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Nairaland Forum / Nairaland / General / Business / Forex Trade Alerts / Discussions: Season 24 (252692 Views)
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Re: Forex Trade Alerts / Discussions: Season 24 by pipfisher: 11:08am On Jul 13 |
Geovanni412:Well, what I can't say is if my decision was wrong or right. I have a strategy I am testing and I want to stick to that. There are certain ranges I expect price to hit base on history and it doesn't have anything to do with trend as there are reversals in every trend. It's still a Beta phase. What I am testing is not based on conventional knowledge. It's based on discoveries made while looking at the chart for years. I am not going to complicate it by bringing in unnecessary analysis that doesn't change nothing. People who make those analysis you mentioned still hit SL. I want my trading to be as simple as a primary 2 exam. The tweak I suggested is the only thing I will add to the test and see what the result will be. |
Re: Forex Trade Alerts / Discussions: Season 24 by pipfisher: 11:13am On Jul 13 |
Cashhy11:No worries. You are actually right with what you said. For a verified strategy, making changes its not necessary if the failure is for a while. Just that for this strategy I am still working on it. |
Re: Forex Trade Alerts / Discussions: Season 24 by Geovanni412(m): 11:13am On Jul 13 |
pipfisher: Do whatever works for you. |
Re: Forex Trade Alerts / Discussions: Season 24 by samfelly: 11:16am On Jul 13 |
BeginnerTrader: Chai, I need beat you. No bi you supposed make that kind mistake - na me and I mean it. But, nothing spoil sha. You got there before, you'll get there again. One day (step) at a time. Cheers!
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Re: Forex Trade Alerts / Discussions: Season 24 by samfelly: 11:19am On Jul 13 |
zedegit: You are absolutely right on that. No bi fear |
Re: Forex Trade Alerts / Discussions: Season 24 by zedegit: 11:24am On Jul 13 |
samfelly: The fear I dey talk be say. You take time analyze well everywhere good but when you come enter trade small move wey no even near your stoploss you fear close trade. Next 5 hours, BOOM trade don pass your target. E dey happen. |
Re: Forex Trade Alerts / Discussions: Season 24 by samfelly: 11:35am On Jul 13 |
zedegit: Yeah, this exact fear dey with many of us here (me included). This fear handle me to the extent that I shouted out here that henceforth I'll be doing Set n Forget 😃. One other funny thing wey come happen with that my set n forget was that the day I'll now actually take a trade and set n forget till TP, the market no go come go TP area, at all . Very bombastical element of a market 😂😂 3 Likes |
Re: Forex Trade Alerts / Discussions: Season 24 by pipfisher: 12:08pm On Jul 13 |
Geovanni412:Yeah, that is what I am trying to do |
Re: Forex Trade Alerts / Discussions: Season 24 by Alexas58: 12:22pm On Jul 13 |
I’m trying a short position on btc! For the next 4/7 hours ==> Let me see if I can grab liquidity at 60k We can see that we are still in a downtrend! This is a 4hr time frame 2 Likes 1 Share
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Re: Forex Trade Alerts / Discussions: Season 24 by Donsheddy: 12:24pm On Jul 13 |
I need vawulence 1 Like |
Re: Forex Trade Alerts / Discussions: Season 24 by samfelly: 1:13pm On Jul 13 |
Donsheddy: I dey with you on this. Peace can wait ✋️ till Monday
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Re: Forex Trade Alerts / Discussions: Season 24 by Luada(m): 1:16pm On Jul 13 |
Donsheddy:Ohk then do it |
Re: Forex Trade Alerts / Discussions: Season 24 by BeginnerTrader: 1:27pm On Jul 13 |
You know you can pick one position and hold it till month end and make 10%. 4 Likes |
Re: Forex Trade Alerts / Discussions: Season 24 by Cashhy11: 1:38pm On Jul 13 |
Aremolekunowo:You see that Jpy pair is a devil and drawdown legend if caught at the wrong side. I learned heavily during Boss Infofirst competition last year. I hate erratic instrument, and that Jpy pair is the worst out there. Ordinary Jpy yellow folder news sef can spike up to 100pips and above in 1min. Imagine trading 1% of your account with 20pips SL. That's daily drawdowns already. If I would advise, I'd say just stick to one JPY pair, trading EJ, UJ and GJ all at once is synonymous to putting all those lots combined on just one of them. GJ is the most volatile amongst the three, so just pick it alone and let go of the rest. Having 3 opened positions simultaneously on JPY pairs is suicide if caught on the wrong side. It's even worse if you're trading like that on a prop account. Seems you are a swing trader, you're good to go with Jpy, just reduce the the simultaneous positions you have on them. Look at the screenshots below and see how similar they all looked. I drew those lines on Monday and only adjusted after CPI on Thursday, and see how they are all rejecting at supports on Friday. So taking them all because they gave signal is just similar to taking just one of them and put all the lots on it. 3 Likes
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Re: Forex Trade Alerts / Discussions: Season 24 by Luada(m): 1:51pm On Jul 13 |
Donsheddy:Ok then let do it 1 Like |
Re: Forex Trade Alerts / Discussions: Season 24 by Alexas58: 1:52pm On Jul 13 |
Eth is in a down trend in the 4hr time frame, first time it reached that high in the line, it dropped! It doesn’t have a good structure enough to take off that line in the next 5 hours, so we’ll take a sell position with an expiry time… if it doesn’t happen before 5 pm… we exit We just want to grab liquidity as fast as we can! We are going in heavy on any risk we take with specified stop loss in all
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Re: Forex Trade Alerts / Discussions: Season 24 by CaptainJune: 1:58pm On Jul 13 |
Luada: Did you just fire shots at an innocent passer-by? |
Re: Forex Trade Alerts / Discussions: Season 24 by Cashhy11: 2:06pm On Jul 13 |
samfelly:I think if forex Stoplosses works like the betting method, we'd all be better off. In the sense that once you enter a position and state down your SL, it should be deducted straight away from your balance, so it's either you're paid if it hits your TP or not paid because it hit your SL. I think Trading will be easier that way. That's why they always say only risk what you can lose, because we forex traders really hate that word. Football bettors knows this and accept but we don't. Set and forget is the way to go if you want to achieve something similar to such a mindset too and not tamper with your trades after entering. We put a SL because we believe it can go against us, but same us are not mentally ready once it starts going our SL direction. Most trade will always show patterns we are wrong, some will even turn your Short position to support and use it to target your SL lol. What I do is, once i enter trade, I don't monitor it on the lower time frame I entered from but on the higher timeframe I spotted it. So if it wants to go against me, I will watch from there. Imagine getting a trade signal on 4hr timeframe for example, before another 4hr candles form, there will definitely be ups and downs, watching the ups and downs unfolds on a 5mins timeframe will drive you nuts and make you doubt your position and see why you shouldn't have entered the trade. But on the 4hr timeframe, the trade is still going as planned, you were just disturbing yourself on the lower timeframe with the headaches on the lower timeframe. Forex is designed to confuse us, it must not be clear to us for them to make money off us, it must always look as if it could go up or down at any point in time. So if you're not sure of your stand, you close early even when in profits and close early before it goes your way too. Image below was a backtest I ran sometime last month on AudNzd and the result was massive. Very simple method and it's what I also use to day trade currently. Support and resistance on Weekly and check for rejections candles around the zones on the daily. Most of them were around 1:3rr or slightly higher. In the image below, that's 4wins and 2losses, should easily give up to 10% if risking 1% per trade since a win has covered for the two losses already and even added additional 1r. If I wanna start swinging it, I know well enough not to tamper with checking lower timeframes like 1hr etc to know if to close or not but the daily only. And also make use of set and forget, TP or SL. I've just been busy with prop account that I don't have time to properly forward test the swinging method live to know what my win rate would be if all taking all the pairs into consideration. 5 Likes 2 Shares
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Re: Forex Trade Alerts / Discussions: Season 24 by samfelly: 2:46pm On Jul 13 |
Cashhy11: This is absolutely impressive. The write-up carry. Collect small (enough) from prop then load up personal account and keep working this out. I love it. Modified: Wait a sec, you have a Premium TV? 1 Like 1 Share |
Re: Forex Trade Alerts / Discussions: Season 24 by Luadaxau: 3:19pm On Jul 13 |
Alexas58:On 1.5rr on short position |
Re: Forex Trade Alerts / Discussions: Season 24 by Cashhy11: 4:09pm On Jul 13 |
samfelly:I once did. It's expired and didn't bother renewing. |
Re: Forex Trade Alerts / Discussions: Season 24 by Alexas58: 4:34pm On Jul 13 |
Luadaxau: Yes I’m using a tight stop loss But I don’t understand by what you mean by 1.5rr I can let that trade run if I get in That’s if my position opens …. But check my entries I used an expiration So it might close pretty soon If it don’t work out Or I extend my time 2-3 hours 1 Like |
Re: Forex Trade Alerts / Discussions: Season 24 by samfelly: 4:37pm On Jul 13 |
Cashhy11: Okay. I asked cos I saw the replay feature in the screenshot |
Re: Forex Trade Alerts / Discussions: Season 24 by samfelly: 4:40pm On Jul 13 |
PraiseGod4u, e don tey o. Hope you dey well? |
Re: Forex Trade Alerts / Discussions: Season 24 by Cashhy11: 4:45pm On Jul 13 |
samfelly:Alright. But the normal Tradingview replay feature also works but only on Monthly, weekly and daily timeframes. It will cancel if you go lower than the daily. |
Re: Forex Trade Alerts / Discussions: Season 24 by samfelly: 4:46pm On Jul 13 |
BeginnerTrader: This trader na 'ritualist' (pro) |
Re: Forex Trade Alerts / Discussions: Season 24 by samfelly: 4:48pm On Jul 13 |
Cashhy11: Really? I didn't know about this. I thought it's only for premium user. Is it on pc 🖥 only, cos I never see am before for mobile app version? |
Re: Forex Trade Alerts / Discussions: Season 24 by Luadaxau: 5:36pm On Jul 13 |
Alexas58:Alright |
Re: Forex Trade Alerts / Discussions: Season 24 by PraiseGod4u(m): 6:16pm On Jul 13 |
1 Like |
Re: Forex Trade Alerts / Discussions: Season 24 by samfelly: 7:06pm On Jul 13 |
Cashhy11: Aremolekunowo, if you love your prop accounts and want to pass them, marry all the suggestions here - the bolded, especially |
Re: Forex Trade Alerts / Discussions: Season 24 by samfelly: 7:08pm On Jul 13 |
PraiseGod4u: Oh, thank God. Keep winning, sir We hope the other fellas some of us have been asking after call here, again, soon enough |
Re: Forex Trade Alerts / Discussions: Season 24 by nzechu(m): 7:22pm On Jul 13 |
Cashhy11:Aptly said |
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