My first trade experience

I took a long today on 0.01 lot size during London session for a while. After considering the volatility of the market , i closed the trade at 0.2 cents loss So, i switch from 5 min time frame to 1 day and took a short , placing my stop loss below 1.15000 which is the lowest price bargain on the price fix for today while adjusting my take profit to 1.16000 ,hopping to close trade whenever the TP is hit.

Good effort on managing the London session long and cutting it quickly when volatility wasn't in your favour, that kind of discipline is important.

However, I want to flag something critical on your daily short. You mentioned placing your stop loss BELOW 1.15000, but since you're in a SHORT trade, your stop loss needs to be ABOVE your entry, not below. Below your entry is actually your profit direction. If price moves up against you, there's nothing protecting your account right now.

Also, your TP at 1.16000 is only about 95 pips away from current price, while your SL placement suggests a much wider range meaning your risk/reward may not be balanced in your favour.

After closing the sell trade of 0.01 lot size that i opened yesterday with a profit of $1 22 because i could n't wait for price to hit my take TP of $16 set at 1.16000 price fix yesterday.

So, today, i took a long short like i did yesterday on same lot size during London session after changing the time frame to 3 hrs . I set my SL behind 1.17500 which is the highest price fix for today where price is not likely to go beyond ,dragging my TP to position just before 1.16000 which is next to 1.1550 that has the second largest price bargain of 1.4bn euros and most likely to be hit by price today. Though, the range between the current price and where my SL is set is 78 pips but am confident it will not be hit, while the range between my TP and the current price is 73 pips with an expected profit of $ 7 .

I am considering starting to trade gold but want to know the broker you recommend to trade with. How much equity do I need to be able to generate up to 20k a day?

I actually prefer Trade Nation for gold trade while I use FXpro for Euro/US dollar trade. Your advice is highly sought for as usual.

Great choices! Both Trade Nation and FXpro are well-regulated brokers, so you're already on solid ground.

For gold trading specifically with Trade Nation, here's a realistic breakdown to target ₦20,000/day:

Understanding the math:

- Gold (XAU/USD) typically moves 10–20 USD per day on average

- At a standard 0.1 lot size, every $1 move = ~$1 profit/loss

- ₦20,000 at roughly ₦1,600/USD = about $12.50 per day target

- That's very achievable on a good day, but NOT guaranteed daily

Recommended starting equity:

- Minimum: $200–$300 (for micro lots, high risk)

- Comfortable: $500–$1,000 (allows proper risk management)

- Ideal: $1,500–$2,000 (0.1–0.2 lot sizes with stop-loss room)

Key advice:

1. Never risk more than 1–2% of your account per trade

2. Gold is volatile — a ₦20k/day target is realistic but not guaranteed every day

3. Use Trade Nation's fixed spreads to your advantage on gold — they tend to be tighter than variable spread brokers

4. Keep your EUR/USD strategy on FXpro separate so you can track performance independently

Most importantly, consistency beats daily targets. Focus on a solid strategy and let the profits follow.

A trader once said it is not everyday that must be traded and there were several reactions to his comment and i think from my experience , he is right. Days when the market is volatile like today should not be traded but observed until price begins to move steadily.

The image below shows the circled candles of the volatile area and situation where you are likely be uncertain wether to take a short or long. So, in cases like this, in order to avoid a wrong option, it is better not to trade that day.

Your Pre-Frankfurt low is not marked correctly, this is what it should be

WHAT IS DAILY PRICE FIX IN FOREX TRADE?

Daily Price Fix in forex trade is the predetermined daily time when a benchmark exchange rates are set based on a 60 seconds window of real market transactions . The most popular of it is the 4.00 PM London WM/Reuters Fix , which sets large scale co-operate investments and transactions , triggering high volatility in the the market.

I took advantage of the Ranging market today with 5 shorts on 0.01 lot size at a go during London session . After marking the Asian session and identified the ceiling of the Resistance , i waited for a while until the Resistance broke out of the lower line before i opened the sell trades , making N5,600 profit.

Nice trade, I took the same trade too. However, you are still not drawing your pre-franky high/low lines accurately.

Is that so ? Well , noted . Thank you , Yoks.

Did you trade today ?

Just like yesterday , the market was and is still Ranging, giving me the opportunity to take 4 shorts on 0.01 lot size at a go during London Session after marking my Franky .I have already made N5k profit from the first position while the other 3 positions are still open with expected profit of N5k profit from each of them when Support moves upward direction towards the Eur1.8b or EUR2.9b options.

You mean you took a long (buy) position not a short. A short position is for sell. Nice trade you did well

I see you opened more than one trade but the displays were overlapping, next time you can right click on the positions and select "no overlapping orders" so that all the trades will be displayed for easy monitoring

Today is one of those days that i consider not necessary to trade due to rapid Support movement . The direction of the market was bearish , making it very difficult to open a reliable market position.

How ever, after marking my Franky, i took just one buy position on 0.01 lot size during London Session and later closed it with a little profit of N105 compared to the N20 k profit which i made a day before yesterday from 4 different sell positions at a go .

This is the image.