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when does the forex market open in Canada? Replied 10 months ago - The Asian forex session starts at around 4pm Canadian time and ends around 2am in the morning. The London forex session starts from 2am and ends at 12 pm Canadian time The New York forex session starts from 1pm till 5pm Canadian time Note that the forex market closes on weekends and major publich holidays that affect banks (such as christmas & new year)
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what is minimum trading days in prop firm Replied 11 months ago - The minimum trading days is simply the least amount of days within which you can complete the challenge. So, if your prop firms minimum trading days is 4 and you complete the challenge in 3 days, you have breached the rules. You must complete the challenge in 4 days or more. Minimum trading days was put in place by most prop firms to prevent you from completing the challenge in one day. They want to be able to eliminate the chances that you just got lucky on one day and they also want to be able to study how you manage risk on different days.
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what is consistency rule in prop firm? Replied 11 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 11 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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Best time to trade crypto in Australia Replied 11 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 11 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 11 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 11 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 11 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 11 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 11 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 11 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 11 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 11 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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What is the best time to trade USDJPY in Nigeria? Replied 1 year 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 1 year 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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What is NFP in Forex? Replied 1 year 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 to avoid forex trading tax in South Africa, how much tax do forex traders pay in South Africa? Replied 1 year 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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Is Forex Trading in South Africa Legal Replied 1 year 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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Top 10 Richest Forex Traders in South Africa Replied 1 year 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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