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can i deposit in any currency into my trading account? Replied 8 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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is asia session the same as sydney session? Replied 8 months ago - I think Asian session is just a general name for the sessions of Tokyo & Sydney because they start just hours apart.
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what is break even in forex Replied 8 months ago - its a situation where you exit a trade without any profit or loss, so you and the market are even
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What you need to know about forex as a beginner Replied 9 months ago - This is really helpful. Thank you
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what are the 4 sessions in forex? Replied 8 months ago - Farah please shed more light on this "Frankfurt session", I've never heard of it.
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what is a bearish trend in forex, why is it called beaish? Replied 9 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.
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how do winning traders think? Replied 9 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.
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what's the difference between bid price & ask price in forex? Replied 9 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.
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why do brokers have different spreads for the same instrument? Replied 9 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.
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what is the difference between the zero spread account and the ecn account? Replied 9 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.
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who are market makers in forex & why are they needed? Replied 9 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
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what is the meaning of minimum deposit when opening a forex trading account? Replied 9 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.
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what is ask price line & bid price line in forex Replied 9 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.
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Is it worth it being a funded trader? Replied 9 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.
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Financial Market Movie Reviews Replied 9 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.
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does the forex market open on easter good friday and monday Replied 10 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.
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what is positive & negative slippage in forex? Replied 10 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.
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why am i losing so many trades in a row consistently? Replied 10 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.
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Please what is the difference between points & pips in forex Replied 10 months ago - When you see 10 points it simply means 1.0 pips. When you see 11 points it means 1.1 pips, when you see 12 points it means 1.2 pips and so forth. Points is just a way of not having to include decimals.
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what is the difference between stock cfd and stock? Replied 11 months ago - Stock CFDs do not give you ownership of the stock; they are only a over-the-counter contract between you and the CFD broker that allow you bet on whether the price of the stock will rise or fall. if your bet is correct the CFD broker pays you money and vice versa. Holding a stock CFD overnight will attract a fee because it is not yours. However, when you buy ordinary stocks, they are delivered to your demat account and you take ownership of them. You also get voting rights on the company whose stocks you bought. Holding a stock overnight will not attract any fee because it is yours. Stock CFDs are mostly used by traders while stocks are bought by investors who hope to hold it for a long time. When you buy a real stock you get paid dividend whenever the company is doing so but for Stock CFDs you only get paid a dividend if you opened a buy trade for a Stock CFD. When it comes to cost, it is cheaper to trade Stock CFDs than to buy real stock because buying real stocks entails pying fees to the stock exchange, custodians etc.
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