naijababe:


Thnk you sire, still aspiring to become a great trader

I guess ur own definition of a great trader must be pretty high... Abi itz humility...

D orange seller story is really inspiring...

Moni My Ogas, Bosses and Gurus,
As we are on the look out for the NFP news release today, Let us also bear in mind the Good Friday break as we plan our trades.

CAUTION

1. Ensure ur position to be opened would not linger beyond 14.30GMT i.e 2.30 p.m.

2. Do not enter the news trend unless u have confirmation of the trend

3. It may be necessary to trade the after news volatility

4. Please accept or discard

5. Good Friday to you, Good PIPs to u, bestsss

The orange seller story was a great one and infact, signal a warning to me too ... tanks Naijabae

seyejohn94:


I guess ur own definition of a great trader must be pretty high... Abi itz humility...

D orange seller story is really inspiring...

THE MOST IMPORTANT THING TO CONSIDER FIRST BEFORE TAKING ANY TRADE..


STOP LOSS:......Like it or not the place of stop loss in every trade cannot be overemphasised. It's like going to hunting without a gun,the wild animals will definitely feed on you. As much as many can be successful in the short term trading without stop loss its just a matter of time when the account will come crashing right before their very eyes because at a point emotions will definitely set in.


Thinking of stop loss as the first criteria before hitting the buy or sell button is undoubtedly very professional because it will safe you a lot of emotional stress and unnecessary pressure when trading. In fact, the first principle of trading is Capital Preservation.


Not too long ago we saw the tsunami that took place across the CHF pairs and i wonder how many accounts were blown on that day perhaps due to the absent of Stop Loss. Although, sometimes even with a stop loss in place some fraudulent brokers won't close you out due to unknown reasons. But it does not mean one should not protect his/her account from such unexpected spikes.


BENEFITS OF STOP LOSS..

1. It helps you determine your lot size on every trade. you don't just chose any lot and trade, you take your time to calculate it before you trigger. e.g you have a setup with a 100pips stop loss, to calculate your lot simply divide your risk by your stop loss.

e.g You have $1000 as your balance and you want to risk 5% which is $50 on a trade with a stop loss of 100pips

simply divide 50/100 = 0.5 micro lot as your lot size.

>> 0.5 × 100 = $50 loss


2. Stop loss helps you determine your Risk Reward Ratio (RRR) properly without short changing yourself. Personally, i rarely take a trade with a risk reward of 1:1 because i will find it difficult to breakeven after 3 to 4 loses in a row which is very possible no matter your level of experience. So, for me the higher the RR the easier for me to still be in profit. But there are traders that are still fine with it for obvious reasons best known to them and it also depends on your personality as a trader.


3..Stop Loss is the bedrock of Money Management..Obviously some will talk about Mental Stop Loss without the adequate knowledge of how it should be implemented. Does mental stop loss invariably means one should not place a stop loss on trades? Personally, i think the best way to operate a mental stop loss trade is evident with what one of us is doing here and that is Natruetalk. Even if he's to close his trade with a -20pips loss he will still apply a stop loss of may be 100pips. He has a mental picture or level he will jump out even before the trade gets to his actual 100pips stop loss.


For me all the shouting about MM is just nothing but properly determining what you stand to loose (Stop Loss) before even thinking of profit.


Newbies learn to trade with proper stop loss in place before anything else...Don't follow the experienced traders or you will get your fingers burnt.lolz


I hope this piece will help someone out there to get it right and i may be wrong though so inputs are welcome from the masters in the house since am still a learner.


Happy Easter to you all.

endfx1:
THE MOST IMPORTANT THING TO CONSIDER FIRST BEFORE TAKING ANY TRADE..


STOP LOSS.


BENEFITS OF STOP LOSS..

1. It helps you determine your lot size on every trade. you don't just chose any lot and trade, you take your time to calculate it before you trigger. e.g you have a setup with a 100pips stop loss, to calculate your lot simply divide your risk by your stop loss.

e.g You have $1000 as your balance and you want to risk 5% which is $50 on a trade with a stop loss of 100pips

simply divide 50/100 = 0.5 mini lot as your lot size.



.

This number 1 I find very helpful to me. At least, I can now know what I stand to loose and what I stand to gain by this calculation. Not just entering any lot size anymore. I just took a screenshot of it.

jendy36:

This number 1 I find very helpful to me. At least, I can now know what I stand to loose and what I stand to gain by this calculation. Not just entering any lot size anymore. I just took a screenshot of it.

The calculation is wrong but the idea is the same.. At 100pips stop loss, using 0.5 means losing $250 instead of $50. Should be 0.05 micro lots.

I don't have any fancy formula to give though and I am not good with maths.. I just ask myself what is 10% of the balance and cut it in two to get the 5% lol. Then use a lot size that matches the number I come up with.

Gold closed for today.. People holding positions will either be hit by a shock or a surprise. NFP sure to move it 250-300pips before it opens on Monday. Interestingly Stop Loss won't even save you in this case.

Shevychen2:


The calculation is wrong but the idea is the same.. At 100pips stop loss, using 0.5 means losing $250 instead of $50. Should be 0.05 micro lots.

I don't have any fancy formula to give though and I am not good with maths.. I just ask myself what is 10% of the balance and cut it in two to get the 5% lol. Then use a lot size that matches the number I come up with.

Yep bro it's a 0.5 micro lot...corrected above and thanks for the heads up.. however you can't loose $250 trading 0.5 lot with a 100pips stop loss. its actually 2.5 mini lot that gives you a loss of $250 if it hits a stop loss of 100pips.

Cheers

Shevychen2:


The calculation is wrong but the idea is the same.. At 100pips stop loss, using 0.5 means losing $250 instead of $50. Should be 0.05 micro lots.

I don't have any fancy formula to give though and I am not good with maths.. I just ask myself what is 10% of the balance and cut it in two to get the 5% lol. Then use a lot size that matches the number I come up with.

ur calculation is spot bt i gues dat 0.05lot is 4 a standard accnt nt a micro accnt whch shud b 5lot

Boss endfx...What's your view about trading with robot?

sold ucad @1.2575 to 1.2495. 1.2610 s.l

infofirst:
Boss endfx...What's your view about trading with robot?

Trading with robot is not entirely a bad idea as long as it trades according to strict entry rules n sound MM.

Also you don't have to start using it with money you can't afford to loose in case of any eventuality.. it requires monitoring from time to time and you must have it at the back of your mind its a robot so anything can happen.

If you can program your method to trade for you as a robot fine.

Just my 1cent

Cul4real:
Am tired ooo. I had blew up my account for the third time. And no where to recover the loss if I quit forex trading, however I am afraid of forex trading now. What a CONFUSION. Pls your advice?

take time off to learn it properly.when i mean properly, you should give yourself time to learn both the psychological and tecnical part of forex.its not as simple as we thought by just looking at the chart.there is more to it especially mantal aspect.take time to learn properly before taking your next shot

mruwaifo:
Are there any good traders here in the abuja district ? I'm a newbie myself but would like to hookup with others .
Lets meet and chat if you are free . Call Raphael on 08083862828

you can get digging with knowledge at babypips.the market is always there.take time to learn it

endfx1:


Trading with robot is not entirely a bad idea as long as it trades according to strict entry rules n sound MM.
Just my 1cent

.............

Thank you.

take advantage of this technical analysis

usdchf buying

www.forex1960.com for more updates.

Shevychen2:


The calculation is wrong but the idea is the same.. At 100pips stop loss, using 0.5 means losing $250 instead of $50. Should be 0.05 micro lots.

I don't have any fancy formula to give though and I am not good with maths.. I just ask myself what is 10% of the balance and cut it in two to get the 5% lol. Then use a lot size that matches the number I come up with.

Are you talking of micro, mini, or standard account? Note that 1 micro lot size is different from 1 standard lot size?

I will like more clarifications pls so that I can correct my self. Thanks

fxstory:
take time off to learn it properly.when i mean properly, you should give yourself time to learn both the psychological and tecnical part of forex.its not as simple as we thought by just looking at the chart.there is more to it especially mantal aspect.take time to learn properly before taking your next shot

Thank you so much.

EURUSD is now in a tight Range before NFP, thats simply translate to imminent breakout.

[quote Endfx1], Newbies learn to trade with proper stop loss in place before anything else




[/quote]take note of this.not only for newbies.also, one of the first thing to consider before clicking the order button is that you have to prepare that you have lost the amount.this will avoid allowing emotion to alter your trade.when you have considered that this amount is lost, it means you are can afford to lose that cash on that trade.so you won't have to keep emotion and allowing it to alter your trade.allow your stop loss to get hit for most of your trade because at times you will find out that after closing a trade, the trade goes your direction

your trade is still valid until your stop loss is hit.leave it and see it as if it is lost.this is where money management, stop loss and lot sizing comes into play.

First think of the amount you will lose before thinking of profit.

.

there are so many tips online that addresses the issue of emotion in trading, But find d one that suits u and stick to it

fxbomovi:
sold ucad @1.2575 to 1.2495. 1.2610 s.l

tp hit

See NFP movement, when you remember this kind of move, you should remember STOPLOSS and TAKE PROFIT.

jendy36:


Are you talking of micro, mini, or standard account? Note that 1 micro lot size is different from 1 standard lot size?

I will like more clarifications pls so that I can correct my self. Thanks

I am talking of a standard account where 0.01 lot size is 10 cents. 0.1 is 1$ and 1.0 is $10.

@thread. Anyone holding Gold buy should be smiling heavily now. Positive gap on Monday obviously.

I still don't believe people don't see these NFP numbers or at least have something that tells them what direction it will go before hand. Been trading Gold for a while and 80% of the time the move mirrors the trend on the daily chart. Just see how price quickly reversed 3 days of minor retracement to zoom up without provocation on Wednesday.. Maybe conspiracy theory but whatever

Just sad I didn't get the memo on Gold being closed today.

scalpers must have taken 20pips on EU, GU sell based on RSI-14 overbought(90%) in 1h timeframe.

Uhhnnnn, so much hassles and palpitations on forex trading. If you want to get rid of day-to-day anxieties and you don't want to end up a HBP casualy, seek the assistance of 245DEA Fx Software for increase in profits and losses minimization. For more info, click on the last website link on my signature and you will thank me later.

EA

Buy stop @ 1.4391

SL @ 1.4291

TP @ 1.4610

Apply due diligence...

Alternatively you can wait for a pullback @ 1.4286 to buy from there.

GA

Buy stop @ 1.9548

SL @ 1.9502

TP @ 1.9813

Apply due diligence...

Alternatively you can set a buy limit at 50% fibo retrace if price successfully forms a bullish pin at the close of market today

Opengates:
Uhhnnnn, so much hassles and palpitations on forex trading. If you want to get rid of day-to-day anxieties and you don't want to end up a HBP casualy, seek the assistance of 245DEA Fx Software for increase in profits and losses minimization. For more info, click on the last website link on my signature and you will thank me later.

FŪCK YOU!!!!!!

20pips turns to 40pips, GOD is good.

iheanyiebeneze:
scalpers must have taken 20pips on EU, GU sell based on RSI-14 overbought(90%) in 1h timeframe.