so much 4 ds thread, kp d arguments and counter-arguments goin'..

anigold:


Bros abeg I fit use this your strategy withdraw REAL MONEY from DEMO ACCOUNT...

Abeg, I No Fit Laff Jare..

Am available

infofirst:


Where are you boss mi? Hope all is fine n good?

Thanks for your concern.

I plan my trade and trade my plan.
I do not trade any how.

EZEIGBO1OFIMO:
if you read icahn and specifically soros biography, there are moments when they betted not only blindly but stupidly. The reasom high leverage was founded was for high risk appetite investors. On a certain eve of late 1999, soros shorted $15 billion worth of pound with leverage [150:1], hours later, he made $1 billion and earned himself the title " the man who broke the bank of england". i closrd my previous indictment by statung forex was relative. An individual who, with fin. expertise and wants to make it, has no business trading low risk low reward. i repeat again " No body got anywhere by simply being content"...... in your previous quote, you said the housewife would still be trading, but to what extent; while she may be happy with her 10% YoY[$1000] profit, this would mean nothing to the ambitious fin. analyst student; this is why i opened my previous post by saying every trader in a fin. market, forex inclusive must have philosophy and purpose. A trader who hopes to run a hedge fun with levetaged or overleveraged instruments, has no business jubilating over a 10%YoY ROI on a $2000 account.

And you think Soros got $15B to begin with by over-leveraging himself from day one

naijababe:


And you think Soros got $15B to begin with by over-leveraging himself from day one

"The alchemy of finance" george soros financial biography gives complete detail of his financial investment timeline from 1976-1986 in which his personal capital moved from $4 million to $2.10 billion; his likeness and use of leverage have been his greatest tool since his heydays in the floor of the london stock exchange. I repeat again my preceeding thesis; " every trader of any fin. market must have philosophy and purpose". Alan einsenhower is a trader from New york, he trades forex as a job, since he lives with his folks, alan has traded fx since 2005, this marks his tenth year. Alan has consistently made a ROI Of 5% YoY on his $10,000 account; to date Alan's total profit after mandatory US tax requirement is $3740. doing a simple non compounding ROI calculation, Alan roughly made $374 per year[ not adjusted to inflation]. Alan's total electricity bills in 10 years was $6,000+, Alans total software upgrade bills in 10 yeara were even to big to be paid off by his laudable forex profits. While Newbie traders, and the general retail forex Herd may praise Alan's 10 year consistent winning streak; I on the other hand would ask,"TO WHAT END"?. Alan basically wasted 10 years of his life doing shīt, No hedge fund, SEC, mutual fund is ever going to hire alan, alan would never be able to get that nice retirement in MACAU island, "Why then did alan waste 10 years of his life to make $3740 dollars which could not even pay for software upgrade fees. This is where Alan's philosophical perspective would come into play; if Alan derived satisfaction with his nice profits, and learnt a thing or two, it may be justified; but if Alan realized he just wasted 10 years of his life playing mayor of forex looserville, he would joing the 97% of the retail herd who never lasts long in this chaotic game. Today Alan no longer trades forex, he is back in college studing an business degree; his internship earnings after tax was $8,000( no 10 year wait). Alan eisenhower is us, ask yourselves, 10 years from now, would i still still with my pc and trade the markets, would it be worth all the time and energy? would i look back and smile at my stūpidity?."IPREFER TO COUNT MY ROI IN INTEGER MULTIPLES"……… because "NOBODY GOT ANYWHERE BY SIMPLY BEING CONTENT"

EZEIGBO1OFIMO:
"The alchemy of finance" george soros financial biography gives complete detail of his financial investment timeline from 1976-1986 in which his personal capital moved from $4 million to $2.10 billion; his likeness and use of leverage have been his greatest tool since his heydays in the floor of the london stock exchange. I repeat again my preceeding thesis; " every trader of any fin. market must have philosophy and purpose". Alan einsenhower is a trader from New york, he trades forex as a job, since he lives with his folks, alan has traded fx since 2005, this marks his tenth year. Alan has consistently made a ROI Of 5% YoY on his $10,000 account; to date Alan's total profit after mandatory US tax requirement is $3740. doing a simple non compounding ROI calculation, Alan roughly made $374 per year[ not adjusted to inflation]. Alan's total electricity bills in 10 years was $6,000+, Alans total software upgrade bills in 10 yeara were even to big to be paid off by his laudable forex profits. While Newbie traders, and the general retail forex Herd may praise Alan's 10 year consistent winning streak; I on the other hand would ask,"TO WHAT END"?. Alan basically wasted 10 years of his life doing shīt, No hedge fund, SEC, mutual fund is ever going to hire alan, alan would never be able to get that nice retirement in MACAU island, "Why then did alan waste 10 years of his life to make $3740 dollars which could not even pay for software upgrade fees. This is where Alan's philosophical perspective would come into play; if Alan derived satisfaction with his nice profits, and learnt a thing or two, it may be justified; but if Alan realized he just wasted 10 years of his life playing mayor of forex looserville, he would joing the 97% of the retail herd who never lasts long in this chaotic game. Today Alan no longer trades forex, he is back in college studing an business degree; his internship earnings after tax was $8,000( no 10 year wait). Alan eisenhower is us, ask yourselves, 10 years from now, would i still still with my pc and trade the markets, would it be worth all the time and energy? would i look back and smile at my stūpidity?."IPREFER TO COUNT MY ROI IN INTEGER MULTIPLES"……… because "NOBODY GOT ANYWHERE BY SIMPLY BEING CONTENT"

Alan is very stupid because he chose not to use the most potent and safest weapon of all 'COMPOUNDING' And please do not confuse, ambition/hardwork with greed. Maybe we ought find out how Soros came about $4 to begin with! Unless you can show me facts that attest to George turning $4k to $4M in 10 years and then to $2B in next ten years, this line of reasoning remains the quickest way to beggarville.

Each to his own!!!

naijababe:


Alan is very stupid because he chose not to use the most potent and safest weapon of all 'COMPOUNDING' And please do not confuse, ambition/hardwork with greed. Maybe we ought find out how Soros came about $4 to begin with! Unless you can show me facts that attest to George turning $4k to $4M in 10 years and then to $2B in next ten years, this line of reasoning remains the quickest way to beggarville.

Each to his own!!!

I really don't expect us to even give him much audience. Wouldn't change anything he's already made up his mind. Evening ma

Owliver:
I really don't expect us to even give him much audience. Wouldn't change anything he's already made up his mind. Evening ma

Seemingly so jare, how u dey?

naijababe:


Alan is very stupid because he chose not to use the most potent and safest weapon of all 'COMPOUNDING' And please do not confuse, ambition/hardwork with greed. Maybe we ought find out how Soros came about $4 to begin with! Unless you can show me facts that attest to George turning $4k to $4M in 10 years and then to $2B in next ten years, this line of reasoning remains the quickest way to beggarville.

Each to his own!!!

Alan wasnt silly, if he follwed the 1% risk rule 50:1 leverage, mathematically compounding his profit would instead give him $8,000 profit after tax, amounting to an average value of $800 per year[ not adjusted to inflation]. point i am stressing out is, to get a philosophical perspective.Trading forex for a decade and having only $8000[ not adjusted to inflation] to show for it is pitiful; if Alan put those trading hours into good use by doing something useful, his IRA would be up $75,000 Going by avg. nominal income. To all traders, if you're still trading microlots, making profits in cent, and priding yourself as a good trader, let me break it to you. "YOU'RE FŪCKING WASTING YOUR USEFUL TIME".
10 years from now, would the market exist without you? YEAH
10 Yrs from Now, will you be running a hedge fund? NO!!
10 Yrs from now, will you become an institutional investor?.NO!!!
10 yrs from now, will your portfolio be quoted in 7 figure dollar amount? No
10 yrs from now, by how much will forex make you a better person; financially, psychologically, and physically?
if you're content with making a few 100 to few thousand american dollars per year, i have no problem with you; but if you're looking to do sonething spectacular with your life, and step your fin. status; trade differently or quit forex. "NOBODY GOT ANYWHERE BY SIMPLY BEING CONTENT"

naijababe:


Seemingly so jare, how u dey?

doing pretty good, hope doing good too. Wish you and every other member a pipfull week.

Please do not be confused,
Let me explain with
1, standard account.
2, $300
3, 1;500 leverage
4, 5% risk
You will trade with 0.03LOT size (10pips to $3), since you are risking $15 ie (5% of $300), you will need to set your stop loss at 50pips. (50pips= $15) at 0.03Lot size

On the other hand, you can split your trade by trading with 0.01LOT size 3 times on 3 different pairs if your system gives you signals on 3 pairs and use 50pips stop loss on each. (50pip= $5) at 0.01LOT size. $5x3= $15

Moreover, you can trade with 0.01LOT size and use a stop loss of 150pips if your TRADING STRATEGY says you must put stop loss at 150pips.
.(150pips= $15) at 0.01Lot size

jendy36:
endfx
naijababe
iheanyiebeneze

and other forex gurus

I still find this confusing... how do I know how much I'm risking per trade, let's say for a standard,mini,micro and nano accounts with $300 and a leverage of 888 ?

I hope this makes sense?
Note;
To calculate 10% of 300, just remove one 0 from 300 and what you have is 30, so 10% of 300 is 30. 10%/2= 5% also $30/2= $15, hence 5% of 300 is $15.
This is simple elementary mathematics.

Owliver:
I really don't expect us to even give him much audience. Wouldn't change anything he's already made up his mind. Evening ma

already feeling like a boss eh?. Trust me Amigo, 10 years[ standard time] you would tell a different story. Surviving several black thursdays, a global financial crash '08, c currency wars, and a global reccession, i see the market in a different light. 10 years from Now, tell me your story and i shall listen with great silence. Till then Amigos........... âu révoir mon ami

EZEIGBO1OFIMO:

Alan wasnt silly, if he follwed the 1% risk rule 50:1 leverage, mathematically compounding his profit would instead give him $8,000 profit after tax, amounting to an average value of $800 per year[ not adjusted to inflation]. point i am stressing out is, to get a philosophical perspective.Trading forex for a decade and having only $8000[ not adjusted to inflation] to show for it is pitiful; if Alan put those trading hours into good use by doing something useful, his IRA would be up $75,000 Going by avg. nominal income. To all traders, if you're still trading microlots, making profits in cent, and priding yourself as a good trader, let me break it to you. "YOU'RE FŪCKING WASTING YOUR USEFUL TIME".
10 years from now, would the market exist without you? YEAH
10 Yrs from Now, will you be running a hedge fund? NO!!
10 Yrs from now, will you become an institutional investor?.NO!!!
10 yrs from now, will your portfolio be quoted in 7 figure dollar amount? No
10 yrs from now, by how much will forex make you a better person; financially, psychologically, and physically?
if you're content with making a few 100 to few thousand american dollars per year, i have no problem with you; but if you're looking to do sonething spectacular with your life, and step your fin. status; trade differently or quit forex. "NOBODY GOT ANYWHERE BY SIMPLY BEING CONTENT"

You think you understand what compounding is but you don't, besides no trader will trade to make 5% YOY, might as well put the money in gilts. You are exaggerating to suit your argument. Even bond traders do not make 5% year on year

let me take a sit make i enjoy small with Eze ndi igbo & co

I think i get where @ EZEIGBO1OFIMO is coming from..
I think @ naijababe is also correct about some things...
Well, forex in terms of making money is relative, what satisfy trader A might not satisfy trader B and might be too much for trader C.. All to his own..
Another point is not to let greed become ur focal philosophy in trading... (emphasis on the word - GREED)

What should be noted though is that the term Money Management and Risk Management are relative.. It depends on the personality of the trader to decide which course to follow..

A trader with $100 trading 1% using a weekly / monthly chart all in the name of "mainstream" risk management ain't doing himself good considering the bills he would v incurred monthly. Should he have a lot of cash laying around till the effect of compounding kicks in, he's good to go but if he intends on using it to pay his bills, then that's not gonna cut it..
However, should a trader have a million dollar, 1% trading might look good ... even trading the market weekly.

Factors that really matters at the end of the day should be
# Situation on ground
# Personality
# Capital (in terms of money n mental)
..............

mutik1977:


yes i will look at 1:1 since my trades hardly hit sl. my risk define my stop loss off front . d first trade was just a $10 risk of $1,302 equity too low which eventually yielded 58 pips.

d way i want to start trading is for example use a fix $$ risk throughout a month say $30 & divide by stop loss. let say 30$ / 30 pips stop loss gives 0.1 lots ($1 per pips )
some traders who does not know how dese stuff work will say am using big lots whereas I just risk 3%. if i had did same on d 1:5 trade, d lot would have been 0.3 lots (3%) but i didn't cos d stop was too tight.

I completely agree with this... I think this is the most reasonable post I have seen on this thread. Thumbs up!!

EZEIGBO1OFIMO:
already feeling like a boss eh?. Trust me Amigo, 10 years[ standard time] you would tell a different story. Surviving several black thursdays, a global financial crash '08, c currency wars, and a global reccession, i see the market in a different light. 10 years from Now, tell me your story and i shall listen with great silence. Till then Amigos........... âu révoir mon ami

am actually with you on this...it all come down to your approach and philosophy to trading....some philosophies are not worth having if one is to trade the forex market....the truth is most of us are in this game to make money and the old circulated rule of not risking what you cant afford to lose will not get us anyway but confined us into being a mediocre trader...truth is trader should only trade with what they can afford to lose cos its only then will they have the dejavu as to the right philosophy of trading.....the first rule of biz is to protect your investment and investment is only worth protecting when you cant afford to lose it (there is no reason why an investment you can afford to lose should be protected).....

people will say a trader should not be greedy but i say greed is a necessary recipe to success cos its the greed that push you forward to look within and search for answers....greed should be embrace and nurtured (cos its an intrinsic part of who we are) rather than for it to be eliminated

no one get by simple being content

naijababe:


Shebi someone already said dem get demon strategy With demon strategy, you can turn $30 to $30000 in one month sef

Honestly traders that knows more that Soros, M marcus and ed sekoyta dey here oooo

@EZEGBOIOFIMO I disagree you are trader people like you seldom make money in forex, perhaps you read some books. you can quote me on this: 90% of forex teachers,robot sellers,strategy sellers ,market analyts are failed traders. so i challenge you please post some trade of yours and stop confusing newbies that learning here. why your claims are very possible your trading psyche contradict that of a consummate trader. so i challenge you to open a $1000 demo and turn into $2000 in just 5days that is very easy i guess please post here for us to all see if you understands trading at all. i am patiently waiting to see it.i have seen many very intelligent analysis being posted here very wonderful traders. EZEGBOIOFIMO came here to show us he is an history student. i only believe in results not history or theory.

sold oil 56.61
let's see how it plays out.
NB: Nothing is guaranteed. Price could just do the opposite and rubbish my analysis.

PRICE IS KING. FOLLOW IT WHEREVER IT GOES

mutik1977:


ok talking concise entry i sold EU @ 1.0876 dis morning with 10 pips stop loss ($1 a pip). Got to RR1:5 only to closed me at 16 pips cos i was looking at 4 hours to cash 100 more pips. Now I bought d nucca at 08555 sl 40 pips following 1 hour flow. what do u think?

LESSON: Exit is the most difficult aspect of trading. some trades will give me +100 pips & close me at 10.. may be I should stick to RR 1:1 or 1:2 instead of giving market pips.

d faster u start using RR 1:1,1:2 d beta 4 u,4get all dose 1:4 1:6 1:8 dey r a flatter 2 deceive

pocoapoco88:
d faster u start using RR 1:1,1:2 d beta 4 u,4get all dose 1:4 1:6 1:8 dey r a flatter 2 deceive

the best way to fix TP is at next possible support or resistance not all those ratio ratio thing. #MyOpinion

frenchman2:
sold oil 56.61
let's see how it plays out.
NB: Nothing is guaranteed. Price could just do the opposite and rubbish my analysis.

PRICE IS KING. FOLLOW IT WHEREVER IT GOES

nice job sire.

Owliver:
the best way to fix TP is at next possible support or resistance not all those ratio ratio thing. #MyOpinion

u r right bt bt u don't jst chose ur rr randomly e.g b4 u buy a pair or comodity it's imperative 2 check d next nearest resistance 2 c if d trade has a beta chance of offering u an rr of 1:1 or 1:2 if it doesnt u simply neglect d trade

EZEIGBO1OFIMO:

Alan wasnt silly, if he follwed the 1% risk rule 50:1 leverage, mathematically compounding his profit would instead give him $8,000 profit after tax, amounting to an average value of $800 per year[ not adjusted to inflation]. point i am stressing out is, to get a philosophical perspective.Trading forex for a decade and having only $8000[ not adjusted to inflation] to show for it is pitiful; if Alan put those trading hours into good use by doing something useful, his IRA would be up $75,000 Going by avg. nominal income. To all traders, if you're still trading microlots, making profits in cent, and priding yourself as a good trader, let me break it to you. "YOU'RE FŪCKING WASTING YOUR USEFUL TIME".
10 years from now, would the market exist without you? YEAH
10 Yrs from Now, will you be running a hedge fund? NO!!
10 Yrs from now, will you become an institutional investor?.NO!!!
10 yrs from now, will your portfolio be quoted in 7 figure dollar amount? No
10 yrs from now, by how much will forex make you a better person; financially, psychologically, and physically?
if you're content with making a few 100 to few thousand american dollars per year, i have no problem with you; but if you're looking to do sonething spectacular with your life, and step your fin. status; trade differently or quit forex. "NOBODY GOT ANYWHERE BY SIMPLY BEING CONTENT"

U're my kind of person, Ezeigbo; how can I enter into the ocean for the singular purpose of having access to a greater amount of water, and I then I now cage myself within some 1% risk rule? I wouldn't even call that a rule, I'll rather see it as a tradition. And U know something about traditions? They're meant to be broken. I have such risk appetite that I ferret every possible pile when I can't find one. I've 'tasted blood' in Fx having made 50, and even 100% on my fund in less than 24 hours, so for me, I will rather find something else to do if by projection, I can only hope for less than 1,000% in Fx in 30 days.

First of all hahahaha.......1% rule na for people wey get mega money,this market actually wasnt made for small fries with even 10k dolls,if u can take the risk,ok oyo,go ahead,no be me wrk your money for u.afterall u ve accepted u can loose it b4 taking the steps to trade with it,make una live dat mata make person give better siginal,me wan shoot 100percent b4 10pm tomoa

E/A hovering around support area @1.381X,
U/C also hovering around support area,
E/C is just doing its thing when it ain't making money; RANGING
C/J @ resistance level around 98.4X - 98.9X
E/N hovering around resistance level @ 1.4261...

Will probably take some short position(s) on U/C n E/A.. Eyeing E/N and C/J.... for LONG positions....
Nothing z certain though, may change my stance if my system prove otherwise....

Anyone that cares can sell Gold now a 100pips SL. Don't wait for the SL to get hit though.. Any sharp move above yesterday's highs should be your signal to exit.

Take time to understand Gold and you may not really need another pair to trade. I could show off the number of pips made from it last week when it was supposed to be in a range or yesterday's own but I didn't drop alerts so no need. It is still the best instrument in this market IMO.

EZEIGBO may have sounded crazy but in every nonsense there is sense.

Like I always say here, you are better off leaving your money in a savings account than following some crazy forex rules that are nothing but rubbish theories. For example, why risk only 1% of your $500 account trading a system where your stoploss is rarely above 30pips? Or trading microlots on a $10k account? Or trading daily charts when you have less than $5k?

Money management must be done with sense. However, taking huge stupid risks like for example using a standard lot on account that is less than $1k is crazy and must not be encouraged. Which is what I think most people here are against.

SENSIBLE use of risk and COMPOUNDING is the key to success in this business. Even the George Soros mentioned took those risks after careful calculations and perfect understanding of what a loss will do to him. You are deceiving yourself if you think he took those positions with everything he has in the bank.

naijababe:


Only selected pairs o and I trade with a UK broker called IG markets

https://www.ig.com/uk/welcome-page

Hello madam, it seems they don't accept traders from Nigeria...do they?

micynute94:
E/A hovering around support area @1.381X,
U/C also hovering around support area,
E/C is just doing its thing when it ain't making money; RANGING
C/J @ resistance level around 98.4X - 98.9X
E/N hovering around resistance level @ 1.4261...

Will probably take some short position(s) on U/C n E/A.. Eyeing E/N and C/J.... for LONG positions....
Nothing z certain though, may change my stance if my system prove otherwise....

I won't sell EA, not unlesss it clears 13720