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what is consistency rule in prop firm? Replied 8 months 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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what does simulated funded account mean? Replied 8 months ago - A simulated funded account is one that only allows you trade unreal assets in a simulated environment just like a demo account. Your trades are then copied by the prop firm (using copy trading mechanism) and then executed on their own live account then they share the profits with you (profit split). Some prop firms offer simulated accounts while other offer live accounts. The advantage of simulated funded accounts is that the terms and conditions (such as drawdown, loss limit, evaluation fee etc.) are less stringent than on live accounts. The disadvantage of simulated funded accounts is that they may be slippage since trades are not executed in real time. Live funded accounts are often more expensive than simulated funded accounts because of the additional risk taken by the prop firm in executing the trades on the spot.
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do i need a mentor in forex trading? Replied 8 months ago - Yes, I am of the opinion that every retail forex trader needs a forex mentor for the purpose of accountability. You need someone to call you to order when you are over-trading, taking on too much risk, revenge-trading etc. Without a forex mentor, there will be nobody to curb your excesses while trading and this is a major reason most traders keep blowing their accounts. Professional traders who work in hedge funds and banks have supervisors who monitor what they do strictly and ensure the traders trade according to the risk management policy of the organization. This is partly why professional traders make more money than retail traders because they follow strict rules and are punished if they deviate. So, finding yourself a forex mentor is like finding a supervisor who will ensure you don't trade recklessly and also ensure you stick to your trading plan.
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What Time Does The Forex Market Open on Sunday in Nigeria? Replied 8 months ago - The forex market opens in Nigeria at exactly 10:00 PM
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Best time to trade crypto in Australia Replied 8 months ago - I trade crypto either at the start of the London session or at the overlap of the London NY sessions. Crypto can also be traded during weekends but you'd have to be really desperate to do that because you wont see much action. Let me also add that one of the worst times to trade crypto in Australia & anywhere on the planet is during or immediately after major news releases (like NFP or CPI news).
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When does the forex market open & close in South Africa? Replied 8 months 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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Is CFD Trading in Malaysia Forbidden? Replied 8 months ago - Herse my take: CFD trading in Malaysia may be legal but it is only legal for so called sophisticated traders (meaning professional/institutional traders) and it is not meant for retail traders.
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Apa itu CFD? Replied 8 months ago - CFD adalah perjanjian antara anda dan broker CFD supaya broker membenarkan anda berdagang instrumen asas seperti forex, saham, indeks, walaupun anda tidak mempunyai wang yang mencukupi. Instrumen yang akan anda dagangkan, adalah milik broker CFD jadi dia hanya membenarkan anda mengambil posisi sama ada harga akan naik atau turun dan yang perlu anda lakukan hanyalah mendepositkan sedikit wang yang tidak sampai pun kepada kos instrumen yang anda dagangkan. Jika anda meramalkan dengan betul, broker CFD akan membayar anda jumlah di mana harga telah meningkat tetapi jika anda salah, broker CFD akan meminta anda membayar kerugian tersebut.
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Forex Session Times UK Replied 8 months ago - London opens at 8AM London time. Frankfurt opens at 7AM London time. If you are a trader based in the UK or similar time zones, then trading the London session opening from 7AM to 9AM UK time is the best time for you. It is because it is most convenient time (start of the day) if you are a full time trader. But in order to trade it, you will have to be up by 6AM or 6:30 AM, to get yourself prepared. Don't just jump in by waking up at 7AM, then you will likely not be ready to take a loss mentally & you would mess up some day. After the Frankfurt & first 2 hours of London, the volatility on most days fades away, meaning around 10AM London time to 1PM, the price mostly (not always), consolidates on EURUSD & GBPUSD currency pairs.
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Can I start forex trading with R100? Replied 8 months ago - You can star forex trading with r100 using brokers like RCG Markets, and Space Markets
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how does leverage affect CFD trading? Replied 8 months ago - When leverage is high, the amount of money needed to open a trade is low and those trading with small accounts are gonna love this. But there is some bad news, when you go for high leverage you are going to be nervous all the time of the trade because drawdown can come very fast and losses are huge. Being nervous as a state of mind is bad for trading because it breeds fear which in turn breeds irrational thinking ultimately leading to loss after loss after loss.
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I have an android smartphone, how do I begin trading forex on it? Replied 8 months ago - If I were in the shoes of a beginner, I'd go to the google play store and download a forex trading app of a regulated broker. Here in Australia the ASIC regulates brokers such as Pepperstone, eToro, CMC Markets & Eightcap so I would download any of their apps. I would then proceed to open a demo account from inside the app which would allow me to experiment with forex trading on my phone using virtual or fake money. Now, right inside the forex app I would access the in-app educational resources and if need be I would chat with the forex broker agents to seek more knowledge; all these can be done without having to leave the app. After practicing for a few months, I would open a live account on the app and deposit real money (probably about 10 AUD depending on the broker). I would then begin to place very small trades (0.01 lot size) and I would focus on trading only one instrument so I become a master of it. I think I would choose EUR/USD because its got lower spread than most currency pairs on offer. I would also set my stop loss and have a mental picture of the maximum amount of money I can lose in a day. Once i lose or make that amount of money I would close trading for the day. Trading on a mobile phone can be intoxicating and even addictive because you could be tempted to over-trade due to the convenience.
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What's the difference between Equity & Account Balance in forex? Replied 8 months ago - Take a look at the screenshot from a demo account trade, while Account Balance is $49,993.70 the Equity has fallen to $49,989.70 because the trade is in a loss of $4. The margin level is also calculated by (Equity/Margin)x 100 So Margin Level is ($49,989.70/$270.13)x100 =18,506.14%
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Is it Halal To Trade Forex If I Use An Islamic Account? Replied 8 months ago - Hi brother, Forex trading is Halal provided you do not receive or pay any overnight interest from your broker. Islamic Accounts are designed not to receive or pay interest on overnight trades but you must check that your Islamic forex trading account is properly configured not to receive or pay overnight swaps. While opening your Islamic forex trading account, make it expressly clear to your broker that you are of Muslim faith and do not want a partial swap-free account but instead want a fully swap-free account. This is important because certain swap-free accounts are not designed for Muslims and they can suddenly start charging you overnight swap interest when they notice you are leaving too many trades open overnight.
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Best Time to Trade USDJPY in Kenya Replied 9 months ago - You can trade usdjpy during the NY or Asian sessions. Choose the one that is convenient for you.
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What is the best time to trade USDJPY in Nigeria? Replied 9 months ago - You can trade usd/jpy during the New York or Asian session but trading during the Asian session will mean trading at odd hours when you should be sleeping so I would say the New York session is more convenient since it starts by 2:00pm in the afternoon till 11:00pm Nigerian time.
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How do I open a real forex account on MetaTrader 4? Replied 9 months ago - To open a real MT4 forex account you must do so through your forex brokers portal (via their website or mobile app). MT4 is not equipped with account opening capability. After opening the account, your forex broker will send your login details to your email so do well to check your mail. Take the login details then use it to login on the MT4 platform; the login details will usually contain a server name so ensure to select the correct server as this is crucial. You asked why account opening feature wasn't integrated into MT4, well in my opinion MetaTrader is an open third-party platform used by different brokers so integrating account opening for each broker will require frequent modification of the MetaTrader app, which can affect its stability.
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understanding forex terminologies Replied 9 months ago - Scalping is a trading style where you keep your trades open only for a short time. But if you are a beginner there are more crucial forex terminologies you should be aware of. 1. Spread: a fee charged by the broker on every trade you make, which represents the difference between the price you enter the trade at and the price you exit the trade at. The difference between these prices is the spread and it goes to your broker. You must always pay attention to the spread because though little, over time it can eat into your profits. Spread is measured in pips so if i say the spread is 2 pips it depends on what the value of a pip is. if the value of a pip for the currency pair you are trading is $10 then 2 pips will be worth $20 2.Commission: this is another fee charged by the broker on special accounts that offer very low spread and sometimes brokers also charge commissions when you trade non-forex CFDs. Forex traders can avoid paying commissions by opening a Standard Account type instead of a Raw Spread Account. 3. Going Long: this term is used to refer to when you enter a trade by clicking the buy button. 4.Going Short: when you enter a trade by clicking on the sell button 5. MetaTrader: a kind of trading software; we have MT4 (older version) and MT5 (newer version) 6. Stop Loss: an automated order you set on the trading software to close your trade when your losses reaches a certain amount. 7.Take Profit: an automated order you set on the trading software to close your trade when your profit reaches a certain amount. 8. Pending Order: a buy or sell order you set on the trading software not to be executed immediately, but at a future date/time. 9.CFD: a way of trading used by forex brokers where you do not own the underlying instrument but only get compensated/debited on the difference in price from when you opened the trade to when you closed it. CFD is an acronym for Contract for Difference so you will only be compensated for the difference in price and you will not own the instrument. For example if you trade Share CFDs, you do not own the shares and you cannot vote during the company's Annual General Meeting.
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How to avoid spread in forex Replied 9 months ago - You cannot totally avoid spread but you can minimize the spread you pay by trading actively and receiving rebates on spread. Check if your broker offers rebates on active trading but I know brokers like CMC Markets & FXCM offer 25% and 62% rebates on spread respectively. Another way to pay lesser spread is to trade during peak periods meaning trade when sessions overlap. For example when the NY & LON sessions overlap it is a peak period and you can get lower spread. To get lower spread you can also opt to open a Raw Spread Account but this is not fool-proof because with Raw Spread Accounts, you pay a flat commission per trade in exchange for receiving lower spreads.
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What do you wish you knew before you started forex trading? Replied 9 months ago - I wish I knew that success on a demo account does not equate success on a real account because emotions come into play when trading live.
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