GabsonFX2:
Very simple:
- half your lot size and then
- widen your SL or in other words, set your SL some pips away from the lowest low or highest high.

Set your entry and go to bed

Bro, can one use lows or highs of daily candle (current or previous day) to set the SL?

Cashhy11:
I think it all boils down why you join this line of business in the first place. Money is important, but that was not the major reason I joined. I joined because I want to understand this business and create a career in it too.

For someone that joined to make money solely, that's why they fall prey to some scammers disguising as traders. If you can't use your head, someone will use it for you against you.

Reason why I didn't start and never made use of any[b] indicators[/b], forex signal groups, etc. If you are a pro, show me your trade calls, I won't take it but I wanna know why you are taking it instead so as to learn from it. I know money will come once the art of trading is mastered, so I'm never bothered to make money at my learning stage.

August will make it a year I joined, hopefully I will have bought and pass my second prop account by then. So I can fully come back and scream it so loud again that "Forex is so easy", those mofos here on FTA that are always irked when they hear that statement can go hug the nearest transformer, I give a rat a.ss.

I took a screenshot of this last week when @thissdax posted it on his IG story, that's my motivation. He said he started trading 2022, and started being profitable 1st quarter last year. See where he is now. Don't stop and get active.

Is using[b] indicators [/b]bad? Just wondering...

GabsonFX2:
I will, very soon; my days have been filled with activities. Will update.

You too much bros, thanks in advance.

GabsonFX2:
I think I got your email, I will reply soon; yea, you got it right - I'm busy but will be free soon.

No wahala bros, thanks a lot.

Afiliatelord:

Good day sir. I love the way you trade and i will be glad to learn your pattern. I'm willing to pay for your mentorship. Please help me

Me too. We plenty for here, lol. Perhaps, boss Gabson should arrange a virtual mentorship session when convenient for him. I would not mind paying as well. I do hope he agrees but it is totally up to him. @GabsonFX2 seems to be a busy man.

Thanks

dmahn:


You are not placing any order if market retracement doesn't get to the premium and discount zone. Your SL should stay 10/20 pips below the swing.

My Ogas in the house, especially the swing traders. I would appreciate if someone could kindly shed light on stop loss placement for swing trades, taking into account factors like erratic volatility during high-impact news, etc. May the Almighty put smiles on our faces with blue pips this week. Cheers!

GabsonFX2:
Please search through Brightfuture48's recent post about me. 80% trueness.

Selah!

👌🤞

infofirst:


The explanations might be uncoordinated but I will try and put stuffs down sha.
Most unprofitable traders failed to acquire the knowledge require to excel.
We/they are greedy.
And the moment you trade with no knowledge, with greedy mindset. You are no longer trading but gambling.

So how can we blame the market, brokers, the big boyz for our gambling practices that we called trading?

I agree with you, thorough knowledge is key.

Davigle:


Kudos to you on your progress and pls always have this in your mind that Rome was not build in a day, it will definitely take time before you begin to see consistency in your trading, you only need to persevere and continue to learn and study because once you master trading, you've literally gotten yourself an ATM machine for life, and that skill can neva be taken from you, considering that you are just relatively new into trading, I strongly will advise you to focus more on your technicals first before you begin to incorporate fundamentals into your analysis, doing that without a strong Technicals will wreck you, because fundamentals is more wide than technicals. but just take one step at a time before you start adding more tools to your tool box. To answer your question on fundamentals, there are two things you need to understand about fundamental analysis, and that is;
1. Understanding the market players and their role in the market place. the market players/participants if you remember your forex 101 (Babypips), they are central banks, big banks or investment banks, Hegde funds, commercial banks, brokers, and retail traders. All this are the market participants, but the most important class or group are the central banks and the big banks to some extent but more specifically the central banks. The central banks solely control the financial markets and they do that in the form of monetary policies. They are most powerful entities in the financial market aka the apex predators. The big banks can also move the markets by placing large positions in the market place but even they too always align theirselves with the central banks monetary policies. I dare to say that the central banks also manipulates the markets not everytime but they do it, through their speeches like the FOMC meeting, through manual intervention, check your charts on USDJPY in November when the pair went up as high as 150/151 level the Bank of Japan manually intervene in the price of USDJPY causing it to fall about 400pips or so in 1 minute, no big bank can ever do that, another example is the crash that happened in 2015 on all chf pairs you can check eurchf, when the swiss bank temporary took off the peg on the chf to the EUR, the pair fell heavily, a lot of brokers we liquidated, some famous brokers like fxcm declared bankruptcy before the the got to their rescue.
2. Monetary policy: this is the tool the central banks used to stimulate the economy and move the financial markets, this involves interest rates, GDP, retail sales, CPI, PPI, ISM, NFP and so on. all these are reports that you see on an economic calendar. all these are economic indicators, and the central banks uses this to guage how well or bad an economy is performing and they make decisions based off this indicators. Note this are not the only tools that the central banks use, there are also many other tools that they use but, these are kind of the major indicators that shows the health of an economy.

So you can see how wide it is and it is not something a newbie should go into, without first getting some level of experience in the market place, and I'm not peddling that you need to factor in fundamentals before you can be profitable, there are traders here who don't use fundamentals and they have been consistently profitable like boss Gabsonfx2 and peteregwu are some who I greatly respect here. My use of fundamentals stems from my personal research and choice, I realize that the big banks, hedge funds, and even quants (those that trade algorithms or hft) take note of fundamentals into their trading and they've been here for decades managing very huge and massive capitals. hope you find it insightful and I'll willing to help you out on here if you have any questions. For the BISI part it's called ICT concepts, it is a different school of thought in the world of technical analysis, just like the supply and demand traders or the smc traders and so on, it is not easy to learn but all I will say is that there are many roads that lead to Rome, the end goal is to be profitable in this market through proper management of risk, the tool or style that you use is irrelevant, it doesn't matter becos, a skill or style is only as good as the user. So just pick a style and dedicate your time and effort to it and with time I guarantee you, you will definitely see progress irrespective of what style you use.

I apologize for writing a long post. cheers

Awesome! Words! Great piece boss, thank you so much for this insightful write up, e no too much ooo. As always, I sincerely appreciate you taking the time to assist. You are such a great source of information in this forum. Much respect, and have a productive week. Cheers!

VeeVeeMyLuv:


You don't need all these bogus info, just take it as a business that's all. The basics alone can see you through. Even with only naked candle stick.in Market structure we hv range and trend. Range you supposed to stay out/hands off except you can trade it. That's what give all traders most losses. The reason we hardly see anyone here drop alerts on EURCHF!

Then trend market we should trade.

Well noted boss, thank you so much for the info. Cheers!

GabsonFX2:
Follow this timeline:

Paper backtesting (This means you will need to look at the charts from history) - 1 month
Demo trading, applying what you discovered from paper backtesting - 3 months
Live trading with cent account - 3 months
Live trade with regular dollar account - 1 to 3 months
Withdraw only the profits from live trade and buy at least two prop accounts, trade prop account - forever
Now withdraw profits from prop accounts each month, and buy more prop accounts - forever

Expand!

In one year, re-examine yourself

Wow! Looks like a solid and feasible blueprint. I'll take the time and adhere to it diligently. I have taken a screenshot and saved it for reference. Thank you so much for your time. Much appreciated!

GabsonFX2:
One month in, you are on propfirm.

Not the best approach to learning the rudiment.

Thank you for the response chief, I would gladly welcome and appreciate your suggestions on how to go about it. Cheers!

My peeps, I just wanted to share my progress so far and ask for your opinions on how I can get even better. It has been over a month since I started learning forex (early December last year). I learned using resources from youtube, nairaland, baby pip's free online courses etc. I began trading with a $10,000 CMC Markets demo account (literally blindly without any specific strategy, how foolish), and I continuously saw a drawdown of that account to about $5,500. I had to suspend trading for some time to go back to the drawing board, seriously learn, and adopt a trading technique. I decided to try out my first FTMO free trial (demo), that account sef no last, e blow as there was inconsistency with my lot sizing and risk management. After realizing these gaps, and learning from the mistakes, I choose to sign up for a second 15k FTMO free trial. As shown in the screenshot, I had my first and only profit week this week after about 6 weeks of trading (still demo o). This thing is not easy at all but I keep moving regardless. You will notice that I went from a $400 deficit (start of this week) to a $258 profit (end of week). Still a long way to go as I haven’t met the profit target yet. Any helpful feedback will be appreciated.

Right now, I trade using technical analysis, but I want to eventually incorporate fundamentals as well. Mutumina @davigle, based on your posts, it appears that you are a force to be reckoned with when it comes to fundamental analysis. I was wondering if you could help shed light on some basic information for a layman like me on events such as NFP, CPI, etc. I came across a post here (with a lot of grammar) wey someone mentioned BISI too, lol. What are they? How do they influence trading? And when to look out for them? What are the actions to take during these news/events? I wanted to get in touch with you directly, but I decided to put it out here so other rookies can benefit from the information you share. I appreciate your support and prompt response to my messages offline. Thanks!

GabsonFX2:


Paid employment guarantees financial security - a constant source, a reservoir. FX would not pay every week but paid employment does, even when I'm ill - I would still get a constant biweekly pay of EI - Employment Insurance from the government; but, you have to be employed to qualify. Many more reasons why a career outside FX is top-notch.

While bills would never cease, fx biweekly profit would definitely cease at one point or the other; when this happens, what would you do in those weeks or months? frustrated? overleverage? overtrading? martingale? ignore SL? zero psychology? go into debt? depression? etc

I once quit my job (back in 2021) to depend only on fx but I could not stand it cos I'm not the only one in the family - I had to return. However, there is a career level I plan to attain to call it quit. But even at that, I would still go into paid employment but a much more flexible one where I can place my laptop on my workplace table with fx charts all over the place.

The bolded is exactly my current situation. My paid job is hybrid and super flexible. I have work station set up in my basement, with personal laptop on the side to continue learning fx, monitoring charts and trading demos for now. I do this all day and have been on the routine for almost 2 months now.

GabsonFX2:
wuyexzy01, elliotwaveforec, realone12:

I have one question for you, pls reply asap:

Mention which account(s) you currently manage, be it: prop, demo, broker, competition, challenge, etc; how many, how long? - be honest.

I want to take you on a journey!

Me too boss😊. Actually, I had sent you dm a few days back as advised by a kind member of this forum. No response yet, but I understand you might be quite busy especially in this holiday season. Fingers crossed🤞

BeginnerTrader:
I feel like to share my little progress today, to whom much is given much is expected. I appreciate each and every one us who one way or the other has contributed massively to the progression of the thread. I bumped into this wonderful community January this yr , due to tedious nature of my work (Waiter ) I hardly participate to chip my inputs but I do well to read every page whenever I have free time at my work place. I got to know about trading competitions here which I have participated and failed many times ,but things turned around 3rd quarter of this year when I hit 40% on tft competition, I received the challenge account and passed the evaluation stages and got a payout laskweek. My current job pays me 30k as monthly salary, but I got a payout of $601k . It leaves me sober and emotional ,after 2yrs of working as a waiter I can't boast of 100k in my account but 10days of trading got me 700k. Lest I forget I got a mail this morning from alphacapital that my live funded account will be ready this week after passing the giveaway account. Glory be to God. Thanks all the bosses in the house, still remain BeginnerTrade.✌️

Congrats and thanks for sharing this. It is quite motivating for some of us who have recently embarked on this journey.

samfelly:


Emmy, you've spoken well.

I kinda share the same story with Abbas01. It was about that same year I attended my first forex seminar, also. Then, I saw those guys (d organizers) as hustlers trying to get peoples' monies, cos they had a lot of CDs and photocopied materials to sell to us for some extra fees after charging attendance fees o . And also I saw the money they portrayed before us, in forex market, as impossible to get . Cos if it were, they wouldn't be looking to hustle us, I reasoned, hence my lack of interest then until #Lockdown happened and the narrative changed. I can only thank God that I quickly rekindled the interest and went hard with 63% throttle power.

Yes, you're right my guy. Funny enough, I didn't even try trading at all after I attended the seminar during my undergrads. Although I believed at the time that my trading knowledge was insufficient, I was aware of the potential in forex. There was a dearth of information on forex trading back then. To be clear, I didn't quit because I never started trading in the first place. Instead, I pursued other business endeavours and even japa'd in 2012. My attention and efforts were channeled toward working 9–5 jobs overseas since then, and while I've done well for myself, there's always room for improvement. I never knew forex is this big now until I started my research about it a few months back. I got my mind on it now for real (100%) and on an long term. Any Canada base traders in this forum? Cheers!

abham:
To be honest you also do not have to tell anyone close to you about this journey you are about to take else they may stymie your growth, trust me. Feel free to rant here when you are loosing your mind and trades are not going your way, also JOURNAL YOUR TRADE. This will help you keep track of yourself and it will help you improve.




Welcome back!

I agree with this 100%. That was my intention too considering past experiences (not forex related), but it could have been. Once again, thank you so much. Cheers!

Tinyemeka:


Hi Abass.

Welcome back.

If I could suggest:

1. Stay off trading for now

2. Take enough time to go through videos in the channel below
https://m.youtube.com/@thetradingchannel
Learn to develop concepts like trading strategies to use, which indicators, entry, SL, TP points, trades to avoid, etc.

3. When you're confident that you've learned to a reasonable degree, attempt trading only on a demo account

4. Switch to live trading only when you've consistently made profits (say 80% success rates on the demo). In reality it is more difficult to succeed on a live account than on a demo.

5. On the live account, trade only small amounts. Avoid trades that will take up to 2% of your account balance.

6. Whatever you do, never set targets of how much you plan to make in a week or month. It will push you to be greedy and with that you lose your ability to make objective analysis. You'll take on too much risk and eventually lose your money.

Hope this helps.

[quote][/quote]



Thanks a lot Emeka, this is very helpful. I agree with all the points you have highlighted. Much appreciated, cheers!

Thank you so much for the feedback. I really appreciate this. Cheers!

I want to give you some positive feedback but I gotta tell you the truth, first of all, you got into trading 16yrs back and you gave up? you for be expert rn

That tells me you have no passion for trading,
Your tendency to give up again is far higher than 16yrs ago
You saw trading as nothing and didn't do nothing to improve
You are here because of hardship
Trading is a side hustle for you, nothing bad in that but it can be a very good side hustle, WHEN YOU BECOME PROFITABLE not before

My advice, you have to put in a lot of energy and mental strength and use a different approach because whatever it is you saw that made you quit 16 years ago is waiting to show you it's real colours this time with extra sauce,[/quote]

Well done o my people, you guys are doing a fantastic job here. Since I initially learned about forex trading at a seminar back in 2007 (16 years ago), I made the decision to rekindle my interest in it again sometime last week. Recently, especially in light of the current economic challenges here in NA, I have been considering starting a side hustle to supplement my 9 to 5 income. I work from from home, my work hours are really flexible. I wouldnt want to waste the luxury of time I have presently. I have conducted a good deal of research leveraging online articles and videos from YouTube. I eventually decided to use CMC markets platform to start trading on a demo account yesterday. I have been able to execute a number of trades (buys) as trials so far, all of which have resulted in losses (thank God na demo account). For now, trading currencies (USD/EU) only. I want to take my time to learn about forex trading and not rush into opening a live account, so I was wondering if someone could give me some pointers on how to go about it. There are quite a lot of things I need to learn about forex: concepts, terminologies, strategies, etc. Your positive feedback will be very much appreciated. Cheers!

Hello, I re-submitted visitors visa for my mother inlaw today after being refused the first application last year. Out of curiosity, I decided to check the processing time on IRCC website and was shocked to see that it will take approx 634 days to process visitors visa applications from Nigera. This is scary, wondering if this time frame is accurate?

The old Muscat Int'nl airport you mean, a new one was commissioned 2018 and is bad ass �, bigger and beautiful, it is a word class airport compared with the likes of HIA (Qatar) and DXB (Dubai). No airport in Naija can even be compared the old Muscat Int'nl airport in terms of beauty, organisation and efficiency. Quite small in size sha

itsme01:
RIP to him,

Muscat Airport looks like Ibadan or Ilorin Airport.. nothing fancy, but the city is bad ass

Congrats. This is the real definition of patience & perseverance. I just cant imagine how you coped with the long wait. If i may ask, was your application selected for detailed security screening? If yes, that might be the reason for the delay. Wishing you all the best. Cheers.

quote author=ITABABE post=72138746]So I know I have to do this now . Many of you might not know my "moniker" but I have been in this race since 2016.All my mates here in Nairaland have all landed sef. Now I want you to look at my timeline carefully and note the year.

IELTS: January 2016-9 8.5 7.5 7
ITA: April something can't remember 2017
AOR: may 25 2017
MP: July 1 2017
IP2 : August 1 or 3 2017

Then Silence....................................................................................................................................................We entered 2018

Ordered GCMS Feb 2018. No flags notes. Mails said application was still under processing. Wrote Prime Minister sef . Same story. Then Silence again..............................,,,,,,........................................................................................................................................ I had to stop commenting on Nairaland as I neither belonged to this thread nor did I belong to the threAd of those who had already landed . I was sha in between

An update came late August for another set of Medicals as the one previously done had expired. We finally got a date in October.

Let's just say PPR landed this morning, Oct 16th 2018;[/b]10 days after the second Medicals and [b]17 months after AOR. Thank you to @glitteringstar and @chinne4Jesus for still checking on me from time to time.

Keep the support on this page ongoing . May Canada favor us all.
[/quote]

Lol, this Akpabio get mouth ehn...

ilekzy:
Hello house. Pls help a brother in need. Does anyone have a contact in UNILAG for WES verification

Hello house, still on this wes verification issue too. Does anyone have idea on how to go about wes verification @ Usman Danfodiyo University, Sokoto? Wes have sent my wife's certificates + transcripts to the University since 29th March 2018 for verification. Her evaluation process have been on hold since then. Anyone with the contact of a person that can assist? Cheers

Also on this unilorin verification shit since march 27. Any suggestions pls.

Engr2000:
Hi, we are on the same page. I have been on this WES verification for the past two weeks.

GlitteringStar:



Congratulations!

Congrats...

coolangel54:

Can't you ask for a remark? My 2cents though

Thanks. To be sincere, i didnt really do well in task 2. I spent much time on task 1, as a first timer. I ended up rushing it and hand writing could be a factor too. I didnt expect much actually. We go use madam score, no stressing.

abbas01:


My IELTS 3/3 result is out..L 8, R 7.5, W 5.5, S 8. saw it comming. Taking the test again on 24/3. Second and Last, God willing.

Thank you all for the encouragements. My wife cleared the thing ooo. She received provisional test result confirmation via text message from the center we registered with. Note: Not in Naija, somewhere in the UAE.
Her result: L 8.5, R 7.5, W 7, S 8. Her age is 27 while I am 34.
WES evaluation ongoing. WES received all transcripts last last week . Wife's credentials - 2 years diploma in accounting and finance, 3 years BSc in Accounting. My credentials: 4 years BSc in Geology and 1 year Diploma in Microbiology. We are both hoping for 2 or more certificates equivalent.
Both with more than 3 years work experience..

Yet to decide on who to be the primary applicant.

abbas01:


Worried about writing too. Spent so much time on task 1 that i wasnt able to write 250 words in task 2. Listening wasnt bad, quite comfident on reading / speaking. Anyways, am still hopeful. Fingers crossed.

My IELTS 3/3 result is out..L 8, R 7.5, W 5.5, S 8. saw it comming. Taking the test again on 24/3. Second and Last, God willing.