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Transitioning from demo account to prop firm trading without live tradng experience Replied 11 months ago - around 95% of those who take prop firm challenges usually fail, this are legit statistics i saw on maven prop firm legal docs. This means it is not a walk in the park, just because you recorded some success on a demo account doesn't mean you are ready to face a prop firm challenge. Perfect your craft more using a real account so you dont waste your money on prop challenges.
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How much is 0.01 lot size in forex, How many South African Rand does 0.01 lot in the Forex market mean? Replied 11 months ago - A standard lot is 100,000 units of an instrument so 0.01 lot is (0.01 x 100,000 units) = 1,000 units Now if you are trading an instrument like eur/usd with an exchange rate of say 1.1393 then 0.01 lot will be worth (1,000 units x 1.1393) = $1,139 USD But you don't need to put down this full amount of $1,139 before opening a trade, if you are using a leverage of say 1:400 then you only need to put down ($1,139 /400) = $2.85, to open a trade. Now, $2.85 is the value of 0.01 lot size when you are using 1:400 leverage, so if you convert $2.85 to South African Rand that will give you around 50 Rand.
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can i deposit in any currency into my trading account? Replied 11 months ago - Yes, you can deposit in your local currency and but there is a currency conversion fee for turning it into your account display currency. To avoid this fee, it is better to set your account currency (aka base currency) to be the same with the currency you hope to be depositing in most of the time. For example I am in South Africa so to avoid being charged a conversion fee on deposits & withdrawals I opened by trading account in South African Rand since that's the local currency here.
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what is break even in forex Replied 11 months ago - its a situation where you exit a trade without any profit or loss, so you and the market are even
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what are the 4 sessions in forex? Replied 1 year ago - Farah please shed more light on this "Frankfurt session", I've never heard of it.
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what is a bearish trend in forex, why is it called beaish? Replied 1 year ago - A bearish trend is so called because the candles are usually falling downwards just like when a bear is attacking, standing on its hind legs, and using its paws to strike downwards.
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how do winning traders think? Replied 1 year ago - They get out of losing trades almost immediately, they dont give a loss time to grow. Its the hardest thing to do and even after I have said it here many traders wil still not be able to do it. Its like people freeze when they see losses . So basically, winning traders are comfortable with seeing small losses on their balance sheet, they dont aim to win every trade.
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what's the difference between bid price & ask price in forex? Replied 1 year ago - The bid/ask prices can on the same instrument can be different with various brokers, because every broker gets their bid/asj pricing from different sources. Whatever is the case, always look for a broker with low bid/ask price difference or low spread. it makes trading cheaper over the long run, as these spread fees can add up over time if you are a frequent trader.
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why do brokers have different spreads for the same instrument? Replied 1 year ago - Because these brokers extract their exchange rate pricing (bid/ask price) from different banks and other liquidity providers. These liquidity providers do not give the same exchange rate pricing hence the spreads cannot be the same because the spread is the difference between the ask price and bid price. But on the other hand, some brokers go ahead to mark-up the spread meaning they add to it to make up for other benefits they grant you. For example a broker that does not charge overnight swap fees may inctrease their spread to make up for not charging you overnight fees etc. I think the forex market deserves tighter regulation but all hands are not on deck because some countries dont even want to regulate forex.
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what is the difference between the zero spread account and the ecn account? Replied 1 year ago - The so called zero spread accounts are offered by market maker brokers to give you zero spread "by design" so it does not come naturally. The ecn accounts give you near-zero spreads naturally depending onthe pricing they get from the big banks who make liquidity possible.
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who are market makers in forex & why are they needed? Replied 1 year ago - A market maker is a registered company that is there to take the oposite sides of your trades. For small trades some forex brokers can choose to act as market makers but for large volume trades, there is a need for large institutional market makers such as Citadel Securities LLC etc. Market makers specialize in different instruments such as Options, Futures, Exotic Currency Pairs, Major Currency pairs, Commodities etc. See this list of some registered market makers from the CME website https://www.cmegroup.com/markets/fx/fx-futures-and-options-block-and-efrp-providers.html
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what is the meaning of minimum deposit when opening a forex trading account? Replied 1 year ago - Minimum deposit is the smallest amount you will be allowed to deposit into your forex trading account at all times. Minimum deposit is a big deal because it decides whether or not you can afford to trade with that broker. There is no point opening a forex trading account when you cannot afford to deposit money into it, you might as well look for a broker with an affordable minimum deposit to match your financial circumstances. If you attempt to deposit below the broker's specified minimum deposit amount, the submit button will be disabled to prevent you from completing the transaction. You can try it for yourself and see.
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what is ask price line & bid price line in forex Replied 1 year ago - For MT5 users, go to your chart settings and enable bid price and ask price line, you will see two lines appear on your chart. The upper line is the ask price line while the lower line is the bid price line. Bid Price Line For a buy trade protected with a stop loss, when the bid price line touches your stop loss line, then your stop loss will come to life and you get closed out. Ask Price Line For a sell trade protected with a stop loss, when the ask price line touches your stop loss line, you get closed out too. Do Not Disable The Bid/Ask price Lines I do not think you should disable the bid/ask price lines from showing on your screen even though they may seem like a burden. These lines help you know when your stop loss is about to come alive even without price reaching it. Many new traders wonder why their stop loss was hit when price didnt get to it, and now you have a clue as to why.
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Is it worth it being a funded trader? Replied 1 year ago - Consider this before you ask the question of prop firms being worth it: 1. You don't have capital and there is a prop firm that has history of paying out. You can go and buy a funded challenge and get paid if you have a strategy. 2. Any payout and prop firm trading gains are temporary as prop firm trading is not trading. You will learn nothing and you are not doing something that is long term sustainable. Any money in trading can only be made if you fund your own capital and respect it and trade it with discipline. Just get the money from the challenge or your own and fund it with an actual broker.
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Please what is the difference between points & pips in forex Replied 1 year ago - When you see 10 points it simply means 1.0 pips. When you see 11 points it means 1.1 pips, when you see 12 points it means 1.2 pips and so forth. Points is just a way of not having to include decimals.
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what is the difference between stock cfd and stock? Replied 1 year ago - Stock CFDs do not give you ownership of the stock; they are only a over-the-counter contract between you and the CFD broker that allow you bet on whether the price of the stock will rise or fall. if your bet is correct the CFD broker pays you money and vice versa. Holding a stock CFD overnight will attract a fee because it is not yours. However, when you buy ordinary stocks, they are delivered to your demat account and you take ownership of them. You also get voting rights on the company whose stocks you bought. Holding a stock overnight will not attract any fee because it is yours. Stock CFDs are mostly used by traders while stocks are bought by investors who hope to hold it for a long time. When you buy a real stock you get paid dividend whenever the company is doing so but for Stock CFDs you only get paid a dividend if you opened a buy trade for a Stock CFD. When it comes to cost, it is cheaper to trade Stock CFDs than to buy real stock because buying real stocks entails pying fees to the stock exchange, custodians etc.
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when does the forex market open in Canada? Replied 1 year ago - The Asian forex session starts at around 4pm Canadian time and ends around 2am in the morning. The London forex session starts from 2am and ends at 12 pm Canadian time The New York forex session starts from 1pm till 5pm Canadian time Note that the forex market closes on weekends and major publich holidays that affect banks (such as christmas & new year)
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what is minimum trading days in prop firm Replied 1 year ago - The minimum trading days is simply the least amount of days within which you can complete the challenge. So, if your prop firms minimum trading days is 4 and you complete the challenge in 3 days, you have breached the rules. You must complete the challenge in 4 days or more. Minimum trading days was put in place by most prop firms to prevent you from completing the challenge in one day. They want to be able to eliminate the chances that you just got lucky on one day and they also want to be able to study how you manage risk on different days.
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what is consistency rule in prop firm? Replied 1 year ago - By checking how consistent your profits/losses are the prop firm aims to see if you have a strategy you are following or if you keep trying new things every day. When you follow a fixed strategy and risk management plan it shows in your profits/losses because they will always be within the same range. But when you do not have a risk management plan in place today you will make 20% profit/loss and tomorrow you will make 1% profit/loss so there will be no consistency and this will lead you to have a low consistency score. usually, a consistency score of above 80% is considered good by prop firms.
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When does the forex market open & close in South Africa? Replied 1 year ago - Great morning Josiah, Let me contribute to this thread. The forex market stays open 24/5 and only closes on weekends. So all through the week (Monday to Friday) trading takes place nonstop. for someone in South Africa, the forex market will open on Sunday in the night at about 10:00 pm and when it opens you will be witnessing the Asian session which is not a very good time to trade. After opening, the forex market will remain open during all work days (except major public/bank holidays) and close by 11:00 pm in the night on Friday in South Africa. The forex market has to close on Friday because the main actors are big banks and thy don't work on weekends. if you want to trade during weekends, consider trading cryptocurrency or derived indices.
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