MyTradingLand Logo
Log In

Forex Forum

Join the community of forex traders.

Filter By Category
is asia session the same as sydney session? Replied 7 months ago - I think Asian session is just a general name for the sessions of Tokyo & Sydney because they start just hours apart.
0
2
0 Subs
what is break even in forex Replied 7 months ago - its a situation where you exit a trade without any profit or loss, so you and the market are even
0
4
0 Subs
What you need to know about forex as a beginner Replied 7 months ago - This is really helpful. Thank you
0
4
0 Subs
what are the 4 sessions in forex? Replied 7 months ago - Farah please shed more light on this "Frankfurt session", I've never heard of it.
0
2
0 Subs
what is a bearish trend in forex, why is it called beaish? Replied 7 months 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.
0
3
0 Subs
how do winning traders think? Replied 7 months 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.
0
2
0 Subs
what's the difference between bid price & ask price in forex? Replied 7 months 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.
0
4
0 Subs
why do brokers have different spreads for the same instrument? Replied 7 months 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.
0
2
0 Subs
what is the difference between the zero spread account and the ecn account? Replied 7 months 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.
0
3
0 Subs
what is the smallest lot size i can trade in forex Replied 7 months ago - The smallest volume of an currency pair you can trade in forex is 0.01 lot size. The order entry box will not even let you enter any value below 0.01. Beginners may want to stick to trading 0.01 lot size till they become consistently profitable then they can scale to bigger lot sizes.
0
2
0 Subs
who are market makers in forex & why are they needed? Replied 7 months 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
0
1
0 Subs
what is the meaning of minimum deposit when opening a forex trading account? Replied 8 months 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.
0
1
0 Subs
what is ask price line & bid price line in forex Replied 8 months 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.
0
1
0 Subs
Forex trading for beginners a primer. Replied 8 months ago - Today on the EURUSD, on intraday, you have another example. Once you break a support zone, the price will try to pullback to that break point. These are the possible scenarios (in the chart). You would ideally want to be on the side of the intraday trend, which is down. But on the higher timeframe, 1270 is a solid low. So, if you are entering on the pullback of 1300 (which is an important break point i.e. break of the support, and psychological round number), you want to see that you get a good close below 1270 in next hours.
2
16
10 Subs
Is it worth it being a funded trader? Replied 8 months 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.
0
2
0 Subs
Financial Market Movie Reviews Replied 8 months ago - Some people think the movie margin call was indirectly telling a story of what happened to the firm- Lehman Brothers but the producers may have changed the story line because while Lehman brothers went insolvent, the firm in the movie actually survived the 2008 financial crises.
1
7
7 Subs
does the forex market open on easter good friday and monday Replied 8 months ago - Yes, the forex market is open on easter friday and easter monday but always keep an eye on the spread before you trade; it can be wide. From my experience it is better to trade on easter monday than on easter friday because you get tighter spreads on easter monday.
0
4
0 Subs
how do i know if i am getting better at forex trading? Replied 8 months ago - As you get btter in trading you will notice that you become more patient and wait for the market to act before you react. You will no longer be jumping at every little move you see on the charts hoping to make a quick buck.
0
3
0 Subs
what is positive & negative slippage in forex? Replied 9 months ago - Positive slippage is when your order is filled at a better price than you had specified for example you set a buy limit order for 1.0222 and your broker fills it at 1.0200 it means you got a better deal since you bought at an even lower price than you had expected. Negative slippage is when your order is filled at a worse price than you had specified for example you set a buy limit order for 1.0222 and your broker fills it at 1.0230 it means you got a worse deal since you bought at an even higher price than you had expected. Slippage is common when you use pending orders. A limit pending order can give rise to positive slippage while a stop pending order can give rise to negative slippage. However, heres the real issue; may brokers do not account for positive slippage and they only fill your orders at negative slippage. When there is positive slippage they dont adjust your order accordingly but when there is negative slippage they quickly fill you in for a worse price.
0
1
0 Subs
why am i losing so many trades in a row consistently? Replied 9 months ago - I think you need to develop a strategy and folow it with discipline. When you have the discipline, one win can make you recover all your previous losses. But when you lack the discipline, it takes one loss to make you lose all your previous profits.
0
6
0 Subs
1 2 3 4 5 6 7 8 9