K
Komommo Eni Ofem
@koms55
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But what do you mean by "price and imbalance which it must fill" where is the imbalance and what price are you talking about?
The more you trade the wider your experience and knowledge . Toady , i regret taking a fourth trade during Pre -New York Session to add to the 3 buy trades i was already maintaining from London Session . What happened was that , while i was monitoring the four trades, i received a message warning me to increase my fund from N5k due to the market movement that suddenly changed from Support to Resistance and continued downward thereby increasing my loss margin . This eventually led to stopping me out of trade , leaving my account with a negative balance of N37.33 !
The lesson i have learned is to stop opening more than 3 trades when i am trading with small funds like N5k regardless of the lot size of 0.01 that i use.
See the image below.
It has been a Ranging market today characterized by Resistance and Support with out a clear direction , discouraging opening of either sell or buy positions.
Support and Resistance movements have been taking turns just inside the Upper and Lower Lines right from the start of London Session . When it managed to break out of the upper line during pre New York Session , a reversal changed it to a downward direction.
Unfortunately,I couldn't trade today just like yesterday due to funding issues.. Well done to you guys.
My experience during London Session teaches me an invaluable lesson today; not to be greedy as a Scalper who loves to trade tiny price movements .
Imagine me taking four shorts on 0.01 lot size with an equity of 3K during London Session, setting my stop losses at a total amount of N2k and watched the steady Resistance move downwards to about N1.5k profit for each short without taking any profit but rather set take profit at the price of 1.16010 next to 1.16000 the biggest bargain of EUR2.4 b is fixed and where i hoped to get up to N4.8k for each short ! Then suddenly , a reversal came , hitting all of my four shorts out !
My today's trading experience was characterised by steady network issues, causing me to risk almost N 2 k ! Initially I thought it was from the trading App, (C Trader) and asked Yoks if he had similar experience but he said it was Airtel network issue.
If not for financial challenges, it would have been very necessary to have more than one type of network source for effective and efficient trading sessions to avoid risking one's opened positions especially if you didn't have time or remember to set Take Profits before the network reversal.
I traded Natural gas today for the first time on 0.01 lot size during New York Session and lost N5000 ! What caused the loss?
Upon investigation , i discovered that the spread of Natural gas is wide , requiring me to fix a high stop loss of N4000 , which i lost shortly after the sell position began . Though, i felt bad but it's a learning experience.
Since I started trading with Trade Nation last year, I have never experienced these kind of issues that are common with Fxpro. Apart from the minimum withdrawal amount of $50 and the fact that it doesn't provide a Wallet where you can reserve funds in case your account is exhausted, Nevertheless, Trade Nation is more convenient for trading that Fxpro.
Today is the most frustrating and unproductive day since i started Forex Trading!
Sequel to losing about N4000 this norning during London Session , i was disconnected from trade by Fxpro !
They may call that network issue but its very annoying and frustrating ! Thank God it happened when i did not have an active trade running.
This is not the first time i have experienced this with Fxpro ! The first time it happened to me was about 2 weeks ago during 4 opened market positions i had running . I was confused and tried all i could do to restore network in vain ! became exasperated and apprehensive of losing a lot from those 4 longs that i took at a go . Then, fortunately for me , the next day profits had accrued each of them . Thank God. But then , if the reverse was the case ; how would i have felt ?
so, bottom line is, in my view and based on these past troubling experiences, Trade Nation is the most convenient Broker for Trading so far . I strongly recommend it to everyone .
What am I seeing , Yoks ? The prices on right margin of the trading view chart that usually begin with 1.something amount now indicating 49. something amount.
I traded the US 30 Index today just to gain some experience in trading other assets . The image below shows what Support , Resistance, Ceiling and Floor mean.
You are right, Godswill about the definition of 'Support and Resistance' but not completely right.
You can't talk about 'Support and Resistance' in Forex Trade without mentioning ' FLOOR, CEILING and STOP as these variables act as oppositions to each other.
While , 'Support' is the price FLOOR where buying interest STOPS the price from falling further.
'Resistance' on the other hand, is the price CEILING where selling pressure STOPS the price from rising .
Traders usually buy at Support and sell at Residence, expecting the price to bounce within this range.
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