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Nairaland Forum / Nairaland / General / Business / Forex Trade Alerts: Season 23 (499026 Views)
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Re: Forex Trade Alerts: Season 23 by karkinase(m): 11:03pm On Aug 26, 2023 |
Smart Money 💰 are they really smart?. Yes and No but they are the ultimate connoisseur of human psychology. 😎 Footprints 👣 of Smart money 1. They buy to sell and sell to buy, 2. Their large orders are filled bits by bits in what is known as consolidation 3. They buy below Demand and sell above supply zones. 4. Fair value gaps , wicks and order blocks are indicative of smart money in action. This are my views from my experience in the markets. You can add urs let’s learn too . 2 Likes |
Re: Forex Trade Alerts: Season 23 by GBPUSD: 11:35pm On Aug 26, 2023 |
I can't find the forex factory app anymore on playsore. Please how do I get the app? |
Re: Forex Trade Alerts: Season 23 by Jameselias: 12:26am On Aug 27, 2023 |
Day trading is not everyday trading 6 Likes |
Re: Forex Trade Alerts: Season 23 by Jameselias: 12:29am On Aug 27, 2023 |
ICT GEM💎 An oversimplified explanation of how the market works⬇️ The algorithm seeks discount to premium, premium to discount. Within that logic, We are simply looking for 3 things when viewing the market place: 👉Liquidity 👉Imbalances 👉Time of day Knowing this aids us in answering these 3 simple questions when looking at price: 1) Where did price come from? 2)What is price currently doing? 3)Where is price likely to go next? 2 Likes |
Re: Forex Trade Alerts: Season 23 by Petah(m): 6:01am On Aug 27, 2023 |
greatcheer:Good morning, I noticed that too. It is better to not let your trades hit DD, rather than trusting those balance based DD, Honestly, I understood this when I was in UMW competition, I held a trade after it crosses the DD of 5k it retraced into profit of 8k I was smiling, na so them nack me DQ email. I just surprised even though na balance Based DD o. Then I knew it was pure marketing. 2 Likes 1 Share |
Re: Forex Trade Alerts: Season 23 by rainlover(m): 6:30am On Aug 27, 2023 |
Petah: U breached it na. U don't understand what they meant by "balance based" |
Re: Forex Trade Alerts: Season 23 by greatcheer(f): 6:44am On Aug 27, 2023 |
rainlover: please kindly explain to us |
Re: Forex Trade Alerts: Season 23 by BrightFuture48: 6:47am On Aug 27, 2023 |
greatcheer:Balance based DD simply means at the end of each day around 10pm Nigeria time your next daily DD will be calculated based on your current balance irrespective of equity or pnl either positive or negative. Example you have current balance of $6000 and equity is $7000 (or $5000 negative pnl) your next day DD is 5% of 6k = $300 . That means your balance should not fall below 6000-300= $5700. If it does then you go chop dq. But reverse is the case if it equity based. Instead it will be 5% of $7000 or ( 5% of $5000) and will be either $350 ( or $250). In that case your balance for day must not fall below 6000-350 = $5650 ( or 6000-250 = $5750). MFF is a bit trickish. They would rather look at what is higher between your balance or equity at the end of day to calculate their next dd. Hope you get the gist now? 2 Likes |
Re: Forex Trade Alerts: Season 23 by Petah(m): 7:00am On Aug 27, 2023 |
rainlover:There is equity based and balanced based. The held trade was in equity na, Abi I am missing something? |
Re: Forex Trade Alerts: Season 23 by Petah(m): 7:02am On Aug 27, 2023 |
Better to just trade below the DD BrightFuture48: |
Re: Forex Trade Alerts: Season 23 by seeteazain(m): 8:01am On Aug 27, 2023 |
greatcheer: What has balance got to do with PnL. If it's balance based then one should be DQ when trades are closed and when such closure negatively affects the balance. They are just using it as marketing strategy like someone stated above |
Re: Forex Trade Alerts: Season 23 by seeteazain(m): 8:02am On Aug 27, 2023 |
Petah: Yes I think that's the best thing to do. Treat every DD as equity base |
Re: Forex Trade Alerts: Season 23 by Donsheddy: 8:08am On Aug 27, 2023 |
seeteazain: Just dey play... Balanced based means DD is calculated from your balance.... If i understand you correctly you mean someone can have floating loss of 8% and should be disqualified only when they close the trade..... |
Re: Forex Trade Alerts: Season 23 by kozmicity: 8:22am On Aug 27, 2023 |
Donsheddy: Balance based is the biggest scam ever, and here I was wondering why I was disqualified from my Fundednext challenge. 1 Like |
Re: Forex Trade Alerts: Season 23 by rainlover(m): 8:27am On Aug 27, 2023 |
Petah: greatcheer: BALANCED BASED: let's assume you have a starting balance of $10k with a daily drawdown of $500 Now - you only breach the account if your balance reduces to $9,500. I.e - even if you made some profits, but later lost it, your account remains active so long as it doesn't get to $9,500. EQUITY BASED: let's assume you have a starting balance of $10k with a daily drawdown of $500 Your drawdown counts begins from the highest equity attained within that day. Equity means: Opening balance + floating profit and loss Eg: you took some positions and your PNL got to $1000 This means that you have trades in profit and your equity would be $10k + $1k That's $11k Now here's the catch.. After reaching $11k and your trade(s) reverses , reducing your equity to $10,450 ($11k - 5% ) You will lose the account because, you lost 5% of daily equity. So in conclusion; if your account is equity based, just keep making profits and don't come down to -5% of whatever equity attained within that day. Hope this helps 4 Likes |
Re: Forex Trade Alerts: Season 23 by rainlover(m): 8:29am On Aug 27, 2023 |
kozmicity:balance based isn't scam sir. Your account had daily equity drawdown rule. Understand this: some accounts are balance based with daily equity drawdown rule. |
Re: Forex Trade Alerts: Season 23 by karkinase(m): 9:12am On Aug 27, 2023 |
Yesterday I wanted to say smtin concerning this balanced based drawdown.. it’s just a marketing gimmick.. drawdown is based on equity not on balance.. |
Re: Forex Trade Alerts: Season 23 by Kaybee7000(m): 9:16am On Aug 27, 2023 |
karkinase: Kmoney api weekend, anything for ur guy been a good digger,abi are u not? |
Re: Forex Trade Alerts: Season 23 by Kaybee7000(m): 9:17am On Aug 27, 2023 |
Kaybee7000: U and sheddy !!! |
Re: Forex Trade Alerts: Season 23 by Jameselias: 9:38am On Aug 27, 2023 |
BrightFuture48:finally someone explains it to them read and understand |
Re: Forex Trade Alerts: Season 23 by Elliotwaveforec: 10:03am On Aug 27, 2023 |
FTMO stands out! DD is based on initial capital; no wuruwuru! They need to come down with their prices. 2 Likes 1 Share |
Re: Forex Trade Alerts: Season 23 by Petah(m): 10:05am On Aug 27, 2023 |
I think the safety way for me oooo, just my own plan and belief, is to trade below your DD. This is what I am planning to do. If my DD is $500 on a $10k account. I tell myself I am only using $500 to trade per day and not $10k. Then I divide the $500 by 4 = $125 For each trade I risk about 25-50 dollars. I use the babypips position size calculator to get the lotsize I should use and how many pips. I realized this after I lost my blueguardian $10k account I won as a giveaway on Twitter due to DD violation. I thought that when it gets to $500 for the day they will log me out till the next day, omo. When I couldn't place trade the following day. My eye clear. $10k account was sold for $87. I checked the price. He pain me gan. Please note, that's my own plan on my risk management. 3 Likes |
Re: Forex Trade Alerts: Season 23 by Donsheddy: 10:11am On Aug 27, 2023 |
rainlover: I beg to disagree |
Re: Forex Trade Alerts: Season 23 by Elliotwaveforec: 10:18am On Aug 27, 2023 |
To avoid DD being hit, calculate your daily (not overall) DD and make it your capital throughout. Ignore to the original capitals of 100k, 10k etc. 2 Likes |
Re: Forex Trade Alerts: Season 23 by Petah(m): 10:19am On Aug 27, 2023 |
Elliotwaveforec:We are on same page. I actually use one-four of it. |
Re: Forex Trade Alerts: Season 23 by nzechu(m): 10:29am On Aug 27, 2023 |
Where do we go from here. Up or down. We will know after this coming week's candle. (Although I would preempt a buy) Stay tuned Witchcraftfx
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Re: Forex Trade Alerts: Season 23 by Donsheddy: 10:31am On Aug 27, 2023 |
Una just dey confuse una self.. for me i prefer equity based DD... Reason been that as you keep making profit your DD increases and as you loose profit your DD reduces helps you to be discipline For Equiity Based Starting Balance is 10000 and your daily DD is 5%>>> 5% of 10000 is 500 that means your account shouldn't go below 9500 today.... If your trade moves 800 dollars in profit and goes back to entry that same day your account will still be intact because you didn't go below 9500... Lets assume you make a profit on 400 dollars day 1, your closing balance for the balance for the day is 10400 now your DD for the next day is 5% of 10400 which will be 520... That means your account shouldn't go below 9880... Now if in loss, lets assume you didn't make profit the first day and you close with 9800 your DD for the next day will be 5% of 9800 which is 490 that means you can't loss more than 490 on the new day that means your account shouldn't go below 9310 if you like make 2000 dollars profit that day... Thats how equity based work.... While in Balanced Based Your D. D is Fixed at 5% of starting balance which is 500 dollars So any day dont lose more dan 500 dollars ... If your starting balance is 10400 for the new day your account shouldn't go below 9900 If your starting balance is 9800 it shouldn't go below 9300 thats for balanced based.... 4 Likes 1 Share |
Re: Forex Trade Alerts: Season 23 by Edd1e(m): 10:36am On Aug 27, 2023 |
Na wa o. This is just plain ignorance being displayed publicly. Balance-based is not marketing gimmick or anything. Na una no understand basic calculations and understanding. Balanced-based: Lets assume you have $10000 + running trades of 200$... Your balance is $10000 while ur equity is $10200 running through the following day. For Balance based; your DD will be $500 (5% of 10000) Meaning you could lose your running profit of ( $200 + $500 your DD) to violate Equity Based: Using the scenario above. Your DD for the following day will be $510 (5% of $10200) So your total loss should not go more than $510.. including ur running trades. This case... You are running $200 in profit... So u can only lose $310 more to violate. |
Re: Forex Trade Alerts: Season 23 by Edd1e(m): 10:37am On Aug 27, 2023 |
Balanced based will always supersedes Equity based firm. Choose wisely 1 Like |
Re: Forex Trade Alerts: Season 23 by karkinase(m): 10:43am On Aug 27, 2023 |
Kaybee7000:I never dig gold bro.. my mining ⛏ license never activate 1 Like |
Re: Forex Trade Alerts: Season 23 by karkinase(m): 10:44am On Aug 27, 2023 |
Edd1e:You wey sabi … what’s the definition of drawdown.. |
Re: Forex Trade Alerts: Season 23 by seeteazain(m): 10:56am On Aug 27, 2023 |
Donsheddy: What is then a balance? Is balance not different from equity? |
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