₦airaland Forum

Hi Guys,

Thanks for the encourangement. Ok lets face it. Forex is a hard business no doubt so if you can really learn it, fine, if you want to use robors,its totally up to you and if you want to subscribe for daily signals, all well and good.

I will come in handy if you want proper training or daily signals so you can contact me.

The number one and infact the main feason people lose money is not really greed but poor money management so learn how to risk just 2 or 3% of your capital per open position.

You see, let me share one unique secret with you. You cant trade forex with small money and expect to make it cos your account must get wiped out with time because of money management and thats why you see many brokers offering you this opportunity cos theyk now that you will eventually lose it,

Ok lets look at this case scenario:

You have 200usd and you want to trade the smallest lot size on micro account which  is 0.01. You need to understand that forex,price action movemenet is our great enemy because you will see price retracing to more than 100pips sometimes before moving in the direction you anticipated so lets say you place a stop loss of 50pips, you will get knocked out losing 5usd which is more than 2% already and you can see this happening over and over again.

But if you have like 1000usd or more to trade,you can conviniently trade same lot with 150pips stop loss and you will always profit before your stop loss is hit and even if you get stopped out, you will lose jusr 15usd which is less than 2% of 1000usd so you see why you need big money to trade effectively.

This is why i train people with live cents account that will make you start off with 5000us cents which is 50usd and you can actually build a good trading character from there.

Stay blessed

Toks

Hi Guys,

So unfortunate that i and my neighbours occupying a six flat apartment were robbed at gun point in the early hours of sunday the 1st of march. These dare devil robbers came in through the small window of our gate man and tied him like a cow and later came in and dispossess us of valuables and cash.

Valuables and cash worth over 400k was taken away from my apartment which includes my laptop computer, my zoom internet usd moderm and so many other things.

I am using a another laptop now but i will need to retrieve all my data which will take some time and i am also resetting my charts and trying to pick my trades from where i left them. So unfortunate.

Anyway as regards my contact y, i will give you but please note that if you are contacting me for training, you will need to go to babypips.com/school to first and foremost aquaint yourself with the rudiments of trading cos i dont have time for those theories, i train practical for the first month without risking any dime and in the second month, you will be trained with real cash which is 50usd in cents(5000cents) account on lieforex platform. With this, you will learn proper money management and build your trading character.

Add cutekorede@hotmail.com to your chat list then lets get started.

Toks

Hello Guys,

What is wrong wih liberty reserve, I dont want to believe what i'm thinking. The delay in their website maintanance period is getting too long for comfort.

What do you think?

Toks

Hello once again Nairalanders,

Hmmm, well i am not discrediting the post by mcjohn only that i am very uneasy with the page he pasted above cos it does not depict an actual account history of the result he got using forex auto pilot.

However, i know that some robots work well no doubt but i still feel that it is very dangerous to put your fate on robots when you can really learn mechanical trading.

Sometimes i wonder at the way people are so adarmant as regards trading currencies because this business is not suitable for everybody. If you know your brain cannot desipher the techniques involved then forget it and look for other business to do.

The long and short of my story is that if you cant trade succesfully using your own mechanical method,then forget currency trading else you will lose your shirt.

Toks

surveycash:
Hmmmmmmmmmmn interesting. Toks2008 has finally overthrown invest2009. This is what I have to say. I wont say toks is appropriately right in calling invest2009 a scalper. You can trade news on spike for minutes. I have used a software that those that. It uses hyperclicks i.e it will click the BUY/SELL button once your deviations are met else it will say NO TRADE. You can see it at http://www.secretnewsweapon.com/ by Felix Homgratus, owner of FPA.

Secondly, where I started casting doubt on invest2009 knowlege of forex is the area of trading 23 std lots ($230/pip). That is lot of money man.
With my 3 years experience, what I found out was that it is dufficult to make money through intraday trading using technical analysis. In fact intraday trading brings about the risk of overtrading which is the sister to greed, the family to emotions trading.

Presently, I am into swing trade and I am using the system of Rahul, an Asian developer at www.forexsuccessformula.com. It is good. I enter trades, give them limits and check the outcome the next few hours and some times days. I feel better with less hypertension.

You don't need to buy that course, I may give it to you but I have not decided yet. THis is getting longer than I expect, talk later


Commited to ur success
successfulhassan

Nice reasoning. How i wish many forex traders can understand that swing trading is the best methodology in achieving consistent profits in forex. It requires patience and eliminates hypertension.

You only need to sell at overbought and buy at oversold regions targetting at leastt 100pips using the 1hr or 4hr time frames. Thats all.

If you are interested in learning swing trading mechanical method, just add my messenger address to your chat list and be ready to open a live cents account with 50usd(5000cents). With this account, i will teach you how to swing trade with 80% consistent profits using strict 2% exposure and profit to loss ratio of 1:3 or more.   My chat id is cutekorede@hotmail.com

It is very interesting and rewarding. This offer is open to everyone even if you are new to forex, i will only refer you to babypips.com to read the theory and when you are ready for practical training , let me know.

However i would conclude by letting everyone understand that scalping the forex market can be very dangerous due to forex price action movement. Swing trading is definitely the way to go.

As regards my signals, i have decided to give only swing trading signals and i am not in competition with anybody and this goes to e-guy. My signals are random and comes only when there is a swing trading  signal and i use 4hr chart.

For instance right now you can take advabtage of the following swing trading signals.

1. GBP/USD: BUY STOP AT 14370, TAKE PROFIT AT 14555 AND STOP LOSS AT  14100
2. USD/JPY: SELL STOP AT 96.80 TAKE PROFIT AT 96.10 AND STOP LOSS AT 98.00 BUT IN THE LONG RUN THE PROFIT TARGET IS 93.10
3, EUR/GBP: CURRENTLY ON DOWNTREND SO YOU CAN PLACE A SELL AND TAKE PROFIT AT 08787 AND STOP LOSS AT 08950
4. GBP/CHF: CURRENTLY GOING BULLISH SO JOIN THE TRAIN AND TAKE PROFIT AT 16920 AND STOP LOSS AT 16540

If these signals are followed, you will rake in over 300pips in the first two days of next trading week and these signals can come just two or three times in a week depending on when the opportunities arise. Its for you to check our website to see. And we will be offering free swing  trading signals for the next three weeks.

ON THE FINAL NOTE. PLEASE BE WARNED THAT FOREX IS A VERY PROFITABLE AND VERY VERY VERY RISKY VENTURE, LEARN THE BUSINESS AND MAKE CONSISTENT PROFITS BEFORE RISKING YOUR HARD EARNED CASH.
BE WARNED

Toks

Take advantage of our free forex trading signals guaranteed to bring you consistent profits. Over 1400pips profit in just 2 weeks

Please visit http://bizstuffs.com and navigate down to forex community

This is a sample of today's signal:

1. USD/CHF : SELL STOP AT 11475, TAKE PROFIT AT 11410 AND STOP LOSS AT 11588
2. EUR/USD : BUY STOP AT 12950 TAKE PROFIT AT 13050 AND STOP LOSS AT 12807
3. GBP/USD: BUY STOP AT 14555 TAKE PROFIT AT 14660 AND STOP LOSS AT 14467
4. eUR/GBP: BUY STOP AT 08920 TAKE PROFIT AT 08985 AND STOP LOSS AT 08863
5. GBP/CHF: SELL STOP AT 16654 TAKE PROFIT AT 16565 AND STOP LOSS AT 16744

Happy trading

Hi Everyone,

Its sucha great pity for Nigerian graduates that still imbibe the old redundant mentality of:

GO TO SCHOOL-----GET A GOOD DEGREE-------GET JUST OVER  BROKE(JOB)-------------RETIRE AFTER YEARS OF SERVICE---------------LIVE ON PENSION AND DIE FRUSTRATED.

For crying out loud, university degrees or any other degree of higher learning are not meant for you to get a job but to harness the enterprenural indwelling talents called hobbies to metarmophous you into unimmaginable wealthy individual with great fufillment.

Please tell me the university degrees that made the following people into national or global icons

1. Michael jackson
2. R.kelly
3. Christiano ronaldo
3. Serrena williams
4. Warren buffet
5. J J okocha
6. Nice
7. D bang
8. Basket mouth

I cant continue to list names. But one fact remains that these guys made it big with their talents and not with their university degrees.

i read Microbiology in school but today i only remember that my cert is somewhere but what gives me money now has nothing to do with my degree but my hobbies(gifts or talents).

So  i would advice that you look inwards and do a thourough self examination to know that peculiar talent of yours that if transformed into a vocation will give you great wealth so our degree is to bring out the best in us towards refining our talents into a money spinner and not to obstinately search for jobs and make your life depend on that.

And the most pityful case is that many of these extablishments are owned by people who are not as educated as you. So Wise up.


Toks

Hi Everyone,

I have decided to give free forex buy and sell signals for three weels so take advantage of this great opportunity now at

http://bizstuffs.com/index.php

The signals are posted evry 7.00am Nigerian time which is the start of the london trading session.

To know more about me, you can check my thread tagged "Trading forex the right way" in the business session of nairaland.

Thanks

Toks

naijacutee:
I think I may have to move this thread as it doesn't appear helpful to anyone in particular.

How do i explain this? Moving it because it does not appear helpful to you or over 200 people who have viewed this and over 50 who have sent me instant messages thanking me for the thread.

You see Naija cutie, i have read many of your post and you appear to be very knowledgable and rational in handling some issues on nairaland but sometimes you leave me wondering.

I am only helping people through nairaland to understand Forex trading in a simpler context as i do on some fora online and non of the moderators have never ever commented negatively.

Annd if i may add this, Nairaland is the only online forum that sets some unessasary conditions as to what to post and not what to post and this is very contradry to what online fora stand for.

Well its your choice, if you feel this thread does not make sense to anyone or to you, go ahead and remove it, i have got nothing and absolutely nothing to lose but you have simply succeeded in depriving information seeking people of a very useful titbits on a very lucrative and rewarding venture.

Maybe i should train you on how to trade forex. I believe an intelligent lady like you will grasp fast then you will understand how useful this thread is.

jamace:
Please leave it. Some knowledge are acquired from the arguments.

What an insult for you to write such hypocritical words when you are actually learning a thing or two from the thread and you call it arguements. Who argued with who. I am a matured executive and for you to write such is an insult on my person.

I will personally remove this thread.

I wrote this on: October 25, 2008, 06:27 PM i had to extract this from my achive

 
Hi Nairalanders,

Please i am using this medium to warn every user of these online accounts to avoid patronising people who claim to operate e-currencies esxchange services online.

If you must fund your online account of any kind, please visit their office and let them fund your acount first before handing your money over to them.

NEVER PAY TO ANYBODY BANK ACCOUNT AND I REPEAT NEVER PAY TO ANY MERCHANTS ACCOUNT

I am talking about Nigerian exchangers who claim they will fund your e-currency accounts thereby stealing your money.

Many of them use GTB(Guarantee trust bank) just for you to pay the money and never have your account funded.

These GOD forsaken sons of the devil go as far as building websites for their criminal act. Can you beat that?

Any merchant who discourages you from coming to their office for instant funding should be avoided like plague.

A guy by name Chris okeke with Gtb account number 2032265591590 who claims to run an exchange firm by name webpayNigeria just scammed me.

As for visa/master cards

Please i will advise you to get these from our banks here in Nigeria and avoid these online card merchants. I got duped by Tru-cards.com to the tune of N40,000 to get a virtual visa card.

A word is enough for the wise.

I rest my case

Toks

Hi Guys,

I did promise to discuss price action movement. So lets get it on:

Price action in forex is a killer anyday anytime,expecially to those who dont know how to place stop loss and you will hear them say"The Broker is hitting my stops manually" Pure nonsense.


If you place your stop loss right, only a change in trend or news release can hit your stop loss and even if it does, you will only lose 2 to 3% of your trading capital with proper money management.

Now Price action can be very devastating for a trader who love to place a trade instantly(on impulse) just because you see a bullish or bearish move. The best way to place any trade is to always and i repeat always wait for a close of a candle stick and placing a buy stop order 5 or 7pips above or below the candledepending on the trend.

For instance if you trade the 1hr candle and your indicators show you that the price is still moving in a particular direction, simply wait for that candle stick to close then simply palce a pending order 5pips or 7pips(preferable) above the high or below the low of the closed candle then wait and see if the candle is broken.

If this happens then you know that at least for the present hour, the price should continue in that direction. But if you place an instant order, you may be surprised to see the price making a retracement that can go as far as 100pips or more before retracing back to move in the direction you envisaged. So you see. Price action create fear and will make you exit a wining position or place a counter trade that will make you get hypertensive all day long.

So in conclusion, learn how to place your trades  the right way and use the proper stop loss.


Thanks

Toks

Hi Nairalanders,

I will go straight to the point concerning e-currency transactions.

NEVER EVER PAY INTO ANYBODY'S BANK ACCOUNT. INSIST ON FACE TO FACE TRANSACTION. IF THEY INSIST THEN VISIT THEIR OFFICE FIRST TO BE SURE THEY EXIST. IF YOU CANT VISIT THEIR OFFICE DUE TO YOUR LOCATION, THEN FORGET THEM AND LOOK ELSEWHERE. DONT EVER SETTLE FOR LESS OR YOU WILL LOSE YOUR HARD EARNED MONEY.

END OF DISCUSSION.

Toks

Hi Everyone,


You can add forexrefuge@yahoo.com to your friend list so we can chat.

Many people have asked me if i do train people and the answer is an emphatic yes but its online based.

There is a way i train people with strict practical approach.


1st month is totally free   where i train you about the rudiments of forex trading and all these are based on one criterion which is that you must be hooked to the internet and have downloaded an mt4 platform from any broker of your choice.

When you are through with the 1st month, you will be sure if Forex is right for you or not.

The second month is the real deal where you will actually open a live account with just 5000US cents with liteforex.

Why not demo? The truth is that no matter how long you demo trade, you can never develop the right approach to trading due to the fear and greed factor.

I will fund your liteforex account with 50usd which ofcourse translates to 5000us cents. Whether you believe it or not, this account can develop into thousands and even millions of usd many years to come but you must be ready to lose this money because you will be trading live account and this will enable you to build a character and great discipline.

Did i hear you ask if the 50usd will be from me? Ofcourse not. I charge a token for the training. So you will open a live account while i fund it with 50usd from the money paid by you for the training.

I am not here to blow my trumpet but the truth is that you will be amazed at how good a trader you will be after undergoing my online based practical oriented 2months training. My posts on forex trading should be a good proof.

You dont have to spend thousands of naira getting signals from someone else. You will develop your own strategy that will bring you millions of dollars in your trading career.

FOREX IS REAL AND VERY PROFITABLE AND ALSO VERY VERY VERY RISKY. Well, what do you expect from a venture that can give you daily returns of over 10,000usd just by sitting in front of your system sipping wine. But it can also make you lose over 10,000usd in a single day if you trade wrongly so the best you can do for yourself is to get the adequate training that will make you consistent profits.

And on the final note, I will advice that if you really want to get the best from Forex trading, self education is of utmost importance, getting trained will only facilitate your skills and secondly.dont ever believe that self education or paying so much to learn forex training is not necesssry because if you dont pay to get the required skill, you will still pay eventually by losing so much more than you would have to get the right skills.


Thanks

cindy85:
this is how forex is done:

amount quantity traded pips profit total day

$100 $25 150 $37.5 $137.5 monday

$137.5 $25 150 $37.5 $175 tuesday

$175 $30 150 $45 $220 wednesday

$220 $40 150 $60 $280 thursday

$280 $50 150 $75 $355 friday

sometimes you can make more than 150 pips in a single trade especially when there is news. in a whole month you can make up to $2000 if you know how to trade. as for me i use 40% of my account to trade and each day i make profit. you too can benefit if you are interested. write cynthia.monroe73@yahoo.co.uk

So unfortunate that some people just love to post for the sake of posting.

"as for me i use 40% of my account to trade and each day i make profit" Please this thread is not for jokers.

My advice for you is to go play lotto, forex trading does not work that way.

Thanks

Hello everyone,

Quite sometime now and i hope you all are doing just fine in the world of currency trading.

Today i want to discuss briefly on proper risk management.


WHAT IS RISK MANAGEMENT?:  In currency trading, managing your risk is all about ensuring that you do not overuse your margin by ensuring that you risk a very little percentage of your trading capital in any open trade.

This is where many Forex traders fail (Even myself). The simple truth is that no matter how good you are in currency trading, you will still fail woefully if you dont inbibe the culture of strict money management.

I once lost over 1600usd in 3days YES 3 days simply because i was allowing greed to overwhelm my sense of money management and i will not want anyone to make same mistake.

Now as a swing trader i trade strictly with the 2 or 3% rule with a wide stop loss. This simply means that i never risk more 2% of my total capital in a single trade with maximum risk exposure of 4% which means i always have 2 open trades on and will never open another one until i have trailed my stop to secure my initial 4% initial exposure.

This means i would have lost 12% of my trading capital if i have 6consecutive losses but this seldom happens.

Asides these, risk management in forex also entails that you should have a greater reward ratio which means for every amount you risk, you are targetting at least 3 times the amount so this makes a whole lot of sense.

Now immagine you have 500usd and you need to risk lets say you are risking 3%, this means you divide 500 by 100 multiplied by 3 which gives you 15usd.

Now it will be very stupid and idiotic to use 15pips stop loss on any higher time frame except 5mins chart and this is not advisable due to price action movement as you will get stopped out over and over again.

So what you simply do is to forget a mini account and go for micro account which means that if you use 0.01lot size on this,this 15usd translates to risking 150pips WOW, now we are talking.

You can use this on a 4hr or even the daily chart thereby increasing your earnin potential as you can gun for 500pips thereby making 50usd and risking 15usd.

Immagine you place ten trades and loss 5, you are still in profit as your total loss will be 75usd while your profit will be 250usd so deduct your loss from profit and you will still have 175usd. Thats the way to go.

Alternatively if your trading syle is the hourly chart, you can simply open two trades risking 75pips on each trade which translates to a maximum risk of 3%(nothing could be better).

So the conclusion is that you must always work out your risk management before opening anyposition and you dont just place your stop loss anyhow believing that the loss wont hurt but place your stopp loss accordingly(You can read my recent post on placing stop loss)

Stay Blessed and catch ya later.

Toks

Hi Everyone,

I got a mail from someone asking me to enlighten him about using stop loss order.

The fact is that many traders are very fearful in this aspect due to many instances where there stop loss level is continuosly hit before the price action goes in their anticipated direction.

You can't really do anything about this since price action in currencies have a crazy way  of moving but you can reduce the chance of this happening.

USING STOP LOSS ORDER EFFECTIVELY

The first question you should ask yourself is this: What type of trader am i? A scalper, a day trader, a swing trader or position trader.

The type of trader you are will have great impact on how you use stop loss orders.

1. SCALPER: If your intention is to get a little pips here and there then leave the trade then you need to set your stop loss in relation to the time frame.

2. If you are a swing trader then  you should be able to know the support and resistance points then set your stop loss 5pips above resistance if selling and 5pips below support if buying. and This goes for position traders too.

3. Day trader open trdaes and closes same day hoping to get the best from the trend of that day so your method should be a trail stop.

But where exactly should you set your stop loss

This question is very tactical and before i answer this question, i would like to advice that you try all you can to avoid impulsive trading(Placing a trade by instant execution). You see a chart and it seems a trade is going bullish and you enter long immediately and price starts reversing.

If you are this type of trader then you should be ready to have your stop loss order getting hit over and over again.

You should also plan your trade such that you place only pending buy or sell orders so that the price action picks your order and not you chasing price action.

So any time you place an order, whether you are scalping,daytrading, swing trading or position trading, inrrespective of the time frame you are using, always check the candle stick or bar that picked the trade you placed.

If you placed a buy stop  place your stop loss 5 pips below the low of the previous candle to the that picked the trade and above the high of the candle if its a sell stop.

It now depends on you to trail your stop or leave it. If your stop loss is hit,then you are very sure that the price action has reversed for good(At least for a long time to come if it will ever reverse back).

But if you decide to trail your stop loss, always trail it buy shifting the stop loss to 5pips above or below the most recent candle towards your present price level.

For instance you are using 1hr chaty and you placed a sell stop at 7.00am, the 8a.m candle stick picked the trade, put your stop loss 5pips above the high of the 8am candle stick.

At the end of 8a.m candle, you may be fearful that the price may reverse but you don't have to since the price action picked the trade itself so at leat it should continue for some time so you wait for 9am candle and at by 10am you are fortunate that the stop loss you placed is still intact,simply shift your stop loss 5pips above the high of 9am candle and watch for another hour.

So this applies to all time frame even i minute but note that reversal on a lower time frame might just be a correction on a larger time frame so its up to you the time frame you use.

By this method you are sure to get  the best from the trend of the day.

Have a lovely trading experience.

Good Day Everyone,

Quite a long time. Today we shall look at the ideal time of the day to trade.

I have explained to you previously on the different trading sessions we have but many traders are always confused as to when exactly to enter the market in order to get the odds on their side.

The Good news is that our time zone has so much favoured us such that the london session starts the same time we are resuming at the office or just woken up from a sound sleep. I am talking about 7 to 8a.m in the morning.

Now you maynot have noticed this but the truth is that major moves occur between 8,9 and 10am in the morning when european traders are coming in. So to get the best from your trading, simply wake up by 7am,Analyse your chart to see the trend for the day and wait for the big move. Capture your desired pips and close your trade for the day.

This sounds funny abi? but that is the truth, You can make your money with the third 4hr of the trading day which is 7am to 11am when the big moves usually occur. After this time period,the market starts its volatility with spikes, news releases and so on.

Yes some moves do occur after the 3rd 4hr period of the day but they are so unpredictable than that of 7a.m to 11a.m.

So avoid sitting with the system all day and make your money trading for just few hours of the day and when you do make your profit, learn to close the trade and your computer,otherwise you may carelessly give back even more than you made.

Have a lovely trading experience and catch ya next time.

NB. Please you can post any question here and i will gladly answer you so that everyone can learn.

Thanks

Toks

Hi Guys,

There are many factors negating against carrying out a smooth business opeartion in this country. Lets leave the factors we already know like inadequate power, declining economy  and security to mention just very few.


What amazes me is that every employee is only looking for A WAY TO ENRICH THENSELVES not caring about the sustainability of the business. That is why you see many failed banks and businesses. My wife operates a supermart and her experience with employees has given me a miniature view of what happens in larger organisations and thid goes to show that if you cannot handle your business yourself, you are bound to close up the business.

Each month she does stock taking, large amount are always misapproprated by her staff. and at a stage, we suggested that she closes down the store since whe is still a student hence no time to stay there yet she  keeps on changing employees as rget always leave after finding out how difficult it is to steal money.

I once had a recharge card distribution outlet but was forced to close it down since employees are always stealing the cards and iy was such a horrible experience for me having invested hundreds of thousands just to recover the money nits by bits and not even making a dime as profit.

In 2001, i rented an office apartment and tushed it up to the tune of 1.3million naira, unfortunately i had an accident which affected my spine. Before i could say jack, all my employees left one after the other never taken it upon themselves to build the business up since i was incapacitated at that point in time. So you see how selfish people can become always thinking of themselves. So while i was reculpirating, the rent was counting until i ended up not using the office.

Talk about government parastatals that refuse to pay contract money and many other examples too numerous to elucidiate upon. This is a DOG eat DOG world, nobody cares for anybody. Its always survival of the fittest. Everyone around you is looking for what to get from you even your wife and children,

So the vfrustration will forever continue, lets just pray that GOD gives each and everyone of us a sustainable means of livelyhood.


Toks

I thaught i had warned you guys never to do e-currency exchange by bank transfer when dealing with a local xchanger.

Always do face to face transaction and save urself the headache of getting scammed.,


Toks

HAPPY NEW YEAR TO YOU ALL




Yeah today we shall be looking at the prefered time frame to trade Forex.


There are mainly three sessions in forex trading which are the Asian, European and New york sessions.

But this is not the focal point of our discussion today but we are looking at the preferred timeframe to trade.

Best time frame to use in trading

The truth is that there is no best time frame to trade but it all depends on your type of personality but one thing is for sure and that is trading any timeframe lower than the daily chart will give you whipsaws and this may lead to loss of capital.

The truth is that the trend for he day is much more inportant than the intraday trends and ofcourse determines the overall direction for the day.

If you look at the trend of any particular currencies from 5mins chart and above, you will see that it may be ranging, while it is an uptrend on a 15mins chart, a downtrend on 30mins chart, a downtrend on 1hr chart, an uptrend on 4hr chart and a downtrend on the daily chart.

So as you can see, you get so confused and you would rather want to stay away from trading but the truth is that the daily chart rules the day because in the long run, all the different pictures you are seing on lower time frames must agree with the daily trend so why not analyse the daily trend and place your trades accordingly,set ur stop loss and take profit the aloow it to move in the direction.

So how do you know the trend for the day

Very simple, just add an exponential moving average indicator of 80 day and 200day period(apply to close) and check if candlesticks for the day are below or above these EMAS and check the 4hr to make sure they agree before you can confirm the trend for the day. Also check the stochastic to spot present price action on the daily chart.

Also check the bollinger band shapes. This indicator is very powerful and the changing shapes tell a lot about price movement. Some times you see the the three bands all facing up, this shows a strong uptrend, some times these three bands are parallel which shows a ranging market and sometimes you see the three bands facing up with large spaces between them which shows retracement of a trend.

So adding these indicators together on the 4hr and daily chart will give you a clearer picture of where the price is heading for the day but don't forget to also check the weekly chart for a detailed analysis of the daily trend

So the summary is that: Trade the daily chart, use 1hr for ur  entry and stop loss. Take profit with the 4hr all in the trend direction on the daily chart and enjoy a happy trading

A HAPPY NEW YEAR ONCE AGAIN TO YOU ALL.

Toks

Hello every one,

I hope everyone who intends to start forex trading have been benefiting from this free tit bits many people pay thousands of naira to get.

Today we shall discuss briefly on trading with indicators.

Trading with Forex indicators


Many people look at forex chart and they wonder what magic is going on. they see some movements up and down, sometimes side ways and they just get so confused and wonder if they will ever understand these currency movements.

The good news is that these movements are very easy to predict. The tools that help us to predict currency movements are called indicators and we have two types:

TECHNICAL INDICATORS: These are found on many trading platforms. I will not go into details but i will simply recommend that you learn about candle sticks, moving averages abd stochastic as these are the indicators i am using as a swing trader and they are very efficient.

FUNDAMENTAL INDICATORS: This is a more powerful indicator and it is dependent on the economy situation of a particular country as regards their currency. For instance, if we trade naira on the chart against a dollar and the technical indicators are predicting an appreciation of the naira against a dollar then suddenly soludo anounces a devaluation of the naira. What happens is that traders will immediately back out from buying the naira against a dollar and the naira will depriciate sharply.

So fundamental analysis are economy news release of a country which normally has great and sharp sudden impact on the curency in question.

So the question is which one do you trade with and i say both. Make it a point of duty to visit www.forexfactory.com every morning before placing any trade so that you can know exactly which currency news will be out for that day. However in my experience, i only give credence to non farm payroll news of United states that comes out every last friday of the month.

In view of these, i strongly recommend that you keep your indicators simple so that you wont get yourself confused. Use Exponential moving average to know the trend, candle sticks to know price status, bollinger bands to know price movement and stochastic to know when to enter a trade.

Happy new year.

Toks

Hi Everyone,

Eku odun keresi, odun ayabo fun gbogbo wa o ni oruko Jesu. (Merry Christmas and a pipsfull new year) AMEN

Hope you all had a swell time yesterday. Actually i came across forex trading business about 2 years ago but never tried it until early this year.

I have seen the bad side and the good side and after thourough self examination, i found out that greed is the number factor for failure in the business.

The truth is that with just 200usd start up capital, you can conviniently make 20usd daily with a very strict money management. Now if we are patient enough, this account balance will grow to 540usd in a month.

If you continue in like manner, you will get 880usd at the end of second month. Now with the power of compounding interest, lets take a look at this analysis taking the worst case scenario of the average daily profits you can make and leaving out two days each month assuming you did not trade pn those days.

[b]Initial Deposit  ----200USD    Using a Broker that allows micro account, stating with a total of  0.03 lots and targeting 150pips per day (i.e 50pips on 3 open trades)

Month          lot size                            daily average profit                     Monthly Balance

January           0.01 x 3                        15usd  x 20days                          500usd (initial deposit + 300usd profit)
Feb                 0.02 x 3                         30usd  x 20days                         1100usd
March            0.03 x 3                         45 usd  x 20days                         2000usd
April              0.04 x 3                          60usd  x 20days                         3200usd
May               0.05 x 3                         75usd  x 20days                          4,700usd
June              0.1 x 3                           150usd  x 20days                        7,700usd
July                0.2 x 3                           300usd x 20days                         13,700usd
August          0.3  x 3                          450usd x 20days                         22,700usd
September    0.4 x 3                           600usd x 20days                         34,700usd
October          0.5 x 3                          750usd x 20days                         49,700usd
November        0.6 x 3                        900usd x 20days                          67,700usd
December        0.7 x 3                        1050usd x 20days                        88,700usd[/b]

Imagine turning a miserable 200usd into over 88,000usd in just one year. Think about doing this four three years and tell me how this will not affect your fortune.

Many seasoned trades will know that my analysis is a very conservative one knowing how much they can really make in forex daily with 1000usd balance, But lets just immagine for a second that we discipline oursekves to make sequential profits month after month.

So the summary is that we all should pray to BAba God to help us fight greed and understand that Forex is not a get rich quick business but a gradual way of buillding fortunes.



Stay blessed

Hi Everyone,

Eku odun keresi, odun ayabo fun gbogbo wa o ni oruko Jesu. (Merry Christmas and a pipsfull new year) AMEN

Hope you all had a swell time yesterday. Actually i came across forex trading business about 2 years ago but never tried it until early this year.

I have seen the bad side and the good side and after thourough self examination, i found out that greed is the number factor for failure in the business.

The truth is that with just 200usd start up capital, you can conviniently make 20usd daily with a very strict money management. Now if we are patient enough, this account balance will grow to 540usd in a month.

If you continue in like manner, you will get 880usd at the end of second month. Now with the power of compounding interest, lets take a look at this analysis taking the worst case scenario of the average daily profits you can make and leaving out two days each month assuming you did not trade pn those days.

Initial Deposit ----200USD Using a Broker that allows micro account, stating with a total of 0.03 lots and targeting 150pips per day (i.e 50pips on 3 open trades)

Month lot size daily average profit Monthly Balance

January 0.01 x 3 15usd x 20days 500usd (initial deposit + 300usd profit)
Feb 0.02 x 3 30usd x 20days 1100usd
March 0.03 x 3 45 usd x 20days 2000usd
April 0.04 x 3 60usd x 20days 3200usd
May 0.05 x 3 75usd x 20days 4,700usd
June 0.1 x 3 150usd x 20days 7,700usd
July 0.2 x 3 300usd x 20days 13,700usd
August 0.3 x 3 450usd x 20days 22,700usd
September 0.4 x 3 600usd x 20days 34,700usd
October 0.5 x 3 750usd x 20days 49,700usd
November 0.6 x 3 900usd x 20days 67,700usd
December 0.7 x 3 1050usd x 20days 88,700usd

Imagine turning a miserable 200usd into over 88,000usd in just one year. Think about doing this four three years and tell me how this will not affect your fortune.

Many seasoned trades will know that my analysis is a very conservative one knowing how much they can really make in forex daily with 1000usd balance, But lets just immagine for a second that we discipline oursekves to make sequential profits month after month.

So the summary is that we all should pray to BAba God to help us fight greed and understand that Forex is not a get rich quick business but a gradual way of buillding fortunes.



Stay blessed

I am too matured to trade words with you. You are a scammer. Period.

I love to share information so that is why i post useful tit bits on profitable forex trading.

Please look elsewhere for victims. You wont find any on nairaland i assure you. Mr News trader that makes 100% in Forex trading monthly.

I rest my case and dont ever expect any reply from me concerning this issue.

Toks

Hi Friend,

I was thinking about your personality after reading all you wrote about forex trading and as far as i can see, you are not a Forex trader and i stand to be challenged.

I also did a little bit of due diligence on your recent posts and i got this post of yours from Banking and Finance section captioned "You will be happy after reading this, "

Here is your post

"Investing is one of the most important aspect of life for future security. Enter the new year with our fund management plan.

** Invest N2million and above in your personal FOREX account (we recommend our preferred broker)
and have it managed for you by our group of proffessional traders with minimum of 60% return on
your account every month.

NB:
*We are not collecting any money from you.
*You alone has the full access to withdrawal of funds
*We collect 40% of the profit on capital monthly.
* We share both profit and loss.

You will like it after few months of reaping from the market
trustgirl4@gmail.com

SMS Only 080 55 000 990
Call 08032500542

My Question is "Who are you?. I suspect you are s scamer and i also stand challenged.

1. How can you promise such unrealistic returns and you claim to trade only news which are basically out of your control as fundamenral news are based on the state of the economy of a given country which is not predictable.

Please we dont need scammers on nairaland and i am not apologizing on this so you may spit hell if you want. I will not fold my arms and see anyone come here and rant nonsence claiming he is a forex trader.


Be warned. And i challenge you to post a page of your trading history so we can see how you can possibly make a minimum of 60% return for investors on a monthly basis trading only news or even technicals.

Come on be matured, your out burst is unwarranted. I am only giving u an advice so take it or leave it.

If you are into fundamentals you will know too well that red flag news seldom come out and as of today, no major news release for all pairs which means you wont trade throughout today. So why are you getting hyper simply because i asked you to broaden your knowledge. As i post this right now, i am banking some pips trading with technical analysis and that is why i am advicing you so why are you taking it so immatured.

I called you a scalper and you flared but that is what you are and you confirmed it your self that you spend less than a minute trading. Haba

Please lets maintain proper decorum here.

Toks

invest2009:
My PAIN
All Nigerian that called themselves FOREX trader, guru, expert e.t.c are nothin but bunch of craps, sorry to say so but that is the TRUTH.

You are FREE to challenge me if you can, I will hold a 100% FREE Training for all FOREX TRADERS not NEWBIES on how to make money and make more trading 2 to 5time a week.

My STRATEGY:
1). I spend less than 1minute anytime I trade with good profit
2). I use 3 tools which I will show you
3). I trade 100% Fundamentals (News Trading)
4). I don't xperience Re-quote, Slow trade execution (Please wait on MT4)
5). I HATE technicals analysis.

My VISION
2 out of every 50 forex trader make it in forex, if all Nigerian are all making money in forex, FOREX money no fit FINISH, lol. I will hold a seminar to teach what I love doing since when I was 19yrs but am 24yrs now, don't tell any one.
Do I have sweet mouth? NO, because I want to offer the training for FREEE.

I can show you the way!! If u want.

***** Please !! This is for REAL forex traders, I mean FOREX GURU because am not ready to teach you what is pips, spread, leverage and how many pips make $1million.

His SHAME
I trained someone 1months ago begging me that He has no money but after 2week, I saw his advert on SUCCESS Digest offering forex SEMINAR for N50,000. woow. Nigeria, lol. He called it forex CRUSADE and also duplicated my SOFTWARES for people.


Non TRADERS:
If you are willing to invest in FOREX, open a LIVE account for yourself with our preferred brokers and we have someone to manage for u in our trading floor. T & C applies


080 20 99 88 55

My STRATEGY:
1). I spend less than 1minute anytime I trade with good profit
2). I use 3 tools which I will show you
3). I trade 100% Fundamentals (News Trading)
4). I don't xperience Re-quote, Slow trade execution (Please wait on MT4)
5). I HATE technicals analysis.

From your post i can see that you are a scalper using only fundamentals. Well the only draw back is that you will be making profits very scarcely as fundamental factors are hard to come by since very few news release affect currency pairs.

Try to broaden your knowledge by researching technicals using them for longer time frames,

But i sensed controversy in your post. If you tade news, why use softwares? Well my advice to you is to trade real forex fopr real profits.

Toks

Good day to you all,

Today lets talk about using Mt4 platform. The platform is very friendly and very trickish too. Sometimes i think the guys who designed it are from another planet. So technical and out of this world. i love this platform so much and it will make you enjoy forex trading.

First let me explain to you that for you to trade forex online, you need a broker. There are many brokers and we shall discuss that later. Now these brokers offer different platforms you can trade on but the one i strongly recommend is the mt4 plarfoem.

I know you are expecting me to enumerate on how to use the platform. No way!

I have found a very educative link on how to use the Mt4platform to trade for maximum profits and i believe this will come in handy for most of my online students who always ask me to teach them how to use the mt4 and also for intending trainees in forex trading.

This is the link and if for any reason the link is not properly displayed,them i will give it to you in the chat room.

Click this link to learn about how mt4 latform works  http://www.metatrader.info/book/print/27

Sray blessed.

Good day everyone,

Today i want to educate people on lot size in forex and i will be very informal about it for ease of understanding.

LOT SIZE

Think about it this way: An aboki in bereau de change has N1,000,000 and he decides to buy 1000dollars. This means he will be using N100,000 to buy it (lets assume a dollar is N100)

Now simple mathmatics shows us that he ony used 10% of his money to trade. Now if a dollar increases in value a day or two after with say 20naira (in forex, an increase or decrease in currency value is called pips) it means this trader makes 20naira on each dollar he purchased the previous day making a profit of N20,000 in just one single transaction.

This is forex in a lay man understanding and the fraction of capital used to trade is the lot size.

Now lets assume it turns the other way and a dollar becomes N80, this means he loses N20,000.

So the lot size you place will determine the magnitude of your profit and loss.

HOW TO PLACE LOT SIZE IN FOREX

This is a very vital and a great determinant in how far you go in forex trading. If you have say 500usd to trade, you should place a maximum of 0.02 lot size combined which means you can open 2pairs with 0.01lot size each.

This gives you peace of mind and evn if you lose 50pips on each, you are only losing 10usd of ur trading capital.

So guys take it slow and steady, place a small lot size and as your trading capital increases. you can increase your lot size in this manner

Trading capital       Total Lot size per trade

500usd                             0.02
1000usd                           0.04
1500usd                           0.1(0.05 on each)
2000usd                           0.2
5000usd                           0.4
10,000usd and more        0.5 to 1standard lot

Stay blessed.

Hello Nairanders,


Preambles

I once read in the Bible that people perish for lack of knowledge. The Bible also let us understand in the book of proverbs that we should seek for wisdom and understanding in all we do.

What i have come to understand over the years is that many people want to be spoon fed and never ready to give what it takes to achieve their goal in life.

The secret to success in life is information. It is what you know that will liberate you or keep you in bondage. the difference between a rich man and a poor man is not really in the money they have but is based on the information at their disposal.

So my friends, the only way you can be succesful in whatever you do is to seek information on how to get the best from it. And to do this, you must either buy the information or search for it.

Enough of these rhetorical,historical and ecclessiastical mumbo jumbo and lets get down to the basis.

TRADING FOREX THE RIGHT WAY

Here i will simply educate you on why many people fail in Forex trading.

1. Lack of proper self training: No matter how much you pay to learn Forex trading, you can't make it if you don't dedicate time for research and self education. I spent days non stop googleing many phrases that points to profitable forex trading.

2. Lack of proper demo trading: Here is a major reason why many people fail and many Nigerians fall prey to this due to the greed enbeded in our genes. You are not surppose to trade live until you have demo traded by opening a virtual account of exactly the amount you wish to start with, make a profit of 300% on it, close the account and do this three times. Then go live. No matter how long it takes you to achieve this, don't go live.

3. Lack of proper trading system: Mnay people talk about using software to trade and i laugh over this. You can't get anywhere by using a software to trade as you will get burnt in the long run. You must as a matter of fact develop a trading system based on combining the right technical indicators and not overlooking fundamental factors like economic news. You can get a daily news release schedule from www.forexfactory.com


4. Using the wrong timeframe:: This is another area where even good traders fail. Many people scalp the market and the bad news is that you can never make it in forex scalping as this is far too dangereous and can wipe out your account in a flash. Some people use a very low time frame to place trades but in my own opinion which  i believe is a trusted one, i would advice that you make your entry with the 1hr chart(minimum) and take profit with the 4hr chart not overlooking the daily chart to know the main trend for the day.  And not knowing the trend is like gambling with your money. the trend they say is your friend.

5. Lack of Proper money management: This is where even professionals fail. I have burnt off over $1600 in just three days using a very terrible money management skill. Infact the only criterium that ensures you survive in forex trading is money management  I can't elucidiate on this here so go google it and read all you can about money management.

6. Trust not in your own understanding and believe in God to guide you: I can't stess this too much, we all know too well never to trust in man's wisdom(ours inclusive)

Thanks

Toks