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does anyone have inspiring forex success stories to share? Replied 1 month ago - i used to record losses for a long time (around 2 years) but after i started sticking to one strategy and taking profit once it reached 10 pips i became profitable
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How much is 1 pip in forex Replied 1 month ago - Thanks @Patrader
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Which is the best forex academy in Lagos? Replied 1 month ago - A friend of mine attended Fire Pips Axademy in Lagos and she said it was good but they taught just the basics then fed students with signals to trade with. Dont expect to become profitable just because you attended a forex academy, you need to trade consistently for a while and learn from your mistakes to become profitable. I also dont buy the idea of a forex academy giving signals to students, they should teach the students the secrets and let them trade for themselves.
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London Session Forex Time in Nigeria Replied 1 month ago - I trade the London session every day and I can tell you that after DST is over, London session opens from 9 AM. However, during DST London opens by 8 AM. DST or Daylight Savings Time is when Nigerian time is the same as London time but after DST Nigerian time becomes ahead of London time by 1 hour. DST is from the start of March till october ending every year. To cut the long story short, during DST Nigerian forex traders should wake up early to trade the London session open by 8 AM. After DST, Nigerians should wake 1 hour later to trade the London open by 9 AM.
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what is scalping in forex Replied 1 month ago - I am not sure why but I am guessing they dont want their network over-burdened with excessive in and out transactions
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what does spread mean when discussing forex? Replied 2 months ago - Spread is your broker increasing the exchange rate of a currency pair you want to trade to accomodate his fees. Most brokers charge a variable spread meaning it's value can change at any time without your consent. However, there are a few brokers who charge fixed spreads which remain the same all the time.
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been making profit on demo account, am i ready for live trading? Replied 2 months ago - Yes, that makes sense
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Introduction Replied 2 months ago - You're welcome, there's plenty of information/threads on technical analysis here. For me I trade EUR/IUSD daily and post on my thread here. We can share ideas
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May I Know The Meaning of Margin Call in Forex? Replied 2 months ago - A margin call is your broker putting you on notice that the your losses will soon exceed your remaining account balance. When you receive a margin call there are a few things you can do; you can either deposit more money into your trading account, or you if you have multiple trades open you close the most unprofitable ones to free up more margin.
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Why do people think forex is a scam? Replied 2 months ago - Because many governments around the world refuse to regulate it, giving room for scams to thrive unchecked
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what is free margin in forex & why does it matter? Replied 2 months ago - It is from your free margin that you get funds to set your stop loss. Free margin is also what keeps you afloat when your trade is in a loss. if your free margin is too low, a small loss will send you out of the market.
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why is cfd trading so hard? Replied 2 months ago - Because most retail cfd traders are trading with insufficient capital so they get stopped out easily. Another reason is because there in cfd trading, it is possible to make money when price is rising and when price is falling. This creates room for greed and market chasing. When you trade in one direction and things do not go as planned, there is atendency to want to switch bias and trade the opposite direction. So, the market keeps taking you on a wild goose chase till you blow your account.
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any best forex trading games for beginners to download for free? Replied 2 months ago - Thanks @mrcasey, forex hero is so intersting to play and I have learnt so much.
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when does London session open in Nigeria, is it by 8 am or 9 am? Replied 2 months ago - @kemi sorry I made a mistake which I am just seeing now. During DST, London session in Nigeria opens by 8 AM but after DST London session will open at 9 AM in Nigeria. And like I said, DST starts on the last Sunday of March and ends on the last Sunday of October so currently at the time of writing this, DST is over and London session strts 9 AM.
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welcome bonus vs deposit bonus: what is the difference? Replied 2 months ago - Deposit bonus applies every time you make a deposit. But remember that you cannot withdraw the bonus, only profits realized from trading with the bonus can be withdrawn. However the bonus acts as a buffer, adding to your free margin and allowing you to set a wider stop loss.
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why am i losing so many trades in a row? Replied 2 months ago - When you see your desired candlestick pattern, dont rush to enter the market immediately; instead place a pending order about 3 pips away from the pattern. This will help you avoid fakeouts/reverals.
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Can I start trading with $100 Replied 2 months ago - But high leverage is also dangerous for beginners
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How to calculate 0.1 lot size in dollars Replied 2 months ago - 0.1 lot is 10,000 units of an instrument so if you want to trade EUR/USD whose exchange rate is currently 1.1600 and your leverage is 1:3000 then 0.1 lot will be worth (10,000 units x 1.1600)/3000 = $3.86 This means you must have at least $3.86 in your trading account before your broker will allow you open a 0.1 lot size position on EUR/USD using a leverage of 1:3000.
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How does a raw spread account work in trading? Replied 2 months ago - Raw spread accounts have a benefit of transparency since the commission is the major part of the trading fee, while spread is a minor part. You see with regular trading accounts, the spread is way higher, can be widened during a trade & is not shown in the history or account statement. But with raw spread accounts, the spread is a minor part of the trading fee instead the commission per trade which is the major part of the trading fee, is displayed in the account history and acount statement. This way. you can calculate how much fees you pay for each trade. Raw accounts are ideal for high volume traders where even the slightest increase in spread could translate to a tangible sum of money. In the grand scheme of things there may not be a significant cost saving when it comes to raw/standard accounts but the raw account definitely offers more transparency.
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how does unlimited leverage work? Replied 3 months ago - Unlimited leverage is just like betting (winner takes all). There is no room for managing losing trades. When you enter a position and it goes in your favor, your trading account balance is doubled with every pip movement. If the market moves against you by even 1 pip, your entire account balance will vanish.
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