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Nairaland Forum / Nairaland / General / Business / Forex Trade Alerts / Discussions: Season 24 (220946 Views)
Forex Trade Alerts: Season 23 / Forex Trade Alerts: Season 22 / Forex Trade Alerts: Season 20 (2) (3) (4)
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Re: Forex Trade Alerts / Discussions: Season 24 by Petah(m): 3:37pm On May 06 |
FOLLOWING OUR OWN SET RULES IS REALLY CHALLENGING IN THIS FX BUSINESS. ESPECIALLY WHEN BILLS ARE WAVING AT YOU. THE MOMENT WE CAN STICK TO OUR PLAN WITH DEFINITE DISCIPLINE THE BETTER WE GET. FOR ME, THE MISTAKE THAT HAVE COST ME MOST IS NOT HAVING A SPECIFICIED RR PER TRADE AND TAKING TOO MANY TRADES PER DAY. IN ORDER TO FACILITATE MY COMMITMENT, I AM POSTING THIS WITH THE THOUGHT THAT PEOPLE WILL HOLD ME ACCOUNTABLE IF I BREAK MY RULES. THIS IS MY TRADING PLAN FOR THIS WEEK. 1. LONDON SESSION ONLY. (SO HELP ME GOD) 2. FIXED R;R 1:3 3. ONE TRADE PER DAY 4. ONLY EURUSD 5. LOTSIZE 0.10 6. 5PIP SL AND 20 PIP TP HOPEFULLY, SOMEONE WILL HOLD ME ACCOUNTABLE TO THIS. ABEG MAKE ONA HOLD ME. THANKS BOSSES IN THE HOUSE. I RESPECT AND SALUTE EVERYONE. 1 Like 1 Share |
Re: Forex Trade Alerts / Discussions: Season 24 by Pondabrown: 4:18pm On May 06 |
Petah: Kindly remove No.2 and 6 from your trading plan or else you will learn the hard way. There is nothing like fixed SL or TP which you specified in your trading plan. Some folks here might disagree with me but there is nothing like a fixed RR. You take what the market gives you in terms of RR(nothing less than 1:1 for me though). 8 Likes |
Re: Forex Trade Alerts / Discussions: Season 24 by Petah(m): 4:24pm On May 06 |
Pondabrown:THANK YOU, CHIEF. I HAVE DONE MY BACKTESTING ON EURUSD (I CAN STILL BE CORRECTED) AND I FOUND OUT THAT ON AVERAGE BASED ON FINDINGS EU MOVES 20PIPS. WHICH MEANS IT IS POSSIBLE TO CATCH 20 PIPS DAILY. THIS DOESNT MEAN I TRADE DAILY. AS LONG AS I SEE WHAT I AM LOOKING FOR. |
Re: Forex Trade Alerts / Discussions: Season 24 by Rickk(m): 4:24pm On May 06 |
Please who else makes use of alpha capital prop form here and has gotten to withdrawal before? I just passed my phase 2 challenge, waiting for the live account. But in the mail they sent to me, I was told that their payment options are either bank transfer or deel.. I want to know the right one to choose, to avoid stories that touch. Abeg I need answer o.. 3 Likes |
Re: Forex Trade Alerts / Discussions: Season 24 by Petah(m): 4:26pm On May 06 |
Pondabrown:thanks chief for looking out. i appreciate. ![]() ![]() 1 Like
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Re: Forex Trade Alerts / Discussions: Season 24 by Jameselias: 4:28pm On May 06 |
Rickk:choose deel |
Re: Forex Trade Alerts / Discussions: Season 24 by Jameselias: 4:29pm On May 06 |
Petah:Been there done that Listen to that guy's advice 2 Likes |
Re: Forex Trade Alerts / Discussions: Season 24 by Pondabrown: 4:31pm On May 06 |
Petah: Ok, boss. |
Re: Forex Trade Alerts / Discussions: Season 24 by infofirst(m): 4:41pm On May 06 |
Petah: Test run and let's see outcome after one month to know if it need to b change. Thou the number 6 is somehow to me. 3 Likes |
Re: Forex Trade Alerts / Discussions: Season 24 by Petah(m): 4:48pm On May 06 |
infofirst:OKAY BOSS |
Re: Forex Trade Alerts / Discussions: Season 24 by Petah(m): 4:48pm On May 06 |
Jameselias:THANKS CHIEF |
Re: Forex Trade Alerts / Discussions: Season 24 by LAxYMAN: 4:55pm On May 06 |
Pondabrown: I second this. Avoid No 6. Its not bad having a fixed RR target, I'm also using a fixed RR but as for No. 6 Troway am And also I think 2-3 pair is Ok if you are trading from 1H/15M timeframe, But if it is 5M below 1 Pair is Ok. 1 Like |
Re: Forex Trade Alerts / Discussions: Season 24 by Davida33: 4:57pm On May 06 |
OneMillionBTC:Pls what's the name of the PDF? |
Re: Forex Trade Alerts / Discussions: Season 24 by Petah(m): 5:08pm On May 06 |
LAxYMAN: infofirst:OKAY CHIEF, I WILL READJUST THE SL AND TP. THANKS SO MUCH FOR THE INPUT. ONE MONTH JOURNEY IS ACTIVATED. WILL DROP UPDATE AT THE END OF THE WEEK TILL THE END OF THE MONTH. (I SERIOUSLY NEED THAT ACCOUNTABILITY MAYBE MY BODY GO DEY CALM DOWN, LOST SO MUCH ALREADY) 2 Likes |
Re: Forex Trade Alerts / Discussions: Season 24 by Leckney: 5:31pm On May 06 |
Petah: Don't rush,the journey still long,u go still learn but pls don't rush |
Re: Forex Trade Alerts / Discussions: Season 24 by coolvibes: 5:31pm On May 06 |
infofirst:Welcome back |
Re: Forex Trade Alerts / Discussions: Season 24 by coolvibes: 5:40pm On May 06 |
Pondabrown:Taking what d market gives in terms of risk reward is one of d best methods 2 Likes |
Re: Forex Trade Alerts / Discussions: Season 24 by Cashhy11: 5:47pm On May 06 |
1. Spot a setup, 2. Execute, 3. Manage the trade. All three steps listed above done in pictures below. Risk-to-Reward 1:2. BE profit should cover the commission fee. Lose or win, move on and keep trading like a robot by following your strict laid down rules. Repeat and repeat and repeat the 3 bolded steps above. That's what my mentors all have in common. I'm getting closer. Modified last image: Trade closed manually after that crazy long rejection wick. Just one more winning trade and yours truly is officially live funded. If this trade had hit full TP, that should have completed my target, but we live to fight another day. 2 Likes
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Re: Forex Trade Alerts / Discussions: Season 24 by OneMillionBTC: 6:02pm On May 06 |
Davida33: 1 Like
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Re: Forex Trade Alerts / Discussions: Season 24 by Pondabrown: 6:54pm On May 06 |
Petah: LAST TIP: Avoid Twitter and Instagram traders like your life depends on it especially twitter. Twitter is the only place where everybody is profitable, all of them are hedge fund millionaires. Trust me, they will make you feel like you aren't a good trader or aren't progressing at all. 4 Likes 1 Share |
Re: Forex Trade Alerts / Discussions: Season 24 by Davida33: 7:08pm On May 06 |
OneMillionBTC:Thanks Boss |
Re: Forex Trade Alerts / Discussions: Season 24 by Geovanni412(m): 7:15pm On May 06 |
Pondabrown: The thing is, All these traders on Twitter, If they are trade gurus, why are they selling signals when they could trade all the way to millions and disappear like the Japanese day trader guy BNF? 2 Likes |
Re: Forex Trade Alerts / Discussions: Season 24 by Petah(m): 7:19pm On May 06 |
Pondabrown:thank you chief. |
Re: Forex Trade Alerts / Discussions: Season 24 by Pondabrown: 7:35pm On May 06 |
Geovanni412: They nearly killed me ![]() ![]() 1 Like 1 Share |
Re: Forex Trade Alerts / Discussions: Season 24 by Rickk(m): 8:10pm On May 06 |
Thank you.. Have you used them before? Jameselias: |
Re: Forex Trade Alerts / Discussions: Season 24 by GabsonFX2: 11:16pm On May 06 |
Exposing PropFirms' Model I understand you, now I need you to understand this, then the below advice follows Each time we pass a challenge with prop firm, what we are doing is doubling (making 100%) the capital which naturally makes us aggressive traders. Meaning, if you buy a $10K prop account, $1K is the actual risk appetite, and they want us to double it ($1K profit, 100%). In fact, $500 daily DD is the imminent and closest to hit risk appetite and this is the actual failure traders experience. Compare having a $500 risk capital to targeting $1K profits in order to win phase 1. That's making 150% of your risk capital. They understand that if after you are unable to make 100% after 5 tries, you may luckily win 100% on the 6th try but then, they await you on the phase 2 of the 6th try cos they understand that you still have to be aggressive to make the phase 2 $500 target, i.e. 50% if $1K overall DD is considered or 100% for a $500 daily DD consideration. This keeps you going in cycle with them and other props. This is model that make them their money. In the real and professional world, a sustainable forex trading is making 2% to 5% monthly profits and about 12% to 30% yearly. But prop firms twist it all by asking us to make 100% profit on phase 1 when loss is by an overall DD, 150% profit when loss is by a daily DD and 50% profit on phase 2, 100% profit when loss is by daily DD. Prior to the advent of prop firm, I would never advise anyone to borrow capital to trade; but now, I would advise that you could borrow $500; target only 10%, withdraw the capital and profit, return the capital to where it was borrowed from. Use the profit to buy two prop challenges. 10% profit target on personal account is better than what prop firm requires from us. Donsheddy: 2 Likes 1 Share |
Re: Forex Trade Alerts / Discussions: Season 24 by Geovanni412(m): 1:16am On May 07 |
GabsonFX2: Are you advising him to stick to personal accts or prop firm accts? The bolded is confusing 2 Likes |
Re: Forex Trade Alerts / Discussions: Season 24 by FXcandles(m): 1:48am On May 07 |
The price of US crude oil is still below the 80.00 price level. Oil prices plunged last week due to rising US oil inventories. Even though tensions are escalating, the war in the Middle East is still raging. The US Nonfarm Payrolls (NFP) data released on Friday reported that fewer jobs were created and the Unemployment Rate rose to 3.9%. Bloomberg reported that over the weekend, state-owned Saudi Aramco raised the official selling price of Arab Light crude for customers in Asia in June by 90 cents to $2.90 a barrel above the Oman-Dubai regional benchmark price. 3 Likes
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Re: Forex Trade Alerts / Discussions: Season 24 by GabsonFX2: 2:40am On May 07 |
Stick to prop firm but with almost zero risk, using personal account's profit to obtain prop account. And if you fail the prop firm again, go back to personal account to make the 10% again and return to prop firm in that cycle. It is easier to make 10% on personal account than making 100% on prop challenge account Geovanni412: 4 Likes 2 Shares |
Re: Forex Trade Alerts / Discussions: Season 24 by Donsheddy: 6:51am On May 07 |
GabsonFX2: You're right |
Re: Forex Trade Alerts / Discussions: Season 24 by EASYLIFE4US: 7:13am On May 07 |
GabsonFX2:Borrowing the 500 USD is going to be very hard but even if you succeed, the harder part is making 10% without losing half or blowing the account. Unless you have a bulletproof entry strategy that will help you hit that 10% profit target. |
Re: Forex Trade Alerts / Discussions: Season 24 by Cashhy11: 8:32am On May 07 |
Took early morning loss on Gold. US30 sell limit. Let's see how this goes. 1:2rr as usual.
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