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THE ART OF TRADING: JOURNEY TO CONSISTENCY

fxmahadum
Apr 07 at 05:50
4 posts
HELLO Everyone

I'm victor obiaeli (fxmahadum ) from nigeria . started learning about the market since 2012 ,being a self taught trader and my background ,it delayed my learning process, but i was able to shun out my own trading systems after so many trials and errors in the market. i will be sharing my experience here and talk about how i see the market, my system is basically made from elliot waves, VSA and WYCKOFF(ONE BAR STOP LOSS STRATEGY) . WILL try to upload all account am managing as time goes on ..

currently a student , in a university studying computer science and also trading as been an issue but am still trying my best to balance them together .


so looking to meet new friends and share my experience also ..
Thanks

fxmahadum
Apr 07 at 06:40
4 posts
MY LESSONS AFTER TRADING AND LOOSING SO MANY ACCCOUNTS TO RETRACEMENT TRADING
It has been hell to trade and loose to the market but in my journey it has been so much of a teaching.. i always act impulsively base on any new research made base on the retracement strategy .. it took me no long time to be able to understand the way the market moves in trend. so i decided to earn about the rretracement of the market and what causes it reversal , the journey was so rough for many accounts as been blown up to 25% at once in trying to learn how to trade this style of the market. the main fact that glued me into trading this market was the fact that i could predict the exact spor where the market will get to and turn around to continue the trend . and then i was so captivated by my shallow mind that PREDICTING THE TURNING point of the market became my best REWARD. I was still fresh as an elliot waves trader and i so the joy of predicting the exact spot for market turnover and the exact direction of the CHF SAGA of 2015. i saw trading a game of prediction and i strived to become better at the analysis aspect.
With the little knowledge i heard wi was able to understand the trend and then i move into the Retracement . my first try it took me days and months of reserach until i finally understand how price reverse and retraced and for four years from 2016 . i became a student to the market studying the retracement. The good thing about this was the fact that i could tell when the market will reverse and where it will reverse to.
But i never pay atention to other details. my win rate with the strategy was very poor and i lost a lot of opportunity to that because so many acount was BLOWN (25% drawdown)while learning to trade i have this RULE each time i loose 25% of an account i take time of the market and make my research and corrections to know what i was doing wrong, and it has helped me a lot ..
i dont want to bother you with the long talk so fast forward to THIS YEAR ..
i continue to be a student of the amrket and i later realised after POLISHING AND RE POLISHING my retracement strategy. i was able to understand this few points.
the best way to trade the retracement is to stay CLEAR out of it or YOU HEDGE it with the TREND trade being the one with highest risk and reward.
also the best TREATMENT to a retracement trade is TIME and money management.
the higher the main timeframe the longer the days of the retracement
As times passes on the Target of the retracement is reduced
the only reason we have retracement is to frustrate the trend
and lastly it is best to trade only the trend than trade a retracement except of you know how to hedge
FOLLOW WHO KNOW ROAD
FOREXMAHADUM
There is a reason its called Mahadum
Knowledge First
Good morning to you all...
Drinks coffee and Relax
VICTOR OBIAELI

LyudmilLukanov
Apr 07 at 11:07
327 posts
Thanks for sharing your knowledge. It is very informative.

fxmahadum
Apr 08 at 04:19
4 posts
LyudmilLukanov posted:
Thanks for sharing your knowledge. It is very informative.



Thank you .. i appreciate

fxmahadum
Apr 08 at 04:37
4 posts
Good morning to you all ,
HOW TO CARVE OUT YOUR TYPE OF TRADING .
So guys, the last two months have been positive so far for me , because i was able to overcome the habits of overtrading, Getting into a trade very early, jumping into many trades implusively
BUT BEFORE then i love to swing positions going into months holding for 2-3months and at the same time coming out with little or not much pips ,why because most times i came out with frustrations from the market retracement . well al this where in the past but this actually gave me the moral needed to start looking deeper into the Retracement story , and i finally got an answer.
But one dangerous thing i was fond of here was this . i see the market as an avenue of making perfect predictions maybe because i was so engrossed with learning that i forgot the goal was to make money and not to PREDICT EXACT MARKET TURNING POINTS.
The truth of the matter is this a trader who make an average of 100pips monthly scalping and always successful in hos consistency is far better off than a trader who can predict the market turning point and still come out of the trading month a looser .
at this junction ,it became clear to me that making moeny from the market is a different thing and becoming a good analyst is another.
traders in our world today are divided into three.
WE HAVE THE GOOD ANALYST BUT BAD TRADER
THE GOOD TRADER BUT BAD ANALYST
THE GOOD TRADER AND GOOD ANALYST.
lets be careful of where we channel our trading goal to . so in spotting this revelation i decided to focus more on becoming a better Trader but the question i ask myself is this ?
IS MY CURRENT KNOWLEDGE OKAY TO PROPEL METO WHERE I WANT TO BE ?
The answer right there was No ,so i took it upon myself to learn the market without thinking of the money.
THE TRUTH IS THE MARKET WILL ALWAYS BE THERE FOR THEY THAT CHOOSE TO UNDERSTAND BEFORE RISKING.
The moment i understand this the day i developed the mindset of learning, and as i learn i also do well to LIVE DEMO with little amount and i kept on loosing not because i dont know but i was fighting with the psychology of being a good analyst and a trader.
most of my trades tends to go into profit before going into loss, i took note of that and i worked on my exit strategy . till i got to a breakeven in my trading experience
BREAKEVEN IS THAT LEVEL YOU GET TO THAT YOU ARE SURE OF NOT LOSSING AN ACCOUNT. YOU KNOW WHY YOU LOST A PARTICULAR TRADE , YOU ARE FOLLOWING A PARTICUALAR STYLE DELIGENTLY AND YOU BECOME AWARE OF YOUR MONEY MANAGEMENT AND PSYCHOLOGICAL TRAIT.
TO CUT THE LONG STORY SHORT .
I BECAME A STUDENT TO THE MARKET FINE TUNING MY TRADING PERSONALITY (NOT SYSTEM/STRATEGY) FROM THE DIRECTIVES OF THE MARKET THROUGH MY LOOSING TRADES.
I DID A RUN OF 6MONTHS OF CONSISTENT PROFIT AND I REALIZED WHY
I NEVER TRADE AGAINST THE TREND
I POSSESSED IMPROVE KNOWLEDGE
I CONTROLLED MY RISK MANAGEMENT
I CHOOSE TO WAIT FOR THE RIGHT SETUPS .
THEN I BECAME FULFILLED BUT STILL I DONT GET THE RETRACEMENT STORY SO WHAT I DID WAS TO KEEP ON LEARNING ABOUT THE RETRACEMENT UNTIL I GOT IT RIGHT ..
BUT THEN
I REALIZED THAT MONDAY ALWAYS HAPPEN TO BE MY BAD DAYS
FOCUSING ON THE MAJORS ALONE CAN GIVE YOU MORE PROFIT UNLIKE WHEN YOU ARE EVERYWHERE
THE MARKET BECOMES VOLATILE ON TUESDAY AND WEDNESDAY
WHEN THE MAJORS HIT THREE DAYS IN A PARTICULAR MOVEMENT THEY TEND TO REVERSE IN THE LAST TWO DAYS OF THE WEEK
MONDAY IS FOR MANIPULATION ,TUESDAY/WEDNESDAY IS LIKE THE LONDON SESSION , THURSDAY FRIDAY ARE NEW YORK SESSION BASE ON THE WEEKLY CYCLE ..
I LEARNT THIS AND FOLLOW THEM ADDING THEM TO MY PERSONALTIY
BUT IF I WOULD SAY WHAT HAVE HELPED ME THE MOST IS THE FACT THAT I HAVE A GOOD ENTRY METHOD STYLE USING VOLUME , WHICH ENABLE USE ONE BAR AS MY STOP LOSS ON ANY ENTRY TIMEFRAME AND HELPED IN REDUCING MY NUMBER OF TRADES.
THE NOTES HERE ARE PERSONAL NOTE AND FINDINGS FROM MY EXPERIENCE . SO PLEASE ENSURE YOU ASK IF YOU ARE NOT CLEAR OR BACKTEST ..
AS A TRADER ALLOW THE MARKET TO FINE TUNE YOUR PERSONALITY AND DONT JUST JUMP INTO CONCLUDING YOU ARE THIS WHEN THE MARKET HASN'T DECIDE
HAVE YOU JOINED THE FOREX MAHADUM PROGRAM YET ?
IF NOT WHAT ARE YOU WAITING FOR
GRAB THIS OFFER NOW
IT CAN ONLY HAPPEN ONCE
OBIAELI CHUKWUDUMEBI VICTOR
FOREXMAHADUM

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