MyTradingLand Logo
Log In

Forex Forum

Join the community of forex traders.

Filter By Category
Fixed or Variable Spread: Which is Best For New Forex Traders? Replied 1 week ago - What Are Variable Spreads? Variable (floating) spreads change depending on market liquidity. ✅ Advantages Much lower spreads during active sessions Better for long-term growth and experienced strategies More transparent and closer to real market conditions ❌ Disadvantages Spreads widen during: News events Low-liquidity times Unexpected volatility
0
5
1 Subs
Best Time to Trade USDJPY in Kenya Replied 1 week ago - Trading the Tokyo session from Kenya is stressful because it is in the night, so if we are talking of best times it might not be the best. USD/JPY can be traded during London or New York depending on your strategy. You need to have a strategy that works during your chosen time to trade, you cant just enter during New York without a strategy that suits that session. For example many USD/JPY traders may not know that investors hedge alot of their USD and JPY exchange rate risk using USD/JPY option contracts (only second to EUR/USD). Because of this hedging with options, when the London session opens, UK banks/hedge funds tend to always trade towards the USD/JPY options thus pushing price towards the option expiries first. Now if you dont trade the London session and you decide to enter during New York, you would have missed out on most of the good action. I attached yesterdays USD/JPY chart divided into sessions, you will see that London has some good action.
0
6
0 Subs
what is noise in trading? Replied 1 week ago - Noise on your chart refers to those candles that do not hold enough information to matter. For example if you are trading on a one-minute time frame how much useful information can a one-minute candle give you? When you trade on a noisy chart, the tendency for losses is higher because you will see what looks like a buy candlestick pattern only for price to start falling after you enter the trade. But noise exists on all timeframes, just that it is more prevalent on smaller timeframes.
0
5
1 Subs
In trading, timing is more important than direction Replied 1 week ago - Wow, I love this analogy
1
6
0 Subs
London Session Forex Time in Nigeria Replied 2 weeks ago - Modern trading platforms like cTrader also show you which trading session is currently on. But you need to set the cTrader timezone to London time (not Nigerian time). For instance currently London timezone is UTC but from March ending, the London timezone will change to UTC+1.
1
7
0 Subs
What is the best time to trade NAS100 in Kenya? Replied 2 weeks ago - Most stock exchanges in New York (including the Nasdaq exchange) ring the opening bell by 9:30 am which is equivalent to 5:30 pm in kenya. When the Nasdaq stock exchange is open, you get lower spread and more direction in the market, so from 5:30 pm is the best time to trade NAS100 in Kenya for best results.
0
3
0 Subs
TRUST YOUR ANALYSIS Replied 2 weeks ago - FOMO can make you abandon your strategy if you are the type of trader that is greedy. This is why even with the best strategies, traders still struggle to be profitable.
0
7
0 Subs
Best time to trade XAUUSD in Nigeria Replied 2 weeks ago - You can trade gold during the London session ( 9 am to 4pm) or during the New York session ( 3 pm to10 pm) in Nigeria both times work well and you get low fees. The Asian session is good too but you face higher fees
0
4
0 Subs
Does playing chess help with trading? Replied 2 weeks ago - My humble opinion is that chess teaches you how to lose in order to win. You see chess players sacrifice a pawn or bishop or whatever just so they can target a bigger catch. the same thing applies to trading, sometimes you have to take a small loss in order to win big.
0
6
0 Subs
Trading is easy to learn but hard to master Replied 2 weeks ago - Oohh, I get that now. Thanks for the clarification
0
7
1 Subs
FOREX IS A WAITING GAME Replied 2 weeks ago - So right. I haven’t taken any trade on that pair since last week. Waiting waiting and waiting 🤣
0
12
2 Subs
TRADING ALONE OR TRADING WITH A SIDE HUSTLE? Replied 2 weeks ago - This is so true
0
4
1 Subs
how does unlimited leverage work? Replied 2 weeks ago - CySEC even forced Exness to stop the unlimited leverage thingy and limtt their leverage to 1:200 back in 2017. Unlimited leverage is really dangerous as it encourages over trading even to the point of wiping away your accoun
0
7
1 Subs
what is margin trading, what assets can i trade on margin? Replied 2 weeks ago - Margins means in a lay man’s language You put down a small amount of your own money (called margin) and your broker temporarily lends you the rest so you can take a bigger trade. Example idea (not advice): If you have $100 and use 5× leverage, you can open a $500 position. But if the market moves against you, you can lose money much faster than normal.
0
6
3 Subs
How to calculate 0.1 lot size in dollars Replied 2 weeks ago - I actually haven’t tried that platform before seriously. Now that you said it’s good, I will check it up.
0
6
2 Subs
how do i know if i am getting better at forex trading? Replied 2 weeks ago - 1. You start looking for more advanced trading platforms When I started trading, I was content with using MT4 to trade but as I got better I began to desire more features causing me to download MT5 and then as I got better I upgraded to TradingView and finally settled for the advanced cTrader platform. 2. You start looking for low spread brokers I started trading with HF Markets and initially I didnt notice how high the spread on their premium account was (up to 1.6 pips on EUR/USD). However as I got better, I realized the high spread was affecting where I could place my stop loss, I kept getting stopped out easily. Because of this, as I got better I asked my mentor to recommend a low cost broker and thats how I switched to Trade Nation where I got 0.6 pips on EUR/USD. 3. You spend less time in front of the charts When i started trading, I was always in front of the charts taing every trade i saw. However as I got better, I began creating trading rues such as specific trading hours, daily loss limits etc. These rules helped me trade less frequently for example once my daily loss limit was reached I stopped trading for that day. 4. You develop a trading strategy (and stick to it religously) As a beginner, I didnt have a trading strategy so I was always trying out different stuff every day. As I got better, I researched and found a strategy that worked on EUR/USD, GBP/USD, and US30; and I stuck to it without deviating. Everyday, I traded the same strategy irrespective of the outcome (profit/loss) 5. You accept losses as gifts In every loss there is a lesson, so as i got better in trading I stop being angry at myself after a loss. Instead, I look inward for the lesson to be learnt from that loss and how not to repeat the same mistake twice. 6. You set your stop loss where it needs to be (not where you are comfortable with) When I started trading, I used to set very tight stop losses because of the fear of losing. Because of this I was always getting stopped out over and over again. With time, I learnt that a stop loss needs to be set at the most appropriate distance from entry even if it means risking a higher amount than I was comfortable with.
0
5
0 Subs
How much do forex traders make a month in South Africa? Replied 2 weeks ago - There’s no straight forward answer to this question. The amount a trader makes is dependent on the trader. It involves the amount of money risked and the target of the trade. It also depends on the amount of trade taken in a month. It all just depends on the trader sincerely.
0
2
0 Subs
does the forex market open during eid muslim holidays? Replied 2 weeks ago - Yes , the market is open during Eid Muslim holiday. Pls be aware that the market is open Monday to Friday, closes Friday night.
0
3
0 Subs
What do you wish you knew before you started forex trading? Replied 3 weeks ago - I wish i actually knew forex trading wasn’t a get rich quick scheme like I experienced in cryptocurrency. I started trading cryptocurrency and made a lot of money in a year, I was trading memes though. Then I graduated into trading forex, i thought i would be withdrawing consistently like I did in trading memes but I was wrong. For anyone reading, forex trading isn’t a get rich quick scheme, it will take you time to be profitable. The time it will take is totally dependent on the individual.
0
8
0 Subs
why is the asian session bad for trading forex? Replied 3 weeks ago - The Asian session is mainly dominated by comoanies doing business in/with China, Japan, Australia, etc. During the Asian session what goes on is mainly a bidding process so price action can be unpredictable. However, after the Asian session ends, you can mark it out on your chat and use its highest and lowest points as a reference to trade the London session.
0
4
0 Subs
1 2 3 4 5 6 7 8 9 10