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Nairaland Forum / Nairaland / General / Business / Forex Trade Alerts / Discussions: Season 24 (232738 Views)
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Re: Forex Trade Alerts / Discussions: Season 24 by infofirst(m): 5:16pm On Jan 26 |
Davigled:Slow it down. Not to ground zero but a little bit down. To regain your psy 2 Likes |
Re: Forex Trade Alerts / Discussions: Season 24 by Pclemenza: 5:19pm On Jan 26 |
Davigled: Cool |
Re: Forex Trade Alerts / Discussions: Season 24 by richgen(m): 5:20pm On Jan 26 |
Donvic4u: I just sent you a DM here. I'll need your reply to my email so I can forward the pdf to you. |
Re: Forex Trade Alerts / Discussions: Season 24 by Pclemenza: 5:29pm On Jan 26 |
My FX learning journey starts pretty soon. |
Re: Forex Trade Alerts / Discussions: Season 24 by Petah(m): 6:38pm On Jan 26 |
peteregwu:reminder 1 Like |
Re: Forex Trade Alerts / Discussions: Season 24 by nzechu(m): 6:38pm On Jan 26 |
Davigled:bros mi, do make u arrange ur bags, make we enter bus when de go south south on Monday for gold o. Make sure say u get plenty space for drawdown of stoploss sha, no tight stops. After the move don start I go draw the map. Trade with risk management though, make e no be say driver girlfriend break him heart him con change direction o, de go sokoto 1 Like 1 Share |
Re: Forex Trade Alerts / Discussions: Season 24 by dmahn(m): 6:38pm On Jan 26 |
Davigled: My mentor asked me if I've been into a stage where I felt like giving up coz everything seems not to work, I said yes.. He told me that stage is very important and once anyone is in that stage, one should do what message the stage is passing which is to take a break... Giveup for like 2 or 3 weeks and you ll see how strong you will come back.. Make sure you keep adding to the portfolio of knowledge during the break..."Ram wey reverse, Na power hin go bring no be say he dey run" 3 Likes 1 Share |
Re: Forex Trade Alerts / Discussions: Season 24 by Geovanni412(m): 7:07pm On Jan 26 |
dmahn: How will taking a break improve performance? Can Onana turn into prime Neuer if they start benching him? I'm just asking...this 'forest' business, I think it is best we define our own answers. Would you run away from your shop for a few days because you didn't make any sales? Or would you analyse your account records to understand why you are not making sales, what the competition is doing differently? 2 Likes |
Re: Forex Trade Alerts / Discussions: Season 24 by nzechu(m): 7:22pm On Jan 26 |
Geovanni412:Sometimes taking a rest is good for ones brain. Cos most failures comes from one trying to revenge trade, one just failed, he now tries to no gree for the market, that money I lost I must get it back. Na so u go de make more mistake de go. But it doesn't mean that one should stay away completely, but u get wat I mean |
Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 7:25pm On Jan 26 |
geedot:@Geovanni412, did you follow the EU trade up, I got in with 30pips SL, should have gotten out with 100pips yesterday which is even more than my initial 1:3rr, but I was waiting for it to touch my next resistance which is about 250pips(1:8rr) away from me, another name for greed and over confidence. Now I'm only in 30pips profit. Even the EA trade I quoted Dman about that I think it's coming down to gain momentum and find support at the 1.64× zone to continue the bullish move to the next resistance is also currently running 70pips in profit. AUDCAD doing nice too, missed Nzdcad, gbpchf cadjpy by just few pips to my entry point. All trades are with 40pips max SLs. The GBPSGD went 70pips my way before talking me out for 20pips loss when I adjusted the initial SL from 40. Reason why I don't like adjusting SLs sometimes, it's SL or TP for me once I enter trades. If I had adjusted my EU SL, it would have stopped me out also because it came back to my entry after a 100pips move to the upside. I didn't bother entering the GbpSgd again because the swap fees were just too much for me. Still staying put on gold, it's not going up and it's not coming down. Well, I will be waiting whenever he made up his mind. Never rush to join trade in the middle, they reverse a lot, it will be bad entering in the middle and it reversed back to where the move initially started from. Instead set a buy/sell limit at the spot the move initially started, if it reverses, good, if it doesn't, fine also. No trade is better than many trades with losing trades cancelling out winning ones. Pull up your charts and check how often trades comes to retest the initial spot reversals start from. Patience to wait is important. 1 Like |
Re: Forex Trade Alerts / Discussions: Season 24 by dmahn(m): 7:34pm On Jan 26 |
Geovanni412: You asked a question, instead of you to wait for response at the bolded question, you are answering it yourself OK let me teach you psychology , We call it incubation in psychology, it's one of the problem solving techniques we use, it's just the unconscious processing of problems, when they are set aside for a period of time, that may lead to insights... What happens after you have been looking for the other pair of your shoe for a while and you can't find it, you incubate, it ll shock u how the mumu pair will just show face after you've stopped looking for it You left the most important part of the message which is to keep adding to the portfolio of knowledge during the break. You can see he's injured emotionally, will you allow an injury player keep playing or you rest him for a while? 4 Likes |
Re: Forex Trade Alerts / Discussions: Season 24 by Geovanni412(m): 8:04pm On Jan 26 |
nzechu: Taking a rest is good But the point I'm making is this... If you take a break, you get fresh ideas then you abandon your old ideas then you apply the fresh ideas till they fail then you take a break again For me, it is a cycle that never ends Take a break , yes but use it to analyse the losing trades, stick to your trading method, and cut out the setups that your statistics shows are losing trades I believed xauusd would fall from 1921-1925 area today but I didn't take the trade like I would normally have done, because the data in front of me (my losses) are telling me that I have more chances of losing these trades based on my tendency to panic once I see it move like two bars in my favour on 30 min chart. That's the point I'm trying to make. Play the game according to your own tendencies and not how you think the strategy plays out in your head when you win. 3 Likes 1 Share |
Re: Forex Trade Alerts / Discussions: Season 24 by Geovanni412(m): 8:09pm On Jan 26 |
geedot: Chief, I was waiting till 11am close to enter eurusd only for the werey to pump before then. At that point, I just left it alone. Took only a long trade on xauusd which I closed early in the morning. (overnight hold) At the bolded, prefer waiting till close of day to decide on such matters in terms of buying. In terms of selling, I no do again...stop hunt don show me shege too much recently unless I am confident it is a pure downtrend, I will wait for the buyers. My statistics show me that I am not as good as I thought at picking sell setups. Next thing, market don trap me and my 20-30 pips stop loss and frustration go start. |
Re: Forex Trade Alerts / Discussions: Season 24 by nzechu(m): 8:10pm On Jan 26 |
Geovanni412:ok sir |
Re: Forex Trade Alerts / Discussions: Season 24 by Geovanni412(m): 8:20pm On Jan 26 |
nzechu: Hope you got the nostro acct email? Anyway, me, I just dey share things wey I dey observe for the market as I learn them This is 2024, God forbid we keep repeating the same mistakes as dollar dey go to N 2k before end of year. 2 Likes 2 Shares |
Re: Forex Trade Alerts / Discussions: Season 24 by Fibonacci88: 8:25pm On Jan 26 |
All efforts for the week gone down the drain in just one trading day . Was up 4% on challenge acc remaining 2% to complete stage one. Instead of taking it slowly I wanted to complete the stage today so I move to stage two by Monday. Mumu me, market flog me wotowoto back to square one. Lesson learnt. Going back to my trading plan. Trading TFT competition did more harm than good to my psychology I no dey trade competition again make I leave am for the ppl wey Sabi am. Even the 25% I was targeting to get free acc I no see after being up almost 17% last week I am down to down to 12%. Success in trading through gambling is fleeting, taking things slow and controlling risk is the sure way. 4 Likes 1 Share |
Re: Forex Trade Alerts / Discussions: Season 24 by nzechu(m): 8:29pm On Jan 26 |
Geovanni412:I didnt |
Re: Forex Trade Alerts / Discussions: Season 24 by Geovanni412(m): 8:30pm On Jan 26 |
dmahn: I get your point, chief But sometimes the way you gather the insight fit cause even more confusion. If the insight is based on your trading history, then I think it is ok but if it is based on you looking at chart and seeing one 'new' pattern on 4h when you trade 30 min chart, then it's likely a trip that leads to nowhere in practice,.especially if you are a day trader using 20-30 pips as stop loss. You get what I mean. |
Re: Forex Trade Alerts / Discussions: Season 24 by nzechu(m): 8:46pm On Jan 26 |
. |
Re: Forex Trade Alerts / Discussions: Season 24 by dmahn(m): 9:13pm On Jan 26 |
Geovanni412: Sure boss. I get your point.. The market is a battlefield. Going to the field everyday will bring daily injuries. Any strategy that allows us to see opportunities everyday needs to be reviewed 1 Like 1 Share |
Re: Forex Trade Alerts / Discussions: Season 24 by GabsonFX2: 9:29pm On Jan 26 |
8 Likes 2 Shares |
Re: Forex Trade Alerts / Discussions: Season 24 by richgen(m): 10:01pm On Jan 26 |
Hello Guys, I have a verified FBS account and I wanted to create a cent account but it was not possible and I cant only get one done through a referral by an IB and I don't have one. How do I create a cent account guys. I want to fund it this weekend. Thanks. |
Re: Forex Trade Alerts / Discussions: Season 24 by Davigled: 10:24pm On Jan 26 |
Good evening fams, I really appreciate all the bosses here for their kind response and advice. Well it's the stupid indiscipline trader here reporting hisself. So I started the year well on a right footing, I joined TFT and Fundednext Jan competition which I am still on. plus a 5k 5%ers bootcamp account purchased on my behalf by the benevolent boss DXYY, I truly am still grateful sir for your generosity towards me. Honestly I must confess that trading has really been tough in January but nevertheless I still was able to make 11% on my TFT and almost 13% on my Fundednext account respectively, meanwhile my 5k 5%ers account has been in a knee jerk kind of situation where I was moving in and out of drawdown. I was thrilled with my performance all though not astounding but I was happy to see myself hitting 10% again for the third consecutive time since the situp challenge being the first an also I was impressed with myself for being able to stick to strick risk management on the competition accounts as I only traded 1 lot on gold, bitcoin and indices. My risk per trade was 0.5% i.e I was keeping all my risk at $500 per trade on a 100k account. I saw it as a huge progress in my journey to be able to hit 10% trading 1 lot on a 100k demo account. But unfortunately I gave it all back this week. I over traded and coupled with having a loosing streak, I ended up giving all that I toiled since the beginning of the month back to the market. More so, I was really annoyed to see my analysis playing out as I had anticipated while my stops kept being taken, I really was livid. Today i nearly lost my senses completely seeing my analysis playing out but getting stopped out before price moved in my direction, just when I was tempted to push the button again I stumbled into my trade history and saw all the losses I had incurred since the beginning of the week. I was devastated and I felt a very sharp twinge of pain in my heart and also in my brain. I had to forcefully call myself out here on the thread, because as I always say, I want to hold myself accountable so that I can find my consistency in trading. So I painfully closed all my positions that were left open for a small profit, as I want to reset and start afresh again from the drawing board. I must confess that I felt really overwhelmed with pain earlier on but I feel better now. While I was in pain, I questioned my abilities, am I a bad trader?, Was my performance so far a fluke?, Or was i just getting lucky with my trades all this while? This were the questions that were running through my head while I was grieving. Besides that , I also had some profitable trades which ended up in a loss as I didn't take profit due to my greed, this also added to my anguish. And so I sat myself down and write down all that I did wrong which led to my perilous ordeal. Here's what I observed; • I traded in choppy market condition and forced trades due to fomo, I'm always on the charts and I have this urge to always need to have a trade going on. • I over traded due to trading many pairs which confused me at some point, there were times I was feeling confused because I was tracking alot of things which made me over analyse • My biggest problem so far is impulsiveness, fomo and the urge to trade everyday which stems from my addiction. The only credit I will give my self was maintaining the discipline on my risk at 0.5% else I would have been disqualified in both competition and maybe blown my 5%ers account. It hurts me to see my analysis playing out while trades ends up in a loss. I am really pained that I ended up ruining all my hardwork from the start of the month so far in a space of one week due to overtrading. Today's ordeal was quite traumatic for me and I have resolved in all sincererity to cut down the pairs that I trade, I will strictly be trading gold and US30 henceforth. I am posting it here so that, in the case I backslided and start trading other pairs, pls do not hesitate to call me out, I am holding myself accountable and also responsible by doing this. And then also I will put myself on a daily drawdown of 2%. Once I incure a 2% loss of my account in a day, I will definitely be taking the rest of the day off the charts. I apologize for writing this long epistle. Pls all advice, criticism and scolding are welcome. 6 Likes |
Re: Forex Trade Alerts / Discussions: Season 24 by dmahn(m): 10:29pm On Jan 26 |
dmahn: The bulls came but didn't come in as strong as expected on EURAUD. I will wait to see if they can keep growing to my POI on Monday or Tuesday so that I can place my short again with huge lots |
Re: Forex Trade Alerts / Discussions: Season 24 by Davigled: 10:30pm On Jan 26 |
The current state of my accounts 1 Like
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Re: Forex Trade Alerts / Discussions: Season 24 by Davigled: 10:34pm On Jan 26 |
My TFT account Before this week (1st pic) After this week (2nd and 3rd pic) 1 Like
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Re: Forex Trade Alerts / Discussions: Season 24 by Davigled: 10:41pm On Jan 26 |
My Fundednext account Before this week (1st pic) After this week (2nd and 3rd pic) 1 Like
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Re: Forex Trade Alerts / Discussions: Season 24 by Davigled: 10:43pm On Jan 26 |
I even gambled on gold today with the hopes of recovering some of my losses but as always, the market gave me a resounding smack... 😭 1 Like |
Re: Forex Trade Alerts / Discussions: Season 24 by realone12(m): 10:54pm On Jan 26 |
Davigled:gold is always watching you.. it never tolerate any form of gambling 2 Likes 1 Share |
Re: Forex Trade Alerts / Discussions: Season 24 by Davigled: 10:55pm On Jan 26 |
nzechu: Egbon, ah dey come follow you after ah don treat the malaria and typhoid wey market dash me today |
Re: Forex Trade Alerts / Discussions: Season 24 by blackjack21(m): 10:56pm On Jan 26 |
DXYY: Why didn't I know about this since 4 Likes
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Re: Forex Trade Alerts / Discussions: Season 24 by blackjack21(m): 11:11pm On Jan 26 |
blackjack21: And did I mention that I achieved all that in just 8 days
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