Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

Recommended Posts

I'd like to move on to the original premise of this Thread...

 

Why people will pay anyone, let alone the scammers to learn to trade..

 

I wonder how many have paid for someones DVD's, Books, Seminars, On line Chat rooms, etc, etc.

 

I'd be very suprised if we all didn't do some of it at various times... I certianly have and I came out of the industry and was exposed too some "brillant" traders..

 

The more I gathered the more deadends I encountered.. Some of those deadends took over a year to jetison... Elliot Wave comes to mind just for one... I have a list so long that when I go back to the beginning I ask myself what was I smoking??

 

I just was searching..and I would have paid anything to get the answers...WHY..I wanted to stop the pain, frustration and confusion.. I wanted to succeed.. I think it is human nature to want to get mentored..

 

Until you master this trading thing all you can do is relate it to your own life experiences which is centered on structured education...so we tend to follow that path..

 

Unfotunately unlike the "real" world, trading is not especially replicable. Some of the structural part is in many respects replicable...a chart is a chart, a pattern is a pattern - you can learn to recognize that at its most basic level etc. but it is the rest of it.. how and what to do with it - the alignment...the mental process to create a decision making path from whatever structure you recognize to take action... that is where it breaks down.

 

How aligned do you have to be to sit in a University class to pass the exam? Not even close to what trading is but how would you know?

 

And there are a never ending list of vendors good and bad waiting to help you fulfill your dreams.. what most vendors don't, won't or can't tell you is that it is all on your shoulders not theirs for you to succeed..

 

I have been fortunate to know successful traders in my career..when we talk shop we talk the same stuff.. "we know" but that is where it starts & stops..

 

I reference my 20 - 50 lot ES buddy. He thinks I'm nuts for trading my size and scaling them out instead of trading larger for shorter targets (he is a member/lower cost).

 

Who's right? We both are..

 

How does that relate to buying a course..the same issue how do you take it and play it like its your own? I don't think too many can.. but everyone thinks they'll be the one :2c:

 

I used to think like you. However, I came to realize that everything I thought was unteachable, was just so because I was not consciously aware I was doing them.

 

A good example is trading outside the bollinger bands. I used to look at the set ups, and buy or sell instinctively based on whether or not I 'Felt' the price had reach maximum exhaustion, or had more room to go.

 

When I was writing my course, I was trying to think of a way to communicate a skill I thought was purely instinctual. However when I really studied my past trades, I began to see a pattern. Then it hit me. I was subconsciously trading this pattern and not even knowing it! Once I figured out what it was, and it came into conscious focus, writing down the rules to follow was pretty easy.

 

These rules, when applied to other more commonly known set ups, helped make them more efficient. An example of that is the key reversal. Sometimes they mean something, and other times they don't. Now I have rules that qualify them, so I know when to trade them, when to use them as exits for an existing trade, and when to ignore them all together. Something that was a 50/50 gamble, now pays of for me 70-80% of the time.

 

The truth I discovered is that if a man CAN do something, then it can be taught; if he can identify it's base elements and then break them down into a defined, step by step curriculum.

Share this post


Link to post
Share on other sites
I used to think like you. However, I came to realize that everything I thought was unteachable, was just so because I was not consciously aware I was doing them.

 

A good example is trading outside the bollinger bands. I used to look at the set ups, and buy or sell instinctively based on whether or not I 'Felt' the price had reach maximum exhaustion, or had more room to go.

 

When I was writing my course, I was trying to think of a way to communicate a skill I thought was purely instinctual. However when I really studied my past trades, I began to see a pattern. Then it hit me. I was subconsciously trading this pattern and not even knowing it! Once I figured out what it was, and it came into conscious focus, writing down the rules to follow was pretty easy.

 

These rules, when applied to other more commonly known set ups, helped make them more efficient. An example of that is the key reversal. Sometimes they mean something, and other times they don't. Now I have rules that qualify them, so I know when to trade them, when to use them as exits for an existing trade, and when to ignore them all together. Something that was a 50/50 gamble, now pays of for me 70-80% of the time.

 

The truth I discovered is that if a man CAN do something, then it can be taught; if he can identify it's base elements and then break them down into a defined, step by step curriculum.

 

Since we have already discussed your "course" and you said you would NOT contribute to the site here to help us become better traders, "For Free" which many others here do... I would then respectfully request that you keep your word..

Share this post


Link to post
Share on other sites

 

I'd be very suprised if we all didn't do some of it at various times...

 

 

Me too...

 

 

I have a list so long that when I go back to the beginning I ask myself what was I smoking??

 

 

LOL :haha:

 

 

Who's right? We both are..

 

 

Exactly! That's the point. It is not about who is right about a method.

 

I would like to add also the following.

 

If you have found something that works, apply it and try to become the best you can be with it. I think we have also sometimes the tendency to look at what others are doing as their system could be better than ours (... the grass is greener...). I mean it is good to try to improve and learn new things but at some point you have to stick with something and try to perfect it (if it works, of course).

 

For example, some of you guys use Market Profile. I've read only very little about it and have only rudimentary knowledge about its application. But it's different to what I do and what works for me.

 

Also, I've read today on this forum about the Taylor Trading Technique (TTT), which I've never heard about before. I might read a little bit more about it to understand a bit more and see, if it FITS INTO MY TRADING STYLE. However, this is still very superficial research. Only if I think that it could benefit my already existing trading style and make it better, I will start some serious research on it.

 

I have the feeling that if I would start now to try to understand Market Profile or TTT (or any other method) in detail this would be counterproductive for my trading as I could not focus on my current trading style 100%.

 

What I've learned from my past careers is that focus is an essential element in success. You cannot be an expert in everything... (or if you try to be, you have to stop trading and earn your money as an "expert" ;) )

Share this post


Link to post
Share on other sites
Since we have already discussed your "course" and you said you would NOT contribute to the site here to help us become better traders, "For Free" which many others here do... I would then respectfully request that you keep your word..

 

I didn't teach anything you'd pick up on. I basically explained how my mind set graduated from the way you think, to the way I think now. I used the example that brought me to my understanding.

 

Maybe a non trading example will sooth your tiny mind.

 

In martial arts, they say you don't truly learn your art, until you have to teach it. I think this is very true in many endeavors. However, when it comes to teaching, that is an art all unto itself. The reason you think trading cannot be taught, is due to the fact that you do not understand the art of teaching at all. If you did, you would see that the things you write are just plain silly.

Share this post


Link to post
Share on other sites
I didn't teach anything you'd pick up on. I basically explained how my mind set graduated from the way you think, to the way I think now. I used the example that brought me to my understanding.

 

Maybe a non trading example will sooth your tiny mind.

 

In martial arts, they say you don't truly learn your art, until you have to teach it. I think this is very true in many endeavors. However, when it comes to teaching, that is an art all unto itself. The reason you think trading cannot be taught, is due to the fact that you do not understand the art of teaching at all. If you did, you would see that the things you write are just plain silly.

 

While you think being a martial artist entitles you to claim that you are a teacher, one thing you seem to be missing is humility.. ego is often an attempt to compensate for what truly lacks..

 

I will share just a tidbit about me - I have "taught" in Fortune 100 Companies to Senior Executive Officers, Global Money Center Banks and much more... I know what the real deal is... stop kidding yourself

 

You are certianly entitled to your opinion.. for what it might be worth ... but I cannot waste any more of my time... on this topic since it seems to be a circle jerk..

 

One thing I do appreciate about your contribution, at least to me personally, is that I now have a reason to try out the ignore button.

Edited by roztom

Share this post


Link to post
Share on other sites
Hmm, well you are certianly entitled to your opinion.. for what it might be worth ...

 

One thing I do appreciate about your contribution, at least to me personally, is that I now have a reason to try out the ignore button.

 

Well, maybe if you guys were more respectful, and not have treated me like I am some sort of scum bag, for no rational reason whatsoever, then you would not have to. Instead, you dug your own grave with me, and now have to hide behind the ignore button like a little child.

Share this post


Link to post
Share on other sites

.

 

I have a new resolution,

 

I am going to write my trading system on paper.

 

I think it is long overdue;

I had it on papers here and there,

I have my indicators in the computer,

I have some notes, I have some chart samples,

but never had everything together like a manual.

I think it will help me to clarify a few things that I do intuitively,

and it will definitely be worthwhile when I die, I have something to pass on.

 

I will start this project tonight !

Share this post


Link to post
Share on other sites
.

 

I have a new resolution,

 

I am going to write my trading system on paper.

 

I think it is long overdue;

I had it on papers here and there,

I have my indicators in the computer,

I have some notes, I have some chart samples,

but never had everything together like a manual.

I think it will help me to clarify a few things that I do intuitively,

and it will definitely be worthwhile when I die, I have something to pass on.

 

I will start this project tonight !

 

Actually, that is a very good idea. If you genuinely do so with the intent of being able to teach someone with it, you will be a much better trader when you are done.

Share this post


Link to post
Share on other sites

I already thought you were a computer trading genius Tams......now I am beginning to wonder. (whats the emoticon for me shaking my head in dejection)

Share this post


Link to post
Share on other sites
I already thought you were a computer trading genius Tams......now I am beginning to wonder. (whats the emoticon for me shaking my head in dejection)

 

 

 

The perception is a deception.

 

 

 

.

Share this post


Link to post
Share on other sites
......

Mods, feel free to edit out the line feeds :)

... and maybe change the rules about character counts.

What if someone wanted to just post the word "Yes" ???

I agree completely.

 

Above line was too short also. :doh:

Share this post


Link to post
Share on other sites
I did it... with a YES only.

 

Thanks.

How ?

I want to just post a :doh; and nothing else :)

 

(... "Thanks. How?" would not take and that's all I wanted to say :) )

Share this post


Link to post
Share on other sites
Thanks.

How ?

I want to just post a :doh; and nothing else :)

 

(... "Thanks. How?" would not take and that's all I wanted to say :) )

 

 

go to my post, press the

button at the bottom right corner of the post... and see the trick.

Share this post


Link to post
Share on other sites

What a shame that a nice thread which started off in such an interesting direction down "Informative Boulevard" has taken a disheartening and unneccessary detour onto "Pissing Contest Avenue." Ah well, we're all human, right? :doh:

 

Let me add my :2c: then... Not looking to take any sides here, but maybe to refocus to a beneficial direction?

 

I've never been a corporate professional or institutional trader who has ever worked at a bank or trading firm, but I have traded for my beans and tater money. I've also had the opportunity to learn some very valuable trading and money management insights from one of the very BEST traders in the institutional field. Take that information at face value or leave it. I have traded on/off for at least nine years. Much of that time was spent working with a highly focused group of like-minded Fibonacci traders of varying levels of proficiency and personal success. I still fondly consider every one of them as friends and colleagues, although I'm no longer an active member of that group.

 

My trading career "AHA moment" came after a few years of pursuing the Holy Grail 100% NO FAIL System, finally culminating within the group I mentioned above. My personal revelation was not that the HG did not exist...but that it doesn't matter whether it exists or not, provided...you build your trading method on a foundation of mathematically profitable money management rules.

 

Let's refocus on what really matters about trading, which is making consistent profits and KEEPING them. In that context, it really doesn't matter WHAT system you trade, where you got it, whether it is one you built yourself, or whether you purchased a "black box" system. What REALLY matters when all the dust settles is whether a particular system produces something called a "Positive Expectancy." Why do we hear that constantly-repeated statistic in the trading world about 95% of all traders failing? It's for one reason ONLY....it's that we are trading in mathematical combinations, largely unplanned, which are not resulting in a positive expectancy over "X" number of trades taken. I know that negative expectancy MUST be unplanned because no one in their right mind would knowingly set out to trade a losing system, right? Yet, the 95% failure rate still prevails.

 

There is a fairly simple math formula for expectancy of a system. It is as follows:

 

Expectancy = (Probability of Win * Average Win) – (Probability of Loss * Average Loss)

 

Put into practical terms, let's say over a series of 100 trades, your "system" produces 70% wins with winners averaging $100 profit per trade. You lose only 30% of the time with average losers of $250 per trade. Here is what your expectancy would be using the above equation:

 

Expectancy = (0.70 X $100) - (0.30 X $250)

Expectancy = $70 - $82.50

Expectancy = - $12.50

 

This is an example of a system with NEGATIVE Expectancy. Most traders never EVER bother to calculate this, nor do they know how. Did you also notice that the entire calculation depends on having amassed a sufficient number of sample trades whereby a probability or precentage of win/loss can be determined? How many traders actually do sufficient testing of their system to even come up with the input values needed to calculate expectancy? I suspect far too few ever get that far. :helloooo:

 

Now that we have that foundation laid, we can begin to look at the reasons WHY a particular trader's results yield negative rather than positive expectancy. I believe there are basically two broad categories of trading styles which represent the extreme ends of the trading spectrum: Mechanical Traders and Intuitive Traders. All traders will fall somewhere between these two extremes, usually leaning more closely to one side or the other. The mechanical trader employs a systematic, (hopefully) fixed set of rules for trade entry and exit. The intuitive trader instead trades mostly by "touch and feel" relying on his/her internal intuitions about the market. There are successful and unsuccessful traders in both categories and in the hybrid grey area that lies in between, but I think there are far more mechanical traders who end up ditching their (proven?) system rules based on a sudden spark of "intutition" (emotion) which usually ends in disaster. Relying on an unproven sense of trading intuition is like a Japanese Katana blade in the hands of an amateur...it's more deadly to the user and spectators than it is to the enemy. Again, the deciding factor of ALL trader success or failure, regardless of whether one trades mechanically or by intution, is always, always, ALWAYS whether or not a particular trader achieves "Positive Expectancy". And how can that ever be reliably achieved if it is never proactively set forth as an informed, conscious, FOUNDATIONAL objective?

 

I am of the mindset that successful intuitive traders are the rare breed exception and that such success is only achieved by those possessing a certain level of inherent ability and aptitude after much practice, honing of skills, and raw trial and error. Realistically, there just aren't that many traders who will ever be capable of trading profitably via intuition. Thus, it is my personal opinion that the overwhelming majority of traders would stand a much better chance of achieving positive expectancy if they would focus on developing the discipline necessary to trade within a well-defined rule-set, purposely constructed to operate within a framework of mathematically sound money management parameters. Most traders need to leave intuitive trading to those who are prepared and committed to do ALL that is necessary to safely master it. In that mindset, let's focus on a mechanical trading perspective from here forward.

 

I believe that failure to achieve Positive Expectancy, speaking in the context of mechanical, fixed rules-based trading, is due to two very distinct possibilities.

 

A. The trader, whether intentionally or unintentionally, is NOT following the system rules consistently, yielding results that fall outside of mathematically profitable money management parameters.

B. The system rules are inherently mathematically flawed with regard to money management parameters by design.

 

I think it's pretty much that simple. If the rules are mathematically sound, and the trader is not turning a profit, then he/she is fudging on the rules and is most likely shooting from the hip or failing to execute properly for whatever reason. If the rules ARE being followed properly and the trader is still not turning a profit, then the rules must be inherently flawed from a math/money managment standpoint. In either case, these errors should be uncovered by properly test-trading the system. I recommend demo trading first to validate proper trade rule execution before proceeding on to low-leverage live trading for the reality factor.

 

Maybe I'm preaching to the choir...maybe I'm "Captain Obvious" here...but I'll boil this all down to the lowest common denominators. There are basically three "vital signs" of a mathematically sound trading process, REGARDLESS of the entry/exit strategy employed. They are:

 

  1. Reward To Risk Ratio
  2. Win/Loss Ratio
  3. Risk % Per Trade

 

When the dust settles, when it's all over but the crying, whether you bought a black box system from a "scammer", or whether you built your own system from the ground up...ALL trading performance results, whether by intentional design or by unplanned default, are a function of a net blend of those three factors above. The only question is...whether the resulting blend of factors was the CAUSE or the EFFECT in the final expectancy value achieved.

 

The most common reason that traders fail to achieve positive expectancy (besides not ever PLANNING for it by consciously building it into their process from the start) is that far too often traders have a lop-sided fixation with only PART of the overall expectancy equation. Specifically, they are 99.9% of the time usually bent towards considering the Win/Loss factors of a particular system they are enamoured with. The FACT is...trading with positive expectancy will only happen consistently when the trader purposefully builds the correct MIX of money management factors into the foundation of his/her trading plan, as opposed to tacking on money management as an afterthought. You must design your trading plan and system to incorporate the correct blend of Win/Loss, Reward/Risk, and Risk % Per trade factors FIRST and then come up with entry/exit criteria that fit into those paramerters.

 

AND...you must decide on the blend of factors that best fit your psychological risk tolerances. For example, some traders could never tolerate trading a system that had a high losing percentage of trades even though the Reward/Risk factor was sufficiently high to produce net-positive expectancy. Still other traders could never perform under the pressure of utilizing a system that offered a very high win rate, but which had an inverted Reward/Risk profile where the losing trades were significantly larger than the winners. But no matter which trade entry system, or blend of money management factors "feels" psychologically tolerable to a trader, it won't matter one hill of beans if the net result is consistently negative expectancy. Anything less is just a hobby or a bad gambling habit. Do you know what YOUR expectancy values are over the last 100 to 1000 trades? You'd better... :missy:

 

Sorry if I deviated from the OP's direction, but it seems that was already done several pages ago. I hope I've given you something of value to consider here.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • Date : 27th November 2020.FX Update – November 27 – Sterling in FocusGBPUSD, H1Narrow ranges have been prevailing in risk-cautious trading. The USDIndex settled around the 92.00 level, above yesterday’s 12-week low at 91.84. EURUSD remained buoyant but off from the 12-day peak seen yesterday at 1.1942. Cable also held within its Thursday range. USDJPY ebbed to a four-day low at 103.91. The Yen was concurrently steady versus the Euro and the Pound, but posted respective two- and four-day lows against the Australian and Canadian Dollars. AUDUSD ticked fractionally higher, which was still sufficient to lift the pair into 12-week high terrain above 0.7380. NZDUSD posted a new 29-month peak at 0.7030. USDCAD remained heavy but just above recent 17-day lows. Bitcoin, which performed strongly this year on the back of dollar liquidity, found a toehold, but remained over 12% down on its recent highs.US markets will reopen after yesterday’s Thanksgiving holiday, but market conditions will remain on the thin side. President Trump said that he will leave the White House if the Electoral College votes for Biden, which may be as close to formally conceding the election as he will go. A sharp focus remains on EU and UK talks, with a face-to-face round reportedly taking place in London over the weekend. There are now reports that the EU parliament might convene as late as December 28 to ratify a deal, if necessary.The spectre of a no-deal hangs over proceedings, though the consensus, as judged by the ongoing stability of the Pound, remains for a narrow deal to be reached.Always trade with strict risk management. Your capital is the single most important aspect of your trading business.Please note that times displayed based on local time zone and are from time of writing this report.Click HERE to access the full HotForex Economic calendar.Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!Click HERE to READ more Market news. Stuart Cowell Head Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • Date : 26th November 2020.Brexit endgame remains in sharp focus!The USD has remained soft in quiet conditions, while global asset markets have seen little direction. The US Thanksgiving holiday has quelled activity. Europe’s Stoxx 600 traded near flat. Most stock markets in Asia gained, though remained off recent highs. The MSCI World Index is also off its highs, but remained buoyant and on course for a record monthly increase this month. Copper posted a new near 7-year high, and while other base metal prices were also underpinned most remained off recent trend highs. Oil prices saw modest declines after recent gains, which culminated in a nine-month high yesterday.The Brexit endgame remains in sharp focus!Sterling has seen limited direction, continuing to hold gains from month-ago levels of around 1.5% to 2.5% versus the Dollar, Euro and Yen. There is still no breakthrough in down-to-the-wire negotiations between the EU and UK, and there are lots of warnings of border chaos and, from external BoE MPC member Saunders, of long-lasting economic consequences in the event of a no deal exit from the common market.European Commission president von der Leyen said “we are ready to be creative” to get a deal while repeating that “we are not ready to put into question the integrity of the single market.” An Irish government member said that a deal was “imperative” for everyone.The steadiness in the Pound, the principal conduit of financial market Brexit sentiment, reveals that investors remain unperturbed. One explanation is the real money participants are sitting on their collective hands, positioning for an expected deal but waiting on concrete developments and details, while maintaining vigilance on the possibility of there being a no deal by accident.Short-term speculative participants, meanwhile, don’t seem to have had a fruitful time in trying to play the fatiguing myriad news headlines and endless deadlines that have come and gone. The latest and supposedly final deadline, is next Tuesday — December 1 — which leaves just one month for a deal to be ratified on both sides of the Channel. We expect to a deal to materialize at the last minute, just as the withdrawal agreement was seemingly pulled out of the hat at the ultimate minute a year ago. There may even be a fudged extension.Pressure on the UK government is intense. US president-elect Biden warned London that the scope for a deal with the US would be compromised if there is a return of a hard border on Ireland — which is what could happen in a no-deal scenario (the UK government would have the choice between maintaining a free-flowing border on Ireland at the price of breaking up the border integrity of the UK, and possible protests and even violence from loyalists, or breaking the EU withdrawal agreement, which would result in a hard Irish land border).A leaked Whitehall document warns of a “perfect storm” of chaos in the event of a no-deal in the Covid-19 era. There are also pressures on the other side of the Channel to reach an accord. While French President Macron has political incentive to put up a show of fighting over fishing rights, he is not likely to carry through on his threat to veto any deal as other key EU states don’t see the UK’s position on fishing as being unreasonable. France and other nations, and the UK, also need to maintain good relations for security and many other practical reasons.As for the market impact of a deal, much will depend on how narrow the deal is. The narrower it is, the bigger the negative impact on both the UK and EU’s terms of trade positions will be on January 1, particularly the UK’s.Always trade with strict risk management. Your capital is the single most important aspect of your trading business.Please note that times displayed based on local time zone and are from time of writing this report.Click HERE to access the full HotForex Economic calendar.Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • Those who take quick and payday loans and refuse to pay them back are now hooked.   Normally, it is not a good thing to go into debt unless that is your last resort. We know that people are fond of borrowing and they seriously hate paying it back. Even when it comes to paying back what was borrowed, your creditor will become your enemy. Such is the nature of human beings.   Debtors don’t want to return money even when they eventually have means of repayment. If anyone borrows money and returns it, it means the person has a Godly spirit in him.   If people ponder the power of compound interest, they would stay away from loans. If you pay 1.33% or 1.79% interest per month on a loan, you will need to pay back roughly 16% or 20% per annum. And this will begin to compound as long as you don’t pay.   Most borrowers who are now in trouble have realized that the interest rates are eventually higher than the capitals borrowed. They realize that the creditors are using an indirect way to enslave borrowers (go and work for me, bring back the capital plus profits).   The banks themselves know that business environment is very tough and are now indirectly asking people to work with or spend the banks’ funds and bring the funds plus profits back to them. Many borrowers really have poor mentality and they don’t know the gravity of what they’re putting themselves into.   If a bank could lend out 1 billion USD per annum, it would reap a return of 150 million USD (at least on paper). Do you think they will forget about you if you owe them even a small amount?   Loans without collateral are now popular. But your collateral is your BVN – unless you don’t want to operate accounts again in the country.   I have heard people saying” Don’t pay to my Access Bank account again, but pay into my UBA bank account.” “Don’t send that cash into my GTBank account again, but send it to Zenith Bank.” It’s like postponing the evil day.   Ti iya o ba i tii je eniyan, iya nri nkan panu lowo ni (Yoruba adage). I literally means: If Suffering has not come to attack you, it means Suffering is currently busy with something. If you think you can avoid payment by abandoning the account you used to borrow money, you’re only postponing the evil day.   They cannot come for you when your debt is small, but the debt will begin to compound and compound till it would make sense for them to come for you.   BAD NEWS FOR DEBTORS CBN has given banks permission to deduct from funds a debtor has in another bank account. For example, if you borrow quick loans from FCMB and you abandon your FCMB account and you are now operating another account with First Bank, FCMB can make a request to First Bank, and the money you owed will be deducted once or gradually from your account at First Bank, without your permission.   Would you now keep money at home, so that bad boys will come to you to take their dues?   Borrowing isn’t a good thing, no matter how plausible it looks.   Profits from games of knowledge: https://www.predictmag.com/   
    • LITECOIN (LTC) SUSTAINS RECENT RALLIES, FACES RESISTANCE AT $90 HIGH Key Highlights Litecoin rallies to the high of $90 The crypto may be range-bound between $80 and $90 Litecoin (LTC) Current Statistics The current price: $89.20 Market Capitalization: $5,900,735,267 Trading Volume: $7,953,660,011 Major supply zones: $70, $80, $90 Major demand zones: $50, $30, $10 Litecoin (LTC) Price Analysis November 24, 2020 Litecoin has continued its rallies as the coin reached a high of $89.86. LTC price has been making a series of higher highs and higher lows. The upward move has been facing resistance at $90. On the upside, if buyers can push LTC above $90, the coin will rally above $100 high. However, if buyers fail to resume the upside momentum, LTC will be compelled to a sideways move for a few days. If the uptrend is resisted the coin will be range bound between $80 and $90. LTC/USD – Daily Chart Litecoin (LTC) Technical Indicators Reading LTC price broke the resistance line of the ascending channel. This indicates a further upward movement of the coin. The crypto is at level 74 of the Relative Strength Index period 14. It indicates that the coin is in the overbought region of the market. LTC/USD – 4 Hour Chart Conclusion Litecoin has made an impressive bullish run on the upside. Nevertheless, the retraced candle body on October 31 tested the 61.8% Fibonacci retracement level. It indicates that the coin will rise to a level of 1.618 Fibonacci extension level. This extension is equivalent to $70 high. Meanwhile, the price action is above the projected price level. Source: https://learn2.trade 
    • XRP/USD PULLS BACK AT RESISTANCE LEVEL OF $0.72 XRP/USD MARKET NOVEMBER 26 After the price retracement, it may resume its bullish trend and the resistance level of $0.79 and $0.88 may be reached. Below the current price, the level is found the support levels at $0.55, $0.44, and $0.39. However, the relative strength index period 14 is at 70 levels bending down to indicate a sell signal which may be a pullback. KEY LEVELS: Resistance levels: $0.72, $0.79, $0.88 Support levels: $0.61, $0.55, $0.49 XRP/USD Long-term Trend: Bullish XRPUSD is bullish in the long-term outlook; the crypto soars towards the north by the strong bullish momentum. The bulls’ momentum breaks up the resistance levels of $0.28, $0.33, and $0.36. The price has tested the resistance level of $0.79 on October 24. The price pulls back to retest the broken level of $0.61. Today, the XRP market is dominated by the bears and the daily candle is bearish. The price may increase further after the pullback. XRPUSD Daily chart, November 26 The two EMAs are located below the coin and it is trading far above 9 periods EMA and 21 periods EMA which indicate a strong bullish momentum. After the price retracement, it may resume its bullish trend and the resistance level of $0.79 and $0.88 may be reached. Below the current price, the support levels is found at $0.55, $0.44, and $0.39. However, the relative strength index period 14 is at 70 levels bending down to indicate a sell signal which may be a pullback. XRP/USD medium-term Trend: Bullish The bulls dominate the XRPUSD market. Immediately after the breakout from the consolidation zone, the bulls push the price high above the September high. It is currently pulling back at the resistance level of $0.72. The price is testing the support level of $0.55 at the time of writing this report. In case the just mentioned level does not hold, there will be a further price reduction. XRPUSD 4-Hour chart, November 26 The price has penetrated the two EMAs downside and it is trading below 9 periods EMA and 21 periods EMA. The fast-moving EMA is trying to cross the slow-moving EMA downside. The relative strength index period 14 is pointing down at 50 levels which connotes a sell signal and it may be a pullback.   Source: https://learn2.trade 
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.