realone12:
59 position... though a lot of people will still be disqualified, which will eventually put me in a much better position, but I'm still going to end up in the same price bracket (which is 15k stellar account) and that is not bad.i made 100% return..

now is time to relax and trade the challenge account with ease without worrying about what the other people/contestants are doing..

ICTcadet:


Y'all are getting me wrong, all am trying to say is, trying to master one pair is st*pid, I know some pairs trend more than others and when you're trying to pick your pair you should go for the one's that trend the most.


It's only sticking to one pair not mastering one pair, I my self trade only one pair not because its the best. Am so bad that i can't even focus on two pairs at a time.

blackjack21:
Hello Boses In The house.
Hope you’re all getting good results from your trading journey.

Is there anybody amongst us who uses The Elliot wave principle to trade ? What is the best time frame to use it on?

Thank you

rossoneri:


You may not appreciate this now but you will some time later in your trading journey: All indicators are lagging! They are of no use to you once you have developed a trained eye which now has helped you identify an edge which is reproducible frequently. Learning about indicators should be part your trading learning curve but you should eventually move on from them. At a point indicators will become simply a distraction for you; then you have made progress.

There is no need to focus on time frames as you are still learning. When your eye is trained you will easily know which time frame suits the edge you have identified better; even though a good edge is visible on all time frames. You do not however choose to execute that edge just anywhere. You who have identified the edge will also determine the best time frame to execute it and doing that automatically will become part of the rules you will make for yourself to ensure that you execute your edge correctly. No one can determine the time frame for you.

Your aim should be to trade on a naked chart as all experienced traders who have at least 10,000 hrs chart time do. There is no substitute for pure price action and frankly there is nothing better than the language price action speaks.

rossoneri:


Let me just put this here for anyone it helps to learn the right way. I have time this morning..

To the trader with $7: Keep your funds, save a lot more while learning and backtesting patiently until you are ready to trade based on your own understanding, edge and decisions. You can't be a trader if you need to follow someone else (Whose risk mgt will you use his?, whose psychology will the decisions be based on? Do you know his time horizon?) that is not sustainable and not the way it works. If you feel you have to jump in right now and follow, you have the wrong mindset and you can change that mindset by gaining more knowledge; there is no rush, trading is a long term game. You can change your life in 6 months but you need 5-7 years (the time it takes to develop a trained eye on the charts) to prepare for those 6 months! Please go back to demo and keep learning. While youre at it, read a few books (popular one is Trading in the Zone for the right mindset).

To the trader that suggests demo trade for 2 months: 2 months is not nothing when trying find an edge; thats not enough time to gather a sample size of at least 1000 trades executing the exact same setup on a single pair within the same session. If your sample size is not large enough, how can you have confidence in the edge? How can you even draw an edge out in 2 months? A large sample size allows probability to work in your favor and without probability you are not a real trader, you are simply passing time or do not yet have enough knowledge.

To the trader who agrees with flipping in one trade: You have the wrong mindset for this career (that is if you hope to make it a career). If you can flip an account in one trade, then you can also lose it in one trade! That is not trading, that is gambling! You are better of in the casino with that mindset. A trader must take a position size that has 0% chance of bankruptcy even in a long losing streak. The word "flip" doesn't even belong in a trader's vocabulary. Please don't use the word flip and edge in the same sentence and/or discussion again. This is a skilled profession, try to measure up to the standard. A trader with an edge has no interest in time as he already knows as result of testing his edge over a large sample size that there will be portfolio growth; time is irrelevant, wins are irrelevant just as losses are also irrelevant. They are all part of a tested and trust system. To understand this and have the right mindset you must understand probabilities. There are books and articles that can help with this. I would suggest the articles of Yumi San on twitter (free to read): profile is samuraipips358 or just Yumi

Now before anyone decides to reply to this, know that i am neither new to Nairaland nor new to trading (you should be able to tell with the above); please reply with your head and not your fingers if you feel the need to!

XAUTrader4L2:



I believe since EW is a theory, it leads price which means it is not lagging.

rossoneri:


Let me just put this here for anyone it helps to learn the right way. I have time this morning..

To the trader with $7: Keep your funds, save a lot more while learning and backtesting patiently until you are ready to trade based on your own understanding, edge and decisions. You can't be a trader if you need to follow someone else (Whose risk mgt will you use his?, whose psychology will the decisions be based on? Do you know his time horizon?) that is not sustainable and not the way it works. If you feel you have to jump in right now and follow, you have the wrong mindset and you can change that mindset by gaining more knowledge; there is no rush, trading is a long term game. You can change your life in 6 months but you need 5-7 years (the time it takes to develop a trained eye on the charts) to prepare for those 6 months! Please go back to demo and keep learning. While youre at it, read a few books (popular one is Trading in the Zone for the right mindset).

To the trader that suggests demo trade for 2 months: 2 months is not nothing when trying find an edge; thats not enough time to gather a sample size of at least 1000 trades executing the exact same setup on a single pair within the same session. If your sample size is not large enough, how can you have confidence in the edge? How can you even draw an edge out in 2 months? A large sample size allows probability to work in your favor and without probability you are not a real trader, you are simply passing time or do not yet have enough knowledge.

To the trader who agrees with flipping in one trade: You have the wrong mindset for this career (that is if you hope to make it a career). If you can flip an account in one trade, then you can also lose it in one trade! That is not trading, that is gambling! You are better of in the casino with that mindset. A trader must take a position size that has 0% chance of bankruptcy even in a long losing streak. The word "flip" doesn't even belong in a trader's vocabulary. Please don't use the word flip and edge in the same sentence and/or discussion again. This is a skilled profession, try to measure up to the standard. A trader with an edge has no interest in time as he already knows as result of testing his edge over a large sample size that there will be portfolio growth; time is irrelevant, wins are irrelevant just as losses are also irrelevant. They are all part of a tested and trust system. To understand this and have the right mindset you must understand probabilities. There are books and articles that can help with this. I would suggest the articles of Yumi San on twitter (free to read): profile is samuraipips358 or just Yumi

Now before anyone decides to reply to this, know that i am neither new to Nairaland nor new to trading (you should be able to tell with the above); please reply with your head and not your fingers if you feel the need to!

rossoneri:


You are correct Elliot Wave is a theory! If you re-read my comment, you will not find anywhere i said otherwise. I never even mentioned the phrase "Elliot Wave" anywhere.

To use your 'Elliot Wave' theory on TV for example, you need add an indicator to the chart that interprets the said theory.

Feel free to use as you understand, I simply provided the trader in question information that would help him/her not to depend on indicators.
Good luck!

rossoneri:


You may not appreciate this now but you will some time later in your trading journey: All indicators are lagging! They are of no use to you once you have developed a trained eye which now has helped you identify an edge which is reproducible frequently. Learning about indicators should be part your trading learning curve but you should eventually move on from them. At a point indicators will become simply a distraction for you; then you have made progress.

There is no need to focus on time frames as you are still learning. When your eye is trained you will easily know which time frame suits the edge you have identified better; even though a good edge is visible on all time frames. You do not however choose to execute that edge just anywhere. You who have identified the edge will also determine the best time frame to execute it and doing that automatically will become part of the rules you will make for yourself to ensure that you execute your edge correctly. No one can determine the time frame for you.

Your aim should be to trade on a naked chart as all experienced traders who have at least 10,000 hrs chart time do. There is no substitute for pure price action and frankly there is nothing better than the language price action speaks.

rossoneri:


Let me just put this here for anyone it helps to learn the right way. I have time this morning..

To the trader with $7: Keep your funds, save a lot more while learning and backtesting patiently until you are ready to trade based on your own understanding, edge and decisions. You can't be a trader if you need to follow someone else (Whose risk mgt will you use his?, whose psychology will the decisions be based on? Do you know his time horizon?) that is not sustainable and not the way it works. If you feel you have to jump in right now and follow, you have the wrong mindset and you can change that mindset by gaining more knowledge; there is no rush, trading is a long term game. You can change your life in 6 months but you need 5-7 years (the time it takes to develop a trained eye on the charts) to prepare for those 6 months! Please go back to demo and keep learning. While youre at it, read a few books (popular one is Trading in the Zone for the right mindset).

To the trader that suggests demo trade for 2 months: 2 months is not nothing when trying find an edge; thats not enough time to gather a sample size of at least 1000 trades executing the exact same setup on a single pair within the same session. If your sample size is not large enough, how can you have confidence in the edge? How can you even draw an edge out in 2 months? A large sample size allows probability to work in your favor and without probability you are not a real trader, you are simply passing time or do not yet have enough knowledge.

To the trader who agrees with flipping in one trade: You have the wrong mindset for this career (that is if you hope to make it a career). If you can flip an account in one trade, then you can also lose it in one trade! That is not trading, that is gambling! You are better of in the casino with that mindset. A trader must take a position size that has 0% chance of bankruptcy even in a long losing streak. The word "flip" doesn't even belong in a trader's vocabulary. Please don't use the word flip and edge in the same sentence and/or discussion again. This is a skilled profession, try to measure up to the standard. A trader with an edge has no interest in time as he already knows as result of testing his edge over a large sample size that there will be portfolio growth; time is irrelevant, wins are irrelevant just as losses are also irrelevant. They are all part of a tested and trust system. To understand this and have the right mindset you must understand probabilities. There are books and articles that can help with this. I would suggest the articles of Yumi San on twitter (free to read): profile is samuraipips358 or just Yumi

Now before anyone decides to reply to this, know that i am neither new to Nairaland nor new to trading (you should be able to tell with the above); please reply with your head and not your fingers if you feel the need to!

XAUTrader4L2:



Yes you didnt mention EW but the trader you were quoting didnt mention "indicator" either.

The traders I have seen that use EW, use price patterns. Maybe there are people that use EW indicator. Good luck to you too 👍

CaptainJune:


Obviously, you are not new to trading. I concur with many of the things you have said. The only reason I quoted this particular post of yours is to direct your attention to the fact that while it is good to offer helpful bits of advice to traders just getting their feet wet in forex trading, veering them off track from their purposed learning path is detrimental to their learning curve, psychology and infant confidence. You mean well I know that, but many disasters have resulted from good intentions.

I would have directed the seeker to Elliotwaveforec. He, as well as any other person who trades using elliott waves, best should answer him. My 2 kobo on the matter.

blackjack21:
Hello Boses In The house.
Hope you’re all getting good results from your trading journey.

Is there anybody amongst us who uses The Elliot wave principle to trade ? What is the best time frame to use it on?

Thank you

rossoneri:


Noted, thanks!

UrNotMyFada:
See as men come out today with reasonable talks and straightforward opinions. More powers to us all in the second half of this trading year.

Remember, no gree for indiscipline, no gree for impatience, no gree for fomo. Cheers!

rossoneri:


You may not appreciate this now but you will
Your aim should be to trade on a naked chart as all experienced traders who have at least 10,000 hrs chart time do. There is no substitute for pure price action and frankly there is nothing better than the language price action speaks.

infofirst:


I glance tru some of your write ups and nice one from you except for the prop firm sha. I kind of differ on whether to deal with them or not. As in buy or get free ones only.
I would always recommend them thou one should stick with the reputable ones. ( Not with what I have earn from prop firms, it wil be selfish of me to discourage any good traders from doing prop firms. Without trying to be loud, I have earn pretty decent sum from prop firms)
I no too care whether they copy my trades or not. Even those retail forex brokers do not send our trades to the central market, they simply trade against our positions since they know 95% of us wil lose the accts. Once the prop firm pays, lobatan.

rossoneri:


Haha! Internet doesn't forget right.

I understand you and also agree there is an opportunity if a trader is early enough and fast enough. Thing is since they are all scams (that is the online ones), you never know when they will pack up which is why i advise only to get the challenge for free and never use your own money to buy. If you can win it in a contest or giveaway then sure why not; quickly get as much money as you can while there is new traders money to pay with and move the money to your own live account. But for me using your own money to buy a challenge from a ponzi-like business model is a no no.

At the end of the day, when purchase of challenges dry up the prop won't be able to pay anybody as that is their only source of income and you don't want to be left holding the bag when that time comes. No matter what they say, they don't copy any trades, they don't A book anything and they never really fund anyone as its all simulated. Its like a broad daylight scam! But thats my opinion.

So as per your comment, I would say get free ones only.

infofirst:


Why did you say that it's broad day scam? I think if they pay, there is no scam involve. They never force anyone to come take up the challenge. And as long as man is greedy, impatient, the model will survive. It's some greedy prop owners that messed up the industry.
Then if one is waiting on free challenge from prop firm, E go hard to have access to $100k. I will say, get $10k, make profit, make withdrawals and use that to take $100k challenge.

infofirst:


Why did you say that it's broad day scam? I think if they pay, there is no scam involve. They never force anyone to come take up the challenge. And as long as man is greedy, impatient, the model will survive. It's some greedy prop owners that messed up the industry.
Then if one is waiting on free challenge from prop firm, E go hard to have access to $100k. I will say, get $10k, make profit, make withdrawals and use that to take $100k challenge.

infofirst:


Why did you say that it's broad day scam? I think if they pay, there is no scam involve. They never force anyone to come take up the challenge. And as long as man is greedy, impatient, the model will survive. It's some greedy prop owners that messed up the industry.
Then if one is waiting on free challenge from prop firm, E go hard to have access to $100k. I will say, get $10k, make profit, make withdrawals and use that to take $100k challenge.

Elliotwaveforec:

Daily and above! The lower charts would give you a lot of headache with price breaching 50% fibs for the fourth wave and touching the peak of the first wave, which leaves you frustrated; and questioning your wave counting accuracy.

The theory is complex but with practice, you learn on the job and get better.

The lower timeframes labour for the higher timeframes; e.g 4 hours overstretches to take daily to the third wave; while daily overstretches to take weekly to the third wave and soon.

One timeframe can't be counted in isolation; they all work together!

I'd like to learn from you too!

realone12:
lol bruhhh this month competition is the toughest anyone can ever imagine. a lot of people made huge percentage.. we the contestants, no one wants to slack. you slow down, you get overtaken. so when I see my slipping behind, I quickly realize 83% won't win me anything. so I had to top it up a little bit. that's how I arrived at 100%..

if I had stop trading at 83% I wouldn't have been among 15k stellar account winner..

I would have been given express consistency account which is very complicated with lots of rules..

no vex sir

rossoneri:


Because they are actually. The prop firm business model is a very clever but deceptive and ponzi-like model. Real prop firms don't sell anything and don't run contests; they hire traders probably fresh out of college or promising individuals, train them and pay a salary like an apprenticeship (Watch something like Billions, you'll get the idea). Before the MFF saga, they led traders to believe they were being funded while knowing that even the so called funded accounts are also just demo and they simply pay your profits from the money they get when traders buy challenges. They were and are still selling a lie. But true like you said they don't force anyone to buy, same as coins/tokens that rugpull don't force anyone to buy.

I agree that funds can be hard to get. But there used to be a time when trading was about growing a portfolio and no one cared about how much you have to start; we had better traders then and it was about compounding. When you're really good at trading the magic is compounding and it doesn't matter if you start with just $100. It will take longer for sure but trading is a long term game of consistency so no probs with that. Now focus is on funds, flipping, social media, show off and lambo! Hence the prop firm sales...

What you advise can work for a smart trader. I just won't advise it.

rossoneri:


You may not appreciate this now but you will some time later in your trading journey: All indicators are lagging! They are of no use to you once you have developed a trained eye which now has helped you identify an edge which is reproducible frequently. Learning about indicators should be part your trading learning curve but you should eventually move on from them. At a point indicators will become simply a distraction for you; then you have made progress.

There is no need to focus on time frames as you are still learning. When your eye is trained you will easily know which time frame suits the edge you have identified better; even though a good edge is visible on all time frames. You do not however choose to execute that edge just anywhere. You who have identified the edge will also determine the best time frame to execute it and doing that automatically will become part of the rules you will make for yourself to ensure that you execute your edge correctly. No one can determine the time frame for you.

Your aim should be to trade on a naked chart as all experienced traders who have at least 10,000 hrs chart time do. There is no substitute for pure price action and frankly there is nothing better than the language price action speaks.

ICTcadet:


You that I know has break even or at worst close in small drawdown, you don't have the b*lls to hold it through.

ICTcadet:


You don't even know what win rate is, SMH !.

samfelly:

You really try.
You go follow run June own?

dmahn:


Guy stop this idea of flipping your cent account with a single trade. Keep your money or use am buy foodstuff for house. Go and find your edge, demo trade it for like 2 months.. Then you can go live, by then you don't have to buy when others are buying and your edge is showing you sell. The money you want to make in a hurry is going no where... Take your time and consume enuf knowledge before investing real money... Don't just say it's just $7