saxy4c:
That is incorrect my dear. A simple way to always remember this is that a point signifies the smallest possible change in price on the left side of the decimal point [indicated in green], while a PIP same as a tick is equal to the smallest possible price move on the right side of the decimal point [depicted in red].

When price moves from 1551 to 1552 that's 1point which is 10pips, if price moves from 1551 to 1571 [which I believe it would this week by God's grace] that's 20points, won't that equate to 200pips?
Although the way forex pairs are structured, "points" isn't meant to be used with forex pairs [except one wants to show off ]. It's mostly a stock market terminology because, if GBPNZD moves from 1.0000 to 2.000,my brother that one is 100points move oh. Basically just multiply whatever points they tell you by 10 to get its value in pips.

This is wrong!

main24 is right.

consult google for clarification s.

My brother my heart beats because if truly there is a WW3, markets would be closed oh. What else would I do. Russia and China have openly expressed their condemnation of the killing and today even sent some ministers for the funeral of the General.

What seems worse is that it seems USA is just doing their normal bullying. From research I found that Qasim Sulimani is not just a military general, don’t follow what the media is portraying it’s very diluted. He was regarded as a saint in Iran, he was a hugely respected and loved individual, all this bollocks of him killing people all rubbish [Just like the story of Nukes abi Weapons of mass destruction in Iraq that they haven't found till Date]. He was a huge entity, Iran’s Number 2 guy after ayatollah komenei. The whole country has gone for his funeral, everyone is out on the street, he’s regarded as the son of Iran. Watch CNN or ALjazera

He was a fantastic human being, he spent his whole life helping the vulnerable.
Guys his funeral was done in Imam Hussain’s shrine in Karbala. (Imam Hussain s.a. was the grandson of the Holy Prophet Mohammed peace be upon him, who sacrificed his life and family to keep his grandfathers message alive and save Islam) his body will be taken to Najaf, resting place of Imam Ali a.s [Prophets son in law and right hand of prophet and first Imam to lead after Prophet] for a religious procession marks how massively important Qasim Sulimani is.

If indeed he is the evil the USA is portraying him to be, then what is the use of criminal courts? I'm strongly on the opinion that every country has a right to its sovereignty. Iran has every right to retaliate and I'm just waiting waiting for when that would happen and it's underlying effects on the markets. Ethically we shouldn't be trading at these times because we are making money on people's lived but people here don build house, even marry finish, no be we cause problem abi?

infofirst:
@saxy4c... But then I think it's the grass that will suffer during the war, do you think China and Russia will not back Iran?
Iran vs USA Is obviously a win for USA. But when Russia and China support Iran. It most likely wil be stalemate with lots of losses in both camps.
Not a good time to trade oil and go to bed.

earthsync:
Okay Evening everyone.

I feel I can get this off my chest by writing this here?

Forex. I've always heard about how people can trade and make money through this platform so in 2018 I decided to check what this Forex really was. I tried learning it but it was really difficult and I gave up. In 2019, around the middle of the year there was this guy can't really remember the moniker who did this Forex for biginners 101 kinda thing here on nairaland I read it and it just still felt so strange like before.

Sometimes around October a friend of mine from school started talking to me about Forex and what he said really fuelled this drive. So I came here, went through the season 19 posts. Got to know about baby pips, downloaded books, watched videos on YouTube and began to understand this whole world of Forex. and I realized that all those years I was doing it the wrong way.

Sometimes I do get these thoughts of not ever going to be able to trade the market and all that and tbh thoughts like this ruins my mood sometimes.

Whenever I see females (because Forex is mostly dominated by the males) on social media who do Forex I get turned on, not sexually tho lol, but that fits how it makes me feel. it motivates me to always come back to learn and strive everyday and hour.

So here's me saying I'm not going to give up and anyone reading this who feels like doing so should know that Rome wasn't built in a day. And things may look really dull right now but remember the grass's always greener on the other side

NB sorry for any grammatical errors

I totally get what you said here, lack of consistency in trading has totally deterred my growth too, and a few bad experiences i had in the past had made me skeptical. Though i have come to understand that trading is a high risk, high reward adventure, We should just be calculative enough to know which risk is worth taking. Lets join forces to motivate and inspire each other , so we can grow in our understanding of the financial market and also grow our earnings in the market. We must blow this year oh

Guy this is basic mathematics, decimal places and what the definition of what a pip means na? Why would I even go to Google to confirm this?
Pips means Points In Percentage in other words Percentage of a Point. I mean common sense would tell me that the percentage of something can't be bigger than that thing itself. Pips is the smallest unit in forex! [although there are pipettes which aren't commonly used]
I hate bread [except those small round ones they sold for 5naira in early uni days before I dropped out ] but I'd use it as a simple example.
From the google definition of a PIP.
You have 10 loaves of bread in each Rack and each Loaf has 10slices of bread.
Each Rack [1point] has a total of 100slices of bread. Take 1 Loaf profit [10% in bread Points off the Rack] and you've taken 10slices of bread. But if you take only one slice off one of the loaves on the rack you've taken [1% in bread Points off the Rack].
So is one 1 slice of bread which is 1pip in this case bigger than the 1point that is the entire rack of bread? Mbanu! Rather 1point Rack is 100pips. 2point racks would be 200pips, 4point rack will be made of 400pips. Kagané

Oya I've gone to google to get you definition of pips. This is Stock trading elementary stuff. Abi my ogas in the house am I wrong with this because it's like I'm beginning to confuse myself with too much bread

Karleb:


This is wrong!

main24 is right.

consult google for clarification s.

Donsheddy:


hope binary traders is welcomed

if vix, yes

Wizdeen:
Hey everyone, I have been following Forex Trade Alerts on and off for a year and a half now, i have learnt quite a lot from a lot of people here, on babypips , YouTube and some books. I'm ready to start trading full time as a means of generating income.
whats the minimum amount you do recommend one start with in naira
PS: i'm just a youth corp member at the moment so my finance is limited.
Thank you

first trade in demo for a month, and check the result yourself, if you are really ready for the game, else you will blow your account.

80% of trader lose their money, forex is not a game

saxy4c:
That is incorrect my dear. A simple way to always remember this is that a point signifies the smallest possible change in price on the left side of the decimal point [indicated in green], while a PIP same as a tick is equal to the smallest possible price move on the right side of the decimal point [depicted in red].

When price moves from 1551 to 1552 that's 1point which is 10pips, if price moves from 1551 to 1571 [which I believe it would this week by God's grace] that's 20points, won't that equate to 200pips?
Although the way forex pairs are structured, "points" isn't meant to be used with forex pairs [except one wants to show off ]. It's mostly a stock market terminology because, if GBPNZD moves from 1.0000 to 2.0000,my brother that one is 2points move oh but it's a 10,000. But the point value varies for different pairs and is calculated by the number of decimal places after the decimal points.
For USDJPY: 1 Point move is 100pips
For GBPNZD: 1 point move is 10,000pips
For XAUUSD: 1 point move is 10pips etc

0.1551 to 0.1552 is a pip not a point.

0.1551 to 0.1561 is a point.

1 point move is equivalent to 10 pips.

1 pip move is equivalent to 10 pipette.

So like I predicted, Gold did a quick shoot up from 1548 to 1553 then closed at 1551. Been trying to weigh a lot of the fundamentals flying around because honestly the markets are acting weird and if I stick to just technicals I would get my fingers burnt seriously in trading through these coming weeks.

The UK are backing the US’s decision to exterminate the Iranian general. If anyone is looking at the strength[or weakness] of the USD as related to other pairs, you just might be making a mistake. Looking at the charts over the weekend I now see that the movement of the USD has had nothing to do with its relating pairs over the past few weeks and if I can help it, I'd even ignore trading any of its pairs soon [I know i won't stick to this if i see a setup ]. GBPUSD would gap down as people would dump the Pound in anticipation of fear for their holdings in this currency and run to safer havens like Chf and Jpy and Gold
Personally, based on all the news I've tried to put together, I think when the market opens Gold will also spike up with a gap or gap down then then make a massive spike up, whichever way it's only up for Gold to me. These would favour my open trades so far though. The price of Gold is being supported by geopolitical, trade war, and military tensions. I see gold at 1600$ or even more and this would have a very negative impact on global economy.
Many countries such as: China, India, Europe and Asian countries are buying Gold physically to protect thier currencies against the USD which would likely drop in a likely war scenario.

The USA is already removing it's personnel out of certain countries and sending troops to its allied countries around Iran and the middle East.

https://www.forexlive.com/news/!/more-on-the-terrorist-attack-on-us-personnel-in-kenya-20200105

Iraq Parliament already voted this morning to boot out all USA military from its country.

https://www.bloomberg.com/news/articles/2020-01-04/u-s-and-iran-trade-threats-over-reprisals-for-general-s-killing?sref=StzN0HjU&utm_medium=social&cmpid=socialflow-facebook-business&utm_source=facebook&utm_content=business&utm_campaign=socialflow-organic

But I think while all these goes on gold, jpy, chf and oil [I would talk about my observations on this guy soon], and USD are the main ones that benefit. USD didnt hold the gains it made on friday, so i suspect it may need to escalate before flows go back into the USD.

Then I'd also be watching the indices this week. That selloff of the indices I've been waiting for for quite a while now should happen this week. People would sell off their USA stocks in the fear of investors preferring to have cash in the banks at this time to buy other safer investments as the USD is quite risky at the moment plus I still strongly feel this upmove has been fake.

My own is that even though we traders stand to gain some major cash with all these talk of wars and rumours of attacks on countries. Let us PRAY to God for peace. No life is worth being lost because of anyone's selfish interest. This just might even be the end times the Holy book talks about sef.

saxy4c:
Gold about to shoot a bit at least to 1550.

saxy4c:
All this rambling is for everything else to do but trade. If anyone is very conversant with myfxbook let me know so I send you credentials to add an account to the portfolio and you send me the link. I've wasted the last over half an hour of my life trying to do this and I give up.
I'd need to link the first ever live account I've traded. Lion no dey born goat. If I've successfully traded demo for the past 3 years, I can repeat it on this Senior demo account. Oya, myfxbookers come and help me please.

TheYoda:
Myfxbook is easy to set up. Check this youtube video if you are having problems.

https://www.youtube.com/watch?v=wYpeWMNQstw

saxy4c so did you get it done? my guess you use style style change story again, just guessing though. I think say all this Lion talk, you will really do it and prove alot of us wrong, so we can all know you are real deal. Not that you have to.

USCAD: The 4th wave has been completed peaking at 3007,he final fifth wave starts now. It may bottom at 2932.

going by what you have just said 2pips is 0.2points and not 20points abi?
You are now basically in contradiction with whom you agreed with at first and agreed with me unknowingly, except that points are calculated differently with different trade pairs and commodities or stocks.

It is not a standard 10 which me I also thought at first
Go read about indices and what a move of what 1 basic point is. I won't argue about these basic stuffs. I'm looking for the pips and points and pipettes to grow my account whatever they are.

main24:

Nope
20 points is 2 pips.
20 pips = 200 points.

Karleb:

0.1551 to 0.1552 is a pip not a point.
0.1551 to 0.1561 is a point.
1 point move is equivalent to 10 pips.
1 pip move is equivalent to 10 pipette.

Cable spiked up oh but then I still see it going down as expected.

saxy4c:
My dear @theyoda, you surprise me that you're an ardent fan of the Jedi master yet undermine the possibilities the universe has within. Do you think I would waste all these profitable trades on a non existent account? The problem with us Nigerian breed is that we see something good and condemn it.

See trades I've posted live here and even withdrawals. I haven't traded demo in the past 6yrs! I don't like to do these things because it looks like bragging

saxy4c:
I'd need to link the first ever live account I've traded. Lion no dey born goat. If I've successfully traded demo for the past 3 years, I can repeat it [/b]on this Senior demo account. Oya, myfxbookers come and help me please.

You forgot when you lie, you have to lie another lie and another to keep the lies going lol

One of your post, you say you HAVE NOT traded demo account in 6 years. Another post, you trade demo this past 3 years LOL.
You and lies be like Siamese twins. Nothing fit separate una.


saxy4c

Now adding a 3rd short to GBPUSD at 1.3080 SL 3120 TP Open.

saxy4c:
Adding to GBPUSD sell at 1.3130 moving the SL for the first trade to BE at 1.3220.

Wizdeen:
Hey everyone, I have been following Forex Trade Alerts on and off for a year and a half now, i have learnt quite a lot from a lot of people here, on babypips , YouTube and some books. I'm ready to start trading full time as a means of generating income.
whats the minimum amount you do recommend one start with in naira
PS: i'm just a youth corp member at the moment so my finance is limited.
Thank you

Start with what you can afford to lose
Your sole aim should be discipline and proper money management not making money perhaps just focus on one or two currency only, After a month if you can still have the account, then you have made huge progress.



Start with

earthsync:


how did you draw your zones on the metatrader app?

This way

PipMarshall:


Will be buying this.

AUDUSD too.

j

I'm glad to hear.
Kindly update here when entering sir just in case our eyes close small

walexy100:
USCAD: The 4th wave has been completed peaking at 3007,he final fifth wave starts now. It may bottom at 2932.

Fifth wave for where, Do understand wave counting at all, excerpt you are not referring to the chart you posted

walexy100:
USCAD: The 4th wave has been completed peaking at 3007,he final fifth wave starts now. It may bottom at 2932.

I've been watching for this downside possibility too.
Didn't take it because I was thinking it'd be something short.

Since you're in, I'll find an entry too

I can't find where I posted the GBPNZD buy at1.96375, but these fundamentals won't just give me mind to buy anything POUND. Closing here at entry and taking:

Gbpnzd sell@1.96400 Tp@1.95000 Sl@1.97000

saxy4c:
My apologies boss, by all means do your thing and please endeavour to share your trades here so we are all benefit from your wealth of experience. Have a great 2020 sir.

@SunnyCliff


Even with your experience,you have no business trading $200 acct with gold and crude oil ($500 is small but manageable),two highly volatile instrument,just one mistake, that acct is gone.
Just a friendly observation anyway

earthsync:

I feel I can get this off my chest by writing this here?

Look at you oh, you've solved half of your problems already by coming here to seek help, watch the different SUCCESSFUL traders here and understand why they take their trades, once you identify a trading style you're comfy with, follow through with questions when unclear. Don't trust me as a demo tradee but that would sure save you a whole lot on your learning curve.

earthsync:

Rome wasn't built in a day. And things may look really dull right now but remember the grass's always greener on the other side

See you again solving another 25% of your problems .
My dear if I had known this when I got introduced to trading I'd have avoided a lot of mistakes. Got into forex about 10yrs ago,blew big monies left after some time for a break, went back to demo and entered with a small amount 6years ago, but I didn't give up and learnt more and more and more, until in the past 3years I can say I have SUCCESSFULLY traded with back to back profits and understood a lot of what forex is all about [ Well maybe a whole not all ]. Be patient my dear. You would succeed we are here for you.

Follow @piptrian and @faithmight on Twitter [I'd find two other ladies I don't have at the top of my head later].
They would greatly expose you to a great path in trading especially as a lady! One is even amongst the top 3 female traders in the world and na Calabar Lady oh! This is a good place to be!

Ma shaa Allah!!! I don't know whether to cry right now or run out on my street naked!! From my 1548 entry gold given me my expected spike up to 1585, 3500 pippetts !
Gold has moved 1200pips in less than 2 trading days, this is madness, I love insanity!!!
I am not trading this week again! 1600 please come quickly and just finish me biko!!! Above 1560 Gold is a buy, I repeat find a good entry with your strategy! For me if Gold covers the gap, I will slap on another killer trade for you guys, if I'm awake.

Walahi this 2020 would be a good year for us to trade here. Just look back at this post in December and let's pray for one another. So far, no trailer has hit me yet,our enemies would be put to shame and slowly vanish in the grass oh

Have all these news I read over the weekend made me discover a new talent? Goodnight people!!! Love you all.

saxy4c:

So like I predicted, Gold did a quick shoot up from 1548 to 1553 then closed at 1551.

Personally, based on all the news I've tried to put together, I think when the market opens Gold will also spike up with a gap or gap down then then make a massive spike up, whichever way it's only up for Gold to me. These would favour my open trades so far though. The price of Gold is being supported by geopolitical, trade war, and military tensions. I see gold at 1600$ or even more and this would have a very negative impact on global economy.

alaroyeibadan:


first trade in demo for a month, and check the result yourself, if you are really ready for the game, else you will blow your account.

80% of trader lose their money, forex is not a game

Thank you for your response, i have been trading demo for a long time now, also traded live but it didn't end well. its why i lost my drive in the first place. but am back now, and i am not quitting now, Winners don't quit

https://www.forexlive.com/news/!/france-germany-uk-say-need-to-de-escalate-situation-in-iraq-and-iran-20200105

Oya, just because I've just seen this, I believe peoples fears would start to calm down as the Super powers of the world no want war. Secured good profits and taking this good risk reward trade to take advantage of the gap.

Selling Gold 1572 sl 1576 Tp 1552. If you snooze you lose.
Mind you, gold is at 50% on the FIBS a very very vital fib point I've discovered!

Adding to USDJPY buy [I can't help it, are the rules not add to your trades when you win and cut back on a loss?]
Buy Usdjpy 107.81
SL for both 107.40 [please take note of this SL change]
TP 109.50

saxy4c:
Buying EURJPY at 120.71 and USDJPY at 108.01. SL for both 40pips. Update on targets later. I see quite some retracements coming.

https://www.forexlive.com/centralbank/!/weekend-pboc-news-will-keep-monetary-policy-prudent-flexible-and-appropriate-20200105

I personally would be focusing my trades fundamentally this week like I said earlier, this news calls for a strengthened Gold, why? These statements are about Chinese economy. They are saying we are going to stabilize the economy by this and that. And China is the biggest gold dealer. They keep reserves in Gold bars. So if the Chinese economy is good, thats mean gold will move up. Like if USA economy going good, dollar goes up. The only thing I'd be doing with gold is buy. If you have good cash, go and buy Physical Gold now. Come back and give me my share in some months time!

In case I'm not awake to post a gold trade take this as a trade plan. Gold can go up to 1620 then 1628 then 1640 with the new support at 1550.

Setting a buy limit at 1553 SL at 1543 and TP you already know
@Ummuaisha my apologies with this.

I don't know how I missed this, it's my busy body I guess, no vex. Its Gold that it will even have a major effect on, read my earlier posts. But don't listen to me please, na only demo I sabi trade oh!

Trustrade:
Guys, with the current clash between America and Iran. Will this have any effect on the XAUUSD pair?

No problem. Thanks a lot

saxy4c:
I don't know how I missed this, it's my busy body I guess, no vex. Its Gold that it will even have a major effect on, read my earlier posts. But don't listen to me please, na only demo I sabi trade oh!

https://www.forexlive.com/centralbank/!/new-york-fed-chief-williams-says-low-interest-rates-here-to-stay-20200106

I think I'm noticing a pattern in what these guys are doing, they are systematically releasing news to confuse us but if you can look ahead, you'd get a sure game plan. I didn't do Economics though, but like I said if you keep reading the news and see its resulting effects, You'd have it at the back of your palms in no time.
The kalokalo way to understand this, read last statement carefully. He is saying inflation expectations should not slip... That means if this happens, it will hurt American economy and if American economy is hit then what? Usd gets weaker. How is this news coming out on the week of the NFP announcements?

This could be a bit confusing if one follows the news immediately. You'd just be buying and selling until you get frustrated. My plan: let the gap close, enter a buy trade till Friday's NFP then sell the madness out of Gold at NFP!

A safer stop for this would be 1579, let's give the trade some space to breathe as everyone would want to close the gap.

saxy4c:
https://www.forexlive.com/news/!/france-germany-uk-say-need-to-de-escalate-situation-in-iraq-and-iran-20200105

Oya, just because I've just seen this, I believe peoples fears would start to calm down as the Super powers of the world no want war. Secured good profits and taking this good risk reward trade to take advantage of the gap.

Selling Gold 1572 sl 1576 Tp 1552. If you snooze you lose.
Mind you, gold is at 50% on the FIBS a very very vital fib point I've discovered!

But for the SL news chasers if your trade hit SL enter again at 1575 SL 1579 Tp 1552

saxy4c:
A safer stop for this would be 1579, let's give the trade some space to breathe as everyone would want to close the gap.