Naija Boy trying to make a living off Forex

[Efeman]

My name is Victor. You can call me Efemena. My girl friend prefers to call me Efe. I don’t know what’s unique about the name. Maybe it’s because I told her it means wealth. Truth be told, I am broke like Brooklyn but I’d like to see myself as wealthy like forex brokers. After all, wealth is in the mind and not the apparent present and I know I am very wealthy even if it’s not yet materialised:sunglasses:

I started forex in earnest some 10 months ago, when I first made my first deposit with my entire savings and additional borrowed sum, about 2/3 the total sum I deposited:money_mouth_face:. And that was the biggest mistake of my life. I need not tell you the rest, you can imagine the rest:money_mouth_face:disappointed_relieved:

Since then, I have gone from one financial crisis to the other. Yeah. Thanks… Don’t mention. You need not tell me sorry. I have moved on every since. And I have come to realize that instructions are the guiding pillars for every newbies. Alas, only few knows how to follow simple instructions to the later where I come from. We love to do things the way we know first. I should call that foolishness, perhaps, you have a better term for that:confused:

Well, I have been trading my Demi for a while now and I have started gaining confidence in myself, I think I am about to go to the next phase with a cent account to check back on my trading psych with real fund. At least $10 won’t kill me right. Yeah.

I am a graduate of industrial chemistry, alas, I find the knowledge acquired of little significance as kids in my field is highly competitive and industry isn’t really thriving much in my poor country, as such I aim to build funds with the forex market and indulge my interests on polymer chemistry. I however am a man of diverse interests, I doubt might go back to my first love when I dig dip into business management and economics.

Anyways, that’s a bit of me, I shall brief you on my trading progress from now on as I progress in my quest to become a master forex trader. Thanks for reading. Introduce yourself if you may, and we shall keep abreast our trading history together. I learnt the easiest way to be consistent is to not be the only one that is aware of your progress.

Okay. Bye for now.

[zrrsys]

i think forex and electronic trading is the new thing that will take people out of poverty
provided that the industry can be regulated but that is really not a big issue because if any broker fools around the bad publicity on the internet and social media will kill him.
as i said forex and electronique trading is the new thing that will take people out of poverty
they will not be rich but at least will provide them with some decent income
but to achieve that traders need to have guidance something that tells them when to get in and when to get out ,also they need some tutoring and babypips is doing a great job
I have discovered a nice way to find out future possible support and resistance line
i am right now on the testing phase
use a demo account and try what i post
maybe you will be satisfied
good luck man

[Efeman]

Thanks a lot zrrsys. I quite agree with you. I believe with the mass publicity that is going on about trading and the numerous trading tools and guide that saturates the internet, poverty is only a function of gross apathy and ignorance as opposed to previous years when even enlightened fellow still suffer poverty in certain geographical locations. Discipline cannot be over emphasize however.

Thanks. I really appreciate.

[AlexBainbridge]

sorry to hear about the losses Bro, i hope you are making some good gains now, good luck

[Efeman]

Thanks Bro. I will keep you posted on my progress, I am still trying to develop a consistent trading pattern. My trading plan will be updated soon. Thanks for dropping by.

[AlexBainbridge]

yeah will be interested in seeing your progress…i find it goes in good weeks bad weeks for me lol…great week last week, i cant seem to read the markets yet this week. all the best mate

[Eroedon]

Hey Efe, sorry about the losses. I hope things will progress well and that you’ll really manage to make a living off forex. Many people do that, so why not you? It only takes your patience and determination. If you learn from your mistakes, you’ll be good to go

[Pip-Apprentice]

Thank you Efemena for sharing your experience with Us. Through the course of this journey, What lessons or skills that would be helpful to the newbies like me in this community and if you have to start it all again what things will you change with your approach on trading?

[Efeman]

Thanks. I seem to be learning very slowly couples with electrical and internet limitations at my current status. But that’s in no way an excuse. It’s just a simple piece of challenge. I am making progress with a long term strategy learnt a while back when I loose $100 copying a trade. Lol. Learning tend to stick when you loose some Benjies. But it’s no way the best.

[Efeman]

Thanks for all the comments from y’all that did comment. I am encouraged now to put up my progress and mistakes. It’s the best way one could afford to learn.

OK. So I deposited 1000cent ($10) last week. Made some few trades and almost doubled my 1k cent. I placed a trade of one lot size and nailed it. Made 856 cents. I became happy. I decided to stake more so I don’t take such stupendous risk against, so I ropes my account with extra 4000 cents to make it look like my regularly practiced $5000 demo account.

Maybe $10 isn’t good enough stake to make me cautious. Maybe I was just being more greedy I wanted to increase my risk…

Anyways… I made the deposit just before the close of market last week and laid off till this week began. Account balance, 5,853 cents. But in my account is shows up like… $5853.23. Something like that.

Yesterday, the market opened, and I made some poor trades. I sold the cable, against the trends. It was the plan. But my lot size was too much for the strategy (0.2), I couldn’t stomach the lose (-385), I closed the trade.

Today, I followed the plan. And it seems like its working. Maybe it won’t. But I have made up my mind to trade the plan on this account. And carry out my mischievous experiments on any other demo.

Why practice with live account and not demo?
Well, demo is the same as live save for the huge psychological lacuna that exist between them. Nothing like seeing your real money in that red format with an innocent looking negative lying loudly in front of those digits that rings bell of loss, no matter how small. Lol.

Advice?
Don’t stake more than u can afford to loose.

Why cent account?

Well, in my early days of trade, I was told in a forex seminar I attended to practice with demo account. I decided to start trading with $100 do account. Sometimes, $10. The organizers advised I use a bigger account size. I refused. I had the mentality of growing an account, because I felt I couldn’t afford the big account, so it would be impractical practicing with an account size I would never own as a beginner.

No faults in my reasoning right? Well, practically, yeah. But technically, it’s not that simple.

You see, the bigger your account size, the bigger your risk, the bigger your reward. But practicing with a small account size limits you from full exploration of the numerous possibilities the chart presents. You never get to be able to practice the strategy I am using. It requires huge fund base.
So all my aspirations of doubling and growing account over a short period of time was impractical. It made me suffer too much losses. I have learnt the hard way. No short court.

But hey, the cent account is a perfect way to subject myself mind to the potential humongous profit I desire per time (not per day anymore) and still be on a safe side with my small money. So… It is the perfect recipe I need for my growth.

I can both have the psychological pressure of lose as well as have the feel of taking big risk. At least, it won’t be too much a pain in my psych stomach to see my account read -500 and still be comfortable, depending on my analysis though and account size too.

And it feels good to see a string of trades made, adding up to a total negative of over $100 to$200, sometimes, maybe $1000, turn blue to give me good profit within the same range of 300 to $1000. Well, such is possible with cent account without having to risk much and I still get the same psychological effects, as opposed to the total lack of stake that demo offers.

You attract the amount of money you have capacity for.

…who said I couldn’t afford $1000? It was all a hoax by my poverty stricken mind. When I buy old the capacity for handling $10000 responsibly for 1 year, I bet the sum will flow in for some trading deals no doubt. K

Upon learning this facts I have decided to build capacity to handle $5000 account successfully and responsibly. If I do so, I already see a number of ways to attracts such account to myself. That’s adios to poverty. Right? Of course.

So… What’s my trading plan after this long talks?..

wait for my next post. Thanks for reading

[Efeman]

Trading Plan…

1. Identity overall trend
2. At resistance, place high lot size. Maximum, 2lot size.
3. At support, place order with minimum lot size
4. Increase lot size as price rise from support for Retracement.
5. Maintained biased trade on bear positions… Only down trend for now.
6. Wait for price to cascade as give you profit from up to down.
   

As seen, from the above,

1. Overall trend is downwards
2. Price hits support
3. I place only sell positions with 0.01 lot size.
4. I increased lot size gradually with more positions as price go up until a maximum of 2.0
5. I waited for price to cascade.

[Hasturen]

Efeman, why are you pushing yourself to make overnight success in Forex? It is very wrong thing to do. Why don’t you just open a demo account and start perfecting your trading method and strategy. When you start making continuous profits, move to live account. Always use RM and MM !