ARE NIGERIANS STILL MAKING MONEY FROM FOREX?

[legs]

Eyes Up everybody.

If you are looking to trade the NFP report today, then you should note the following points.

The USDJPY is the only currency that you can trade in a straightforward manner for this news item. The EURUSD has a nasty retracement habit here, and you should not trade this pair unless you really know what you are doing.

The ADP Employment change on Wednesday showed improvement in Jobs data, and previous numbers were also revised positively. Today too, Economists are predicting a much better jobs data of 10,000 jobs added as against last month's 85,000 jobs lost.

So the sentiment is that the report will be better. However, that was the sentiment too, and the Jobs data showed more job losses, sending the USDJPY pair down about 250 pips over three days.

Here is what I think may happen.

A negative number will OBVIOUSLY send the USDJPY down. By how many pips, I do not know.

A number that is positive has to be strongly positive to sustain any upward moves. Right now, the trend is downwards so this muddles up the situation here. The Canadian jobs data came out strongly positive and yet we are yet to see any major moves on the CADJPY (in a major downtrend) or in the USDCAD (dollar has been on a good move this week).

MY RECOMMENDATION: Stay away from initial market moves for the following reasons:

1) There will be slippage (many traders will get filled in at very bad prices).
2) The Big Dogs who get the news first from Bloomberg will take the initial profits by entering the market first.
3) We need to digest the numbers and market impact before making the move.

Happy trading and hope you make some money from this report.

[legs]

Ok. The NFP was a conflict.

The Unemployment was better than expected. It was down to 9.7%
The NFP was worse than expected. 20,000 jobs lost vs expected of 10,000 jobs added.

This is a conflict so the USDJPY is a no trade.

Market reaction: The market is now looking at the strong CAD numbers.

MARKET MOVES: Expect the CAD to surge broadly. So you can play any of the CAD pairs, or if your platform offers Crude Oil, expect the price of Crude to rise from its present levels of $73.

HINT: considering the fact that the Euro has been falling since Wed on fears of greater indebtedness in several countries of the EU, especially Greece, a good play here could be to SELL EURCAD. Remember don't just place a sell order. Locate a safe place to do so. If the move has begun, try to enter at a good retracement level using your Fibonacci or your Middle Bollinger band with a (Pending) Sell Limit Order.

Use good risk management and find a good place to enter SUPPORTED by technical indicators like your Bollinger bands.

[precap2]

Ok. The NFP was a conflict.

The Unemployment was better than expected. It was down to 9.7%
The NFP was worse than expected. 20,000 jobs lost vs expected of 10,000 jobs added.

This is a conflict so the USDJPY is a no trade.

Market reaction: The market is now looking at the strong CAD numbers.

MARKET MOVES: Expect the CAD to surge broadly. So you can play any of the CAD pairs, or if your platform offers Crude Oil, expect the price of Crude to rise from its present levels of $73.

HINT: considering the fact that the Euro has been falling since Wed on fears of greater indebtedness in several countries of the EU, especially Greece, a good play here could be to SELL EURCAD. Remember don't just place a sell order. Locate a safe place to do so. If the move has begun, try to enter at a good retracement level using your Fibonacci or your Middle Bollinger band with a (Pending) Sell Limit Order.

Use good risk management and find a good place to enter SUPPORTED by technical indicators like your Bollinger bands.

You seem to be a serious Fundy. You bear all the important news in mind.
Strange as it might sound to you I am not fundamentally minded, I only check to see
news items that would give me the spikes and avoid trading in the news time. Chikena.
But I also use the total sum of news release to feel the future of market direction,
especially important trend-changing news items like interest differencia and macro-economic stuff.

I can be said to be a little fundy and hugely techni, or let's say fundytechnical.
Enjoy your news while I enjoy my TL and historical S & R.

Happy trading in the week ahead.

Kennedy

[jazes]

Hi guys,
Am happy that this topic is raised here again.Am glad to let u know that am also a forex trader and have been for the past 3years and doing fine.
Am going to post my trading strategies here and also signals for the pairs i trade soon.
The pairs include EU,GU,GJ.
Cheers.

[karobi]

Hi guys,
Am happy that this topic is raised here again.Am glad to let u know that am also a forex trader and have been for the past 3years and doing fine.
Am going to post my trading strategies here and also signals for the pairs i trade soon.
The pairs include EU,GU,GJ.
Cheers.

Hi Jazes,You are welcome, actually,the purpose of this thread is to bring in experience hand in the world of forex in this country to share their experience with others and also to let Nigerians know that forex is not a scam. Once again You are welcome.

[karobi]

You seem to be a serious Fundy. You bear all the important news in mind.
Strange as it might sound to you I am not fundamentally minded, I only check to see
news items that would give me the spikes and avoid trading in the news time. Chikena.
But I also use the total sum of news release to feel the future of market direction,
especially important trend-changing news items like interest differencia and macro-economic stuff.

I can be said to be a little fundy and hugely techni, or let's say fundytechnical.
Enjoy your news while I enjoy my TL and historical S & R.

Happy trading in the week ahead.

Kennedy

Precap2 you get it right Legs sound more fundamental in his analysis, well if he is geting it right with fundamental there is nothing wrong with that after all there saying in the market circle which say,'the more you know in the market the better for you' so ride on my brother Leg2. but as for me just like you I am more of a technical man than fundy according to you , however, when I trade my eye is always on what is going on the world economy. because from my own experience in the market all you need to know is represented in the price action on the chart. Infant,last friday I didn't look at the out come of the NFP but through the price action on the chart I traded and I made away with over 200pips from Gbp/USd and Eur/Jpy. I am watching this week, Happy trading

Karobi

[legs]

well, the news determines the market direction.

You've seen the fall of the Euro between Wed and Friday last week? Due to the news (huge budget deficits and public debt in Greece, Ireland, Germany and Spain).

You saw the 400 pip upward move of the EURCHF on Thursday 4am GMT? That was the news (SNB intervention).

The news moves the market. You can then use technical indicators to make your entries.

Hence the saying: trigger fundamentally, enter technically. In essence, the fundamental indicators (News) takes the market in a particular direction, but you must use technical indicators to make correct entries in the market direction.

[precap2]

well, the news determines the market direction.

You've seen the fall of the Euro between Wed and Friday last week? Due to the news (huge budget deficits and public debt in Greece, Ireland, Germany and Spain).

You saw the 400 pip upward move of the EURCHF on Thursday 4am GMT? That was the news (SNB intervention).

The news moves the market. You can then use technical indicators to make your entries.

Hence the saying: trigger fundamentally, enter technically. In essence, the fundamental indicators (News) takes the market in a particular direction, but you must use technical indicators to make correct entries in the market direction.

I understand what you mean, but I think that greed drives the market more than news.
An example is the SNB you mentioned, it moved the market by over 200pips but almost
immediately returned to the equilibrium and continued it's snail crawl. I made a modest 40
pips quickly - How? I trade the ranges of EUR/CHF which is easy to determine, and because
it crawls, I deal heavy volumes. That day it was down and I opened long and went to rest only
to see my TP hit and over-surpassed. I just revealed my strategy with EUR/CHF though.

Now there is a saying by the Master himself Warren Buffet: "The market is designed to transfer
money from the active to the patient". News traders almost always get their fingers burned while they
transfer wealth to us the patient chartists (did you notice my wicked smile).

Trade only what you understand. More pips to your elbows.

Kennedy

[shebay]

Na wah for people sef... FOREX SCAM??? iro nla

I have been making nothing less than 300% monthly on forex...... i have proofs...i will upload my statement of account for you guyz to see.

Forex is real only if you dont over-trade and not too GREEDY. SIMPLE

Cheers!!!!

N.B: Just noticed that it isnt possible to upload files and send them as attchments.....

Kindly send me a mail on service@ewealthnetwork.com with the tiltle "STATEMENT OF ACCOUNT"

Thanks

[karobi]

Na wah for people sef... FOREX SCAM??? iro nla

I have been making nothing less than 300% monthly on forex...... i have proofs...i will upload my statement of account for you guyz to see.

Forex is real only if you dont over-trade and not too GREEDY. SIMPLE

Cheers!!!!

N.B: Just noticed that it isnt possible to upload files and send them as attchments.....

Kindly send me a mail on service@ewealthnetwork.com with the tiltle "STATEMENT OF ACCOUNT"

Thanks

Hi Shebay, You are welcome on board, you don't to be your result to prove the authenticity of forex market. those of us that are atill making money from the market will continue to enlighten Nigerians that the busines is not scam. However, here if you have any experience to share with your fellow you are free to do so.
More Pips to you.

[trimwis]

Forex is not a scam it is only the trader

[legs]

There are currencies that are called the exotic currency pairs. Most times, they are typically range-bound. You mentioned the EURCHF pair. There are the USDSGD and USDHKD pairs.

I have a strategy which I use to trade the range-bound currency pairs, the Basic Bollinger system which uses the Bollinger bands and the Stochastics oscillators. Gives a > 90% success rate if the rules are strictly followed (and there are only 3 rules for entry).

The key with forex is you can use any system that works for you. Just pay attention to proper risk management so that whatever happens, your account can live to fight another day.

[phranklin]

hey!
people make millions daily on forex and there's still many zillions to be made......
Its just a shame that many trainers came around when people were so unaware and somehow they've only been able to make foerx seem like a scam. But my brother  forex is so real...................

[karobi]

hey!
people make millions daily on forex and there's still many zillions to be made......
Its just a shame that many trainers came around when people were so unaware and somehow they've only been able to make foerx seem like a scam. But my brother  forex is so real...................

Thanks my brother you are welcome to this thread, pls your contributions and enlightenment of Nigerians are highly appreciated here.

[mishael1977]

Brother, I really can't tell about other people but I EARN CONSISTENTLY FROM THIS MARKET. Last month, January 2010, I grew $2,000 to $7,949 trading forex in just four weeks.

I dare say that I am one of the few Nigerians that earn consistently from this market.