₦airaland Forum

XHTML: Bought Gold at 1365.91. Partially closed one lot at 1368.84 and moved my SL to 1364.08. If the resistance at 1369.94 is breached price will likely test the 1383.xx resistance, I have my TP at 1379.89 however.

Sold oil (sl at 99.32) and Nasdaq E-Mini futures.

Oil still swinging between 40-39pips. Moved my SL on Gold to 1639.43. I've got nothing to lose on this trade anyways.

Resistance at 1375.60 quite strong on Gold. If that can be breached + a bullish crossover on the 4hr timeframe - fingers crossed. Let's see what happens in an hour or two.

Bought Gold at 1365.91. Partially closed one lot at 1368.84 and moved my SL to 1364.08. If the resistance at 1369.94 is breached price will likely test the 1383.xx resistance, I have my TP at 1379.89 however.

Sold oil (sl at 99.32) and Nasdaq E-Mini futures.

XHTML: Hope everyone's had a successful week thus far.

Still holding two buy orders - 0.9577, AUDCAD and 2911.92 Nasdaq E-mini futures. Till the SL gets hit both will stay.

Still holding my buy position on the nasdaq futures. Sl moved to 2990.25.

Hope someone got a bit of gold today. I got in late at 1377.81 and closed at 1364.33. Will add a buy position if resistance at 1368.38 is breached.

kachi2012: my guy there re no Nigerian Brokers what they re is White label brokage services that can allow you use your own name under there umbrella . Its more like a franchise

Not only that, they're in full control of the spreads and can manipulate those as they like. Finding a honest broker is hard enough as it is, then a Nigerian broker?

Not that I'm implying anything. Which firm is this?

Hope everyone's had a successful week thus far.

Still holding two buy orders - 0.9577, AUDCAD and 2911.92 Nasdaq E-mini futures. Till the SL gets hit both will stay.

kcc515: I need to get better at letting my profits run, fear, smh, I exited too early with 50 pips...

Sometimes just use a trailing stop and let the trade run as far as it can.

nolly042: let the chart talk to you..... 90pips on gold already

Got my sell order triggered at 1380.44 after the support was breached. Price could head down 1359.xx.

AND who are these "some people"? Most ridiculous thing I ever heard this month.

^ You must've used quite a large stoploss (nothing less than 130pips) to keep that trade all the way from Monday till today.

Great all the same, it paid off.

@kcc515 Nial is one trader I respect. He knows his onions when it comes to price action trading.

You hit the nail on the head with your post. Consistency is key in trading. No use making one winning trade. followed by two losses.

Personally, I like to keep things simple. I don't have to make 100trades a week. If I peek at a chart and I don't understand what's going on in that market at that moment, I'm out of there. No assumptions, No "maybe".

I've seen a couple traders who open positions and if you ask them "why?", they can't give an answer. Not even one reason.

Everything is in the charts as infofirst rightly said. You goal is to take all that data, analyse it and forecast where price would be in the next 5mins, 30mins, 1hr and so on - simple as that. No special way to trade gold or oil or futures or currencies but the same candesticks chart (unless of course you use line/bar charts). And there are tons of tools, indicators that provide guides.

The first and basic skill every trader needs is understanding the charts, without that, you're almost like a blind man trying to put a thread through a needle. Hence the emphasis on practicing on a demo account till you're a bit proficient.

And quit opening $100,000 demo accounts unless you plan to start live trading with that amount. Use an amount you plan to start live trading with, if possible. That way you'll build up both your trading and money management skills.

I was a bit late on the Nasdaq 100 E-mini futures, but I got an buy order in (2956.07) at the break of the previous resistance.

Price should be testing the 2978.25 resistance. Price currently at 2972.50.

Exited my Gold position with 3000pips (at 1381.88). The bearish steam seems to be running out. Watching for a buy entry opportunity. Although price could possibly test the 1380.xx support region for a second time.

learner1: EJ sir I sold am just hating this business now am not sure is for me. look at ej now. let me close my sell in profits and join buy for 100 pip more no way

I'm surprised. I presumed forextime had links to Alpari so they'd be decent (because Alpari Uk is a good broker). Apparently it appears it's run by the former management of Alpari cypus (lots of bad reports about alpari cyprus for a whole bunch of wrong-doings before they finally shut down operations).

OliverPin: true o. what broker do you trade with? if i may ask

FxPro.

One of the things I like about Fxpro is I can have access to three platforms (sub accounts) all in one Fxpro account . They have a sort of "vault" system. so when you fund your FxPro vault, you can push funds to either your ECN Account with them, or your regular MT4 account with them, and for people like me who like to mess with trading algorithims/EA's once in a while, the cAlgo account. You can basically rotate your funds between each account platform anytime and anyhow you want ( the ECN platform has a minimum cash requirement of $1000 though).

It's that flexibility, I love. During periods of high volatility (think news releases for e.g) I move all my quota to the ECN platform so there's no "conflict of interest" or the likes.

But then I'm yet to spot any 'major manipulations' on their MT4 platform - I'm not calling them a saint either.

learner1: Any I added more fund to the account which makes it worst. It was 5 micro lots... as the last i checked, It was in profit of 35$ because i trade support/resistance there is one indy i used. Trouble started when i wanted to close before 1:00pm requoteeeeeeeeeeeeeeeeeeeeeeeeeeee and bye passed my stop. what an evil world

Let me get something, you mean, you were in profit, $35, and you got requotes on trying to close until price was down 70pips (correct me if I'm wrong) against you?

Too cruel if true. Although well, during news releases you can expect to see all manner of things with some brokers.

Come on, XAU/USD. Let's hit 3000pips.

OliverPin: they can cheat ehn. almost all usd pairs get K leg bros abeg reply me. yahoo

My bad experiences with instaforex will prolly fill up pages and pages. Hence when people argue that there's no such thing as broker manipulation (esp. with Market Makers), I simply smile and let it go. Finding a reputable broker is not easy.

XHTML: We'll likely see a south-surge on the EUR/USD and GBP/USD pairs. North-surge on USD/JPY and South-surge on gold.

Fingers crossed, for now. We can never be too sure.

Well, there was a good outlook. Hope everyone banked those pips.

iheanyiebeneze: I TRADE FOREX LIKE BUSINESS, I DON'T GAMBLE FOREX. SHOP CLOSED FOR TODAY.

Different strokes for different folks, comrade. My shop is still wide open ready for orders.

Data + Analysis = Forecast, which triggers decisions, it's not a gamble until the forecast comes without the other two elements.

Non Farm Payrol: Which brokers offer prime brokerage accounts? , is FXCM among, i know about segregated accounts.
please shed more light on it

Nah, FXCM isn't quite up to that. You're on the "Hedge Fund" level if you operate a prime brokerage account.

Some folks like Interactive Brokers and Mostly banks like Goldman Sachs, Morgan Stanley, Citi and the rest would offer those.

By then you'll be linked to some Reuters dealing 3000 Direct platform or a custom built suite.

But with some top ECN brokers you would still be fine over 1m, your orders get passed onto the market as normal, and you could still open a huge EUR/GBP order during the Asian session and push the market a couple of pips.

Ame Lon Ro: news release of 1:30pm will determine a lot of things today............whats your view?

We'll likely see a south-surge on the EUR/USD and GBP/USD pairs. North-surge on USD/JPY and South-surge on gold.

Fingers crossed, for now. We can never be too sure.

fxisreal: u didn't ask if the $50m is from forex trading or from politician gift?

Ogboraph: not $50million pls . it was $50 thousand USD, five bundles of $10,000 each. that money is ok for me to invest and rest and be sleeping and money will just be coming from people working for me

Ah, I see. Not that $50m is too far-fetched in forex trading though, (I know a couple of traders on six figure account balances).

You'll prolly want a prime brokerage account if you're that large into millions.

Ogboraph: yes oh my man do you know i ve not place any trade two day? i am just so scared now to even lost $100. and i came up with this target 20pips every day with 0.20lot will be my area of discipline thanks so much i pray to make it $100k by december. when i saw a lady in Abuja with $50,000,000. i then know that i too will get there some days

$50million you say? That's some serious stint. Did she happen to tell you the broker she uses?

If you've got tabs on the Eur/USD, you should be watching for a sell entry opportunity, target 1.314x region.

Same with GPB/USD, target 1.551x region.

XHTML: Well, seems no one was willing to take a Nasdaq 100 Futures trade.

Anyways, support got broken, my sell order triggered. +2500points and going.

Closed the sell order, bought on the rebound at 2917.00, TP at 2947.49 hit. So there's a good sum on the nasdaq 100 futures for yesterday. Another entry opportunity coming up later in the day.

Non Farm Payrol: they know by then most of the traders 99% will have blown the account, but i know JAKpayen,can do it

Exactly. One has to even be watchful else they might finish you off with high spreads and price spikes.

I took a peek at the XE Markets demo competition. Well, what can I say. 1st position at 11289.59% profit in how many days?

Not that those figures are impossible to pull off however - a Good trader can watch for good entries and max the order sizes continuously and achieve that, but would such a PRO trader really waste his time for just $3,000 (which you're not even sure about any clauses it would carry)?

@JAkpayen Wow, that is so ridiculous. I've always despised these forex cash competitions.

Hopefully you can pull off 50 succesful trades, but I pray they don't have "their systems monitoring that account".


Sell Stop 1414.54 placed on gold. I have to be off the screen for a while.

Watching for a sell entry opportunity on gold. USD/JPY on the rise.

XHTML: Good opportunity coming up on the Nasdaq 100 futures. Any takers? I believe most of the brokers would offer this.

A 0.5mini lot would typically have a $250 margin requirement (assuming you're on a 1:500 leverage) - $0.1 per pip and $1 per pip would be 5mini lots, which requires a bit more.

Well, seems no one was willing to take a Nasdaq 100 Futures trade.

Anyways, support got broken, my sell order triggered. +2500pips and going.

A trader friend still holding his sell order from 2985.90 (Opened on 4th June, 7000pips and still going) - nice.

OliverPin: bros 2400pips. how do you calculate you own na? see post similar gains everyday, i get confuse, is that how gold move everyday? over 3000pips daily range?

As with calculating any price, simply remove the decimal point and subtract.

In this case 141879-139444 = 2435pips.

If you're on a 5digit broker, you should ignore the 3rd digit after the decimal point.

Trade closed. My SL was hit at 1417.29 (trailing stop) = 2285pips. That's gold for you.

Pipsland78: Based on my research, I've come to the conclusion that there are two ways of making money in the long term while trading forex. Some go for several little losses and few big profits (such as you) while others go for few big losses and several little profits (such as me), and the beautiful thing is if strictly adhered to both parties will still make profit in the long term.

I'm talking from experience so I know.

You're right. For example on gold, My Stop losses are always above 100pips. Certain strategies and systems require a large SL to accommodate all the temporary spikes/retraces.

Again, it all depends on the situation, data on your charts and your planned strategy.

What a thursday. I believe everyone was on the right side of the EUR/USD, USD/JPY and Gold surges.

Had my buy order on gold triggered at 1394.44. Let's see if that resistance can be broken.

+ 2400pips and going.

I'll be completing my post shortly. Takes a bit of effort to type lengthy posts.