Pipsbasketings:
Contest Update: 15/Nov/2020 --- 28/Nov/2020

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4 out of 7 made it to the next trading period.

Only the shown monikers will be moving to the 3rd trading period, semi-final: 29/Nov/2020 --- 12/Dec/2020

kkins25:
So after being kicked out of the Xmas Contest, i have done some analysis of myself and have pinpointed the reasons for blowing half my account.

1) Too many charts: In terms of Focus, my eggs were spread through too many baskets. Making them insignificant. Since am still a juvenile trader, ive decided to follow just a few charts and trade just one at a time.

2) Falling for the Big Banks: i usually get stopped out just before the trade went my direction. when i was trading my plan, i didn't not factor in the fact that i was in battle with geniuses who knew exactly where i might put my SL...

3) Time frame beats Trading Plan: i was trading on the H1 TF. I Didn't factor-in the condition of the market on the short term. i was intra-day trading but was taking the contest of the overall market structure whiles ignoring the context of the immediate market conditions. so my mistake was making plans for the Long-run instead of the short term. Meaning even though my trading plans were OK for the long term, my small account size and position of entry/SL were not fit for the long run. hence making my SL an easy target for the big banks...

4) No patient to wait for favorable market entry conditions: when i missed a particular entry signal, i still enter with high odds of a ridiculous RRR, making my losses even more large. i should have waited for the market to provide another opportunity..

5) Reversal trading, an easy way to lose money: Reversals are the Big Banks deadliest weapon. it is way easier to SL hunt when the market is about to reverse or pretending to reverse. i lost the most when i was trading reversals.

6) Market moves in three direction not two: i often forget that the market can not only go bullish or bearish but also range-ish.

7) there is only good and bad execution, leave Hope out of it: Hope is a double edged sword with the edge facing you being the most deadly. When the market says 'A', make adjustments and plans for 'A' Dont Hope for 'B'.

Everybody knows about resistance and support, but no one knows which is legit except the Big Banks. No wonder 90% of traders loose money.

9) Finally, "THINKING BIG IS BEING GREEDY": Dont try to take from the more from the market than what it can give.

10) finally! finally!!, Think like the big banks not a Trader. Because at the end of it all, it is those that understand how the big banks operate that would be successful traders..

IMAliyu:

Here is my worse case scenario on AUDUSD.

However the macd is still declining on the 4h.
So, without a catalyst it may not happen.

Seunisco:
I just clocked 21 btw

Seunisco:
guys, I have been trading for over a year and a half, constantly trading and learning my forex skill, my mentor got impressed, been with him for over 2 years, more like a good friend to me, he got impressed and gave me about 4 million naira to trade with, I am to give him a 30% return monthly and I'll get rewarded. I'm officially starting on Monday. any advices you guys can give me I would deeply appreciate. this is the first time I'm handling so much equity, a little scared you know. Any advise would be deeply appreciated guysss. thanks so muchhhhhhhhh

Seunisco:
guys, I have been trading for over a year and a half, constantly trading and learning my forex skill, my mentor got impressed, been with him for over 2 years, more like a good friend to me, he got impressed and gave me about 4 million naira to trade with, I am to give him a 30% return monthly and I'll get rewarded. I'm officially starting on Monday. any advices you guys can give me I would deeply appreciate. this is the first time I'm handling so much equity, a little scared you know. Any advise would be deeply appreciated guysss. thanks so muchhhhhhhhh

Pipsbasketings:
In fact, I'm so much proud of you guys.

You all have made the ongoing contest a learning ground, though demo but live in its context. I'm sure it must have opened your eyes to existing/possible mistakes/error and for possible corrections.

It is a learning ground, unlearning, learning and relearning platform. For all who are out of the contest, pls do like kkins25, theyoungmaster and ogashman, tell us about your journey in the contest.

Regards

Pipsbasketings:
Hi ZedFX, I tried to bold some of your points and write: bolded , but I realized too many things would be bolded and would seem like spam cos they are long.

I cannot agree less; with this psychology/mindset, I surely see greatness in you. Keep it up.

Seunisco:
thanks so muchhh Zedddd, was really insightfullll. I'm gonna draw up a trading plan that sticks to the 1 percent risk rulee.
it's only my trading psychology that scares me you know. I pray things work out fine. BTW are you on telegram?

Seunisco:
guys, I have been trading for over a year and a half, constantly trading and learning my forex skill, my mentor got impressed, been with him for over 2 years, more like a good friend to me, he got impressed and gave me about 4 million naira to trade with, I am to give him a 30% return monthly and I'll get rewarded. I'm officially starting on Monday. any advices you guys can give me I would deeply appreciate. this is the first time I'm handling so much equity, a little scared you know. Any advise would be deeply appreciated guysss. thanks so muchhhhhhhhh

kkins25:
So after being kicked out of the Xmas Contest, i have done some analysis of myself and have pinpointed the reasons for blowing half my account.

1) Too many charts: In terms of Focus, my eggs were spread through too many baskets. Making them insignificant. Since am still a juvenile trader, ive decided to follow just a few charts and trade just one at a time.

2) Falling for the Big Banks: i usually get stopped out just before the trade went my direction. when i was trading my plan, i didn't not factor in the fact that i was in battle with geniuses who knew exactly where i might put my SL...

3) Time frame beats Trading Plan: i was trading on the H1 TF. I Didn't factor-in the condition of the market on the short term. i was intra-day trading but was taking the contest of the overall market structure whiles ignoring the context of the immediate market conditions. so my mistake was making plans for the Long-run instead of the short term. Meaning even though my trading plans were OK for the long term, my small account size and position of entry/SL were not fit for the long run. hence making my SL an easy target for the big banks...

4) No patient to wait for favorable market entry conditions: when i missed a particular entry signal, i still enter with high odds of a ridiculous RRR, making my losses even more large. i should have waited for the market to provide another opportunity..

5) Reversal trading, an easy way to lose money: Reversals are the Big Banks deadliest weapon. it is way easier to SL hunt when the market is about to reverse or pretending to reverse. i lost the most when i was trading reversals.

6) Market moves in three direction not two: i often forget that the market can not only go bullish or bearish but also range-ish.

7) there is only good and bad execution, leave Hope out of it: Hope is a double edged sword with the edge facing you being the most deadly. When the market says 'A', make adjustments and plans for 'A' Dont Hope for 'B'.

Everybody knows about resistance and support, but no one knows which is legit except the Big Banks. No wonder 90% of traders loose money.

9) Finally, "THINKING BIG IS BEING GREEDY": Dont try to take from the more from the market than what it can give.

10) finally! finally!!, Think like the big banks not a Trader. Because at the end of it all, it is those that understand how the big banks operate that would be successful traders..

kkins25:
So after being kicked out of the Xmas Contest, i have done some analysis of myself and have pinpointed the reasons for blowing half my account.

1) Too many charts: In terms of Focus, my eggs were spread through too many baskets. Making them insignificant. Since am still a juvenile trader, ive decided to follow just a few charts and trade just one at a time.

2) Falling for the Big Banks: i usually get stopped out just before the trade went my direction. when i was trading my plan, i didn't not factor in the fact that i was in battle with geniuses who knew exactly where i might put my SL...

3) Time frame beats Trading Plan: i was trading on the H1 TF. I Didn't factor-in the condition of the market on the short term. i was intra-day trading but was taking the contest of the overall market structure whiles ignoring the context of the immediate market conditions. so my mistake was making plans for the Long-run instead of the short term. Meaning even though my trading plans were OK for the long term, my small account size and position of entry/SL were not fit for the long run. hence making my SL an easy target for the big banks...

4) No patient to wait for favorable market entry conditions: when i missed a particular entry signal, i still enter with high odds of a ridiculous RRR, making my losses even more large. i should have waited for the market to provide another opportunity..

5) Reversal trading, an easy way to lose money: Reversals are the Big Banks deadliest weapon. it is way easier to SL hunt when the market is about to reverse or pretending to reverse. i lost the most when i was trading reversals.

6) Market moves in three direction not two: i often forget that the market can not only go bullish or bearish but also range-ish.

7) there is only good and bad execution, leave Hope out of it: Hope is a double edged sword with the edge facing you being the most deadly. When the market says 'A', make adjustments and plans for 'A' Dont Hope for 'B'.

Everybody knows about resistance and support, but no one knows which is legit except the Big Banks. No wonder 90% of traders loose money.

9) Finally, "THINKING BIG IS BEING GREEDY": Dont try to take from the more from the market than what it can give.

10) finally! finally!!, Think like the big banks not a Trader. Because at the end of it all, it is those that understand how the big banks operate that would be successful traders..

Pipsbasketings:
Contest Progress Updated

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3rd Trading Period (Semifinal): 29/Nov/2020 --- 12/Dec/2020 opens on Sunday market open.

Wishing you guys success

Pipsbasketings:
Contest Progress Updated

---

3rd Trading Period (Semifinal): 29/Nov/2020 --- 12/Dec/2020 opens on Sunday market open.

Wishing you guys success

ProsperoTrading:


Good luck to everyone.

The goal for the 3rd trading period is $15. What if you made $30 in your 2nd trading period, doesn't that cover the 3rd trading period already?

Me and someone discussed this earlier, please clarify.


or do you have to make $15 irrespective of the previous period ending balance?

Donvic4u:

Another$15 sir...he clarified it previously

Theyoungmaster:

I messed up big Time. I'm sure you noticed it.

PS. sir, is there any way you can take me under your wings? Maybe via whatsapp, fb, telegram profits email.... I'm ready and willing. I promise you to be humble and teachable. I need to be more profitable than I am in this business. Thanks in anticipation.

Jmarjr:

pls sir, can u be my mentor? Even if na whatsapp i dont mind pls sir.

Pipsbasketings:
Hello brothers, I do not encourage acquaintances from a faceless forum of this form to avoid stories that touch; except for a very small number of fellows that have been here for a significant amount of time; as such, they are no more newbies.

1. Everyone in this thread is willing to help (not just me), ask all your questions, no matter how stupid it may sound, someone would answer.
2. If you have waited for a significant amount of time with no answer, search previous pages.
3. If you cannot still find an answer, and no one answers your question here, then feel free to dm me: my replies are mostly prompt.

I hope you understand, regards