₦airaland Forum

learner1: As a naija man please how reliable are any of d following?

Instaforex
Forextime
Apari UK.
In terms of fast deposit/withdrawal from a micro account, no requote. If I use GTB wire transfer on 200$ account for instance, how much do you think will be posted to my trading account. In terms of easy local deposit/withdrawal which broker above should i go for. Thanks

elewedu: Bros, this ur indicator looks like that of hector deville, perharps am wrong

naijababe: @ xhtml, na you get liver pass o. I no dey near gold for now, na me and oil get business. Currently in a sell, i hope something happens to that darn triangle abeg! Make e break make we sabi where we dey go.

naijababe: @ Xhmtl, you should be looking for a sell on EU, there is a H&S on the daily although not perfect.

XHTML: GBP/USD Buystop 1.5031 Target 1.5110.

My SL's at 1.5010

Prettywoman: pls what is the total contract time? before oil
l trade is automatically removed

ayox2003: Brother, I just placed a buy-stop at 1.5043 with stops at 1.5013. I pray we both make it to the bank.

Frawzey

Birikiti: Please what's the lowest lot size you can use on Fxpro? I opened a Demo account and saw you can't go below 0.1 lot size. Is it the same for a live account?

Igwe OO: This people (Dukascopy), do you trade them on MT4 or there jforex platform? How is there commission/Swap/FTT(There MT4 service provider). Please enlighten me/us. Thank you.

prowitin: Funny enough it was Oil that paid me today. All this currencies fall my hand. I must confess the risk is high but the move is more reasonable. And my advice for those still in the market is to follow there trading strategy and plan. 2ndly read the candles you see... if there is no sign to hold your trade just take a bold step and close. You will always have other opportunities but with a drained acct you will never see a 2nd chance. Trade your plan. In other words if your plan is to trade with out stoploss then good luck. I'd you plan is to blow ur acct goodluck. If your plan is to loss one and win two goodluck just make sure you have a plan.

You're right. Those are Golden guidelines every trader should know.

- Knowing how to interpret the charts is a basic skill EVERY trader who operates a live account should know. If you don't, you better use a demo till you're proficient.

- Stop Losses are of upmost importance - if the market moves in the opposite direction of your trade, this is probably your only saviour (if you've experienced the pain of manually closing a loosing trade during periods of high volatility, you'll know what I mean) . Keep your SL's in line with the amount of trading capital you're comfortable risking. Infact personally, when I go into a trade, the first question on my mind is "How much am I prepared to lose if this goes wrong". With regards to risk, I always keep this in line with the odds. The more "sure" I am about a trade (i.e from what my trading system and charts present), the more I'll likely risk. But of course, remember that no one can be 100% sure in this business.

*I'll rather place a stoploss far from the entry price than no stoploss at all - because I know exactly "how much" I'm risking on that trade.

- With regards to holding trades, do not be afraid to modify your SL to accommodate retraces (of course I know we're all aware of the differences between retraces and reversals). However, keep "risk" in mind. It all boils down to your trading patterns but please, don't just hold on to trades in the "hopes" that price will reverse without valid reasons/signs (you can always move between the Timefames to get a general outlook).

- Trading plans, yes. I don't know about most of you but I have no plans to be a retail trader for life. I wanna retire completely someday and chill out on the beach all day with sunshades and wine bottles. Don't treat forex like gambling. You don't want to trot around the place losing capital, redepositing, making a couple winning trades and at the end of the month when you pull up your account statement, your profits are still far less than your deposits and you've made nothing but a Loss. Pick a system, stick to it. Above all, know your fundamentals and keep an open mind to learn more - don't get cocky and claim "Pro". I'll always consider myself no more than a rookie because I don't know it all. I'm willing to sign up under ANYONE just to get their trading style, opinions and patterns. For me, It all boils down to my P/L, I'm not in for competitions, public status or claiming 20years in practice.

- Finally and I must chip this in. Information is key in this business, people - be smart, grab as much as you can. I personally have a couple accounts with Trade Signal providers, Forex Copy Systems ( etoro, instaforex account - so I can take advantage of the copy system, etc), tons of memberships and accounts at networking/social sites(forex forums, our very own Trade Alert thread and a bunch of others), subscriptions to forex newsletters, news feeds, blogs etc. I like to get an outlook on what's happening in the market, what caused what, how traders are reacting, their opinions and yes I like to see their trades if possible - it all helps in my decision making and brings a lot of new ideas to the table, trust me.

Don't lock yourself up and watch your screen all day, making decisions on your own. It doesn't hurt to see a couple of other opinions and trades, you don't necessarily have to take each alert or follow each signal. Rather take cues from your sources and conduct your research - if you know your fundamentals you won't be lost.

And of course, keep an open mind, practice, learn, don't be afraid to make mistakes or use a demo account to test out certain strategies or patterns you come up with.

Well, there are a few tips I use, I hope someone will find them useful.

Aafulenu: thanks bro

kasonud: Oga i would like to know the name of your broker if you don't mind?

Aafulenu: hi guys,

am loosing big time, 85pips i bot when i was supossed to sell (EU), my question do anyone knw if its gonna revert itself?
or should i stop loss?

XHTML: Previous position SL hit. +651pips.

Sell Stop 1379.29 Target (if triggered) 1374.90 but I may partially close at 1377.87.

Gold.

XHTML: BuyLimit 95.60 placed on Oil. Target 96.00 if triggered.

Kirinwa: Okay nah.It pains me when I see comments like this.You're on the wrong side yet you want to prove yourself right.I told you guys yesterday that 1380 is a strong support.It has been broken thus forming a resistance.Margin call awaits if you keep adjusting your stoploss.

Birikiti: Will someone please tell Mr. Gold to make up his mind? Me I just wan follow anywhere he wants to go! This back and forth is not doing anyone any good jare!

XHTML: Bought at 1380.80, SL 1377.36. Gold.

XHTML: Sell Stop activated at 1384.79.

Looks like I got in too early and now I have to place my SL above the broken support. Let's see how it goes.

Kirinwa: Gold
Buystop @ 1400
Stoploss @ 1395
Target. 1420