I don’t know this guy from Adam but when I asked him to do a write-up on Forex today. He obliged me with this beautiful piece. Please readers, kindly say thank you to Jerome Obada; words can not mention how grateful I am. Enjoy as you venture into the world of Forex – over to you JO:
My thots: Most of the HYIPs in
Nigeria claim that they are into Oil and Forex; if they can make so much money by investing our money in forex, why can’t we do the same?
Let me first start by saying I’m not a Forex expert; my first journey into the world of foreign currency trading started in March 2007 when a colleague told me he made and lost $10,000.00 from online forex trading. I’ve come a long way since then and now make between 20% and 100% on my investments everyday, 5 days a week.
FOREX or Foreign Exchange trading is a financial vehicle that can give you a conservative ROI (Return on Investment) of about 20% or more every day 5 days a week but you can also lose all you money in the blink of an eye if you don’t know what you are doing. The truth is, every Forex trader loses money but the trick of the game is to lose little and gain a lot.
The Forex market is the largest market in the world and has a daily turn over of about $2 Trillion compared to $30 billion in the futures market, this market never sleeps because as one country sleeps, others go to work. The diagram below depicts the different open and close market times for different Time Zones.
| Time Zone | New York | GMT |
From here onwards, I will dwell on my own personal experience in Forex trading.
Armed with the reality that my friend made $10,000.00 from Forex (I mentally blocked out the fact that he later lost it), I googled “Forex” and “Foreign Exchange trading” in as many different phrases as I could think of and noticed that www.fxcm.com was prominent in all my search results and also have the best customer service culture (my opinion).
To cut a long story short, I read most of the materials available on the site; webinars, videos, literatures – and also contacted one of their sales person through chat, he called me and we spoke for about 36 mins. I was advised to start with the practice/demo account to get accustomed to trading in the real market before risking my hard earned dough in the mini ($300) or standard ($2000 and above) accounts.
The practice account allows you to trade with $50,000 demo money in the real market with a leverage of 1:1000 i.e. you can control $100,000 with just $100. This leverage can amplify your profit but also works the other way; you can lose your money if the market moves in the opposite direction to what you bided for. Pls go to www.fxcm.com or www.fxcmtr.com to learn more, I also found the following links very informative;
http://forex.acrobat.com/p75775177/
www.forex.acrobat.com/webinars
www.fxcm.com/forex-trading-video.jspÂ
I lost $15,000 demo money on my first day; this happened because I rushed in without understanding the fundamentals of forex trading. The loss really affected me but I shrugged it off and decided to educate myself more on tools and tricks that the real traders use; I will advise all forex newbies to read babypips.com before starting and also understand the concept of Fibonacci ratios/retracement, Elliot Waves theory and Buy/Sell signal software. These tools and the 25mins video at fxcm really helped me.
The time difference between major trading countries can also be used to make quick profits especially when there is an overlap i.e. Tokyo closes by 9.00 GMT while London opens 1hr before that; the GBP/JPY currency pair is normally at its lowest around 7:30 GMT (this is referred to as “morning low” so you can buy at this time then wait till about 10:30am before you sell. You also make a certain percentage if you keep your open position for more than 24hrs.
Trend and Range: The fluctuations of currency pairs can be broadly divided into 2 i.e. “Range” and “Trend”. Ranging currencies stay within a range (more or less) so you can easily predict how low/high they will go; buy @ low and sell @ high. You can also sell @ high then buy @ low. Trending currency pairs e.g. all pairs that include the USD can move 100 to 200 pips in less then 20 seconds but these movements are not easy to predict so you can either make it big or lose it all. This is for high risk takers. The GBP/JPY is my all time favorite ranging pair even though the spread is quite high (about 8 pips) compared to EUR/CHF, GBP/USD that have spreads as low as 2 or 3 pips. 1 pip is the lowest value a currency pair can appreciate or depreciate and it value lies somewhere between $8.3 and $10 in a standard account and $1 or less for mini accounts.
If USD/JPY = 119.01, 1 pip for this pair will be $0.01, this may look small but the1:1000 leverage allows you to make a sizeable profit because a movement of $0.01 becomes $10 and it’s further amplified by the amount you invest.
Spread: Spread is the difference between the buy and sell price and it’s the only commission your Forex broker will make from your trading.
Fully armed with all these Forex knowledge in my pocket, I was able to increase my $35,000 demo equity to $48,000 in 3 weeks by making an average of $1,000 profit a day. I’ve since moved from demo to mini account which I opened with $400 and made $62 on my 1st day. My all time favorite is the GBP/JPY which oscillates within a band ”239.75 Pressure and 236.44 Support” though it may once in a while out shoot these values.
| CURRENCY | DATE | TIME | LOW | TIME | HI GH | PIPS |
Trading Stations: Pls go to http://www.fxcm.com/trading-platform.jsp to view the flash video on how to use a trading station. Most trading stations include a feature that allows you to plot the real time graph of any currency pair over any period of time; this helps you to know the history of the pair’s performance and also watch as the price fluctuates in real time.
You can also read some of my posts at http://www.dipotepede.org/2006/08/28/nospetco and http://www.dipotepede.org/2007/03/22/coup-is-coup for some answers I’ve given to various questions on Forex.
NOTE: Forex prices can be influenced by a lot of factors especially news from the Central Bank of major players like USA, Britain and Japan, I lost $130 in my mini account because I ignored a particular Trading news in my squawk box; the squawk box gives you real time news from different countries and predictions from prominent Forex traders around the globe.
Happy trading!!!
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280 comments
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February 20, 2012 at 9:07 am (UTC 1)
No major fundamental news today therefore we will flex our technical muscles and see how much we can make.
Refer to the technical trading strategy I posted on the 16th of Feb 2012
February 17, 2012 at 6:01 am (UTC 1)
GBP Retail Sales (YoY)
Previous: 2.6%
Forecast: 0.5% to 0.6%
Time: 9:30 GMT
Pairs to trade: GBP/USD GBP/JPY
Estimated Pips: 40 pips on initial spike
Retail sales have had a bearish outlook recently.
The retail Sales released by the National Statistics measures the total receipts of retail stores. Monthly percent changes reflect the rate of changes of such sales. Changes in Retail Sales are widely followed as an indicator of consumer spending. Generally speaking, a high reading is seen as positive, or bullish for the GBP, while a low reading is seen as negative or bearish.
TODAY’s STRATEGY (Post News Trading)
As usual, I’ll look for a 30% to 50% retracement on the original spike (15mins chart) before placing my order, a lower retracement on the spike will be too risky to enter; I will only enter if my triggers are hit (pending order – go short on the retracement back to pre-news levels). I’ll come in within 15pips or closer to the pre-news price, or on a significant 50% retracement on the spike (trade 1 or 2 lots depending on the size of your equity)
I may also use my indicators (MACD, Bollinger Band, STOCH and maybe RSI. Too many indicators?) to decide if the spike is actually reversing or pulling my legs.
My Take Profit level would be just before a resistance level or if the chart decides to form a support level, looking at a 15 minute chart time frame. Fibo retracement can also help here.
Don’t stay in for too long (30mins?). Take your profit and run!!!
February 16, 2012 at 2:40 pm (UTC 1)
STOCH is still rising and the pair has broken tru its previously assumed resistance.
When this type of break away happens, it breaks hard (up or down) and previous resistance becomes the new support (or previous support becomes the new resistance). Time will tell.
February 16, 2012 at 1:55 pm (UTC 1)
The ECB Monthly Report (European Central Bank) released this morning moved GBP/USD up by 29 PIPs and GBP/JPY by about 54 PIPs. GBP/USD came back to its pre-news level about an hour later while GBP/JPY is still riding high.
Some dough can be made by going short on GBP/JPY because its has retraced from resistance in bollinger and STOCH. Place your order when STOCHASTIC comes below the 80% line (to be sure its a real retracement and not a rising trend), this should happen any minute from now in the H1 (hourly) chart.
Take profit after 5 or ten PIPs. Dont forget your stop loss!!!
February 16, 2012 at 6:34 am (UTC 1)
Today is a purely technical trading day bcoz there is no major news for d currencies I trade.
As usual, u can leave your comments here, send me an email (obadaj1 @ gmail . com) or chat with me on facebook (search for Jerome Obada). I’ll be giving out free ‘Range Trading’ ebooks today, if u are interested, leave your name and email as a comment here (scroll down to the bottom of the page).
STRATEGY FOR TODAY
GBP ‘base’ currency pairs (GBP/USD, GBP/JPY etc) seems to be on a gentle down trend so take this into consideration when goin ‘long’.
Intraday traders can go ‘long’ or ‘short’ but confirm your positions with at least 3 indicators before placing an order. Go for a max of 4 PIPs per trade (1 or 2 lots per order, check your equity!!).
Depending on your risk appetite, you may leave your open position(s) till tomorrow if you believe there is dough to be made (I wont advice newbies to do this), u can also earn rollover interest if u do this. Never leave your position over night on a friday bcoz of the long ‘non-trading’ weekend; you can’t trade on Saturday and Sunday and anything can happen (Tuface) on these days.
I normally use MACD, STOCH, RSI and Bollinger to confirm an upward or downward trend before placing my market order. I then use fibo retracement & Pivot points to know where to take profit.
February 15, 2012 at 8:37 am (UTC 1)
Major Forex Signals for Today
GBP JOBLESS CLAIMS CHANGE (JAN)
Forecast: 3.0K to 3.3K
Previous: 1.2K
Pairs to trade: GBP/JPY GBP/USD
Time: 9:30 GMT
Measures the number of people who claim unemployment benefits, but are actively seeking work. Released with the Claimant Count report, Jobless Claims Change serves as a barometer for the health of the UK labor market. There is a tendency to influence the GBP volatility. Generally speaking, a rise in this indicator has negative implications for consumer spending which discourage economic growth. A high reading is seen as negative (or Bearish) for the GBP, while a low reading is seen as positive (or Bullish).
GBP BANK OF ENGLAND QUARTERLY INFLATION REPORT
Forecast: NA
Previous: NA
Pairs to trade: GBP/JPY GBP/USD
Time: 10:30 GMT
The Bank of England quarterly publishes a report of the detailed economic analysis and inflation projections on which the Bank’s Monetary Policy Committee bases its interest rate decisions, and presents an assessment of the prospects for UK inflation over the following two years. A high reading is seen as positive (or Bullish) for the GBP, whereas a low reading is seen as negative.
Checkout my facebook profile to see how I’ll trade this news.
February 14, 2012 at 2:52 pm (UTC 1)
I made 63.7 PIPs today in my live FXCM account by using the strategy i proposed this morning, I hope some people were able to make some dough too.
February 14, 2012 at 4:51 am (UTC 1)
Major Forex Signal for Today
UK Core CPI (YoY) (JAN)
Forecast 3.6%
Previous 4.2%
Pairs to trade: GBP/USD GBP/JPY
Time: 9:30 GMT
The Consumer Price Index (CPI) measures the change in prices for retail goods and services, including food and gas. The CPI is the key measure of inflation for the UK and is used by the Bank of England in making interest rate decisions. Generally, a high reading is seen as positive (or Bullish) for the GBP, while a low reading is seen as negative (or Bearish).
Check out my trading strategy for this news on facebook (search for Jerome Obada)
I made 22 PIPs ystdy, how did u do?
March 9, 2010 at 5:08 am (UTC 1)
Forex and the way it is marketed on the net is a sure way to lose your shirt. It is not a get rich quick scheme but is a quick trip to the poor house, if you don’t get yourself educated, which doesn’t happen in 5 minutes.
I have been trading on and off for years now and I found from all the courses I had done and thousands of dollars later that forex is not a push over.
What changed it for me was not getting more and more education, but getting a mentor, someone who was a professional trader for a living and capable of teaching.
So if you want to be a successful trader and it is not working for you, learn from a pro who is prepared to mentor you, it will turn your trading around, it did for me.
July 28, 2009 at 1:43 am (UTC 1)
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June 19, 2009 at 2:17 am (UTC 1)
Dear Reader,
Are you a good forex trader? To what extent can you grade yourself? How many years have you being trading? How much can you account for in a month? who is your mentor and how profitable are you now? How many account have you crash. Are you discourage already because you have crash a lot of account and you are just playing with demo. Although, i agree with you that no forex trader can do without demo as a play chat.
However, i have good news for you. Did you know that there are some robort that can rake in money for you while you are sleeping. Robot like fapturbo, faps, megadroid. You may think you don,t need them but the point is are you a guru. Did you know that one of the reason why you crash account is because of your wrong analysis. Now all this robot i have trade them and they are raking in money for me.
For more information e-mail me back. mikejames1235@yahoo.com
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June 1, 2009 at 3:13 pm (UTC 1)
Forex is Real but not meant for everyone.
It takes adequate knowledge,patience and I can’t give up attitude to make a success out of it.
May 7, 2009 at 3:50 am (UTC 1)
Forex is not for everyone. Traders has to do lots of research and read lots of books from expert traders……. Lot to learn..
March 26, 2009 at 8:50 am (UTC 1)
If found this site very helpful in furthering my trading knowledge. I place their link below, let me know what you guys think or if anyone has other suggestions.
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March 2, 2009 at 5:02 am (UTC 1)
forex is very hard to do but if you do it right you can make alot of money. You have to use good tools and software.
forex trading forum
September 2, 2008 at 7:03 am (UTC 1)
Hello Jerome,
I have done enough training on forex traiding and I am making an average of 10,000 USD per day on my demo account. The problem I have now is getting to open a live account as all the online forex trading companies do not want to have anything to do with Nigerian clients, i understand why , so I ask if there is any out there that is still unbiased. I need to go live as soon as possible. Thank you.
May 3, 2008 at 2:36 pm (UTC 1)
check out http://www.bridge10.blogspot.com for new opportunity
May 3, 2008 at 2:35 pm (UTC 1)
check out http://www.bridge10.blogspot.com for new opportunity
April 3, 2008 at 12:03 pm (UTC 1)
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April 2, 2008 at 9:33 pm (UTC 1)
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They are accessible for everybody.
I offer you to acquaint with them ( online investing bookmak http://www.ramnathinfotech.com/bookmarks.php/boksir124 )
If somebody can supplement my list please publish here your research or bookmark
PS I am sorry if my message out of forum topic or it`s not interesting to community.
March 7, 2008 at 3:22 pm (UTC 1)
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November 15, 2007 at 12:19 pm (UTC 1)
I have e-bullion for sale at the rate of N140. Anyone who is interested should call me on 07028197636, 01-8716673 or 08029879354. thanks
November 14, 2007 at 10:45 am (UTC 1)
@ all
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November 8, 2007 at 1:37 pm (UTC 1)
@Achu Godwin,
The number you gave in post #256 appears to be invalid. What other number can you be reached on?
November 7, 2007 at 9:11 am (UTC 1)
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November 3, 2007 at 2:49 am (UTC 1)
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October 30, 2007 at 9:46 am (UTC 1)
pls i want to know how genuine this guys are. Although, i’ve opened real account with liteforex.org and fun it. pls i want to know if i will be able to withdraw back my money.Also i will like u to recommend broker that are reliable and accept e-gold.
October 27, 2007 at 4:37 pm (UTC 1)
Is cool and to say hello.
Checking in to see if everybody.
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October 26, 2007 at 1:01 pm (UTC 1)
If you are interested in buying e-bullion, I have $250 worth of e-bullion for sale at
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October 14, 2007 at 8:01 pm (UTC 1)
I recently got inspired by a story that has formed part of my philosophy both in business and in life. There were these four lepers who left an impoverished city in search of food and were willing and ready to die in the process. They became successful and instead of solely enjoying their booty, they showed the whole city the way. And in an instant, the entire economic situation of a community was forever changed.
I was almost ostracized from the community of Forex traders because of consistent losses until I found out new ways of doing things. Sadly, it turned out that most of what we were told about Forex (in those e-books and Video tutorials) are not true. Most of these guys are just theorists and not active full-time traders. I have developed my own system which works almost all the time. I did not want to break the news when I discovered these secrets because I want to see and fully experience the result. And after 3 successive months of recording near 100% accuracy and literally reaping thousands of dollars, I can come out and boldly declare in a step by step fashion how to make it trading currencies online. My mentor, Bill Gates, is fond of saying Money is the way we keep score. If that is true, then I have scored well in Forex trading. I am organizing a more or less round-table talk where I would be showing people live how to make money consistently. The workshop would be of more benefit to those people who have been trading for some time as they can quickly relate to whatever I will pass across. Also since they have experience, they can ask more practical questions and get working answers. This kind of meeting is definitely not for everybody, but fairness demands that we market in a way that no-one would say he/she didn’t hear. Please also note that literally tens of thousands of people are reading this advert (it also appears in all major national dailies) and there is space for a few so it is a smart move to quickly decide whether it is a meeting you would want to attend or not and make your seat reservations immediately.
For more details, pls visit: http://wespeakforex.com/seminars.php and check newspapers e.g BusinessDay (Money Section, Monday, Oct.15) or call 08050684775
October 10, 2007 at 2:14 pm (UTC 1)
@Stone,
No, MGH is not an EA….it’s a mechanical forex trading technique invented by me
October 6, 2007 at 8:01 pm (UTC 1)
@ Muyiwafx, RE: #250
Is it an EA?
October 5, 2007 at 12:51 am (UTC 1)
FOREX TRADING STRATEGY !! FOREX TRADING STRATEGY!!
INFINITE MONEY IS AVAILABLE TO A MIND THAT IS READY, WILLING, ABLE, QUALIFIED AND GIVES ITSELF PERMISSION TO EARN AND ACCEPT IT.—–MARK VICTOR HANSEN.
• NEW STRATEGY FOUND!!!!! MUYIWA GOLDEN HAND(MGH)
It’s a new dawn in the world of Forex for those traders who are willing to go the extra mile to have green pips (+Pips) on their screen.
I wouldn’t want to waste your time reading a long note about this new strategy found about 5 months ago. Its name is ….MUYIWA GOLDEN HAND…it is named thus because I discovered it…it’s so simple but well hidden within price actions and time and that’s the other reason why it does not depend on Technical nor Fundamental analysis for its application.
Any trader who is worth his salt should know that indicators are lagging behind price and those Fundamentals effects are not long-lasting on Price actions.
MUYIWA GOLDEN HAND comes in-between these two known methods of analyzing the market, it completely sets aside the use of both fundamentals and technical tools like the MACD, moving averages, RSI, Stochastic, CCI etc.
It is also very useful for those who doesn’t have the whole day sitting with the computer.
I’m giving it out on the believe that your profit would not affect my chance of making profit, therefore, I will give it out for a token for what I would call a sort of motivation to encourage me dig further into the bellies of time to once again unraveled the mysteries surrounding profitability in forex trading.
I am well aware of the potential business opportunity available to me if I decided to use this strategy to start a signal service which traders would pay monthly subscription at a price I set for them, but because I strongly believe in togetherness, I hereby, invite everyone who wants to make profit trading forex to join me while we all enjoy the benefit of this great strategy together!!!
It goes for just 20,000 naira or 150$ e-gold.
My name is Muyiwa Ogundipe
08036127545 mooiwafx@yahoo.co.uk
October 4, 2007 at 8:47 pm (UTC 1)
@roteyy :
Thanks i did not get what i was looking for, but it was worth checking out.
October 4, 2007 at 4:05 pm (UTC 1)
@rx1pat
Try http://www.mqlservice.com/download.html,maybe your problem will be solved.
October 4, 2007 at 12:36 pm (UTC 1)
Hi
@ all: I just started trading on my live account this week. Please does anyone know how i can get an automated trend indicator that works on metatrader 4? Thanks.
October 2, 2007 at 9:29 pm (UTC 1)
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September 29, 2007 at 2:36 pm (UTC 1)
Hi All,
PLs i need your help i just finished with my Forex trainning and for now i dont have my personal PC please no amount is too small.Also i dont have internet connnection as well all i want is just a litttle help here and there and God in His infinity mercy will continue to bless you all.
This is my account name
Jolayemi john femi
Account number: 210/734705/7/1590
My Bank is GTB bANK
Thank you.
September 29, 2007 at 12:10 pm (UTC 1)
FOREX FOREX FOREX FOREX FOREX
FOREX TRAINING AT ITS CHEAPEST PRICE WITH JUST #12.000 ,CONTACT(RAHMAN 08052145160 OR AFEEZ 08059093419 one-on-oneforextraining@yahoo.com).TRADE THE FOREX USING THE FUNDAMENTAL ANALYSIS WHICH WILL ALWAYS OVERRIDE TECHNICAL ANALYSIS.REMEMBER ITS A ONE ON ONE SEMINAR CH IS THE BEST U CAN EVER NEED TO TRADE ON FOREX MARKET.forex is a very risky investment but if u know the basics ,u will have every cause to smile .
September 26, 2007 at 12:17 pm (UTC 1)
E-GOLD/BULLION @N143
This is to inform everyone that I have reduced my e-gold and e-bullion to N143/$ .
Funding is still within 5mins or you get compensated for any delay.
Above all, you are dealing with a credible, trusted and tested e-gold/bullion merchant with verifiable track record and office.
You can come to my office to pay and wait while your account is funded.
I also have Getaway wallet to sell.
Kfegold
08033247888,017657888,08053247888
September 23, 2007 at 7:20 pm (UTC 1)
FOREX FOREX FOREX FOREX FOREX
FOREX TRAINING AT ITS CHEAPEST PRICE WITH JUST #12.000 ,CONTACT(RAHMAN 08052145160 OR AFEEZ 08059093419 akorede20002001@yahoo.com).TRADE THE FOREX USING THE FUNDAMENTAL ANALYSIS WHICH WILL ALWAYS OVERRIDE TECHNICAL ANALYSIS.REMEMBER ITS A ONE ON ONE SEMINAR CH IS THE BEST U CAN EVER NEED TO TRADE ON FOREX MARKET.forex is a very risky investment but if u know the basics ,u will have every cause to smile .
September 22, 2007 at 11:27 am (UTC 1)
@ALL
is it true that trading with forecasting softwares is 75% accurate ? someone is trying to sell me one saying that it is the way forward for a beginner .
September 21, 2007 at 7:53 pm (UTC 1)
FOREX FOREX FOREX FOREX FOREX
FOREX TRAINING AT ITS CHEAPEST PRICE WITH JUST #12.000 ,CONTACT(RAHMAN 08052145160 OR AFEEZ 08059093419 akorede20002001@yahoo.com).TRADE THE FOREX USING THE FUNDAMENTAL ANALYSIS WHICH WILL ALWAYS OVERRIDE TECHNICAL ANALYSIS.REMEMBER ITS A ONE ON ONE SEMINAR CH IS THE BEST U CAN EVER NEED TO TRADE ON FOREX MARKET.forex is a very risky investment but if u know the basics ,u will have every cause to smile .
September 21, 2007 at 1:55 pm (UTC 1)
Just linked into this site. Is payment for registration still on?
I need a response asap
September 21, 2007 at 11:23 am (UTC 1)
plz fellow user.i would appreciate it if u can help me to check my site at http://www.a3unionnigeria.blogspot.com and rate me if i try at all.i have been workin on it seriously and i want u to appraise my effort so far and who knows u might get sometin from it as well
September 20, 2007 at 8:25 pm (UTC 1)
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September 17, 2007 at 1:16 pm (UTC 1)
For those who can’t………, we can do the marketing for you based on a condition that the total payoff will be shared in ratio 60:40.
Give it a try, it is the best deal in town.
This travel program is working. This is the easiest way to turn $160 U.S Dollars to almost #1. 6 Million Naira just in 2 months.
When you purchase your Getaway club Platinum Pass for only $160 or #25,600, you are issued with a password protected to the “travel site.”
The program is an automated system that work with the standard of 1 * 2
There are four compensation plans as below:
1st Bronze Cycle $50 = #7,500
2nd Silver Cycle $200= #30,000
3rd Gold Cycle $2,000= #300,000
4th Platinum $10,000= #1,500,000
Come and let’s show you how home based entrepreneurs are making money through the power of the internet.
For more information kindly call 08034949792 or send a mail to ade2me@yahoo.com
September 14, 2007 at 11:34 am (UTC 1)
@ Bola,
Get in touch on this number 08036127545 for detailed training on how to make money trading forex
September 13, 2007 at 1:50 pm (UTC 1)
I have been reading about this forex thing of late but i need to talk to someone who has been there.I dont want to start without having a full understanding of what am getting into.I will really appreciate if someone can link me up with a trainer.U can contact me on bolaoye1@yahoo.com
September 12, 2007 at 11:27 am (UTC 1)
Forex Forex Forex! this is the new song in my mouth now, For those who are still
doubting the potency of this money spinning machine, i pray God gives them the
eyes to see.I started learning under jerome about 2months ago and i have made
over $1500 within my first 5days of live trading that i started with $300 .
its amazing all do is trade the trends and take little profit and now my account
is richer and my pocket is fater…
big thanks to Jerome and babypips.com
September 11, 2007 at 3:35 pm (UTC 1)
This is a wonderful work. especialy for me, a novies in forex. the conversation has increased my horizon i opened a demo acount few weeks ago, and i have since been bombarded with all sort claims and training advert.
A friend introduced me to this forum, and his advise has proved useful. i thank the owner of the site for the great work. i have not open any life account hence no loss no gain for now. The issue is how far can i go, who can give the best and precise training on forex? Gentlemen, pls help.
Ayo
September 7, 2007 at 2:21 pm (UTC 1)
hello just write 2 inform u that i just witdraw from a3union as i write and u can check http://www.a3unionnigeria.blogspot.com on info on hw to join as well
September 6, 2007 at 3:06 pm (UTC 1)
OREX FOREX FOREX FOREX FOREX
FOREX TRAINING AT ITS CHEAPEST PRICE WITH JUST #12.000 ,CONTACT(RAHMAN 08052145160 OR AFEEZ 08059093419 akorede20002001@yahoo.com).TRADE THE FOREX USING THE FUNDAMENTAL ANALYSIS WHICH WILL ALWAYS OVERRIDE TECHNICAL ANALYSIS.REMEMBER ITS A ONE ON ONE SEMINAR CH IS THE BEST U CAN EVER NEED TO TRADE ON FOREX MARKET.forex is a very risky investment but if u know the basics ,u will have every cause to smile .
September 6, 2007 at 1:39 am (UTC 1)
Jo,
Really? Many thanks.
September 4, 2007 at 2:37 pm (UTC 1)
Oops, my last post was in reply to Dumsky and not Ishow2005 but I believe everyone can make use of the info
September 4, 2007 at 1:48 pm (UTC 1)
@ishow2005
Pls go to http://www.youtube.com/watch?v=8aNNNN2EhpM and see the video by Felix Homogratus the owner of http://www.secretforexsociety.com. I am a member and get updates and daily trading strategies from him. You can also check his website for other info.
September 4, 2007 at 9:37 am (UTC 1)
I think if properly handled, both DCC, Getawayclub and CF will go a long way to work
for the good of everyone…thanks
Netpreneur
September 3, 2007 at 10:30 am (UTC 1)
Ishow2005,
Sorry about your loss. Good post though for the newbies.
Jo,
When you say these currency pairs have a zero spread during high volatility periods, how do the brokers then make their money. Interesting info though but i’d appreciate a little more insight as this is a new one for me.
Cheers bro.
August 30, 2007 at 7:16 am (UTC 1)
@All,
For zero or close to zero spread on volatile pairs, go to http://www.mbtrading.com. I found out that EUR/USD and USD/JPY have zero spread during high liquidity periods while GBP/JPY thats normally have a 7 or 8 pip spread on other trading stations have 3 or 4 pips spread in MBTrading during the same trading period; the smallest spread i have seen for EUR/USD on other trading stations is 1 or 2 pips
This can only mean that some forex brokers manipulate spreads to their own advantage.
August 23, 2007 at 1:03 pm (UTC 1)
@ all
Getaway club has come to stay.
Are you still doubting, it is the best deal in town.
Kindly visit this site
http://www.freewebs.com/wealthclub/index.htm
August 17, 2007 at 3:11 pm (UTC 1)
A forex trader will understand what i mean by the subject matter.yes i become a victim of volatility yesterday when the Gbp/jpy moves by a pip of more than 900 and almost all my money i withdraw from my online investment was gone after using it to trade on forex.
yes earlier in the day i made around $1000 before all my $3000 gone and now am back at square one.
i now write to inform those that are planning to trade forex to take great care b4 going in,for me i did alot of home work b4 goin in and i learn at http://www.babypips.com,demo trade and make 10times my money in 2wks but here i am but i thank God that i din put all my eggs in the forex basket and i will definately fight back and gain and my advice to new forex trader is that
1.Invest what you can afford to loose.
2.Visit http://www.babypips.com school and when u know the forex basics and types of charts, open a demo acct and at the same type learn from the school and after you are able to make far more than the amount u use to start demo u can be thinkin of real acct.
3.Dont use $50,000 as demo acct,use little amount like $1000 cos it is better u use a little amount or equivalent of what u will use as real tradin and the site i use to trade is http://www.liteforex.org and they accept egold etc. But shd in case u will like to put ur money wit a professional company to help u then u can go to my blog at http://www.a3unionnigeria.blogspot.com for details.
4.Be careful if u wanna trade wit Gbp/jpy cos it is very volatile that is u can easily make it big or loose all ur money but u can try it wit demo.
5.check http://www.dailyfx.com for news to have an idea of what to happen etc
Ur reply on this will be appreciated
August 14, 2007 at 6:25 pm (UTC 1)
chk them aout they accept egold and i think they are reliable.
http://www.liteforex.org/
August 10, 2007 at 5:32 pm (UTC 1)
Check http://www.forexengines.net for free info on forex trading
August 10, 2007 at 11:31 am (UTC 1)
hello all
pls cant we have amore insighthful discuss on current fores trend?
any reaction to the credit crunch been faced globally? will bernanke and his coy in thrfed be force to cut rate? carry trade unwind for how long will this last
pls let ferterlize here
attention@
what do u think about the US ecomony? is there a recession in view? will fed cut rate b4 the end of 07?
Will carry trade unwind continue? what will BOJ do to a stronger yen?
pls let us have ur views
August 8, 2007 at 1:33 pm (UTC 1)
Clubfreedom! clubfreedom!! clubfreedom!!!
To cycle out from clubfreedom with ease- this is how:
synergy is the way – I will do the marketting and we will share the profit.
if you’re interrested contact me on ayo4higherglory@yahoo.com or 08056640801
Remember! that once you cycle from clubfreedom 4 the first time, the system will
place you back on the payment board to receive $6k again!
August 8, 2007 at 9:52 am (UTC 1)
I have a new idea on Getaway club for those who can’t market. I will do the marketing on your behalf and the profit will be shared between us. A slot is $160 or 25600. You will cycle out latest 2 month. Count on my words
You can also be a millionaire.
Any interested person should send a mail to ade2me@yahoo.com or call me on 08034949792.
Welcome to the world of millionaire.
August 8, 2007 at 4:46 am (UTC 1)
Hi all good people,
I will like to Introduce to you, the GETAWAY CLUB.
GetawayClub is a registered company in the British Virgin Islands with directors located In the United
States, The United Kingdom and Hong Kong. Further staff are strategically located in other parts of the world to accommodate international clients.
GetawayClub is the culmination of two individual concepts designed to bring members a range of savings, commissions and income. By combining the expertise and experience of Marketing, IT and Financial professionals, and mergeing 3 explosive industries, Travel, Home Business and the Internet, they have created;
A marketing plan which gives everyone the opportunity to generate a substantial recurring income, and a product that is practical and contains numerous benefits and savings in a cross section of Travel and leisure related industries and services.
THE PLAN
When you purchase your Getawayclub Platinum Pass for only $160 (N24,000) you are issued with a password protected “travel site†and you are also automatically placed into their rewards system as a Getawayclub Marketing Consultant.
As a Getawayclub Marketing Consultant, you can earn lucrative marketing fees and other bonuses and you can start your own home-based business with unlimited earning potential!
THE MAIN THING
When you register (cash equivalent or egold) in the Getaway Club, you are placed in one of four boards in the program. Your payment is one-time, but u move through 4 different boards.
Each board is made up of 3 levels and 7 positions/slots.
Level 1 (the top level), has one position; Level 2 is below it and is made up of 2 available positions, while the lowest Level- 3, has 4 available postions (making a total of 7 positions).
The 4 boards are all similar, but are named BRONZE, SILVER, GOLD AND PLATINUM, (from the first board to the final one). When u cycle out of the Bronze board, u earn $50 (which u can ask to be deposited in your egold account); when u cycle out of the Silver board, u earn $200; when u cycle out of the Gold board, u earn $2000, and finally u earn $10,000, on cycling out of the Platinum board.
BUT WAIT, THERE’S MORE, You also get an automatic re-entry into the Platinum board!
Each account registered with Getaway Club, nids to accrue 2 downlines, for it to qualify to cycle out. If u don’t get your downlines, others who do, have the opportunity to JUMP over you whenever the table splits.
Because the system works by Follow-the Leader, your downlines always follow you to whatever board you end up in.
AND WAIT, You earn bonuses on your downlines that are at least 5 levels deep!
FOR MORE INFORMATION LOG ON TO http://www.getawayclub.net/forexre
FEEL FREE TO CALL 08051007101 OR EMAIL netlinke@yahoo.com
FOR MORE DETAILED INFORMATION AND FOR YOUR QUESTIONS
REGISTRATION IS $160 OR N24,000
August 6, 2007 at 8:05 pm (UTC 1)
@ JO
Please send me that your 21 page book.
doskysmyl@yahoo.com
Thanks Pal.
August 6, 2007 at 1:24 pm (UTC 1)
attention@
what do u think about the US ecomony? is there a recession in view? will fed cut rate b4 the end of 07?
Will carry trade unwind continue? what will BOJ do to a stronger yen?
pls let us have ur views
August 1, 2007 at 7:49 pm (UTC 1)
@burgue,
i don’t think so but you can confirm by chatting with one of their sales persons at http://www.fxcm.com. I hv resumed from vacation so hv reduced my trading bcoz my job is a lil bit demanding; i was making approx $500 to $700 during my vac with some losses in btw.
August 1, 2007 at 3:09 pm (UTC 1)
@ jo
i’m aware you are trading live with fxcm as your broker.i want to know if i can open a live acct with them using e-gold.
thanx for your reply
July 31, 2007 at 2:40 pm (UTC 1)
@ Dipo
is it possible to get a genuine person 2 trade for U if U really dont know much abt Forex trading?
July 31, 2007 at 12:47 pm (UTC 1)
@DoskySmyl,
you don’t need to be a pro to know
they are quacks. I know of a Nigerian doing a far better job
July 30, 2007 at 8:02 am (UTC 1)
@ all,
i am aware that one can open a live account with a broker through bank wire and e-gold. however, i want to know if one can use e-bullion also to open a live account?
July 25, 2007 at 8:52 pm (UTC 1)
@All,
Guys, I just stumblled on this http://www.stealthforex.com/ what do you think of this there software?
Happy trading all
July 25, 2007 at 3:32 pm (UTC 1)
Forex Trading!! Forex Trading!!
Foreign Currency Exchange (Forex) Trading allows an investor to participate in profitable fluctuations of world currencies. Forex trading works by selecting pairs of currencies and then measuring profit or loss by the fluctuations of one one currency’s market activity compared to the other. For example, fluctuations in the value of the $ U.S. Dollar are measured against another world currency such as the £ British Pound, € Eurodollar, Â¥ Japanese Yen etc. Being able to discern price trends in market activity is the essence of all profitable trading and this is what makes foreign currencies so exciting, currencies are the world’s ‘best trending’ market. This gives Forex investors a profit making edge that is unavailable in most other markets.
Forex Trading is being called ‘today’s exciting new investment opportunity for the savvy investor’. The reason is that the Forex Trading Market only began to emerge in 1978, when worldwide currencies were allowed to ‘float’ according to supply and demand, 7 years after the Gold Standard was abandoned. Up until 1995 Forex Trading was only available to banks and large multinational corporations but today, thanks to the proliferation of the computer and a new era of internet-based communication technologies, this highly profitable market is open to everyone. The Forex Trading Market’s growth has been unprecedented, explosive, and continues to be unequaled by any other trading market.
for further enquiries, pls call 08036127545 or e-mail me at mooiwafx@yahoo.co.uk
July 25, 2007 at 9:09 am (UTC 1)
Something told me the bubble will soon bust and it has. the dollar is rebounding again major
major currencies and this morning alone, it has coughed over a 100pips. I didn’t start early though and has only managed to reap around 28pips on 4lots. I will get out as soon as I see a DEFINITE reversal pattern.
Concerning my trading system I was discussing sometimes ago, after News and PP, I use trend lines; not only to determine the overall trend (I can see that from a higher timeframe without any aid) but also to spot important trend break outs. Frankly, Forex trading is an art and the way I draw my own TD are quite funny but they produce the desired results…Still refining them though.
July 23, 2007 at 3:21 pm (UTC 1)
GET ADEQUATE TRAINING ON FOREX TODAY!!!
GET IN TOUCH WITH >>>>>>>>mooiwafx@yahoo.co.uk or call 08036127545
Get educated on the following Forex basics:
1.Introduction to Forex Trading
2.Understanding Forex Trading
3. Opening a Demo Account
4. Getting Started
5. Forex Techniques
Equally available are advanced Techniques on forex trading!!!
July 23, 2007 at 9:28 am (UTC 1)
@Kayode Muyibi
Thanx for the pointers but you’ll be surprised at how advanced we are in Nigeria, I trade the news vis dailyfx.com (dailyfxPlus) and SecretForexSociety by Felix Homogratus. I also have broadband.
July 23, 2007 at 2:29 am (UTC 1)
Stay away from forex brockers that accept E-gold, they are bucket shops. Nevertheless you should know better if you are well educated in regards.
For brockers I recommend Oanda
For Books, Nissons candlesticks are great
For online tutorials , perhaps babypips for starts,
For demo trading, meta trader + Oanda demo account ;(gives u the realistic touch of a live trade), and the meta trader is just for charting.
I dont know how you guys do News trading in Nigeria considering you guys dont have broadband , and besides considering that news alerts are preety expensive .. Forex trading can be very rewarding, but proper education is needed.
July 22, 2007 at 11:08 am (UTC 1)
@All,
Some forex brokers don’t accept money from Nigeria but i will try and find out the ones that accept E-Gold so I can help people to pay via my E-Gold account.
July 20, 2007 at 10:18 am (UTC 1)
Guys! what i posted is still very valid. please give it a decent try
July 19, 2007 at 11:10 am (UTC 1)
Currency pair that has the USD has become quite easier to trade these days. The dollar is weakening, we all know that. So short the dollar and don’t get wiped off during minor retracements. I have been having a swell time , I hope you guys too have been. All the best everyone.
08050684775, wespeakforex@yahoo.com
July 19, 2007 at 8:31 am (UTC 1)
Dear Co-Investor…
I want to show you very easy program
You can earn $8,738 a year with only $1 fee
Instant payment system and get great product.
At matrix.ebioz.com you will have international business,
No sponsoring needed and get free spillover us a team
Visit my site :
http://matrix.ebioz.com/?ref=930
Always in success!
July 18, 2007 at 10:52 pm (UTC 1)
@all
I wish you guys great success as you venture into forex trading.
If you want to buy e-gold @ a considerable price, contact me on 08056640801 or
ayo4higherglory@yahoo.com.
July 18, 2007 at 10:51 pm (UTC 1)
@all
I wish you guys great success as you venture into forex trading.
If you want to buy e-gold, contact me on 08056640801 or
ayo4higherglory@yahoo.com.
July 13, 2007 at 11:59 am (UTC 1)
FOREX TRAIDING!! FOREX TRAIDING!!!
Learn form the Pro. how to make cool cash from the comfort of your home or office by
Trading Forex; the largest and the most liquid financial market in the world!!!
We also sell e-gold at cheap prices!!
conatact;
32, Baale Street, ojodu, Lagos.
08036127545 or
e-mail…mooiwafx@yahoo.co.uk
July 12, 2007 at 8:01 pm (UTC 1)
@Special,
Jude Ezeji
08038568650
014366942
jezej @ ipnxnigeria.net
You can mention my name; Jerome Obada
July 12, 2007 at 2:09 pm (UTC 1)
pls am having a great challenge here
i work in Obajana where dangote cement is the challenge i have is getting connected to the net for my trading
someone told me that my laptop can be configured by glo or celtel so that i can be online to trade
pls does anyone know about this arrrangements?
if yes what are the arrangements and how much will it cost to be online for a month
also most importanly will the connection speed be fast?
am also thinking of mobile trading on my phone. my broker mgforex offer a mobile platform the problem is that i dont know if these arrangemnet will be okay for trading and the cost implication
anyone with a useful hint?
thanks
July 11, 2007 at 1:42 pm (UTC 1)
LEARN FOREX TRADING!! WITH THE PROFESSIONALS!!
you can made more money on trading forex than you can in any other investment in the world!!
reach us to day on 08036127545 or mooiwafx@yahoo.co.uk
July 10, 2007 at 4:02 pm (UTC 1)
@all,
My heart goes to all you folks in this room,from JO to stone….to forexman sharing your ideas to fellow Nigerians like you.believe me,the more we seek each other’s good,the more we grow.
I feel you guys and love you all.
@JO,pls can i have those IpNX guys’ number .I had appreciate it.
Dipo,you are da bomb!
July 10, 2007 at 12:25 pm (UTC 1)
thanks for all the info ,good to have known you from ttc 2003
July 10, 2007 at 11:08 am (UTC 1)
@ stone
thanx man. before i started demo trading, i read up stuff on babypips but i must say i dont understand the techincal analysis well..support and resistance,fibonacchi ratio, candlstick etc.i undertstood enough stuff to demo trade and make profit of tens of thousands of dollars in a week.
however, i want to know HOW to go about opening my live acount with fxcm.presently,i use their platform to demo trade. so can u give me guideline on what to do?
@ all
my position about trading forex is “i have future in my hands unlike what TL,WS pennywise etc are doing.i can control what happens to my money.
one of the laws of success says “DO NOT FACTOR IN, WHAT YOU CANNOT CONTROL”
we can control this..with hardwork,diligence and the blessing of God.
we win!
July 9, 2007 at 8:47 pm (UTC 1)
@Burgue
You can open a LIVE mini account with anything from $300 on FXCM.
If you have the time to read, digest all of the stuff on http://www.babypips.com/school
You can get a lot more knowledge from there than any training you’ll ever pay for.
…my two cents
Cheers!
July 9, 2007 at 10:43 am (UTC 1)
@ JO
cool response. i have been demo trading same currency as you and have also been using fxcm platform same as yourself.
my Q now is how do i open a mini account? what modalities do i put in place.cant i open the live mini account with something lower than $2000 that you recommended and still be quite fine?
@ all
whats your opinion on attending some of these forex training around town. i need to deepen my technical analysis skills. has anyone attended any and can u recommend one thats good enough.
July 8, 2007 at 1:28 pm (UTC 1)
I’m testing my jaxtr link, seems u can only call UK and USA numbers for free but txt msg to Nigeria numbers are free.
July 7, 2007 at 6:26 pm (UTC 1)
Live trading an demo trading are two different ballgames. broker character only shows up in live trading. I would never put money in fxclub.com though, but their free live account enables you to see what real trading is like. Look before you leap.
There is a new wimax broadband from Direct On PC, It’s lightning fast. You can check it out.
July 7, 2007 at 5:53 pm (UTC 1)
@Special,
I use ipNX broadband with speed ranging from 156kbps to 384kbps but might drop to 68 or spike to 900kbps once in a while (shared bandwidth so u get more if less people are browsing on their network at that time). The speed is quite ok and i chat, open like 10 browsers at the same time while my demo and live trading stations are both online without any noticeable depreciation in connection speed.
The device has about 3″X5″ foot print and approx 6″ in height and u can connect it to your system with either a network cable or USB firewire cable, also comes with 2 VoIP slots. The device costs N42,000, 24hrs access is N15,000 per month and u pay N6k for 7pm to 7am on week days/24hrs on weekends. Let me know if u are interested and i will give u their number.
To know your connection speed, go to 2wire.com and click on “Speed Meter” at the upper right-hand corner, wait for it to calculate your bandwith. The avrg for ipNX broadband if u stay at surulere is 344kbps.
July 7, 2007 at 5:38 pm (UTC 1)
@Special,
I use ipNX broadband with speed ranging from 156kbps to 384kbps but might drop to 68 or spike to 900kbps once in a while (shared bandwidth so u get more if less people are browsing on their network at that time). The speed is quite ok and i chat, open like 10 browsers at the same time while my demo and live trading stations are both online without any noticeable depreciation in connection speed.
The device has about 3″X5″ foot print and approx 6″ in height and u can connect it to your system with either a network cable or USB firewire cable, also comes with 2 VoIP slots. The device costs N42,000, 24hrs access is N15,000 per month and u pay N6k for 7pm to 7am on week days/24hrs on weekends. Let me know if u are interested and i will give u their number.
To know your connection speed, go to http://www.2wire.com and click on “Speed Meter” at the upper right-hand corner, wait for it to calculate your bandwith. The avrg for ipNX broadband if u stay at surulere is 344kbps.
July 7, 2007 at 4:42 pm (UTC 1)
Hi all,
My! a lot has been up on this thread since the last time i took a look (and made a post). For those of you who want to reach me , you can email me on osenebor@yahoo.com. You guys are seriously becoming sofisticated forex traders. Well, like I said before, hard work ..and you’ll get there.
All you people demoing forex, you can get a free $100 live account at http://www.fxclub.com. But mind you, their platform and trading policies are tough.You’ve got to be a guerilla forex trader not to loose that money : Hints>> you cant place limit or stops less than 15pips from market price. Most times also, you cant close a position at market prices manually, particularly when you are making money. So with such conditions, best bet is to trade microlots (so you get a chance to last longer and possibly defeat the broker), and set your limits and stops when you enter the market.
Treat the account seriously, you can actually chop the broker’s money and withdraw it (smile).
Check up on all your brokers at http://www.forexbastards.com. You want to trade the news,try Felix homogratus http://www.secretnewsweapon.com or Dustins http://www.forexmastermaker.com (You need high speed internet to benefit from this).
As for pro-forex.com, they look honest to me, I am told Forexprof in Lagos uses them, but I am not too comfortable with Russian brokers. I mean there’s no way to complain if they do something funny, but if ForexProf ,one of the oldest hands in the business in Nigeria uses them… then.. well who knows, they might be okay. Their signals are good though,mostly profitable. Seems like an honest broker.
If you really want to trade with serious cash, use www. hotspotfx.com (an ecn and not a broker), http://www.interactivebrokers.com. Mbtrading.com and efxgroup.com are two other ecns that you can use, but they dont open accounts for nigerians (no mind them jare, 419 na their country e start).
I recommend ECN’s rather than broker’s because they do not trade against you to make you loose, or artificially spike up the price to wack up your stoplosses. Do your due diligence, it pays.
July 7, 2007 at 4:14 pm (UTC 1)
@ All, RE: Choosing a forex broker
Please visit this page and read reviews on forex brokers. You’ll be dazed!
http://www.forexbastards.com/public/forex_broker_reviews
There is certainly a difference between DEMO & LIVE trading conditions/environments. The broker uses different servers for the two and all do defraud or have a tendency to defraud traders. I fell in love with the MetaTrader interface generally, and the 1pip spread on all USD pairs offered by crownforex.com. But… please read for yourself and decide what’s good for you.
Cheers!!
July 7, 2007 at 4:03 pm (UTC 1)
RE: ISP/Internet Connectivity
It will depend on where you are and the options available to you.
If in Lagos, Ibadan and any other place where you have starcomms, I’ll recomend it. I’ve used the 3G connection for 2 months now, and it’s been fantastic.
The hardware options available are:
1. PCMCIA card (N25,000) – for Laptops with PCMCIA slot. Most Laptops have this slot until recently some HP NX models
2. USB device – u can use this on any PC or laptop with USB port, preferably USB 2.0 capability
24/7 access on the 3G network cost N15,950 monthly. Can’t remember the figures for the Business time and Night alone options. The USB hardware cost more, I suppose. But I don’t have the figure.
You may walk into their office or email me (stoner20004 @yahoo.com) so I can send you my contact’s phone number. He’ll be glad to provide all the answers, and then visit you and install for you when your money is ready.
There’s also an older option CDMA1x. I wouldn’t know how good it is. I’ve not used it. The PCMCIA cost about 15k; that’s if they have it in stock. LOL! The 24/7 connection is 10k monthly.
There are other ISPs in Lag o! This just happens to be the one I know, and it has worked for me very well.
Cheers!!
July 7, 2007 at 3:42 pm (UTC 1)
@ JO, RE: #174
My broda, it’s not been easy for me to cope with the many things I do, plus staying glueed to this blog. It’s been more like I come here to read once in 2 or 3 days… at least to catch up with what’s going on with my folks here. Really, my interest in learning forex and developing a strategy that will work for my kind of person has robbed me of many things, including some hours of sleep daily. The rains have been wonderful as well (LOL!!).
You can always talk to me via email. We’ll get to talk more later.
July 7, 2007 at 2:42 pm (UTC 1)
plz can some one let me know if i can trade life with this broker http://www.pro-forex.com i have tried demo with them and it was fine but i wanted to be sure if they will be good 4 a live trade cos their minimum is $1000
July 7, 2007 at 12:04 pm (UTC 1)
Hi Jo and all,
Am highly impressed about what you guys are doing here,men!
God bless you all.
Jo,pls i saw an advert in one of these dailies saying that one can practically browse the internet free by purchasing a software for #1,500!
this looks too good to be true for me.
What ISP platform do you use to browse the internet knowing that forex trading is volatile and a slow server can make u lose a lots of dough…
I would also love meaning contribution from everybody.
Waiting…..thanks a million!
July 6, 2007 at 9:12 am (UTC 1)
@burgue,
Thx my guy, I’ve been on vac for the past 2 weeks and it’s not been easy sitting alone at home staring my laptop and TV.
I use FXCM trading platform II and this gives you $50k demo “standard account” that allows u to trade in the real forex market; this gives u the experience of merger bucks trading without risking your own dough. 1 pip in the standard account is btw $10 and $8.3 (GBP/JPY), some currency pairs may be lower. You’ll make virtual profit bcoz u did not invest real money.
There are 2 types of live accounts; Standard and Mini, you start the mini with $300 and Standard with $2000 but pls dont start mini with $300 bcoz of the 1:1000 leverage that amplifies your profit and LOSS. Start mini with at least $2,000, 1 pip is approx $0.83 in mini.
I am currently on mini account and trading GBP/JPY exclusively, the highest KOM (King Of Mini) contest winner I know traded GBP/JPY exclusively last April and made about 800% with a rollover profit of about $10,000 (I can’t remember the exact figures) which translates to about 1,200% in 1 month!
My advice: Do demo for 2 months b4 putting in real cash.
July 6, 2007 at 8:48 am (UTC 1)
@JO
i have been following you closely..can u release the strategy? and plzz answer my question on the difference between demo and live trading
July 6, 2007 at 8:32 am (UTC 1)
@Stone,
I am getting lonely here, if u speak up in the next 30mins i will give u strategy that will earn u approx 10% of your investment every trading day.
Waiting . . .
July 6, 2007 at 8:25 am (UTC 1)
@All,
I thot we are supposed to be sharing our trading strategies here, where is everybody. HELLO!!!!
Plz lets share, wespeakforex, Saby boy, Sash, Tomiwa?
July 6, 2007 at 8:14 am (UTC 1)
@ JO
thanx a heap for your contribution on the forex thingy.
@ ALL
i have been demo trading for a while now and its been cool.i’ve made loads of demo dough. however, i want to know how close to live trading this demo thingy is.
are there other things to put into considerations?
WE WIN!
July 4, 2007 at 10:57 pm (UTC 1)
***Oops, its BoE (Bank of England) and not BoJ (Bank of Japan).
My trade was purely on GBP/JPY with a total of $270 in my open position, made a profit of 506pips/$412.51 and $133.62 in rollover.
Mini account.
July 4, 2007 at 10:49 pm (UTC 1)
@All,
I made $546 on my live account today, tomorrow is a news release day (BoJ) so I may/may not trade.
July 4, 2007 at 4:58 pm (UTC 1)
@Dipo
It’s quite a while now that we have hear
from you.Hope everything is pretty cool.
Anyway,i would appreciate it if you can find
time out to mail me(tomornip@gmail.com),i
have an important issue to discuss with you.
July 3, 2007 at 9:11 pm (UTC 1)
nice one Jo, i hope GJ lovers are taking note
July 3, 2007 at 2:07 pm (UTC 1)
@All,
I noticed this cycle of highs and lows for GBP/JPY and it holds true on all trading days except on news days/public holidays etc.
Lows:
Between 3:55 EST and 4:10 EST when the Japanese market closes.
Between 9:20 EST and 9:35 EST i.e. 1.5hrs after the NY market opens
I have also noticed some significant drops around 6:30/6:40 EST once in a while but can’t explain this.
Highs:
Between 20:40 EST and 21:00 EST
Between 2:00 EST and 2:30 EST
EST is NY time and 5hrs behind Nigerian time, 4hrs behind GMT.
You can try these periods for about a week and then let me know how much you made but note that there will be news releases on the 5th and 12th of July by the bank of England and bank of Japan respectively.
Price movement is erratic on news days but you’ll make a lot of money if you bided in the direction of the trend but you can also lose a lot of money if your prediction is wrong. I try not to trade on news days but it’s quite tempting. Pls go to http://www.hifx.co.uk/marketwatch.aspx for updated news release dates for major currencies.
July 3, 2007 at 11:04 am (UTC 1)
@olu-tee,
Pls go through my write-up at the beginning of this thread, you can also contact professional forex trainers like wespeakforex; i got everything i know from the internet.
July 2, 2007 at 4:34 pm (UTC 1)
Hello people,
Im proud to announce that I have received my $6,000 cool cash, I was paid 2weeks ago by Club freedom after cycling off the main board. Same happened to 2 guys our my team last week. Its happening for real and don’t be left out
Join the winning team now and cycle out quickly
http://www.clubfreedom.biz/rt23615
July 2, 2007 at 4:25 pm (UTC 1)
hi jo, how can u help me out in being proficient in forex. i am a begginer and just learning the ropes. mail me on tojo2503@yahoo.com.
thanks olu-tee
July 2, 2007 at 9:32 am (UTC 1)
I really appreciate this. Am into Forex Trading and on presently on demo trading. Qudos
July 2, 2007 at 8:38 am (UTC 1)
@GBP/JPY Traders
The UK market opens 3:00 EST (8am naija time) and Japan closes 4:00 EST (9am naija time) which gives us an overlap of 1hr with high votality, this pair gets to its lowest low around 4:00 EST and 8:00 EST when the US market opens (give or take a few minutes).
I used Elliots waves to predict when the downward trend for this morning will weaken and the pair got tired at the 5th motive wave (246.21 @ 4:12am, Japan closed 12 mins ago) then started reversing with correction wave a, I checked my RSI to see if it agrees with EV and then waited for the market to retest this support then entered 2 positions at 246.35 and 246.45.
Lets wait and see if the US market will move it lower than this when they open by 8:00 EST.
PS: This cycle is not perfect especially on news days so pls trade with care and set your stops appropriately, I’ll recommend u place your stop at 50% of the expected swing to allow for slippage i.e. if your indicators/intuition predicts a swing of 100pips, place your stop 50pips below the lowest low.
July 2, 2007 at 8:23 am (UTC 1)
@tojo2503@yahoo.com
Sent
July 2, 2007 at 8:07 am (UTC 1)
@Range Traders
The GBP/JPY rose to 247.60 at 20:45 EST or 1:45am naija time (highest point in about 6 months is 247.94) and dropped to 246.36 @ 02:45 or 7:45am naija time (morning low- UK market opens by 3:00 EST) which equals 158pips.
I openned a $50k demo account yesterday to test my new Indicator tools (Bollinger Band, RSI and Pivot Point) and entered the market with 4 positions of varying values (1000, 1000, 500 and 400) around 19:54 EST and 20:40 EST using the RSI and Bollinger indicators to know my entry points and then used Fibonnaci ratios to predict rallying/profit points, set my stops and limits then went to bed.
This morning i woke up to see a profit of $15,642 in my “closed position” box from 3 positions, the 4th one had a limit lower than 246.36 and so had not dropped but already had a GROSS P/L of $1,400. I have further moved the limit to 246.01 after readjusting my fibb retracement.
15,642/50,000=31.2% in less than 8hrs.
Happy trading. . . .
June 29, 2007 at 8:12 pm (UTC 1)
And if you’re a lazy punk like that gentleman, (LOL!!) who doesn’t have the time to punch stuff into the pivot point calculator, actionforex.com does it for us. Click the link below to see Pivot Points for majors updated every 4 hours or so. You may wish to bookmark the page.
http://www.actionforex.com/forex_analysis_and_forecasts/pivot_points/pivot_points_summary_200603205734/
My guy, abeg post me zat stuff. Thou knowest the add, right! LOL!!
Cheers!!
June 29, 2007 at 5:31 pm (UTC 1)
Hi,
i would like jo to send me the 21page informative e-book on range trading in forex. my address is momentumofpeace@yahoo.com.
Thanks
June 29, 2007 at 2:39 pm (UTC 1)
@jo,
please send the e-book to my box wespeakforex@yahoo.com. thanks.
@everyone,
as regards my system, the next thing i use (after the news, refer to my earlier posts if you
are new to my discussion) is Pivot Points. A pivot point is a price level at which we expect a change in market directions. One distinct advantage of it is that it provides accurate entry and exit levels for a trader. Google up Pivot points and enjoy. The way i use pivot points is kind of different
from what the books say and it has paid off. But you would do better if you incorporate it
into your trading (my opinion). For a free pivot point calculator, go to http://www.surefire-forex-trading.com/PP.html
June 29, 2007 at 1:53 pm (UTC 1)
pls send me the 21page e-book in range trading in forex
June 29, 2007 at 1:45 pm (UTC 1)
pls send me the 21page informative e-book on range trading in forex.
June 29, 2007 at 1:43 pm (UTC 1)
hi i woluld like jo to send me the 21page informative e-book on range trading in forex. my address is tojo2503@yahoo.com
June 29, 2007 at 7:59 am (UTC 1)
@All,
I got a very informative 21page e-book on Range Trading from one of the forums in fxcm.com, pls indicate your interest by supplying your email address.
I normally use Fibonacci retracement, Elliot waves and my good old intuition for technical anaylsis but recently started using Pivot points which is quite good for predicting wave movement for the next 1, 4 or even 24hrs, pls google it. After your research, pls let me know if u like the tool and I’ll send the Pivot point calculator to u; the calc only needs 3 values i.e previous high, low and close points.
Happy trading . . .
June 27, 2007 at 10:29 am (UTC 1)
if you want to make quick bucks in forex, why not quickly click the SELL button on
the GBP/JPY pair NOW!!. i have made over $200 in last 36hours. i don’t much time
to convince you why. just do it. and come and share your testimony.
June 26, 2007 at 5:09 pm (UTC 1)
@wespeakforex,
True talk my brother! News is very important as a trader.
June 26, 2007 at 2:07 pm (UTC 1)
The first thing i use is the news. How?
I read the market directions for a pair during the weekend,
listen to respected analysts views and note important pieces
of news coming up. Most times however, I go out of the trade when a major
news is in the offing. The loss that arises from being on the wrong side of
a major news trade is too much for me. Price can react crazily to a news report and
before you know it, your broker would have triggered a margin call. So I feel it
is better i get out before a major news is broken.
June 25, 2007 at 4:53 pm (UTC 1)
I will be sharing one by one how i use this system
my email is wespeakforex@yahoo.com
June 25, 2007 at 3:14 pm (UTC 1)
@everyone,
I have been away for quite a while. I guess my last post was #101.
Concerning systems, I use:
1. News
2. Pivot Points
3. MACD
4. Trendlines.
If the above doesn’t give me clear signals.
I zero down on:
1. Candlesticks patterns
2. Fibonacci Retracements
3. RSI
Then one tool that is always with me is my intuition. That is the best way to
know whether to trade or fade. The good thing about Forex is that no two traders
trade the same way. I have seen guys that uses the same indicators as I do but come
out with a different conclusion! All the best.
June 25, 2007 at 8:52 am (UTC 1)
Pls sir, I have register with megawealthteam.net i have done the the necessary things but the problm i have now is that i have not given my account details then but now i’ve been tried to do so inrespect of what they asked for that one should do all the proper things before week 2, but now thire website is not opened. Pls, help me through so that i can start eaning my money this week. All what i need now is to give my account details.
Thank you.
June 23, 2007 at 6:43 pm (UTC 1)
sorry i meant trading system
June 23, 2007 at 6:42 pm (UTC 1)
hello pls who uses metatrader here
i think we should get deep into forex trading stategies and news trading now
any1 with a trading syatems to share with the house?
June 22, 2007 at 3:04 pm (UTC 1)
Hello Guys.Am new to the forex thing and have been attending webinars and have already opened a demo account but the whole thing still looks difficult.Do you guys think one can pull this off alone without attending any seminar in naija.
June 22, 2007 at 11:39 am (UTC 1)
yes iam happy with a3union and if u have any question mail me @ishow2004@yahoo.co.uk and the link again is http://www.a3union.com/?id=800017248
June 22, 2007 at 1:12 am (UTC 1)
@Jo
Please share more of your system!
June 21, 2007 at 6:11 pm (UTC 1)
@FOREXMAN,
I saw your brilliant write up for the 2nd june…i was impressed.
Can we discuss on certain issue….pls mail me..momentumofpeace@yahoo.com.
Thank you
June 21, 2007 at 5:45 pm (UTC 1)
@ishow2005,
are you into a3union?
Has anybody in this room made money thru a3union.I need to be assured so i dont get my fingers are not burnt in the process.
I need some honest reply.
Ishow2005,if you are well informed about a3union,can you kindly mail me …momentumofpeace@yahoo.com.
June 21, 2007 at 1:33 am (UTC 1)
Prince,
Seeing they say is believing. How about getting the requirements and going through a few materials so you can do some trading yourself. Then you’d know whether it’s real or not. Mind you always start with demo trading so you don’t get your fingers burnt. You need to learn the ropes before commitiing real funds into the market.
June 20, 2007 at 10:26 pm (UTC 1)
@ishow2005
Pls send me your mail addy, I need to talk with u about some issues.
Mine is forgeahead2005@yahoo.co.uk
June 20, 2007 at 8:51 pm (UTC 1)
@special
u can invest using egold,monezwire,credit card etc
June 20, 2007 at 6:57 pm (UTC 1)
@hello,
So how can we invest into a3union from here,i mean nigeria
June 20, 2007 at 6:47 pm (UTC 1)
Hi all,
Am happy to tell all in this room that i just got the first requirement for trading in forex and that is A LAPTOP!…
Boy,i’ve not been able to sleep ever since and if you desire to get your laptop,i’ve got like 2 that some of my friends are oput to put for sale.If you are thinking this is yahoo yahoo,then i beg back off o!
If you are interested,mail me momentumofpeace@yahoo.com
June 20, 2007 at 2:46 pm (UTC 1)
Oops! I;m real sorry but I haven’t finished work on the webpage I’m hosting on bravehost.com (check my previous post). Pls, forgive me for my error. I’ll be using blogger.com (have to eat my words about them now) for the meantime. The addy is http://www.forextrader.blogspot.com
See ya there!
June 20, 2007 at 9:42 am (UTC 1)
I thought this was meant to be a blog where the only thing we discuss is FOREX but then…NIGERIANS! I wanted to post some days ago but I was really tied up. Anyway, the blog is going on well and I ask all of you to be part of it. I’ve got a chat room there so we can all discuss issues and matters arising. Hey, see me rambling about the blog without even giving you the addy. Its http://www.forextradernaija.bravehost.com.
I felt that blogger.com was too hyped so I decided to use something different. I’d love to hear from u all, ciao!
June 20, 2007 at 12:28 am (UTC 1)
hi jo, you have really done a good job here, Can i personally meet you or give you a call so that i can know more about this forex thing Big time.
thank you
June 17, 2007 at 4:52 pm (UTC 1)
Friends,
Just as Tobi said, I’ll advice we shift all discusion about HYIPs back to the other two blogs on this webisite as it has always been so as not to get ourselves confused.
This is only for forex and it will be good and most beneficial to us all if we limit the discusion here to forex.
Thanks all for your co-operation.
June 17, 2007 at 3:19 pm (UTC 1)
ush……………. this is alittle confusing and disheartening. i never knew a nigerian site hesist that provude such good information. i need more info on this forex trading. can anyone help? great job DIPO
June 16, 2007 at 10:06 pm (UTC 1)
please send ur coment or response to adebisidokun@yahoo.com. I need to be enlightened about forex.
June 16, 2007 at 9:46 pm (UTC 1)
Your write-up is fascinating. I just need to comment once again considering all that u have written. I just need a proof, especially on the newly introduced megawealthteam. Ur prompt response will be highly appreciated. thanks.
June 16, 2007 at 9:27 pm (UTC 1)
I’m still in doubt of how real this so called forex trade is. can anybody shed more light into this? Im interested, even if it is to give me more knowledge of internet transactions.
June 16, 2007 at 6:20 pm (UTC 1)
Brethren,
Please let’s be reminded that this is forex blog, and we should limit the discussion herein to FOREX ONLY.
We certainly don’t want the thread here to grow very fast with a lot of stuf other than FOREX.
PLEASE.
Thank you.
June 15, 2007 at 11:07 pm (UTC 1)
@ hello
@tomiwa orunnipin
typo error in mail add. The correct one is forgeahead2005@yahoo.co.uk
pls.
June 15, 2007 at 11:04 pm (UTC 1)
@ hello
Pls send me your email addy, I’ll like to ask you one or two things about A3Union. I’ve registered but I still need to know some things more.
U can link me thru any of these mail adds.
mayansola@yahoo.co.uk
forgeahea2005@yahoo.co.uk
Platinum73@gmail.com
@tomiwa orunnipin
I sent you a mail concerning megawealthteam, but you are yet to reply me.pls kindly respond thru the above mail adds.
To all the good ppl of the house thx for the rich info being disseminated. God bless u all, pls keep up this good and selfless services.
Rgds
Makins
Thx for the info.
June 15, 2007 at 1:32 pm (UTC 1)
@dosky
got that thanx am only trying to get u clearly
June 15, 2007 at 9:37 am (UTC 1)
hi guys,
am a newbie in forex…what are the preliminaries that i must do…is getting a laptop the frist thing or having a standard account of 200o dough for trading…
enlighten me…am a good listener.Am only interested in people who have proofs to show …as in i love to hear only from pple with results.
thanks.Dipo ,u r da bomb
June 15, 2007 at 8:20 am (UTC 1)
Hmmm, interesting!
Its good to know that more and more Nigerians are joining the FX train. Funny enough the Naija factor has started to rear its ugly head again as some site won’t accept deposits from Nigeria.
My name is Ola and I’m a professional FX trader and trainer based in Abeokuta and co-owner of RICHVILLE Consult (formerly INFOKNOWLEDGE consult). I’m not trying to advertise (I do alot of that already),but we offer the cheapest and most qualitative training around. I’m personally working on a blog site for newbies and I hope you’ll all visit as I aim to give free information including manuals which you might have paid for.
Anyway, its all cool, feel free to leave a message on any of my yahoo messengers: ola_fxpal, xtisy4
June 14, 2007 at 3:01 pm (UTC 1)
@ishow2005
Try to understand me, I’ll take it again.
My first post #115, I want to know if one can use the card on ATMs here in Nigeria, yes I am in Nigeria.
The second post refers to someone else’s post that I lifted from http://www.dipotepede.org/2006/08/28/nospetco/#comment-43834
Here is it in quote again, no be me talk am I just want you to clarify
“Obamedo
#3019. June 13th, 2007, at 9:12 PM.
@all
Regarding A3union
I drove to 69 St Gabriels Road in London today as it is less than 10 minutes away from me
I can categorically say that is it a family house not an office and it is currently being advertised for sale
I have the pictures on my phone to prove it
So for all intents and purposes, A3Union looks suspicious unless someone was working from home
Looking at the A3union website, moneyspeak UK is listed as its UK agent
Hmmm i wonder….”
That’s the entire post in quote, what do you think of it? you can check it out on the link I’ve posted.
Thanks my broda, and sorry I confussed you by not puting quotation mark at first, hope it’s all clear now.
Are you based in the UK perhaps you can find out about Obamedo’s claim, he might probably be mixing something up. I already posted a question asking him where he saw the address on the site cos I did not see it. Whichever way the important thing is for us all to know the truth.
Cheers.
June 14, 2007 at 2:15 pm (UTC 1)
am ishow2005 not @hello i only mistyped it.@all.dosky–said and i quote @hello
did you say we can use their debit card at any atm stand in Nigeria? pls clarify this as I don’t know if Nigerian (or interswitch ATM) machines pay dollars. Besides, are you in Nigeria or abroad and also said that Regarding A3union
I drove to 69 St Gabriels Road in London today as it is less than 10 minutes away from me
I can categorically say that is it a family house not an office and it is currently being advertised for sale
I have the pictures on my phone to prove it
am confused cos i dont know if ur first statement means that u r in nigeria and second one means u r in london so plz where r u now. and for a person that is which to call their united kingdom agent call rotimi ayeni,imagine a nigerian is there agent in uk on +44 790 866 7858, +44 208 180 8976 and in case u dont know they have a nigerian agent in abuja nassarawa,akure and lagos.why all this story fom me,just to let u know that http://www.a3union.com/?id=800017248 is real and lastly invest what u can afford to loose.
June 14, 2007 at 1:47 pm (UTC 1)
hi dosky
well well i heard all u said but i dont know this site is paying me so what do u think abt that.they have been online since 2003.they are issuing debit card with mastercard log.do u think mastercard can allow that.well it is no problem if u r not interested.it is not compulsory and for ur info if nigerians r lucky they will bring a conference to the country as they have done in ivorycoast.plenty dey happen.so the choice is urs.they even give u the opportunity to trade the stock on ur own if u can do it and take the risk.
June 14, 2007 at 11:58 am (UTC 1)
@hello, below is a post from one of the house members in the nospetco blog. What do you feel? any physical address of these people?
Obamedo
#3019. June 13th, 2007, at 9:12 PM.
@all
Regarding A3union
I drove to 69 St Gabriels Road in London today as it is less than 10 minutes away from me
I can categorically say that is it a family house not an office and it is currently being advertised for sale
I have the pictures on my phone to prove it
So for all intents and purposes, A3Union looks suspicious unless someone was working from home
Looking at the A3union website, moneyspeak UK is listed as its UK agent
Hmmm i wonder….
June 14, 2007 at 11:47 am (UTC 1)
@hello
did you say we can use their debit card at any atm stand in Nigeria? pls clarify this as I don’t know if Nigerian (or interswitch ATM) machines pay dollars. Besides, are you in Nigeria or abroad?
June 13, 2007 at 1:50 pm (UTC 1)
hello all
i am happy with all and i write to implore all to learn forex and trade if they can afford to take the risk but if u cant then and u can invest with egold or moneywire transfer then this site is for u.it is tested and trusted cos i am reaping bountifully from it infact they r more than real and they are into big and real time stock market and forex.
at $5 minimum,u get 1.6% in 2days,at$25 minimum u get 125 in 7days,@$50 minimum u get 28%in 14 days and in 3months @$500 minmum u get 200% all with principal returned. i have been a member for long and it has been success story and believe me this is better than sefteg etc and EFCC free cos it is an offshore company and based in domincan commonwealth and from my analysis.if u invest atleast $100 in 14days @28%,and decide to compound ur money every 14days,then u will have made over $36,000 over i mean it in one year and the site is http://www.a3union.com/?id=800017248.click on uk flag so that the site language will be english and click register and u can deposit later and if u want there debit card with mastercard logo then click http://www.a3card.com and u can use the card at any atm stand and where mastercard is accpted both in online stores.the site is sweet and has been paying my bills infact one of the ppl i refer deposited $1000 today when he started with $10 dollars 12 days ago and this is just my own ways of assistance.thank u and dipo plz keep the good work and i urge all to let us know of any tested program and once more this site is not another form of ordinary hyip.it is just real.take it or leave it.
June 12, 2007 at 11:46 pm (UTC 1)
Hello guys,
I am new both to forex and this blog but I’ve been an avid reader for sometime – I have really learnt a lot from you guys. Keep up the good job.
@wespeakforex
Do you need to trade with FXSol in order to use fxaccucharts? Isn’t there a way to use as a standalone chart analysis tool?
Thanks.
June 12, 2007 at 11:14 am (UTC 1)
Hi,i want 2 know about this programme. thanks
June 9, 2007 at 8:22 pm (UTC 1)
I respect these issues on Nospecto etc. but please you guys should not forget that the main topic here is forex. Nospecto et al have there own blogs. Thanks.
June 9, 2007 at 7:12 pm (UTC 1)
The Amount You have to Register with Open Gate has Increased %100 while your Return on Investment (ROI)is still the samei.e N10,000…..i’m on ground fully with Open Gate. pay into their Account and give me a call on how to process and submit the slip..i’ll handle that as i’m one of thier Agents (08076550321)
regard
June 9, 2007 at 7:07 pm (UTC 1)
iread tribune almost on a daily basis..and i love their finance advise..what do you think about Lanre Oyetade opinion on all this Investment and stuffs….i’m a lil bit confuse…i need enlightment pls…and who is willing to help me on this as i want to join the train my…as i’m already saying bye bye to prverty!! (08076550321)
regards
June 9, 2007 at 2:21 pm (UTC 1)
Company Name: Nospetco Oil and Gas Limited
Managing Director: Alhaji Siddiq Manga
Logistics Manager: Mr. Mohammed Hafisu
Industrial Sales Manager: Mr. Abubakar Mohammed
Recent Major Contract Agreement: Supply of 1 million metric tones of Low pour fuel Oil (LPFO) to Benue Cement Company (BCC) Plc.
Contract in the Pipeline: Discussions have been opened for supply of large volume of diesel to Obajana Cement (Kogi State) and Ashaka Cement Company (Sokoto State).
Recent Acquisition: 150 branded trucks for delivery of petroleum products.
Other Plans in the Pipeline: To Invest N3.5billion on the manufacturing of world class lubricants in Nigeria.
Brands (of Standard Lubricants) Undergoing Registration/Certification at the Federal Ministry of Commerce and Standard Organization of Nigeria: Nospet VHP 20W-50, Nospet SAE 40 Fieldspar HD40, Nospelube 80W-90, Nospexa3 and Indugear 320.
Miscellaneous: 50 trucks have been set aside for the purpose of completing the supply contract on time. This is needed as a boost to encourage the management of BCC to grant approval for the supply of additional volumes of LPFO to its plant located in Gboko.
So these are the ‘facts’ glean able from the article presented in the May 21st edition of Financial Standard. The upside is that Financial Standard described the company as an “emerging major petroleum marketing companyâ€, and Alhaji Manga beat his chest in pride as he made the following statement: “Before now, activities in the downstream sector were dominated by the majors but the enabling environment and deregulation policy put in place has made us today to become the envy of major marketing companies especially in the distribution of diesel to industries and acquisition of their retail outlets to improve distribution of petroleum products to end users nationwide.â€
That is a fantastic statement to make in the face of all the controversy. However, the downside is that Nospetco is conspicuously described as a limited liability company. If this was the only downside, a lot of people will ignore it and go about normal business. But Stocks watch magazine does not seem to have finished with Nospetco yet.
Downside of the News
In an article of the May 27th edition of Stocks watch magazine, writer; Adebayo Obajemu, strikes a different pose on the stance of the new finance houses, Nospetco inclusive.
Describing them in the light of the fraud laden finance houses of the 1990s, he reiterated the Central Bank’s discussion with the regulatory agencies – Securities and Exchange Commission and the Nigeria Stock Exchange, and its subsequent recruiting of the Economic and Financial Crimes Commission to investigate the illegal activities of these finance houses. Stating Treasure Interlinks, Treasure links, Wealth Spinners, Wealth Solution, Antonio Oil, Fort Laurel Silver Links, Spring of Wealth, GFS as examples, he further described Nospetco as the most magnificent and most patronized of them all. Disclosing that some of these companies wear sophisticated facades of respectable businesses such as; magnificent office, state of the art cars, certificate of incorporation and a sizable amount of clients, he went on to make his most vital point of all; none of them has the effrontery to openly display SEC’s approval!
He concluded by saying EFCC is still probing these finance houses, and that it is generally believed that their operations are illegal since majority of them are not registered to do the type of business they are doing.
Reading both sides of the coin, it becomes increasingly difficult to discern what is actually going on. However, on closer analysis one realizes that the evidence before us does not agree. While one talks about the growing prominence of Nospetco, the Oil and Gas limited liability company, the other decries the existence of Nospetco, the illegal finance house. These are obviously very different businesses. This raises an eyebrow. Are these two different companies? Or is this one company operating in different capacities to different participants of a multifaceted society? In a notoriously unpredictable country like ours, a future forecast of happenings acquires a clout of quintessential difficulty. We can only hope EFCC clears the mist.
One thing is for sure if/when Nospetco (either finance house or Oil and Gas Ltd.) goes publicly legit in its modus operandi and profit distribution; it is bye-bye to humongous profits. Unless, of cause, by the unprecedented intervention of providence.
June 9, 2007 at 10:13 am (UTC 1)
@forexman,all
plz which site do u use as ur broker and is pro-forex reliable
June 8, 2007 at 5:35 pm (UTC 1)
@Stone,
I dont want to say “I told you so” but I told you so, GBP/JPY is our vehicle to financial freedom.
Happy trading!
June 7, 2007 at 8:36 pm (UTC 1)
@JO, RE: #102
Very correct man!
I looked at the GBP/JPY chart (Daily) yesterday @ 7:30pm and saw that its at a high and already trending downward. I went in for a medium term, hopefully to watch the trade for 2 weeks. But 24hrs later, it has gained 180pips. I wish it was real money. I’ve never really like this pair for nothing, until now
June 7, 2007 at 8:54 am (UTC 1)
@All
Any advice on the forex market today?
June 6, 2007 at 8:12 pm (UTC 1)
The GBP/JPY dropped a total of 205 pips from 2:30 EST yesterday to 13:50 EST today i.e. 242.95 to 240.90, I closed my position at 241.53.
How I wish I had followed my prediction (in blog 93 above) all they way to this level
June 6, 2007 at 7:16 pm (UTC 1)
@DoskySmyl,
I hope you read Jo’s post #95 “Cut your losers, and let your winners ride”. But talking specifically on the Euro, Trichet raised the ECB interest rate and yet we do not see the EUR/USD pair soar. It has been ranging within 1.3500 -1.3550. I’ll advise you to go out of the trade now and come back around 7am tomorrow morning to see what became of the Euro. Calculate your pivot for the London session and put today behind you. You lose in FX. That’s why when you go live, make sure you have enough capital. Starting with the minimum amount your broker advertises can be suicidal.
@Joel,
Check your FX broker’s site, I’m sure they will explain how to withdraw your money. But generally, there’s a Withdrawal form (also available on their site) you fill and either fax to them or scan and email to them.
@Everyone,
Today was somehow for me. I was just cruising along. No great trades, no losses and little wins. I guess I’m not at my best. How was your own day?
June 6, 2007 at 5:42 pm (UTC 1)
I greatly favoured to have stumbled upon this site. I thank the originator and the participants. Peeps, I am currently demo trading and having studing hard on my own. I would like to know how one could withdraw his gains.
Regards,
Joel
June 6, 2007 at 5:05 pm (UTC 1)
Guys,
what is happening to EUR/USD today?
I’ve lost a lot of demo currency, right now I have only one position opened. I’m still at a gain of 50 on 1.3599, any suggestions? should i close this position or does anyone believe things will improve?
June 6, 2007 at 3:22 pm (UTC 1)
EWO nuthing dey happen forex for live
June 6, 2007 at 9:19 am (UTC 1)
I’m just thinking aloud… What’s the difference between the rich and the poor? Why do some people complain at the slightest hike in price while others don’t feel it? Why do some people lose consistently in Forex while others win consistently? Why do some people spend the whole day on the charts and arrive at nothing and some just need to glance through to place a winning trade? Just thinking…
June 5, 2007 at 7:02 pm (UTC 1)
@Forexman
we need to talk, give me ur email add, doskysmyl@yahoo.com
I no understand even the trading station s/ware.
chei! na wah oh!
June 5, 2007 at 6:40 pm (UTC 1)
@wespeakforex
I prefer the GBP/JPY to all others pairs bcoz its the best ranging pair available (my opinion) and I’m relatively familiar with its support and resistance values, all USD pairs tend to trend and I have lost some dough trading some of them. Trends can be your friend but it can also be ur un-doing, I would rather make a humble profit per day than make a huge profit 2day and lose it all tmrw.
Thx for the pointers.
@All,
I hrd this recently and hv decided to make it my bi-line;
Cut your losses and let your profit trend
June 5, 2007 at 5:35 pm (UTC 1)
@JO,
Very good observation. But I just want to add that a weakening currency does not necessarily mean a weakening economy. Japan has been the second strongest economy in the world for over a decade now and yet the yen is almost equivalent to our naira! Central banks devalue for many reasons, most times to gain an undue advantage over the country’s trading partners. For instance, Washington has been pressurizing Beijing to appreciate the Yuan for some months now but Bank of China has been reluctant because a weak Yuan is beneficial to their economy. Also I realise you really gbadun the GBP/JPY! Its fascination is mainly because of the number of pips it moves in a day. But think about those number moving against you…A volatile currency pair is not for new traders. I’ll advise EUR/USD and USD/JPY then as competence and maturity increases GBP/USD and USD/CAD before the ultimate experience – GBP/JPY.
@Everyone
There’s this eternal debate between which is better: fundamental analysis or technical analysis. Both sides have a point or even points but I am more of a technical trader. There are times however that I will discard everything my indicators are telling me and follow the fundamentals. For instance, who knows the REAL reason the Canadian dollar has been rising of recent? You can’t find the answer on your charts! To make the answer brief, as long as the price of oil continue to rise in the world market, the price of Canadian dollar would follow suit. So if you are thinking of shorting the USD/CAD pair but thinking of a reversal, well I can say a reversal is not in the offing. I used most of today teaching FX to some folks and missed on some very easy trades, I hope to make it back tomorrow. Good luck and happy trading.
June 5, 2007 at 1:14 pm (UTC 1)
The GBP/JPY rose up to 242.95 this morning but could not hold the resistance and dropped to 241.89 within 2hrs, still dropping; thats 106pips for you if u sold @ hi and bought @ low.
I think the Japanese economy is recovering very fast bcoz the GBP is gaining against the USD (GBP/USD has gained 43pips today, still rising) so we can’t attribute the drop of GBP/JPY to the weakening of the GBP.
I got this from the Yen Outlook:
—————————————————
The BOJ Governor (Bank of Japan) told the Upper House committee that the economy continues to recover gradually despite disparity between sectors and regions. Falling into line with these remarks, Finance Minister, Omi is on the wires saying that he expects private sector demand-led recovery to continue.
The Cape Town IMF conference is likely to throw up reference to the carry trade and this could lend the Yen some support.
————————————————————
I think the GBP/JPY will still break the current 241.89 support to about 241.50. Lets wait and see.
June 4, 2007 at 6:05 pm (UTC 1)
Today has been a good day for GBP/JPY (gained about 77 to 84 PIPS depending on when u went in) and GBP/USD (100).
June 4, 2007 at 11:25 am (UTC 1)
@forexman,
could i get ur email addy?
would like to ask you some questions if it’s o.k with you
(sorry, questions on forex)
cheers!
June 3, 2007 at 8:09 pm (UTC 1)
@wespeakforex
hhmmmm!
June 3, 2007 at 7:38 pm (UTC 1)
@mobalorun,
Call me if you want to negotiate and don’t use this blog for that! (lol). Your offer (to me) is low, mine (to you) is high so let’s settle for the midpoint.
@everybody
Today (sunday) is a good day to reflect on last week. what did you do wrong ? what went wrong? (at times in FX you necessarily don’t need to do anything wrong before you lose) in what areas have you improved? if you are trading a demo account or mini account, this is not a time to focus on profit/loss, it is a time to see if you are improving. If you are handling much bigger accounts, result is the bottom line. Then make sure you have an inkling of what will happen this week on the currency pairs you trade, that to me is the little edge that gives all the rewards. Good luck and happy trading.
June 3, 2007 at 6:34 pm (UTC 1)
@wespeakforex
say we put our deal at USD100?
June 2, 2007 at 9:37 pm (UTC 1)
@ All,
Yeah it was a lovely week, hope next week turns out good.
wespeakforex i did notice yday abt ur prediction, tho i did nt wait till ur limits but i traded differnetly and made some profits.
June 2, 2007 at 10:36 am (UTC 1)
@Forexman,
I love your post. It was practical and sounds authentic. I wish you the best.
@Stone,
my yahoo ID is wespeakforex@yahoo.com. Weekends are the best times to mail me if you want a faster response since there’s no market on weekends. However, if you post stuff here too I might respond soon…i think I am gradually developing the habit of checking on this blog once a day.
June 2, 2007 at 8:18 am (UTC 1)
@wespeakforex
Do you Yahoo!?
What’s your ID pls, if you don’t mind? Post to stoner20004 @ yahoo.com. Ignore the space be4 and after @
June 2, 2007 at 3:24 am (UTC 1)
Hello all,
I am new on this blog, and actually came here to find out all the stuff about nospetco and others. I am glad to see the interest in forex is picking up. Forex is the deal. I see that wespeakforex is really good on it, as well as Jo.
knowing the learning curve I had to go through,(which most succesful traders go through). I want to let you all know, that it is not all sails and no oars (or rudders if you like). I am a forex trader. My first experience with forex 4 years ago burnt me out bad. I took off for years. But you know, i just never could stay away from internet business. I have been at it since 1998, and it was the learning experience from all those ebusinesses i went into that finally landed me in forex. I KNEW then forex was it. But I lacked one thing. I did not have someone to put me through, and naively (maybe it was not the appointed time) i made certain critical decisions which had I been better informed, I would have stayed with forex 4 years ago. I sometimes wonder what i would be now if I knew then what i know now.
Well I can tell you that you can make anywhere from 1% to 1000% or even more. It depends on a number of factors, one of which is your level of risk aversion and psychology. In those areas, everyone is not the same, so do not rate your success in forex trading by comparing what you make with what others make. You can challenge yourself that way, yes, but dont judge yourself that way. judge your success /failures in trading on how well you are trading with your own psychological makeup.The Almighty has graciously endued some of us with a strong psychological makeup, and others with weaker psychological makeup.
Th secret of it all is “KNOW THYSELF” . I believe if I am not mistaken, Aristotle made that statement. Trade only in the way you can make profits consistently. 1000% today and -??? tommorrow is a gamblers game. There is a thin line between trading and gambling. Dont cross it. There is a thin line between trading and guessing. Don’t be fooled by it.
Discovering the way for you is something only consistent effort, practice and experience will do for you. But a good training at the outset will set you up better for a quicker learning curve. Trading is not Nospetco or the others. Trading is hard work. It is not for lazy people. You must do your studies diligently before each trade or else… But I can assure you that ONCE you MASTER the secrets, it becomes almost MECHANICAL. One thing also, learning in trading never stops. I am still learning.In fact I have already learnt a couple of things from Jo and wespeakforex. But the important thing in being trained first, is that you get to stay “alive” long enough to learn the ropes.Traning does not make you learn the ropes. Experience does that. Training sets you up for the right experience.
Most trading seminars and courses cost a goodly sum, or a goodly barter (smile). Well. After my experience, I will advise. Attend a good training program at the outset. It will save you many headaches, except for a few extremely favoured people who providentially “chance” into the right information at the right time before they get burnt out. You may or may not be one of them.But you can ensure you are one of them by being trained.
in this regard, I may be able to offer some help (please hope you dont mind a little self advertising, we all sell something or the other you know (smile)). I currently run an exclusive forex trading computer school at Anthony by LASU (upstairs behind the MasterChef building) ,Lagos. I offer training courses for =N=25,000 which last for three days (morning or evening sessions,and saturdays for those who cant come during the week), (though punctuated sometimes by my own trading) during which you get to learn a couple of things that will save you unneccesary heartaches.Trading and training is my fulltime employment. Most training programmes cost 50k ? 75k? 135k? and so on. I am doing it at this price to encourage fellows. Why not do it free ? It cost me 4 years man. I think a little something back is not too much to ask. Besides, it is said that during the great Gold rush in America, more people made money selling shovels than finding gold. My plan is to sell both the shovels (pay for local expenses) and find the gold (trade myself and get richer).( Also paying for something adds value to that thing.You have to pay something, money or a longer learning time.)Thankfully, you can trade on longer timeframes that do not neccesarily require full monitoring.(Your psychology and trading style is key here).
Alternatively, you can google up on trading, read and read and read…..just keep reading…..practice……dont stop practicing…dont stop reading…. keep on at it…..sooner or later you will learn the ropes. Might take a week , might take 6 months, but you’ll get there for sure with enough determination. (You can get there faster though, if you take my course lol!!!)
Any route you take, with courage and determination, coupled with willingness to work hard and work smart, you wont be needing nospetco and the rest of them in a little while. You can call me up on 7679498 or 08026484331
PS: Dipo, you deserve kudos for this site, I know what it takes to run a site like this, i’ve been there. Thanx Man.
June 1, 2007 at 10:54 pm (UTC 1)
By the way, who took my advice on Post #78? If you check your price chart for the USDCAD as at the time I posted the piece, you probably would have thought this guy is insane (after all the Canadian Dollar has NEVER crossed that mark before) but the events of today proved me right. Price was hovering at 1.0706 when I made that prediction. I wanted to give anyone willing enough to dare the opportunity of making at least 40pips per lot. And if you do that on 4 lots, that’s $1,600 free cash for you. My friend in UK told me he knew price would fall even further and took profits at 1.0626 and so made $4000 (80pips on 6 lots on a Standard account). He is not trading next week for fear of trading with emotions! The moral of this piece: anytime I feel lucky and give you an advice, bank on it – I hardly lose when I feel lucky.
June 1, 2007 at 10:41 pm (UTC 1)
it is difficult chatting on a Non Farm Payroll day! But thank God the trading week is over. How did the week go? Net profit or loss? Whatever, I am we all ended the week a better person even if our accounts didn’t show it. All the best.
June 1, 2007 at 7:25 pm (UTC 1)
Hello DoskySmyl,
We may not be visible but we are here, welcome.
June 1, 2007 at 2:20 pm (UTC 1)
Hi Guys, seem no one wants to talk, I guess these forex thing is taking your time.
May 31, 2007 at 4:21 pm (UTC 1)
I am sure most of you have read of adverts like “I made 500% profit in Forex in a single trade” or ” my accounts went from $250 to $2456 in one week” People ask me if such claims are true. My candid answer is: IT IS POSSIBLE. But the real question is that can they sustain it. Can the $2456 made in one week double in another week? I doubt. Except you are experienced and take trading as a professional, long term consistent gain (which is the bottomline of any business adventure) may elude you. This is where emotional training and psychological stamina factor into all your analysis. I will talk more later. Good luck with your trading!
May 31, 2007 at 3:16 pm (UTC 1)
I feel really lucky today and want to help someone presently trading. Short your USDCAD and buy like 4 lots. Limit out at 1.0666 and come and share your testimony.
May 31, 2007 at 2:44 pm (UTC 1)
great guys.keep the job going.i have been trying on demo acct at pro-forex and am doing fine but my first day was serious cos i first gain and later lost but the second day was amazing cos i made 66.6% of my $1000 and i am still learning the terms use in forex and can somebody tell me abt pips
May 31, 2007 at 11:52 am (UTC 1)
@Wespeakforex,
Whats making FXAccuchart the best please? Whats their spreads like? etc… Im tired of testing each one. For now im confident with Marketiva and forex crown.
May 31, 2007 at 10:50 am (UTC 1)
JO
I am planing to go into the forex stuff after digesting all the info you gave above
Dipo
If you intend to go into politics in the future know it you ave got followers.Thank God for these new breed.
Meanwhile whats is Yar’adua waiting for he shd come and make you one of his adviser on money matters.
Cheers .
May 31, 2007 at 7:27 am (UTC 1)
@ Toby, I use FXACCUCHARTS. It’s obviously the best in the industry.
May 31, 2007 at 2:03 am (UTC 1)
For those of you asking for forex e-book,i think this site
will be educative enough for you guys
http://www.tradingacademy.net/freeclasses/forex1/index.html
try to check it out.
May 29, 2007 at 6:22 pm (UTC 1)
Well, my WORST day in the market. I was on the wrong side of the rallies. I lost a lot of demo bucks.
May 29, 2007 at 6:19 pm (UTC 1)
wespeakforex,
What platform are u using?
May 29, 2007 at 3:47 pm (UTC 1)
@Mobolarun and @ everyone
are you selling or buying cause am selling us /cad i entered on 1.0722 and put a stop on 1.0726 and a limit on 1.0709
i intended to trade short but it is has been fluctuating between my stop and limit for the past 1hr and i just read your write up on the blog , so i thought u might be of help .
May 29, 2007 at 2:29 pm (UTC 1)
mobalorun,
Indeed today was my best trading day ever! It was as a result of the Bank of Canada rate news. Guess you are still nt checking the news huh?
May 29, 2007 at 2:28 pm (UTC 1)
Mobolarun,
watch out for reversal patterns though and once you see a 1-2-3 forming or an abandoned baby then it’s time to go out. if you have the money you can still make something from USDJPY, it has coughed $411 for me in the last 14hrs.
May 29, 2007 at 2:25 pm (UTC 1)
Yes o stay with the trend.the trend is your friend. I have made $1,600 so far and I am still counting!!! This is a good way to celebrate democracy day.
May 29, 2007 at 1:39 pm (UTC 1)
men who can explain what is happening on the USDCAD chart today,
am making moneyyyy!!!!
May 28, 2007 at 10:13 pm (UTC 1)
@jo,
Ur write-up on forex was very educative and i have been reading other materials and the mentioned websites too which i’ll describe as enlightening.
In the past, i have always thought forex is hard to learn andit is ‘only’ some pple that can know it but i know that with my present mindset and determination, i will equally be good at it too.
Jo, tnx once more for offering to teach us,u are appreciated.
May 28, 2007 at 7:22 pm (UTC 1)
Meeeennnnnn,
you guys are great!!!
@Temitope, abeg never resign oh, cool down small.
But guys I’ve been at the other blog and you guys didn’t tell me of this one, haba! be your brother’s keeper now.
anyway, will appreciate any more info on the forex thing
May 28, 2007 at 7:03 pm (UTC 1)
@All,
The winner of “King Of Mini” Forex trading contest for the month of April started with a balance $2,981.28 on the 2nd of April and ended with $32,071.78 on the 30th i.e. 1,075.77% profit in 1 month!!!
http://www.fxcm.com/contest-winners.jsp
May 28, 2007 at 3:09 pm (UTC 1)
Wao! I was wondering too. Really dull indeed
May 28, 2007 at 2:39 pm (UTC 1)
Just search for economic calendar or fundamental news on forex, you will get alot to select from.
May 28, 2007 at 1:55 pm (UTC 1)
@Ess
where do you check for the news pls
May 28, 2007 at 1:19 pm (UTC 1)
mobalorun,
Its a no way market, I have been following it since morning and made up mind that there is nothing good coming out. Infact if you had checked the major news you will know already that its going to be dull.
May 28, 2007 at 12:38 pm (UTC 1)
@all
Oboy, this ranging of all markets today nawaooo!
how does one make money frm this kind thin?
abeg some1 xplain o.
May 26, 2007 at 1:33 pm (UTC 1)
with forex trading i will retire @ 30
hum hum hum
May 26, 2007 at 8:57 am (UTC 1)
i think forex is a very nice investment , but people should stop taking it like something u just pick up and do , it is profesional, the earlier they see it so the better 4 them , thank you so much keep it up
May 24, 2007 at 10:32 pm (UTC 1)
I am happy that people are now talking about Forex. I predicted some years ago that when people realise its power they will latch on to it. I have been trading Forex since 2004 and to be truthful, it is hard work. While Forex promises good returns, you can also lose an entire life savings if you are not careful. I have lost close to $2,500 (real money, not demo) in less than 2 hours before. Let me quickly add that in case you think it is unrealistic to make thousands of dollars from trading Forex, think again, I am a living testimony. You can read my article on Forex every Friday in BusinessDay newspaper. I will advise anyone that is seriously considering Forex to first go for knowledge and demo trade. In my seminars, I advise people to make at least 50% profit before thinking of going live. I have had my losing days in Forex but after three years of reading, researching and experimenting, I have been duly rewarded. I have a system that is almost fail proof. This year, I have been particularly fortunate making over $23,678 in real terms and I have even bigger plans. So, my friends please work hard and believe that it is possible. “Because of your faith, it will happen” (Matt.9:29)
May 24, 2007 at 5:46 pm (UTC 1)
Nospetco, Treasurelink,etc are all stories compared to 6k4U. I joined the 6K4U that yields $6000 or N780,000 in 6 to 10 weeks by just investing N24000 for 2poeple. I joined in less than a month ago and have entered the board and will be cycling out to get a $6000 in no time by Gods grace, imagine what you could do with this kind of money in Nigeria. investigate this info and you’d discover its not a scam but its for real. when you make up your mind you can join this winning team now!!!
To Join: http://www.6k4you.com/6k.cgi/odedinasat/join.html
My Ref:
http://www.6k4you.com/odedinasat
cheers,
Prince
May 24, 2007 at 2:59 pm (UTC 1)
Hi Dipo,
This is a good thing and i hope u have been making serious money from forex. I have been trading for more than a year and it’s all fun
May 23, 2007 at 8:02 pm (UTC 1)
@Abimbola
“obadaj1@gmail.com”
May 23, 2007 at 6:22 pm (UTC 1)
Jerome Obada…we need to reconnect. Please send me your contact information (former unilorin mech eng classmate)….nice to see you are keeping busy.
May 23, 2007 at 3:47 pm (UTC 1)
@Stone,
I will suggest you increase your stop loss if you are goin to be away for a while, say 40 -50pips. And like Jo said u need indicators before you enter a trade. MACD is also a good one for long term trades esp on the 4hours chart. I made a terrible loss overnight because I refused to place a stop loss thinking the wave will reverse!!! Anyway its all part of learning. I notice when ever im baby sitting the trade I make the best profit.
May 23, 2007 at 7:53 am (UTC 1)
@All,
Pls try not to trade more than 5% of ur equity at a time (open position) to prevent margin call, some Forex gurus say 3%.
Its better to make a steady but low daily income than to make 1000% one day and lose Capital+interest the next day.
May 23, 2007 at 7:43 am (UTC 1)
@Stone,
I had the same problem when I started trading but you dont need stop-loss when u are trading a sinusoidal/ranging pair because u’ll have a fair good idea of where it will swing back from a low position, pls read up on fibonacci retracement ratios and elliot waves, these tools are pretty good at predicting swings/retracements.
I’m not saying stop-loss is not good, it prevents u from lossing all ur dough and guards u against margins calls but it will also arrode ur equity if u have several stop-losses in a row.
May 22, 2007 at 9:34 pm (UTC 1)
Guys,
Stop-loss appears to be messing me up big-time. I buy a pair at a certain price and set stop-loss at say 20 or 30pips the other way. The next thing… stop-loss triggers the close of the trade, whereas, it (the chart) would still come back and go beyond the Take Profit price I set. Most of my trades are being closed by stop-loss.
A big problem I’m having is that I can’t sit there and watch it much of the time, as I have to justify my take home pay, you know. For a moment I wish I was jobless. Imagine. LOL!!!
JO & ESS, how do u trade? Do you sit and watch before placing your order? Or do you set parameters and take a walk?
Please help. I’m still on Demo though. LOL!!
May 22, 2007 at 9:30 am (UTC 1)
@mobalorun,
It was a combination of the 2 buy/sell of different pairs: EUR/GBP, EUR/USD, GBP/JPY and USD/CHF. Nowadays I trade for a long period rather than quick enter and exit. And yeah im trying hard to read as suggested by JO.
May 21, 2007 at 9:12 pm (UTC 1)
Ess
on which market was the 100 pips move, buy or sell which direction?
May 21, 2007 at 7:45 pm (UTC 1)
Abeg, no resign yet o!
It’s always good to be known to be working somewhere, especially since you’re still young. ki won ma lo fe’ju mo e. LOL!!
Well, I guess the reason there isn’t much activity here is because most of the folks are still new in the forex show, and since it’s something you have to work hard on yourself…
I for example have been busy with my demo trying to crack the logics.
Yeah, I’ve been doing some reading and multimedias too. I must confess, I’m yet to get it just right.
Well, we’ll get there somehow.
@ESS
Could you please mail me on stoner20004@yahoo.com. Thanks.
Cheers all!!
May 21, 2007 at 2:06 pm (UTC 1)
@ Tope
Please be sure of the game b4 resigning o.
Wishing u luck.
May 21, 2007 at 11:20 am (UTC 1)
this forex thing na waooo
u ve got to read and read and read materials before u can be so confident with trading just order some cd online 8 in all to really equip myself cos am planning forex bigtime
i hope to even resign next year and start full time forex
May 21, 2007 at 11:15 am (UTC 1)
I doubt it is quiet, cos I made more than 100pips just this morning. Although yeah there arent any major FAs.
May 21, 2007 at 10:00 am (UTC 1)
Ess
market dey quiet, that can be annoying
May 21, 2007 at 8:54 am (UTC 1)
It seems there arent forex members in the house or everyone is busy trading and forgetting to share.
May 21, 2007 at 8:36 am (UTC 1)
u dont need sorfware download on proforex
May 18, 2007 at 9:00 pm (UTC 1)
@ ALL. Ladies and Gentlemen. Kindly feel free to holla me with info on anyone who could anchor fx seminar. the honorarium is mouth watering.
thanks.
May 18, 2007 at 8:56 pm (UTC 1)
@ ESS. THANKS.
@ STONE. THANKS.
May 16, 2007 at 11:20 pm (UTC 1)
@ Stone
Pls kindly send me your email addy, I’ll like to have more words with you, mine is forgeahead2005@yahoo.co.uk
@Jo
Big Jo thanks for this post God bless u real good, hope to give u a wink on your mails soon.
May 16, 2007 at 10:33 pm (UTC 1)
Pls forgive my typo above, Dipo can you remove it?
@Ess and Stone
Pivot lines, Fibonacci ratios/retracements and Elliot waves are all tools used to predict the movement of currency pairs. My favorite is the fibonacci retracement ratios that exists everywhere in nature, I can’t go into details but kindly go online and read about it. I’ll recommend http://www.babypips.com but you can also use google to find out more.
May 16, 2007 at 10:25 pm (UTC 1)
@Ess & Stone Pls go online and resea
Pls
P
P
May 16, 2007 at 10:02 pm (UTC 1)
RE: Pivot Points
The only material I have read about the concept is what was available at the seminar. It was carefull structured such that if you read it without any explanation you won’t get anything out of it. LOL!! Guess the facilitator is protecting his intellectual property in his own way.
Please click on the link below and read the summary. As soon as I’m able to write more on the subject, I’ll post it.
http://www.actionforex.com/forex_analysis_and_forecasts/pivot_points/pivot_points_summary_200603205734/
Cheers!!
May 16, 2007 at 10:19 am (UTC 1)
@Teejosef,
Its Just as how JO explained it. In simple term is getting in at the right time (6-8am GMT) and finding the perfect entry. You can learn on the steps on entry for a trade. With this the trend is always long thus making a good trade.
May 15, 2007 at 7:40 pm (UTC 1)
@ mobalorun, just go google this thing and u get sites enof that ll feed u for free on mkt info.
@ ESS. kindly shed more light on the gbp/jpy pair. i mean per the ur entry and exit points.
@ STONE. per ur activofx seminar, i think i agree with ESS pls shed more light on the pivot points. cos i ve heard peter bain talk a lot about it but still no wiser about it.
ur help would be much appreciatred.
@ STONE. pls if u kno anyone who could anchor an fx seminar, kindly do get in touch with me at teejosef@yahoo.com
May 15, 2007 at 6:52 pm (UTC 1)
@temitope
can i have the site where you trade without downloading pls
@all
can some1 pls help me find a site where i can get news affecting the market.
May 15, 2007 at 6:14 pm (UTC 1)
@ all
feels at home being in the forex forum.
pls vote dipo & jo 4 the next election.
Poverty go run down o!
May 15, 2007 at 3:11 pm (UTC 1)
@ Stone, what do u mean by pivot points?
May 15, 2007 at 2:09 pm (UTC 1)
I was @ the ActivoFX seminar (last weekend) advertized in the Guardian on Thursday 3rd May 2007. I chose to go for a number of reasons. As such, I didn’t look at the cost (N135k) as “expensive”. I got what I wanted and more from the seminar.
The most important things of note are:
*Set your stop loss and limit, especially if you’re not going to sit there watching the chart
* Use the PIVOT points- you’ll win at least 70% of your trade with that alone
* Use indicators RSI and Stochastic Oscilator
*Do not trade with more than 20% of your equity.
*Note the spread offered by a broker before you choose one
* Can FOREX business come to a halt/crash? Yes, if all the coutries of the world are using the same currencies. LOL!!! …when the antichrist cometh. Yeah.
I believe in doing it yourself folks! YES YOU CAN!!!
When you do it yourself, you’re more in control of your investment having reduced the number of human/uncertain/illegal dependencies.
Cheers men!!
May 15, 2007 at 11:10 am (UTC 1)
@ Jo,
Good job.
May 15, 2007 at 7:52 am (UTC 1)
Hey where’s everyone at? Jus to inform u guys that I have tried the GBP/JPY pair and it worked just fine.
May 15, 2007 at 7:02 am (UTC 1)
@ all,
I am having issues with my contact page at the moment.
As regards, the diagram – please, send mail to poetsolvers@gmail.com
Thank you.
May 14, 2007 at 4:58 pm (UTC 1)
NICE IDEA. I MEAN THIS FX BLOG.
May 14, 2007 at 4:52 pm (UTC 1)
@JO and Steve,
Thanx alot for that info, i will contact Dipo straight away. Another crazy pair is USD/CAD, i normally win/loose big time. If its regarding the overlaps between London and Tokyo I guess its around 6-8am GMT if im not mistaken. Direction is always a problem with some pairs too, whats the best approach for such? Though im readin a new formula regarding such which i will post immediately i understand it.
May 14, 2007 at 2:24 pm (UTC 1)
@Ess
Its true that the spread for GBP/JPY is high (8pips) but you are almost assured of making at least X5 of that if you go in @ the right time, pls contact Dipo to send the Tables in my write up above to you; you’ll see the time when the trading period overlaps for London & Tokyo and that the minimum appreciation I’ve recorded for this pair is 36pips, the max is 158pips on the 23rd of April between 2:45am and 9:30am. There was an appreciation of 149pips the next day from 4:24am to 6:50am (NY Time).
U can make a steady profit from this pair bcoz the movement is almost sinusoidal and not erratic like the USD.
May 14, 2007 at 1:19 pm (UTC 1)
@ESS,
I have consistently traded GBY/JPY pair and its been working well for me but timing is the key factor. I am barely 3 weeks into this and I am thinking of picking up any pair like USD/CAD or EUR/USD.
May 14, 2007 at 11:56 am (UTC 1)
@All
Have anybody heard about http://WWW.MEGAWEALTHTEAM.NET?
It’s an online investment which pays into any bank a\c,
I am a living witness to the programm which i have
been paid twice now.
With as low as #2,500,you can get registered and earn
up to #2m naira over and over again.
For moredetails,pls email @tomornip@gmail.com
THIS IS FOR REAL BELIEVE ME!
May 14, 2007 at 11:42 am (UTC 1)
@Dipo & Jo
Wow! u guys are too much and i think with this,we can get more and more people informed about the world of forex the largest trade market ever.
May 14, 2007 at 10:11 am (UTC 1)
Just what we have all been waiting for!
JO, it seems that starting a live account is not so easy but lets start giving ourselves a deadline to start the standard account. It will help us learn more. Regarding GBP/JPY, I have an issue with their high spread of 8 pips! I always avoid them but then we are here to share ideas. I normally stick wit the EUR/USD and their likes of low spreads. What do u say?
May 14, 2007 at 8:26 am (UTC 1)
@ Dipo,
Thanx a million on ur various efforts to keep us informed, hence stay away from poverty and the rat race.
Great job jerome. Thanx man.
May 13, 2007 at 5:00 pm (UTC 1)
It all sounds easy that is the % one can make daily.
but it requires brain work.
tHANKS jEROME what you have just analysed was what i was asked to come and pay money for by a friend. even our friend in the investment club is charging large fees for thi, and the end of the day you may not gain as Jo’s little explanation has done.
God bless you for attempting to demystify this forex issue for free.
i will open an account right away
May 13, 2007 at 4:22 pm (UTC 1)
Thank you Dipo for setting up this blog on Forex. I give kudos to Jerome Obada popularly known as JO for his brilliant write up on this issue. Thank you very much for a great job, welldone!
May 11, 2007 at 2:56 pm (UTC 1)
Thanks a million JO and Dipo. Please one will need a mentor for practical aspect of it.
May 11, 2007 at 8:54 am (UTC 1)
sound interesting and educative too.To b sincere i’m just getting to know this for the first time, i sure enjoyed it. Good work Dipo
May 10, 2007 at 7:36 pm (UTC 1)
Funny thing was a friend of mine asked me if i knew anything about Forex like 4 days ago. He is in Naig as well and thinking of getting into it but as I was just hearing of it for the first time, I googled it and saw the site, but I still wasnt at ease with the idea just because of all these internet scams.I was going to ask a stock broker friend of mine and another that works at an investment bank for opinions but its kind of reassuring to read this post, at least its not a scam. But like i told him, it would be risky but investments are risky ideas anyway…
I might just look into it later.
Thnx!
May 10, 2007 at 2:31 pm (UTC 1)
Hi Dipo’
You’ve done a very good job with the article but i still don’t get somethin right . What’s the minimum cash one can invest. Additional information on this will be highly appreciated.
Charles
May 10, 2007 at 8:35 am (UTC 1)
nice one jo
ive been trying to download trading software form maketiva and fxcm but to no avail but i was able to get some foex brokers trading floor that requires no download and i ve already started demo trading- i lost 1.2k $ on my first trade but i did love it cos with enuff pratice we get there
thanks alot-i forsee a finacial revolution soon
May 10, 2007 at 6:44 am (UTC 1)
Thanks a lot. I will study it and probably attend one or two seminars before i start trading.
May 10, 2007 at 1:36 am (UTC 1)
Nice one jerome. I posted some sites on the nospetco blog that have very rich resources on understanding the forex market. Though yet to commence trading owing to my schedule, i think you’ll find the info very useful.
May 9, 2007 at 10:47 pm (UTC 1)
Guys,
I attended a 5-hour forex training. I still could not grab the whole story. I think this write up has explained some stuff for me. I’ll start my demo trading soon.
May 9, 2007 at 7:48 pm (UTC 1)
just did a run down of the post.Thanks dipo n Jo think i will have to study your write up closely overnite
May 9, 2007 at 7:10 pm (UTC 1)
Very very interesting but it sounds stressful! I will try out the sites as i look forward to making thousands delay. Jo thanks for the lessons
May 9, 2007 at 6:05 pm (UTC 1)
very informative.
May 9, 2007 at 5:29 pm (UTC 1)
@ all
To view the diagrams; please contact me on the PLS, CONTACT ME at the bottom of the sidebar.
Ciao
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