Hello House Good day, I want to buy an account with a good prop firm. Please someone should recommend a good prop firm for me as a swing trader from Nigeria. A good prop firm without too many rules and with fast withdrawal service. Thanks

Luada:

Yeah
Oil is always trending, I try to identify the trend before London session and enter the trend use volume and am done quite simple but took me months to know that, I just study any instrument I want to trade being on oil since March.

yoh bro, its you ? my oil bro

nice one...

Gold has made a reversal already. Focus more on buy next month than sell... Not sure it's going to retrace back to 2285 till it retests the ATH

Always look at your left, analyze with HTF and enter with LTF

1:1, 1:1.2 RR could be the holy grail you need for your strategy. Just testing it out and I can say its amazing.

Slimtuns:
Gold has made a reversal already. Focus more on buy next month than sell... Not sure it's going to retrace back to 2285 till it retests the ATH

Always look at your left, analyze with HTF and enter with LTF

This month is likely closing bearish so you can't rule out bears yet until 2450 is broken.

Donsheddy:
Second withdrawal done and successful...
Na daily bread i need for now...
Na you dey find money to use buy Benz 🏃‍♂️🏃‍♂️🏃‍♂️

CONGRATULATIONS, go get more. And you will keep getting more. Amin 🙏

Fxwarrior:


This month is likely closing bearish so you can't rule out bears yet until 2450 is broken.

The month opened at the current H4 breakout, a lot of USD high impact news for this month have been weak, dxy currently at H4 resistance. Not sure the month is ending bearish, let's see how it goes.

LincolnOnyeabor:
The Don, DonSheddy Story is a Motivation for me.

I will surely Break this Jinx!

We keep Pushing.

Nothing less!

obajoey:
#possibility

GBPJPY

How this is going

Fxwarrior:
Gold

Buy 2320
Stoploss 2315

Target 2360

Trade closed

Over 600 pips banked total

May every week be like this week.

EURGBP is really frustrating.. been running round circles since 9am😭😭

pipfisher:
1:1, 1:1.2 RR could be the holy grail you need for your strategy. Just testing it out and I can say its amazing.

Opened one GU sell this morning and Price did like 1:1.5 before retracing back to my SL.

Omo, which way man wan come follow for Trading na
Na Cent Account sha

Gold

Sell 2328
Stoploss 2333

Target: To be closed by 5:00 pm today.

quip:
lol
focus on batch of trades, not just one. TA accurately predicts the market over a batch of trades, but it's unpredictable on individual trades

Yes sir

Fxwarrior:
Gold

Sell 2328
Stoploss 2333

Target: To be closed by 5:00 pm today.

Trade closed

Jeffery112:
EURGBP is really frustrating.. been running round circles since 9am😭😭

I trade so much pair but eurgbp is not among.avoid that pair especially if you are day trader.
That pair is for people who trade minute or swing trade.
That pair always ranging.if your strategy work in ranging market then that pair is for you.

As a day trader you are looking for hbp coz you will see profit now then you will see loss few minutes later.you will not hit either TP or SL.it will just dancing in the middle

Slimtuns:


The month opened at the current H4 breakout, a lot of USD high impact news for this month have been weak, dxy currently at H4 resistance. Not sure the month is ending bearish, let's see how it goes.

How far?

obajoey:
#possibility

GBPJPY

Got activated after the sale

cescky:



yoh bro, its you ? my oil bro

nice one...

Yeah

Fxwarrior:
May every week be like this week.

This week was so good

LincolnOnyeabor:


Opened one GU sell this morning and Price did like 1:1.5 before retracing back to my SL.

Omo, which way man wan come follow for Trading na
Na Cent Account sha

I decided to explore this 1:1, 1:1.2 RR after I lost straight 7 trades that all of them at one point touched 1:1 and in some cases even more. I was aiming for 1:2 but hit SL in all. After looking at those trades in downed on me that if I had actually targeted 1:1 that would have been 7 winners for me. So I went to YouTube to see if there are people trading with such target and saw a video of a professional trader that said he doesn't aim for more than 1:1.2 no matter what and he is very successful.
So I decided to open a demo account and experiment on it. At the end of this week I made 4.4% Trading based on 1:1 , 1:1.3.
Attached is the trades I took for the week. I intend running this experiment for at least 2 months to see if it's going to be consistent.

randy01:

I trade so much pair but eurgbp is not among.avoid that pair especially if you are day trader.
That pair is for people who trade minute or swing trade.
That pair always ranging.if your strategy work in ranging market then that pair is for you.

As a day trader you are looking for hbp coz you will see profit now then you will see loss few minutes later.you will not hit either TP or SL.it will just dancing in the middle

Also prone to high slippage too

pipfisher:



I decided to explore this 1:1, 1:1.2 RR after I lost straight 7 trades that all of them at one point touched 1:1 and in some cases even more. I was aiming for 1:2 but hit SL in all. After looking at those trades in downed on me that if I had actually targeted 1:1 that would have been 7 winners for me. So I went to YouTube to see if there are people trading with such target and saw a video of a professional trader that said he doesn't aim for more than 1:1.2 no matter what and he is very successful.
So I decided to open a demo account and experiment on it. At the end of this week I made 4.4% Trading based on 1:1 , 1:1.3.
Attached is the trades I took for the week. I intend running this experiment for at least 2 months to see if it's going to be consistent.

Hope you're talking about Nick Shawn? You need 1:1rr to build consistency, then after you're certain of the results, you can scale up from there.

It's another weekend, and I'm back again to pull legs. I read this thread on forexfactory and I believe it's what any serious trader here needs also. If you don't like it, please skip and don't mention me, because I won't even respond you sir/ma.

[b]Hello, My name is and some of you might know me as Pipoholic. I was a senior trader and mentor with Urban forex and Forex Watchers. I have been a trader for about 9 years and have been a full-time trader for 3 years now. I miss being a part of the community so I thought I would start this thread to maybe hang out with some of my old friends and see where it goes. Hopefully this info is helpful.

My plan is to start a document that talks about Trading Truths. This will be a growing thread and I will try to continue to add to the Truths as they pop in my head. If you are a veteran trader, feel free to add anything you want that is useful. These are some of the things I have learned through my many years of trading and it might just help someone that is new or struggling with being consistently profitable. I plan to be brutally honest and straight forward here. So, I apologize in advance if I hurt someone’s feelings. I do not plan to really get into any technical edges (although I am sure some will come up) as there are plenty of places out there to find that. But my plan is to talk about logical truths that will aid you on your journey. This will probably be long and drawn out. But I promise this info is a gold mine of knowledge.

When I say logical truths, I mean ways to think about trading that no one ever really talks about, but everyone who is successful in trading knows about. If you are new to trading, you probably have these huge dreams of what you will do with all the money you will make. You dream about the freedom from a job and not having to answer to anyone. You might dream of traveling and working here or there and living the life. But anyone who is successfully making money in trading knows how much hard work and sleepless hours it takes.

Truth #1
“Trading is nothing like you think it will be” I wanted to start with this topic as it is one of the most “Slap you in the Face” realities that will hit you when you start this journey. Hopefully if you are lucky you realize it before you lose a buttload of money. The reality is this job is not for the faint of heart. It takes hours and hours and hours of studying and learning and sitting alone behind a computer monitor. You must really have a passion for it to succeed. And when you do start to make money it gets boring. I know, I know, it is the perfect job, you can work from anywhere you have internet. The market is open 24/5ish so you can trade anytime of the day. Yeah, I gotcha! But it takes a certain type of person to succeed. I still remember to this day my first week after I went full-time. I had worked part time trading for about 6 years. I felt like I was good enough that I could make this a living. I had solid routines, I had great edges. I paid off all my bills and took the plunge. I quit my job and was ready to take on my new life as a full-time trader. My first day, I got up ready to attack the day. Started looking at my charts and stalking trades. Then I started losing trades left and right. What I quickly realized is I had so much time to trade it increased my fear of missing out (FOMO). The psychological side of having all this time was a huge negative. All the trading setups and routines I had were for trading when I had small windows and not much time. Now suddenly, I am sitting behind my computer with no one to talk to, no one to tell me what to do. I had to reinvent how I went about trading. I had to setup a daily schedule and build all new routines on how I went about my day. How I would look at charts and how I would plan my trades. Then the reality of “Man, I must make money now to survive”, hit me. This was the start of a completely new chapter in my life.

If you think this will be all parties and Lambos, think again. It is a serious job for a serious person! Why do you think only about 5% of the people who start trading become successful? It is not what you think it is. But if you are willing to put in the work, it can be done. I am living proof of it. I was a network engineer for 25 years. Now I am a full-time trader. Tip: if this sounds like you, then start right now with the routine of no sleep and long hours. Where I live at London opens at 3am, NY at 8am and Asia at 7pm. These are the hours I trade. So, I would say get use to the crazy hours now, because you will need to be in the market as much as possible. I sleep less now than I ever have. That is just part of the job.

Bottom line: If you are not ready to work harder then you ever have right now. Then stop trading cause all you will do is lose all your money. Go buy a motorcycle it is way more fun. This life is not for you. Trust me.

Truth #2
“Get your mind right” I firmly believe that trading is 80% psychological and 20% technical. The mental side of trading is hard. Learning to read a chart is easy. I don’t care how strong you think you are mentally; trading will challenge every ounce of will power and confidence you have. Trading will make you feel on top of the world one moment and ready to shoot yourself the next.

You must have full control of your emotions. You must have the ability to let losses happen and not ever think twice about it. Even if you have 10 losses in a row. The second you start worrying about your wins and losses the market has won and has you in her trap.

There are very few people that have this ability naturally. But most of us cannot do this without some sort of training. I say training cause just like the technical side of trading, the mental side must be developed. I would recommend meditation. Meditation will help teach you how to stay in control of the moment. Meditation is hard. Try sitting sometime for a minute and try not to have a thought enter your mind. If you have not trained in this, I bet you cannot go a minute. Meditation gives you a mechanism to over come bad thoughts like FOMO, losses, wins in a row, etc. It helps you purge your mind so you can focus on the task at hand.

I used to think you had to be like a machine. Trade without emotion! This is not possible. Everyone has these emotions. You cannot stop it. But you can control how it affects you. That is where meditation comes in. It gives you one of the best tools in your toolbox. The ability to have, accept and control your emotions. I have studied allot of successful businesspeople, athletes and traders. One thing they all have in common, they use their minds differently then most people. From Jack Nicklaus visualizing his next golf shot to me setting at my desk. A strong mind is a must.

You might not be into meditation or even have thought about it. But it does help with the psychological side tremendously. You will soon be searching for ways to combat the mental barriers that will show up for you. So you might as well get working on that along with your technical training now.

Truth #3
“Never use money you cannot afford to lose” This is probably one of the best pieces of advice I can give you. You need to fully except the fact that the money you start trading with will be lost. I am not saying you will lose it, but if you go into this arena with fear of losing your money because it is this month’s house payment, you have already lost it. The sooner you take the value of money out of the equation the faster you will succeed. Money needs to have no value. Good or Bad! Money is just an instrument. Just like your computer, your trading platform and your trading edges. It was not until I learned this tip that I started to see my account grow. When you give money value, you start to trade tight. You will second guess your trades and worry if they will win or lose. Trading is a numbers game. You want to win more than you lose. I have seen some of the best entries go from a win to a loss because of mismanaging the trade. Or someone closing out the trade early because they cannot handle letting a trade run. Then the trade makes double or triple what they actually made. All this is because they traded with money having value.

Bottom line: If you cannot afford to lose the money, don’t trade it cause your money has too much value for you to be successful. You are never going to take any money you fear of losing and turning it into a profit.

Truth #4
“You will never move the market” Us as retail traders will never make the market move one way or the other. So what does that mean? It means, if you cannot move the market then, you need to know what the person that is going to move the market, will do. In comes the institutional traders. All we can do is learn to ride the waves that these big players are creating.

Let me clear something up. When you go and spend your money and learn a trading method or you read the next great thread here. All you are doing is learning an edge. An edge is nothing more than a technique that gives you a glimpse of the big player and which way they are going to make a move. Now some of the hundreds of edges out there are good and if studied properly and executed properly can and will give you a leg up. And you can make some money. But don’t be fooled. That edge you use today might not work tomorrow. This is due to many things. Maybe the person or group of people that trade this certain pair likes to hit the button when the Fibonacci reaches 50%. If that is your edge great. You will probably make some money. But what happens if those same people (or new people) decide they will make more money when it reaches the 61.8% instead. Now your edge no longer works properly. Now this is just an example I am not saying you should trade Fibonacci’s. What I am saying is “Edges come and go”.

So never trust in an edge. What you need to learn is how those big players must get their money in and out of the market. Think of this, say you are one of those people that has millions and millions of dollars that you trade every day. When you hit the buy/sell button the price moves that direction. But you know that if you hit too big of a position it will make everyone one panic and jump on your coattail. So, you must be strategic in how you execute your trades if you want to make money. This can be difficult for the larger player. Here is something to think about. What do you have to have on every trade for it to work? You need a buyer and a seller. Right? A transaction does not happen if you don’t have each. So now let’s put that into terms you can understand. Let’s just say for simplicity sake that you as that big player has 100 million dollars to trade. You want to get your money in the market, but how do you do that? I mean if your money is sitting in your account it is not making money, so we must trade it. But if you say sell all 100 million dollars in one big move, what do you think will happen? The market might move for a quick moment. But as soon as all the buyers that you are selling to dry up or are satisfied, the market stops moving. Not to mention all the people seeing that price is dropping and decide to jump on board and sell also. The buyers are overwhelmed now. Then stops are hit and buyers start closing their trades in fear the market is going against them. How much money do you think you will make? You probably still have orders sitting out there that needs to be filled. Maybe only say 10 million was taking into the market. What are you going to do with the other 90 million? See putting yourself into their shoes changes your perspective. So, you must learn how the big players have to move their money in and out of the market to truly understand how to trade.

Bottom line: Edges come and go. Learning how the big player trades is the only way to have sustained success. Because if you understand this as a baseline, then you can flow like water and let your edges change as it needs to. So, stop searching for the holy grail. Stop jumping from edge to edge. They all work to some degree. Understanding the root of the edge is what makes the difference, not just hit the button at 50% Fibonacci. Study money management and how orders work. Study how the big boy (Navin’s term) works. Then you can see and edge for what it is. Then you can tweak the details to follow the future of the market. When you understand how money is moved you understand why price spiked up then when you jumped on board turned it drops like a rock and stops you out. I mean knowing what you know from the example above, it makes sense that the big player has to sucker people into believe it is a buy. The more buyers, the more orders he can use to sell to. Make sense?

Truth #5
“Understand Momentum” reading momentum goes along with truth #4 above. There are a lot of edges that help you read momentum. Finding a way to tell you when price will continue so you can stay in or when price is slowing so you can get out is huge for your success. There are signs that the big player has all their money in the market, which means they will start taking profit at some point. This is where we see decreasing momentum. I mean the only way they can make money is to close their positions. So, to close a sell position they have to become buyers. Right? There are also signs that the big player still has money to put in the market. This is increasing momentum. Ever heard the saying “The trend is your friend” ugggg. This saying kills me because it is only partially true. “A trend with momentum is your friend” I mean if you jump on at the end of a trend with failing momentum. Is it really going to be your friend? Or is it going to turn against you and stop you out. Leaving you confused as to why it did not work.
Bottom line: If you can understand momentum and you can understand how the big player has to move money, then you have the holy grail to trade. There are very simple ways to read momentum with nothing more than the candles on the chart. No indicators at all. I even make all my candle colors the same color. There is nothing about a candle color that will give you a true edge.

Truth #6
“Stop using indicators, Master the basics” Ok so this sort of goes with the other truths above. If you are struggling with success and you are using indictors to tell you when to trade…..Stop! The truth is indicators can only help if you understand how price action works from the most basic level. If you cannot open a chart and know based on price action where price should go, then indictors are only holding you back. Learn the basics of price action. This goes back to truth #4 and #5. Learn how the big player thinks and learn how to read momentum. Learn how to know if a support and resistance level will hold. Master the basics! Then indicators are more of a confirmation than a signal to buy/sell.

Example: I wrote an EA for MT4 that uses pivot points. I had a propriety way of using them. I got everything written and the EA worked well. I kept making tweaks as I found new data, but the EA would have 5-6 wins in a row and then 2-3 loses. After months and months of coding and tweaking I concluded that you cannot be a machine and just use indicators. I had to know if the area was logical based on the story of the big players. What momentum was doing. So now I have the EA just alert me when a trade is getting ready. Then I go to my charts without any indicators and the candlesticks the same color and I use my basics. If my basics say it has a high probability to work, then I take the trade based on the EA manually. See without that human interaction the indicators did not work. And trust me I tried. I spent countless hours testing and tweaking.

Bottom line: There are no indicators out there that will make you consistently profitable. If you don’t understand the basics of price action you are going to lose your money. Your edge with indicators might work for a little while, but if you cannot tell where the buyers and sellers are by looking at the chart with nothing on it. Your life as a trader is limited. Price action rules! And the keys to good price action is understanding the large players that move the market. Identifying where buyers and sellers are and identifying momentum when you get to or leave those areas.

Well I think this is a good start for now. There is a lot of powerful information above. If you really stop and understand what I wrote it will help you. If you are new to trading hopefully this will help you past some of the hurdles I had to deal with along my journey. Everyone starts somewhere, but the path to success can be way easier. If you have any questions or additions, please feel free to discuss. Thanks.[/b]

Fxwarrior:


Trade closed

Over 600 pips banked total

Bossmi, e ma bi nu si mi

ebi like say your gold chart dey very different from us ooo, because I don't understand how gold hit 2360 this week, the highest price gold reach this week was 2339 and that was yesterday Friday before it sold off to 2325. 🤪

Cashhy11:
Hope you're talking about Nick Shawn? You need 1:1rr to build consistency, then after you're certain of the results, you can scale up from there.

No, not Nick Shawn. I don't really take anything from forex tubers serious, most of them are fake gurus. I will go back and check the man's name. The man should be in his 60's.
Well on average my entry gives me a little bit above 1:1 if their is opportunity to enter at a better premium price. That been said, if after 2 months of testing and I am still seeing positive result, why should I scale up? The forex market is about consistent profits.

Davigle:


Bossmi, e ma bi nu si mi

ebi like say your gold chart dey very different from us ooo, because I don't understand how gold hit 2360 this week, the highest price gold reach this week was 2339 and that was yesterday Friday before it sold off to 2325. 🤪

Let's assume he actually closed before that price because it's not every time we wait to hit TP Secondly, let's also assume he doesn't know how to count pips.

Davigle:


Bossmi, e ma bi nu si mi

ebi like say your gold chart dey very different from us ooo, because I don't understand how gold hit 2360 this week, the highest price gold reach this week was 2339 and that was yesterday Friday before it sold off to 2325. 🤪

I took about 4 trades this week and the over 600 pips is what came from them. It seems you were sleeping all along when I manually closed them.