do that.

Any time i log on to this thread to make comments, i usually make it a duty to see who is viewing this thread at that point in time and i usually see few names.

This is understandable because this business is not attractive in this country because many people have lost so much money but don't be discouraged guys. There is always a light at the end of the tunnel.

Keep studying and making research to improve your skills but there is one fact i keep hammering on and that is trading manually.

You have heard many times that 95% of traders quit trading and never make success from this business.

It may surprise you that the reason why this is so is not because this set of 95% don't know what they are doing but its because of indiscipline talking about inability to stick to our very own trading rules and not forgetting greed and fear.

Now the solution as i keep saying is this. Turn your manual trade technique into automated trading otherwise called (EA)expert advisor.

Many people get a wrong notion about Automated trading because they se it as one crazy robotic means of trade execution but you are very wrong.

You can convert that your manual trading method you have come to trust into automation so that it will trade your account as if you are the one doing it. No fear, no greed, it will enter a trade when your trade and exit just as if you are the one doing that.

I have read about some people commending the function of pips locker. This is just what im talking about. Some of you would still want to allow emotion leave your trades to run and may lose the few pips you would have secured but the pips locker will simply take you out with decent profits without second guessing.

But if you are among the few who are very disciplined in trading your rules and trading without greed or fear then continue with your manual trading if you have the time to do that.

So lets know our limits and take the right step so that we will not just be wondering in this ever tactical business.

Hope this helps