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what is crypto trading all about in Nigeria? Replied 10 months ago - Its basically speculating on whether the price of a crypto asset will go up or come down, without having to own the asset. However, what makes crypto trading risky is that most of the coins themselves are not backed by any solid asset so they could crumble any time. For example when trading commodity CFDs on Gas, Crude Oil, etc. these are backed by the spot prices of these actual commodities. But when trading many of these meme coins it is not very clear what they are based on. President Tinubu has signed the Investment Act into Law making crypto assets to be recognized as securities. My understanding of this is that any Nigerian investor can go through an Initial Coin Offering (ICO) to launch their own coin.
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Why is EUR/USD the best pair for beginners to trade? Replied 10 months ago - eurusd is indeed the best pair for a beginner trader because when trading the smallest lot size of 0.01 lot, 1 pip movement is will lead to a profit or loss of just $0.1 When trading other instruments with the same 0.1 lot size, 1 pip movement will lead to a profit or loss greater than $0.1 which makes it more risky.
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why are so many beginners trading xauusd? Replied 10 months ago - xauusd prices move faster than most conventional instruments so the beginners must be looking for a higher reward for their risk. While currency pairs like eurusd move around 100 pips in a day, xauusd can ove 200 pips in a day, making it more profitable and more risky at the same time. I think beginners should avoid xauusd till they are sufficiently grounded in risk management and can develop a good strategy for xauusd. When they say 90% of retail forex traders lose money, it is partly because of this kind of high risk trading by beginners who want a quick buck. You might get lucky with xauusd a couple of times but your luck will eventually run out and if you dont know what you are doing you could make big losses and even quit trading.
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what is the easiest indices to trade? Replied 10 months ago - For me, American indices such as Nasdaq (US100) & Dow Jones (US30) are some of the most practical to trade ( i don't want to use the word "easy"). Their trading hours are convenient and there is a lot of information (in English language) about the constituent companies. Some of the most difficult indices to trade are the Germany DE40 and Asian Indices because most of the information and data about the companies are not in English language so doing your research/analysis is going to be difficult.
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should beginners trade nas100 Replied 11 months ago - Yes beginners can trade nas100 but they should consider doing so on a micro account or cent account so they can trade smaller lot sizes and not expose themselves to high losses. Beginners should also consider trading US30 because it is less volatile than nas100
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can i trade nas100 at rcg markets, what is the spread like? Replied 11 months ago - Yes, rcg markets has nasdaq which they offer to both users of micro account and standard account. The rcg markets micro account users can trade the nasdaq micro indices because it is cheaper while the standard account users can trade the standardized nasdaq indices.
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why is bitcoin spread so high Replied 1 year ago - I suppose it has to do with the price & volatility of the asset itself. Bitcoin is very expensive so brokers will charge higher spread fees to facilitate any trades on it.
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what is vix 75 Replied 1 year ago - VIX 75 means Volatility Index 75, and it is a synthetic Index that is designed to mimic the actual VIX fear index when it is at a reading of 75 points. Let me break it down, there is something called the VIX index which measures how much fear is in the market. When investors are afraid, you see them buying options contracts on the S&P 500 index, and so the more options contracts are bought, the more the sense of fear in the market. Now, a VIX reading of 20 and below is considered low fear, but a VIX reading higher than 20 is considered moderate to high fear. Now the people who made the VIX 75 designed it to mimic a situation where the fear is very high in the market and the VIX reading is 75. VIX 75 is a very volatile instrument to trade because when VIX reading is 75, prices rise and fall wildly and support & resistance levels may not hold the way you are used to seeing them do. In such a case when trading VIX 75 you must practice higher risk management, set smart stop losses and know when to exit the market with your profits before the market turns against you. You must also know when to cut your losses early, so you live to trade another day. With high risk comes high reward, and although VIX 75 is a risky instrument to trade, people still trade it because of the desire to make high profits.
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how much is 1 btc in naira Replied 1 year ago - 1 bitcoin is worth around $77,251.92 which translates to around N123, 840,000 if you are trading it via a forex broker like I do. I monitor the btc price through my metatrader forex trading platform.
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which forex brokers have usd/ngn currency pair? Replied 1 year ago - Hello Segun, try the brokers FxPro and Exness; they have USD/NGN currency pair as part of their exotic pairs but the spread is very high. FxPro USD/NGN spread starts from 300 pips or thereabout.
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USD/CAD for newbies Replied 1 year ago - Nice strategy on the BB's .
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GBP/USD Replied 1 year ago - I've been stopped out at BE on my position. I'll step out now.
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