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What is the best time to trade USDJPY in Nigeria? Replied 10 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 10 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 10 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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What do you wish you knew before you started forex trading? Replied 10 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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London session forex time in Malaysia Replied 10 months ago - London opens at 4PM Malaysian time & ends at 12AM. if you count Frankfurt as well, then it starts at 3PM in Malaysia. These hours change depending on the Daylight Saving Time (DST) in Europe (from months of March to October). When DST is active, the London open is at 3PM Malaysian time.
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What is NFP in Forex? Replied 10 months ago - The NFP or Nonfarm Payroll report is for the United States economy only and it will tell you amongst other things, if the U.S. unemployment rate has increased or decreased for the month it is released. Forex traders wait for NFP to be released on the first Friday of every month because its release is usually greeted with heightened volatility in the market. Many forex traders look to make money from this volatility by trading seconds before the report is released or immediately after the report is released. To know when NFP will be released, you can use the economic calendar provided by your forex broker to keep track of the date.
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How much is 1 pip in USDJPY ? Replied 10 months ago - When trading USD/JPY a pip is 0.01 and the value can be found when you apply this simple formula (0.01/Exchange Rate) x Number of Units. So, if you want to trade 100,000 units of USD/JPY and the current price is 151.71, the value of 1 pip will be (0.01/151.71) x 100,000 = 6.56 USD
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What is the best time to trade NAS100 in Kenya? Replied 10 months ago - You can trade NAS100 CFD during London or the NY session, depending on your strategy. It is possible that you might have a better strategy that works on NASDAQ during London session. NY session is more volatile & you will have faster & more volatile moves. If you are from Kenya, then you can trade NASDAQ from 4PM-8PM, if you want to trade the NY session. Or you can trade between 10AM - 1PM if you trade the London session. I've plotted both of the chart to highlight the last 2 trading sessions, so you can visually see both. It is important that you must first have a strategy for that time & proper risk threshold (account & trade based), regardless of what time you are trading at. There is no one best time, it just depends on you as the trader, do you have an edge trading NASDAQ at that particular time or not?
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When does the Asian Forex Session Start & End in Kenya? Replied 10 months ago - When we talk of the Asian session, remember its both Tokyo & Sydney we are talking of and they have different time movements. Tokyo is ahead of Kenya by 6 hours & Sydney is ahead of Kenya by 8 hours. The Asian forex session in Kenya starts by 1:00 AM but at that time only Sydney is active. You need to wait till around 3:00 AM for Tokyo to come online, so you get more liquidity. The end of the Asian forex session in Kenya is around 11 AM. In summary the Asian forex session in Kenya starts by 3:00 AM and ends by 11:00 AM
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What Time Does the Forex Market Close on Friday in Nigeria? Replied 10 months ago - You can check it for yourself. On a Saturday just open your MetaTrader 1 Hour chart for any currency pair, then check the time the last candle formed on Friday. The last candle represents the time the forex market closed on Friday. I attached a screenshot of EUR/USD 1 Hour chart which I checked today Saturday. You will notice the last candle that formed on Friday (in a yellow box) was formed at 23:00 hours which is 11 PM. This simply shows you that the forex market closed on Friday in Nigeria by 11 PM
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London Session Forex Time in Kenya Replied 11 months ago - The London session is from 11 AM till around 8 PM Kenyan time and it is the best time to trade FX pairs of European countries example EUR/USD, GBP/USD, EUR/GBP, GBP/CHF etc.
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Best time to trade XAUUSD in Nigeria Replied 11 months ago - Nigerian traders should be on seat between the hours of 2PM to 6 PM when both London & New York is awake and their trading paths intersect or overlap. You will tend to get lower XAU/USD spreads when you trade during this time in Nigeria. Also note that economic data release such as NFP & CPI can also affect XAU/USD as seen in the screenshot I attached which shows XAUUSD reaction to CPI release.
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How to avoid forex trading tax in South Africa, how much tax do forex traders pay in South Africa? Replied 11 months ago - I believe the question here is about tax 'avoidance' i.e. legal ways in order to reduce tax liability as a CFD trader. I don't think anyone should be advising on the methods that may not be legal, or could cause legal issues in future for any trader. Also, whenever you are depositing funds at any FSCA regulated broker (or any regulated broker in any region), they will ask you for proof of funding if they find anything shady. And you can only withdraw fund to your method that was source of deposit. You cannot deposit via South African bank & then withdraw via crypto, that's not how it works. My suggestion OP to you is to consult your tax advisor, he/she would be able to give you better advise. What you see on the internet may vary a lot from the actual tax liability, and what you can save on it legally.
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How Much is Traded Daily in the Forex Market? Replied 11 months ago - Around $7.5 trillion is traded in the online forex market everyday using different instruments such as FX swaps, Options, etc. Most of the trading is done by big banks and retail traders only account for a negligible percent.
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Is Forex Trading in South Africa Legal Replied 11 months ago - Yes, there are a lot of scam brokers operating illegally in South Africa without any license. ODP licensing does bring oversight on the derivatives at CFD brokers, but as far as I know there is still no investor protection fund in South Africa similar to FSCS in the UK. And if you get scammed by an unlicensed broker, I don't think there is any way to get your funds back, even if you go to the relevant authorities. It is the same in other countries, so I can't say this is a South Africa problem. With regulated brokers, even without investor protection fund, you atleast have the trust that the broker is compliant with checks & balance in place.
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How much do forex traders make a month in South Africa? Replied 11 months ago - I don't think there can be a straightforward answer to this question. It depends on the trader's trading style. account size & the trading strategy. I'll assume for the sake of this example that your strategy has an edge, meaning it can make positive pips over time after paying the brokerage costs. Then it is a question of scaling & your account size. a. Consider the max. number of losing trades in a row to come up with the risk percentage per trade. b. Your account size to calculate the actual risk per trade. For example, if your strategy can definitely make you let us say 200 pips on EUR/USD in an year, then if you are trading 10 Standard Lots throughout the year, which is a totally consistent lot size, then you can expect to make R375,000 in a year at the current USDZAR rates. But if you are trading 1 Mini lot, then you can expect to make R3750 in a year, with the exact same example. How does it relate to account size? In order to trade 1 mini lot, ideally, you would want to have R3750 in your account balance. Why? If on an average you are losing 10 pips on a trade, and you lose 1 trades in a row, you will still be able to place the exact same lot size. Because the distribution of the winners & losers can appear in any way, to make you net net 200 pips in an year in this example. So, it really depends. There is no exact answer to this question. I would say, instead of focusing on the gains, focus on the process. Focus on how you can develop a strategy & risk controls, that will definitely allow you to make 200 pips (any value here) from EUR/USD (or any instrument for that matter) in a year. And then execute it flawlessly. Then it is a matter of scaling it.
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Top 10 Richest Forex Traders in South Africa Replied 11 months ago - If you have to pose behind a luxury car to show you are successful trader, then chances are that you are not. Most of these so called richest forex traders in SA, are actually into the business of motivation. They just want to motivate you to buy their courses & keep trading but they are not in any way rich. I believe some forex brokers are paying these guys to market and attract more customers; its no wonder these guys will always recommend a certain broker to you. If at all they have any money, it is the money they get paid by brokers to do this marketing and show off online. That's my opinion though, I stand to be corrected
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How Much On Average Can A Forex Trader Make Per Day? Replied 1 year ago - You're right
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Fixed or Variable Spread: Which is Best For New Forex Traders? Replied 1 year ago - I'm a fixed spread guy anytime have you ever wondered why very few broker offer fixed spread? yes, its because they know its not profitable for them.
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What Time Does The Forex Market Open in South Africa? Replied 1 year ago - Forex Market is open 24 hours during 5 days in a week, so in theory it is open all the time during the weekdays. That is in theory though, because the prices don't necessarily move during all the sessions or market hours. That is because most traders (I mean the largest intraday volumes), they are active during the working hours in their regions. EU & UK traders (banks, institutions etc.) are active during their working hours, North American during theirs. So, I think what you are trying to ask is when should you be trading forex from South Africa? The time in South Africa is London +2. This means, when the Frankfurt opens, it is 9AM in South Africa. So, if you want to trade EUR/USD or GBP, then this is the time you could trade it i.e. the London session, if you are trading these currencies. DAX & FTSE100 also move during these hours 9AM-12PM South African time. But if you are trading any specific instrument which has volatility during the other sessions, then you should trade that during NY session from 2PM-7PM South African time. That is when indices like NASDAQ or US stocks are most active. Also, USD (including EUR/USD) & CAD pairs are traded in this session. My suggestion is to actually carefully watch for patterns in price movements of whatever instrument you are trading. Overtime you will start to see during what hours does it move. Is it mostly trending during those hours, or is it sideways. Can you build a system around it, for entry & exit. What is the hit rate, and average risk per trade.
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