SEASON 3!!!

The Chronicles of Koffie Black

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(This is a very interesting thriller that depicts the travails and adventures of an ambitious young Ghanaian turned Forex Trader)

Abdul sustained injuries and his jaw ached badly. But then he seethed with rage feeling disgraced as he rolled over and scrambled to his unsteady feet rather too quickly, causing him to lose balance. He tried to break his fall causing him to into the table, bringing down a computer monitor, keyboard and PC speakers in the process. Koffie satisfied with the development but hoping to save his computer hard ware, quickly rushed forward to retrieve them, completely forgetting for the moment Abdul's prone figure.  Abdul turned his head in time to see Koffie's back turned to him. By this time, concerned neighbors were already trickling in to see what the noise was about and possibly to separate the fighting men. As Koffie transferred the damaged monitor back to its place, Abdul struck before the nearest neighbor could stop him. He hit Koffie hard in the balls with his right foot. 

Koffie screamed at the top of his lungs as white hot pain flashed through his Koffie's brain. He rolled on the floor howling in pain. Meanwhile, Abdul was already on his feet and on his way out. The small crowd at the entrance only conversed in low tones. They knew Abdul quite well. At least well enough not to want his trouble. 
"Next time you want to pick a fight, look for your size. When I come around again and my money is not ready, you'll be dead meat!" He spat, kicking Koffie's still writhing form on the floor. He then departed, shoving a couple of young men out of his way, who were equally eager to leave his path.

But life had not always been like this for Koffie Black, who had tasted the good side of things. He grunted as he reminisced, going down memory lane seemingly oblivious of his departing neighbors who came feigning sympathy; the last of whom was just about stepping out the door.

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He remembered that day two years ago, sometime in September when he had received a phone call that had changed his life. He had been so shocked and excited when the voice at the other end of the line stated with conviction that his life was about to be turned around. That he had been trying to reach him for a long time and he, Koffie, was to come immediately to Federal Palace hotel for a meeting. There was this very wealthy black American investor, who is a friend of his maternal uncle, also in the States and after about 4 months of preaching to him about the benefits of investing in Forex trading, he had been able to convince him especially after he saw his account that was traded by Koffie upon his visit to the Lagos for a meeting with the Lagos state governor. 

He had excitedly called out to Cudjoe, his friend and host currently in the washroom. "Hey, charley! I just received a call from Kingsley. I am going to Federal Palace hotel!""Federal Palace hotel, who is Kingsley?" asked a confused Cudjoe. "You don't know Kingsley, the guy that I told you gave me a US$1000 Forex account that I grew to over US$2,200 in three months last year?" He had queried, getting up from his bed and jumping into his blue denims and a white shirt. "Oh! That guy? I remember him now. So, he has something big for you then?" "Yeah! sure man, need to be on my way now!" 

Lagos traffic was unusually light going to Victoria Island at about 4:00pm on that fateful Friday. He decided to take a taxi cab, something he hardly ever did simply because he couldn't afford them. But this was different, Kingsley had something big up his sleeves. He couldn't afford to ruin that to save a few hundred naira. "Federal Palace hotel" He shouted as he waved down a taxi cab. "One thousand, five hundred" replied the dark heavyset man behind the wheel of the small Nissan Micra, slowing down. He had flagged this small taxi hoping for a better bargain because he had expected that smaller taxis would charge less after all they used less fuel per kilometer. "five hundred!" He responded to the retreating back of the taxi, which had begun accelerating away. Obviously, Lagos was full of people who could part with the cash. After a while, He finally got a taxi that agreed to a seven hundred naira charge. He hopped in and was soon on the way to Federal Palace hotel.

Meanwhile, Kingsley had pestered him with calls, requiring his whereabouts almost per minute, to the point he was quite irritated and feeling harassed. Upon his arrival at Federal Palace hotel, he was met by Kingsley at the lobby who quickly piloted him into the lift and punched "4th Floor" after hugging him and shaking his hands excitedly. The big American didn't like to be kept waiting. And soon enough, they both arrived at his suite. A sweet-looking fair skinned lady in a skimpy, figure-hugging light green dress ushered them through the nicely scented and well air-conditioned cream colored suite arrayed with expensive drapes, paintings, Persian rugs and overstuffed light brown leather sofas; to a very beautiful big white Ottoman at the far left end. On this sat Rod Bannister, the man Koffie had come to see. He was huge and dark with nicely cut white beard and a shiny hairless head. He was attired only in a white singlet and dark blue track pants. There were three business-looking white men in smart suits seated around a brown mahogany table sipping coffee, to his right, at the other end, a couple of young cute petites had fun on a huge bed watching satellite television and playing video games.

"You're late, sonny." Everyone fell silent as Rod's deep baritone voice rolled across the room.

...to be continued

Hi there!
Today we would look at something very important when trading Forex, and that is; understudying your self, your personality. What kind of person are you when it comes to taking those decisions that decide what happens to your Forex trading account or that of those you are managing? 

Find out below in this article from Jimmy Young, and ensure you watch out for "SEASON 3" of "The Chronicles of Koffie Black" tomorrow!


Courage Under Stressful Conditions When the Outcome is Uncertain

All the foreign exchange trading knowledge in the world is not going to help, unless you have the nerve to buy and sell currencies and put your money at risk. As with the lottery “You gotta be in it to win it”. Trust me when I say that the simple task of hitting the buy or sell key is extremely difficult to do when your own real money is put at risk.

You will feel anxiety, even fear. Here lies the moment of truth. Do you have the courage to be afraid and act anyway? When a fireman runs into a burning building I assume he is afraid but he does it anyway and achieves the desired result. Unless you can overcome or accept your fear and do it anyway, you will not be a successful trader.

However, once you learn to control your fear, it gets easier and easier and in time there is no fear. The opposite reaction can become an issue – you’re overconfident and not focused enough on the risk you're taking.
Both the inability to initiate a trade, or close a losing trade can create serious psychological issues for a trader going forward. By calling attention to these potential stumbling blocks beforehand, you can properly prepare prior to your first real trade and develop good trading habits from day one.

Start by analyzing yourself. Are you the type of person that can control their emotions and flawlessly execute trades, oftentimes under extremely stressful conditions? Are you the type of person who’s overconfident and prone to take more risk than they should? Before your first real trade you need to look inside yourself and get the answers. We can correct any deficiencies before they result in paralysis (not pulling the trigger) or a huge loss (overconfidence). A huge loss can prematurely end your trading career, or prolong your success until you can raise additional capital.

The difficulty doesn’t end with “pulling the trigger”. In fact what comes next is equally or perhaps more difficult. Once you are in the trade the next hurdle is staying in the trade. When trading foreign exchange you exit the trade as soon as possible after entry when it is not working. Most people who have been successful in non-trading ventures find this concept difficult to implement.
For example, real estate tycoons make their fortune riding out the bad times and selling during the boom periods. The problem with trying to adapt a 'hold on until it comes back' strategy in foreign exchange is that most of the time the currencies are in long-term persistent, directional trends and your equity will be wiped out before the currency comes back.

The other side of the coin is staying in a trade that is working. The most common pitfall is closing out a winning position without a valid reason. Once again, fear is the culprit. Your subconscious demons will be scaring you non-stop with questions like “what if news comes out and you wind up with a loss”. The reality is if news comes out in a currency that is going up, the news has a higher probability of being positive than negative (more on why that is so in a later article).
So your fear is just a baseless annoyance. Don’t try and fight the fear. Accept it. Have a laugh about it and then move on to the task at hand, which is determining an exit strategy based on actual price movement. As Garth says in Waynesworld “Live in the now man”. Worrying about what could be is irrational. Studying your chart and determining an objective exit point is reality based and rational.

Another common pitfall is closing a winning position because you are bored with it; its not moving. In Football, after a star running back breaks free for a 50-yard gain, he comes out of the game temporarily for a breather. When he reenters the game he is a serious threat to gain more yards – this is indisputable. So when your position takes a breather after a winning move, the next likely event is further gains – so why close it?
If you can be courageous under fire and strategically patient, foreign exchange trading may be for you. If you’re a natural gunslinger and reckless you will need to tone your act down a notch or two and we can help you make the necessary adjustments. If putting your money at risk makes you a nervous wreck its because you lack the knowledge base to be confident in your decision making.

Patience to Gain Knowledge through Study and Focus

Many new traders believe all you need to profitably trade foreign currencies are charts, technical indicators and a small bankroll. Most of them blow up (lose all their money) within a few weeks or months; some are initially successful and it takes as long as a year before they blow up. A tiny minority with good money management skills, patience, and a market niche go on to be successful traders. Armed with charts, technical indicators, and a small bankroll, the chance of succeeding is probably 500 to 1.
To increase your chances of success to near certainty requires knowledge; acquiring knowledge takes hard work, study, dedication and focus. Compile your knowledge base without taking any shortcuts, thereby assuring a solid foundation to build upon.

We have just what you need at Doxa Capital Ltd. The right kind of training and mentor-ship for a successful Forex Trading future!

Contact us today on: +233 540 61 0084 or email us: info@doxacapitaltd.com

Oops! We're so sorry we were unable to upload the second instalment of our maiden thriller series, "The Chronicles of Koffie Black" as promised on Friday. This was due to unusual delays with our internet service.

Here's Your Long Awaited.....

SEASON 2!!

The Chronicles of Koffie Black

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This is a very interesting thriller that depicts the travails and adventures of an ambitious young Ghanaian turned Forex Trader 

 

“Profits?” Koffie asked stupidly, presently placing his feet on the floor. He had moved to Lagos, a crowded bustling city in southwestern Nigeria seven years ago upon the invitation of a friend, a fellow Ghanaian living in a single room in a seedy part of Ketu where he now resides after the former departed the shores of Nigeria for Germany after about a dozen failed attempts. He began struggling to make ends meet since he lost both parents to a ghastly motor accident around Kasoa, a suburb of Accra, in Ghana about thirteen years ago. He had had to struggle through senior high school and then Accra polytechnic selling everything from leather slippers he made himself to liquid soap for doing dishes after his uncle, whom he suspected of foul play, threw him out after falsely accusing him of stealing his money. 

“You are asking me?” asked Abdul incredulously, his irritation fast turning to anger. He stuck a dirty stubby finger in Koffie’s face bellowing, “I need my money right now or I’ll…”. “Or you’ll what?” interrupted Koffie angrily rising to his feet and assuming a defiant stance. “Did I not explain to you what happened?” “I told you that you should give me more time to recover your account…”  He was not afraid of Abdul and this was partly due to the fact that he was not conversant with his notorious antecedent. He had just wiped his accounts. This is Forex trader parlance for losing all the money in one’s Forex margin account and He was in no mood to engage in such conversation. “Recover my account?” Abdul interrupted heatedly, “does it mean that you lost my money?” He glared, his hands turning into fists and his small eyes narrowing into silts. One could almost literally see the lights flickering on and off in his big head as his cognitive mental gears meshed, apparently suffering delay in processing the implications of this new piece of information.   

 Abdul was a dark, fierce-looking broad shouldered, thick-set man in his mid-forties, he could not understand why he hadn’t become rich. In spite of all his frantic efforts to make money; dabbling into various criminal activities in the process. He wasn’t a brilliant man. In fact, he struggled to read and write before he left junior high school and veered into petty crime decades ago. Now, he was a notoriously violent ruffian and thug who had made it up the rugged ladder of the underworld by having his fair share of gun running, illicit drug trade and extortion, being his chiefest trade. He had been involved in at least seven kidnappings before, one of which had involved the 12 year old son of the stinking rich Lagos socialite Chief Adele Williams. He nearly lost his life in the ensuring shootout with members of the Rapid Response Squad, an elite police crime fighting unit stationed in Lagos who scuttled his plans to disappear with a carton filled with cash, killing three members of his gang in the process. Since, this episode five years ago, Abdul has decidedly stayed off ‘hardcore’ crime contenting himself with harassing and extorting money from commercial bus drivers who used the Ketu – Alapere route, his stronghold.

Finally, the import of Koffie’s words dawned on him – His money, his savings was gone! Abdul pushed Koffie roughly, who staggered backwards, taken by surprise. Swearing to kill him in his blind fury, he rushed forward starting a powerful roundhouse punch from his left aimed for his face. Koffie moved like a cat, quickly swerving to evade Abdul’s punch, his brief professional boxing stint rushing to his aid. Stepping in, he planted an upper cut which connected with Abdul’s lower jaw, the force jarring him to his heels. The effect on Abdul was impressive; he suddenly became airborne travelling backwards rapidly with arms flailing for a few seconds before he landed on his back with a resounding thud that threatened to bring down the building.

  

....to be continued

Forex: How do banks determine the price?
 

Bank dealers will determine their prices based upon a variety of factors including, the current market rate, how much volume is available at the current price level, their views on where the currency pair is headed and their inventory positions. If they think that the euro is headed higher, they may be willing to offer a more competitive rate for clients who want to sell euros because they believe that once they are given the euros, they can hold onto them for a few pips and offset at a better price. On the flip side, if they think that the euro is headed lower and the client is giving them euros, they may offer a lower price because they are not sure if they can sell the euro back to the market at the same level at which it was given to them. This is something that is unique to market makers that do not offer a fixed spread.

How does a bank offset risk?
 

Similar to the way we see prices on an electronic forex broker's platform, there are two primary platforms that interbank traders use: one is offered by Reuters Dealing and the other is offered by the Electronic Brokerage Service (EBS). The interbank market is a credit-approved system in which banks trade based solely on the credit relationships they have established with one another. All of the banks can see the best market rates currently available; however, each bank must have a specific credit relationship with another bank in order to trade at the rates being offered. The bigger the banks, the more credit relationships they can have and the better pricing they will be able access. The same is true for clients such as retail forex brokers. The larger the retail forex broker in terms of capital available, the more favorable pricing it can get from the interbank market. If a client or even a bank is small, it is restricted to dealing with only a select number of larger banks and tends to get less favorable pricing.

`Both the EBS and Reuters Dealing systems offer trading in the major currency pairs, but certain currency pairs are more liquid and are traded more frequently over either EBS or Reuters Dealing. These two companies are continually trying to capture each other's market shares, but as a guide, the following is the breakdown where each currency pair is primarily traded:

EBS	Reuters
EUR/USD	GBP/USD
USD/JPY	EUR/GBP
EUR/JPY	USD/CAD
EUR/CHF	AUD/USD
USD/CHF	NZD/USD

Cross currency pairs are generally not quoted on either platform.

The Chronicles of Koffie Black     ******************************

This is a very interesting thriller that depicts the travails and adventures of an ambitious young Ghanaian turned Forex Trader

  - Series Written for our Blog Readers

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It was an afternoon like any other, at about 4:00pm local time. Koffie Black sat back in his seat and contemplated the flickering computer screen before him. He prides himself on his knowledge of computers even though his cognizance hardly goes beyond the screen. He could not label their illustrated parts on a chart if he had a gun to his head but then he had a way with computer programs which is probably due to the fact that he spends two-thirds of his life hovering amidst computers and other office paraphernalia of various makes and sizes which constitute his office cum living space. A two-and-a-half inch bunk wrestles for space amongst several large cartons laden with spent printer toner cartridges, retired keyboards, computer mice, tons of dirty cables and used paper. Apparently, effort had been made to conceal this unsightly display of expired-ware under a huge, table that ran the length of one side of the room. A large banner cloth announcing a past event was draped over the computers and printers that sat on this table.

On the floor is a badly torn cheap synthetic carpet whose faded black and blue patterns were at loggerheads with the cream paint daubed on the walls. Another huge table hugged the opposite wall with a computer and a printer. It was behind this that Koffie sat. 

Presently, he got up and kicked back his wooden chair, one of three that were placed in the room. As he yawned and stretched, he took care to avoid cutting his hands on the noisy old ceiling fan that rotated crazily above his head. He took one, two steps in the direction of the balcony then seeming to change his mind, he turned on his heels and headed for his bed on which he landed with a resounding thud. In five minutes, he was asleep. In his sleep, he dreamt that somehow he acquired a lot of money and bought two cars; an Honda SUV and a Toyota Sienna minivan. He wasted no time in hitting the city with his newly acquired SUV. While enjoying his ride, he was waved down by a beautiful lady standing on the kerb. He immediately braked to a halt to give her a lift. She flashed him a bright smile and climbed up beside him front seat, slamming the car door while he hummed to a tune that came from a hip-hop track played by some local station over the car radio. But then, something was not quite right as he trod on the gas pedal causing the big car to lung forward with a roar. It appeared the more he accelerated, the slower the car became and the less beautiful his new companion became. It got darker and darker in the car and the now scrawny-looking lady tried to wrap her hands around him flashing an ugly, almost toothless grin. He became frightened and in his bid to get away from her he stepped on the gas pedal. His Honda SUV zoomed forward hitting the vehicle in front. In a flash, there was some smoke and noise and in the twinkling of an eye, he found himself sitting up in bed!

“Koffie, get up man!” Abdul, a burly client barked for the second time, shaking him out of his dream-turned-nightmare. “You are sleeping.” He accused, “When am I getting my profits?”