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why is the spread so high at night Replied 5 months ago - Because at night there are not many people trading so the broker widens the spread as a way of discouraging you from trading.
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Basic Concepts Every Beginner Should Understand Before Trading Forex Replied 5 months ago - I would say understanding how to think in probabilities is essential. Beginners need to understand that there's always a probability that a trade will fail. So, with that in mind beginners should be ready to accept a loss without letting it affect their emotions towards the next trade.
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since deposit bonus is not withdrawable, then what's the point? Replied 5 months ago - It adds to your account equity, so that you can set a wider stop loss on trades than you would have without a deposit bonus.
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How Can I Start Forex Trading in Kenya as a Novice? Replied 5 months ago - I started by downloading a forex trading app to my phone, then I started fidgeting with it. I opened a demo account (which contains fake money) and began to place random buy/sell trades. From there, I got more curious and started watching YouTube videos on trading. I noticed they were using industry vocabulary such as spread, stop loss, position, lot, margin, etc. so i googled the meaning of those terms online. I then went back to my forex app and kept practicing on how to place orders and set stop loss. I didn't that for some weeks before I opened a real trading account and deposited $20. I started trading with real cash and I lost all the money. I went back to the drawing board to find out why I lost those trades. I watched more trading videos on YouTube, and joined an online forex trading community. I funded my account again and kept trading till i started getting profitable. So, if you want to start forex trading in Kenya i suggest you do the same.
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what is the difference between a forex trader & a gambler? Replied 5 months ago - Honestly, I think it comes down to having a plan. A trader works with strategy, risk management, and actual data, while a gambler usually just bets and hopes for the best. I learned that fast after blowing a small account just pressing buy/sell on gut feeling. Since then, I've stuck with setups and tested stuff out on platforms I trust. Been checking https://axiomtrade.xyz/axiom-trade/ lately too—looked into it with a few friends and so far, looks pretty solid if you’re careful and do your research.
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who is the richest forex trader in Nigeria? Replied 5 months ago - To answer your question, no one really knows. Nobody can tell who is the richest Forex trader in Nigeria. Because that may jeopardize them or their family or they just don't care about show casing their life. I imagine it like this If you were making money trading. You wouldn't be wasting your time for 60 dollar a month teaching someone to trade. Anyone can spot a fake if they try hard enough. You barely see habbyfx trading. All you see him doing is showing off his watches and cars.He is either out in the mall buying stuff or in his pool like a merman, When does he trade??? Also if you are so good why not show case your income tax returns, surely that can prove everyone wrong. His live trading sessions are just him sitting in front of tradingview chart making random calls out of his ass. His chosen broker that is supposedly paying millions to him, is neither regulated nor known.If i was trading with that broker and had a million bucks deposited with them, i would be worried but he doesn't care.. Now go figure.
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how much can i make from trading nfp? Replied 5 months ago - It depends on the instrument you are trading and the lot size too. For last month's NFP, if you had traded a 0.1 lot size of eurusd, you would have made at least $116 or 116 pips.
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How much is R100 in bitcoin in South Africa Replied 5 months ago - Yes, you can purchase BTC with a R100, or even lower, It’s really your choice. 1BTC is over R2,000,000 at the moment, this means a R100 won’t do much for you with BTC at its peak threshold, I therefore advise you purchase other coins with high future potentials or wait to purchase BTC when the market is at its lowest. You can look up the BTC fear and greed index to know when to buy & when to sell BTC.
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how to buy crypto in south africa Replied 5 months ago - Step 5: Buy Cryptocurrency Assets After a successful deposit into your account, you can then buy digital assets by converting your USDT into whatever asset you want, or you can simply go through your trading platform’s marketplace, and pick a Cryptocurrency asset you want to buy, you will find hundreds of options available. You will also find that they are quite different order types to choose from, they include: 1. Limit Order You get to buy at any price you set for the order to be executed. 2. Stop-Limit Order This order is executed when the market price reaches a certain point. 3. Market Order This executes your order at the current market price. Furthermore, you should note that you can either hold digital asset as a form of a long term investment or you can buy/sell them on the Futures perpetual & quarterly contracts on a trading platform you choose to use as a day trader. After Buying Cryptocurrencies you can save them on platforms like Trust Wallet, Metamask, etc, these platforms do not support trading, but they serve as banks for digital assets. Meanwhile other platforms like Binance offers a built-in wallet to hold assets and also offers futures trading where you trade with leverage to increase potential gain. Keep in mind that leverage increases potential losses too. Consider each step carefully before buying Cryptocurrency, as earlier mentioned Cryptocurrency carries significant risks, market volatility & potential losses.
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hedging or netting account, which should I choose? Replied 5 months ago - I used the hedging account type as a beginner because when I opened several trades they were displayed separately. This made it easy for me to understand what was going on. Any trade that was underperforming, I could easily single it out and close it. With netting accounts this is not the case as all the trades would have been summed into one big beautiful trade
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How long does it take to learn forex trading Replied 5 months ago - It took me a year to learn and 2 years after I am still not profitable.
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what is A-Book and B-Book Broker in forex? Replied 5 months ago - A-book brokers don't make the market instead they push your order straight to the liquidity provider in exchange for a commission. This is why A-book brokers charge near-zero spreads plus commission. The advantage of A-book brokers is more transparency and faster execution. B-book brokers take the opposite side of your order and trade against you. The advantage of B-book is that you can use things like micro/cent account to execute small orders. Small orders are executed faster with B-book brokers bit they charge a wider spread.
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what is FVG? Replied 5 months ago - I agree with @Karbin, these course sellers make something so easy so complicated.
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how do you manage to stay disciplined as a trader? Replied 6 months ago - I wait till i see the setup I'm looking for before i trade. If i don't see the setup, then i don't trade at all. No position is still a position, I may not make money that day, but at least i will not lose money.
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How do i register for the free forex training organized by the Nigerian government? Replied 6 months ago - The program starts on August 29th 2025, on that day it will launch in Abuja. I am still getting details will update you here. it will likely be a physical program holding in different states.
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what are the qualities of a good trader? Replied 6 months ago - I would say being a good observer is a good quality for a trader to have. You know how we play spot the difference where you are given two images and asked to find out a difference? Thats kind of like what i mean. Looking at the charts, a good trader should be able to spot areas of similarities quickly.
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Transitioning from demo account to prop firm trading without live tradng experience Replied 7 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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what's the difference between trading & investing Replied 7 months ago - Trading is basically buying and selling in short time frames, like minutes, hours, or days. It involves trying to make profit from quick price movements. It comes with higher risk and you'd need to dedicate some time to it. Investing is more long-term. You buy something and hold it for weeks, months, or even years, expecting it to grow slowly over time. It's generally lower stress and less risky, but also slower when it comes to returns. If you're a beginner and you're not very conversant with the nuances of the market and don't want to be glued to the screen, investing might be the safer and easier option. It can help you learn the markets without feeling overwhelmed and once you're comfortable, you can move on to trading.
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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 7 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 7 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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