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Nairaland Forum / Nairaland / General / Business / Forex Trading - Season 14 (324604 Views)
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Re: Forex Trading - Season 14 by Joysmart(f): 3:45pm On Dec 20, 2014 |
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Re: Forex Trading - Season 14 by 12ema: 6:44pm On Dec 20, 2014 |
For newbies. This thread is too painful to watch/follow. Price should never be forecasted; we are slaves to it's whims. When you follow it with good money management, a solid long term view sprinkled with an overabundance of patience you will be a millionaire in no time. Attached is snippet of how to follow price using simple 'ole moving averages. It's not fun or sexy; in fact it can be quite frustrating sometimes but you will save yourself a lot of headache and numerous blown accounts. We'd all like to claim "the first trader to crack the forex code" but the sad truth is it cannot be cracked. I see myself as a s.tupid trader. Price will say "hey s.tupid, follow me" and i go "yes sir". Lo and behold before we even move a little; it tells me again "you know what s.tupid? i change my mind, i wanna go this way now" and i still say "yes sir" till it gets to it's destination and gives me what i need. Enjoy. ![]() 1 Like
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Re: Forex Trading - Season 14 by mez(m): 7:10pm On Dec 20, 2014 |
Owliver: Sounds creepy! |
Re: Forex Trading - Season 14 by 12ema: 10:28pm On Dec 20, 2014 |
Ed Seykota held a seminar once. All the who's who of trading booked a seat for the event. They all wanted to hear what this legend whom many considered one of the greatest trader of his time had to say. At the seminar numerous questions were thrown at him. People wanted to know what his opinion on oil, gold, wheat, silver, and many other commodities was and where he thought their prices would be in the future. One participant asked him what he thought of gold and his answer was "hmmm, it's very beautiful and shinny". They were all confused. Another asked him his opinion on wheat and he replied that he didn't know much about it but he was sure it was a major ingredient in bread. The participants were beginning to get frustrated and angry because it seemed that the seminar was a waste of time. unknown to them Ed was teaching them a very valuable lesson in trading. Midway into the Seminar he broke it down for them. He said he didn't care what instrument he was trading. He didn't care about the news relating to the instrument. He didn't even care about where price was going or when it was going there. All he cared about was the current price on his chart and how he would follow it and jump on a trend. Needless to say many did not get the message. I don't know about you, but i'd take the advise of a guy who turned 5k into fifty million in twelve years. |
Re: Forex Trading - Season 14 by omejeo: 10:51pm On Dec 20, 2014 |
12ema:thanks for the insight |
Re: Forex Trading - Season 14 by MikkeyJ: 10:59pm On Dec 20, 2014 |
12ema: Wao a dozen of years, that so much but i think it worth it. |
Re: Forex Trading - Season 14 by omejeo: 11:02pm On Dec 20, 2014 |
12ema:boss whats the value of the emas |
Re: Forex Trading - Season 14 by willscolf: 11:14pm On Dec 20, 2014 |
12ema:dis is no exact way 2 do dis tin,if u decide 2 follow it sheepishly,it cud stil lead u inside a deep pit nd if u decide 2 predict u cud stil b wrong,so my advice is, jst find nd stick 2 wot puts d odds in urside coz dis tin is undefeatable shikeenaa ....unless u hav d eye of d gods |
Re: Forex Trading - Season 14 by Kirinwa: 5:54am On Dec 21, 2014 |
willscolf: Lol. Forex can be conquered. It has indeed. Holy grail is here yet blindness is a bad thing. It took me over 5 years but it was worth it. When I said I was getting there soon fellow traders here laughed at me, others said they were making it by trading opposite of my alerts. Understanding what moves the market, how the market thinks, being a step ahead which are garnered through experience is very priceless. Market action is repetitive. Answering market yes sir, yes sir at every slight movement will take you out on the long run. It may be a correction or a fakeout you just entered into. Another mistake is increasing your stoploss hoping nay praying market turns in your favour or adding to a losing position or increasing lot size arbitrarily or trading to meet a particular target at a specific time. Some people even carry calculator and start punching and forecasting how much they can make every month.It adds pressure to you and makes you enter trades on impulse. Some even enter the market when others are exiting.Assuming price moved 200pips up, you just bought then, its a loss to you because there must be a retracement or correction which will take out your stoploss. Trading when there's low liquidity is also bad. Trading at the wrong time, bad too. Some people will lose their account because market is not usually normal during the yuletide. Take a vacation. A newbie here is talking of starting next week, well if you don't learn from others experiences be sure you will learn from yours at detriment of your pocket. Wise people will learn, while yet others will seek argument. Am not perfect but my accuracy is atleast 85% now which to me is very satisfactory if combined with good money management. In conclusion I quote babypips, your profitability and objective as a trader is making pips, keeping pips and making more pips.Assuming you made 200pips now, ensure you never risk it all at your next trade. Finally ensure every trade you enter has high probability at success. May God grant us long life to reap the fruits of our labour come 2015. 1 Like 1 Share |
Re: Forex Trading - Season 14 by fxbomovi: 6:55am On Dec 21, 2014 |
@kinrinwa, am glad u have improved alot and u are also entitled to your opinion. But holy Grail means trading without losses and that u know is impossible. secondly forget about d talk of conquering d market because it is not possible,, if u have conquered d market, then u should be winning without losing. our aim is not to conquer d market But to make more green pips. |
Re: Forex Trading - Season 14 by Kirinwa: 7:03am On Dec 21, 2014 |
fxbomovi: What 'conquering the market' means to you isn't the same thing it means to me. If in a week you made 250pips and lost 50 pips you have conquered the market. It means significant profitability to me. Just take the sense in my 'nonsense' writeup and move on. Its not subject to any further argument. Thanks. |
Re: Forex Trading - Season 14 by 12ema: 7:48am On Dec 21, 2014 |
omejeo: I am going to respond the same way my mentor responded to me when i asked him first time. I will push you in the right direction. Google 1hr vegas tunnel trading. The settings for the ema's are there. I don't tunnel trade though. Then, when you get the settings, google "turtle rules". It is a breakdown of an experiment by Richard Dennis and Bill Eckhardt. Richard and Bill are very very very successful traders and in the 80's one made a bet with the other that trading cannot be taught; you either had the genes for it or you don't. It is said that the movie trading places by Eddie murphy was based on this experiment. They put up an ad in the papers and interviewed hundreds of people and eventually settled for 14 people to train. They called the would-be traders the "original turtles". After 2 weeks of training, they armed them with 1 million each and let them loose on the market. They used a simple 20 and 55 day trend following strategy created by a friend of theirs, Richard Donchian. They turned the 1 million each to a combined 117 million dollars in 4 years. Of course not all the 14 traders completed the programme. Even with a winning strategy, some got fired because they refused to follow the rules and where losing money. They claimed that Bill and Richard did not show them the complete system, which of course they did; Donchian trading has about a 70% losing streak than winners but the winners envelope the losers once you catch a trend. Read the pdf, it will most likely change your outlook on trading. After the experiment Bill and Richard concluded that even if you gave most traders a map of how to trade 95 percent would still not follow it, refering to the one's that got fired. Only 5 percent will ever make it as traders. 1 Like |
Re: Forex Trading - Season 14 by docus: 9:16am On Dec 21, 2014 |
my simple advice to traders is this: In this biz, the greatest investment is knowledge Get as much knowledge as u can Test run all what u have leant Stick to only does strategies that gives u satisfaction an peace of mind constantly repeat the previous statement an u ar good to go |
Re: Forex Trading - Season 14 by omejeo: 11:13am On Dec 21, 2014 |
Thanks boss will look into it 12ema: |
Re: Forex Trading - Season 14 by ayox2003: 5:08pm On Dec 21, 2014 |
12ema: This is an excerpt from Jack Schwager's Market Wizard. Fantastic book! Seasons Greeting! Frawzey |
Re: Forex Trading - Season 14 by Oladg2: 6:22pm On Dec 21, 2014 |
saintfaculty: Quite an age sir , have sent u PM with my mail gafoo4life@yahoo.com, i will like to hear from u soon sir. |
Re: Forex Trading - Season 14 by docus: 12:25am On Dec 22, 2014 |
nw lets see if gold breaks 1190. |
Re: Forex Trading - Season 14 by benpuzzy(m): 4:21am On Dec 22, 2014 |
Just bought Gold at the market price
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Re: Forex Trading - Season 14 by Nobody: 6:46am On Dec 22, 2014 |
buy USCCAD now at 1.1590 take 20pips |
Re: Forex Trading - Season 14 by 12ema: 9:06am On Dec 22, 2014 |
A smart trader never calculates how much he might make on a trade; he thinks first of how much he might lose. Profit potential is secondary, lose mitigation is primary. 1 Like |
Re: Forex Trading - Season 14 by Kirinwa: 9:17am On Dec 22, 2014 |
12ema: Well said and liked by me. |
Re: Forex Trading - Season 14 by lovelyadeola(m): 10:35am On Dec 22, 2014 |
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Re: Forex Trading - Season 14 by 12ema: 12:12pm On Dec 22, 2014 |
For newbies; Hypothetical Account balance: $1000.00 Win %: 30% Worst Case scenario. Risk Per Trade: 5% Average pip stop loss: 80 TRADES; Loss/win; Dollar Equivallant 1 Lose; $50 2 Lose; $47 3 Lose; $45 4 Lose; $42 5 Lose; $40 6 Win; $125 7 Win; $200 8 Win; $180 9 Lose; $64 10 Lose; $60 Loss Total $348 Win Total $505 From the scenario we lost more than we won but still made a small profit. I am being very very conservative. The dollar wins would ordinarily be more like 3 to 600 dollars for wins in a trend following system, but this is a worse case scenario. If you notice, when we started winning, our dollar amount for stop loss went up to $64. (The stop loss is still 80 pips though). This is due to the percentage risk per trade which is 5% of our account. But when we lost, the dollar amount reduced to $60. In effect, when we win we bet more and when we lose we bet less but keep our risk percentage constant. With this there is no way you will blow your account. Imagine trading like this non stop for 4 years, you will be a millionaire in no time. 1 Like |
Re: Forex Trading - Season 14 by MikkeyJ: 3:47pm On Dec 22, 2014 |
Hey guys, where tchu go? |
Re: Forex Trading - Season 14 by MikkeyJ: 5:19pm On Dec 22, 2014 |
Elo guys how trading? Bought UJ earlier, bought UC too doh its still buyin. |
Re: Forex Trading - Season 14 by omejeo: 5:21pm On Dec 22, 2014 |
i am selling oil since thanks boss 12ema |
Re: Forex Trading - Season 14 by 12ema: 5:28pm On Dec 22, 2014 |
omejeo: Glad to help, but, as you are winning now; please be prepared for the storm when it comes. If you can weather the storm you will always be a winner. Never be too happy when price is going your way. Trading is a long term thing. That is the only way to keep your emotions in check. |
Re: Forex Trading - Season 14 by omejeo: 5:31pm On Dec 22, 2014 |
12ema:ok boss i appreciate your response |
Re: Forex Trading - Season 14 by saintfaculty(m): 5:42pm On Dec 22, 2014 |
My last trade till new yr just hit my tp.... 150 PIPS richer, one can make a living on fx, just need to get the right knowlegde, be patient n consistent. Merry christmas to u guyz
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Re: Forex Trading - Season 14 by Kirinwa: 6:33pm On Dec 22, 2014 |
Adjusted GJ stoploss to 186.00 target still at 194.00 Bought GN at 2.0186 with stoploss at 2.0090 and target is 2.1300 Let's see how it goes... |
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