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Nairaland Forum / Nairaland / General / Business / Forex Trade Alerts: Season 23 (520423 Views)
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Re: Forex Trade Alerts: Season 23 by kozmicity: 12:22pm On Jun 27, 2023 |
infofirst: Okay chief, thank you sir. |
Re: Forex Trade Alerts: Season 23 by kozmicity: 12:23pm On Jun 27, 2023 |
karkinase: ![]() Is the 30% their requirement or just a personal goal? |
Re: Forex Trade Alerts: Season 23 by AK284(m): 12:26pm On Jun 27, 2023 |
RKTexpert: Very good books you recommended especially the first two. 1 Like |
Re: Forex Trade Alerts: Season 23 by Geovanni412(m): 12:26pm On Jun 27, 2023 |
Ibrahimlagosian: Go for prop firm acct with no time limit Try trading a normal acct with small money and 10% risk ...it's the same thing as trading a prop firm acct Why so? Read pifisher's post pipfisher: On a prop firm acct, with a risk of 0.5% per trade, it takes only 10 strikes for your acct will be lost If you can survive 3 months of trading a cent acct with 10 dollars and risking 10% per trade, then you have a chance of trading a prop firm successfully. 2 Likes 1 Share |
Re: Forex Trade Alerts: Season 23 by karkinase(m): 12:29pm On Jun 27, 2023 |
kozmicity:Na personal goal @ least |
Re: Forex Trade Alerts: Season 23 by dottozil: 12:46pm On Jun 27, 2023 |
EASYLIFE4US: Exactly, I believe once you have a strategy you trade any pair that fits your strategy 5 Likes |
Re: Forex Trade Alerts: Season 23 by OfficialP: 12:48pm On Jun 27, 2023 |
Here's the thought coming to my mind. if you have 10000 prop account for. example, 5percent of it is 500 usd. That's the actual capital you have to trade with. Trade the account with the mindset that your capital is 500, not 10000 6 Likes 1 Share |
Re: Forex Trade Alerts: Season 23 by EASYLIFE4US: 1:10pm On Jun 27, 2023 |
OfficialP: This one go hard to do oooo😅 2 Likes |
Re: Forex Trade Alerts: Season 23 by EASYLIFE4US: 1:41pm On Jun 27, 2023 |
OfficialP: Daily risk=0.3% of capital Max daily loss=5% of capital Max loss =10% of capital Capital= 10000 Daily risk=0.3% of 10000= 30 No. of daily risk=500÷30=16.666 Max entry per day=3 Max risk=1000÷30=33 Max no. of loss days in a row=33÷3=11days With a capital of 10000usd, If your stop loss is 30 USD, with 3 entries per day, it will take you 11 days to breach maximum loss of 1000usd or hit the minimum 10% required to pass a challenge. 1 Like |
Re: Forex Trade Alerts: Season 23 by EmmanuelVi(m): 1:43pm On Jun 27, 2023 |
OfficialP:Yes, you thought right, that is how prop firms are structured. If you've got 100K account with 8% max drawdown, just take it that you've got an 8K account (8% of 100K) to trade with; so if you were to be risking 2% of your account per trade, it is best to reference that 2% risk to the overall capital you have to trade with which is 8K (for the 100K account instance), this would give you a risk of max $160 per trade compared to $2K per trade as relate to 100K. If most prop traders thought like this and painfully followed that regiment, there would be a lot less blown accounts in the industry (at least, would take longer times to crash each one). 4 Likes |
Re: Forex Trade Alerts: Season 23 by kendoschurrle(m): 1:47pm On Jun 27, 2023 |
OfficialP: good idea but also remember say the target na based on the total amount. you go need wait almost one year to pass phase one and two (unless say you dey pack 1000 pips every week ![]() how many people get that patience? the prop firm wey you dey trade with fit don pack up before you pass too ![]() ![]() if to say person fit trust these platforms completely ehen the idea above make sense pass. trade that 8% ignore the big amount 3 Likes |
Re: Forex Trade Alerts: Season 23 by clems88(m): 2:19pm On Jun 27, 2023 |
Gold behaving like witch , hitting my BE anyhow ![]() |
Re: Forex Trade Alerts: Season 23 by Nobody: 2:49pm On Jun 27, 2023 |
Nothing can beat macro trading or fundamentals. You see inflation, trade balance, GDP, interest rates , demand and supply, central banks and government policy. Don't joke with them... 2 Likes |
Re: Forex Trade Alerts: Season 23 by Emmizay12(m): 2:54pm On Jun 27, 2023 |
EmmanuelVi: though you have a valid point but by making it difficult to fail,, you also make it difficult to pass. once you are not in drawdown,, f**kin increase risk, use the house money to play offense,, once your account is in drawdown, then you can reduce risk to 0.5% and play defense.. another thing is practice practice practice,, you have a demo account, deposit the 10,000 and trade with it like a prop firm account, or take FTMO free trials to have free account analysis prove to YOURSELF first that you can trade a demo propfirm account with your strategy before you go to FTMO or MFF to prove to them you can trade give yourself caps, so that when on a live account and things are rough you will look back and tell yourself you have done it before, you can aswell do it again peace 15 Likes |
Re: Forex Trade Alerts: Season 23 by samfelly: 2:57pm On Jun 27, 2023 |
kozmicity: One question, Kozmicity, you never register for anyone - Fundednext, TFT, or MFFx? |
Re: Forex Trade Alerts: Season 23 by rhynoemmie(m): 3:03pm On Jun 27, 2023 |
RKTexpert: Please can you paste link for the fundednext and tft competitions |
Re: Forex Trade Alerts: Season 23 by Emmizay12(m): 3:07pm On Jun 27, 2023 |
EASYLIFE4US: all this one na suffer head, if a person doesn't know how to trade make him go back to the charts and brush up his/her strategy.. no profitable trader will listen to all this your mathematics, 3 Likes 1 Share |
Re: Forex Trade Alerts: Season 23 by rhynoemmie(m): 3:10pm On Jun 27, 2023 |
kendoschurrle: You have said it all. If you have confidence in your strategy, there should be room to go big on some trades. Depending on how many times your strategy presents itself in a week. That way, with proper risk management, and if u time ur entries very well on LTFs you could have very little stop loss and your profit target could be the same as when you analysed the trade on a higher timeframe... #IMO sha 2 Likes |
Re: Forex Trade Alerts: Season 23 by rhynoemmie(m): 3:17pm On Jun 27, 2023 |
Emmizay12: Violence breathing 3rd Form Scorched earth 1 Like
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Re: Forex Trade Alerts: Season 23 by karkinase(m): 3:19pm On Jun 27, 2023 |
OfficialP:Na one year you go use pass be that oo.. do you realize what it means to make 160% of the 500 capital. 2 Likes |
Re: Forex Trade Alerts: Season 23 by Emmizay12(m): 3:22pm On Jun 27, 2023 |
another mighty lie in this Forex industry is making traders believe that anything less than 1:2 risk to reward ratio na bad thing, like you can't be profitable with a 1:1 trying to always go for a 1:2 has really set me back in my trading journey,, some days I stack up heavy lotsize for a 1:0.5 trade,,, take profit and use the profit to enter another trade with tight stoploss, Two wins and my account is fat.. trading the markets is war, once you have profits(ammo) FIRE that lotsize!!!! if it doesn't work go on the defensive a good soldier knows when to advance and when to retreat,,,,,, no be only to the retreat everytime 5 Likes |
Re: Forex Trade Alerts: Season 23 by Geovanni412(m): 3:32pm On Jun 27, 2023 |
Emmizay12: No be small thing Easylife4us, this your calculation no dey make life easy Reduce am small make we follow... How many pairs are being traded? |
Re: Forex Trade Alerts: Season 23 by OfficialP: 3:38pm On Jun 27, 2023 |
karkinase: 5% of 500 is 25usd. So risk per trade will be 25. USD. Increasing risk to 50usd when you have safe isn't bad also. Max risk should be 50usd With up to 1:4, rr you are good to go. It all depends on each one trading styles though. 3 Likes 1 Share |
Re: Forex Trade Alerts: Season 23 by Donsheddy: 3:47pm On Jun 27, 2023 |
Who get mind go share my new year resolution 😁😁😂😂..... God dey sha |
Re: Forex Trade Alerts: Season 23 by kendoschurrle(m): 3:50pm On Jun 27, 2023 |
as you dey take advice better dey listen to people wey get prop account and wey don collect at least one kpakam ![]() ![]() ![]() e get why ![]() ![]() my people say person wey dey use mouth drive moto no dey ever get accident ![]() ![]() if you like dey follow the mouth of people wey still dey dream na you sabi no risk too little make your journey no tough pass as e suppose be no risk too much make you for continue dey progress reach where you wan go na you get strategy na you know wetin go happen before you lose 8% my mentor tell me say "that number of pips loss for your worst drawdown, multiply it by 5 and set your risk with that in mind" i arrest my cases ![]() 7 Likes |
Re: Forex Trade Alerts: Season 23 by EASYLIFE4US: 3:55pm On Jun 27, 2023 |
Geovanni412: You can adjust it to suite your risk appetite and it's a pair per day, meaning if your stop loss is hit 3 times consecutively on the same pair the same day wait until the next day |
Re: Forex Trade Alerts: Season 23 by EASYLIFE4US: 4:00pm On Jun 27, 2023 |
Emmizay12:If you be profitable trader, you fit follow up with asymmetric compounding, omoo dat wan na mega profit and flipping account |
Re: Forex Trade Alerts: Season 23 by sampz: 4:16pm On Jun 27, 2023 |
Emmizay12: normal doesn't win.. but I kind of like normal |
Re: Forex Trade Alerts: Season 23 by Nobody: 4:16pm On Jun 27, 2023 |
Emmizay12: You're so right there the reason why many are not consistent in this business is they want to have that home runs always, knowing when to adjust with what the market is offering is a top notch advise and definitely when to scale up... Lock 1:1 and purse your target is another input from my end. I may not be rich now but I'm getting consistent, very important in this our business. 1 Like |
Re: Forex Trade Alerts: Season 23 by OfficialP: 4:27pm On Jun 27, 2023 |
It's not about having specific rr, you take what the market makes available. We all trade levels or zones to zones, so you take profit at your zone, your SL is what determines the rr of the trade, not you. Two people may trade the same levels, one may have higher rr than the other person. |
Re: Forex Trade Alerts: Season 23 by Elliotwaveforec: 4:33pm On Jun 27, 2023 |
Na wa! 20% no want enter for TFT. From 17 back to 14.75. No matter what, 11% will not be touched again till month ends. That 10% must remain till competition ends. 4 Likes |
Re: Forex Trade Alerts: Season 23 by realone12(m): 4:56pm On Jun 27, 2023 |
OfficialP:you see the market the same way I see the market |
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