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what is pine editor in tradingview Replied 7 months ago - It is used for writing programming code to build indicators. Today, you can hire freelancers to build you an indicator from hiring sites like UpWork, Fiverr, etc. When they send you the code, just copy it and paste in the pine editor then give your new indicator a name you can launch it and use.
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can i use ChatGPT for forex trading? Replied 7 months ago - I think chatgpt will only give you an overview of the market but you still have to do the work of analyzing the charts and picking your entry and exit points. Chatgpt cannot do your technical analysis for you it will only tell you the overall markets sentiment. There is no shortcut in trading.
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which samsung phone is best for forex trading? Replied 7 months ago - I use the samsung galaxy note 9 with s-pen which makes drawing trend lines and clicking on tiny details easy for me. It also has good speed and a large AMOLED screen display which conserves power and shows colors brightly.
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cTrader or MetaTrader Which Is Best for a Beginner? Replied 7 months ago - cTrader has better features but in the hands of a beginner, cTrader can do more harm than good because it is too complex and is like flying a jet vs flying a conventional plane.
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what is netting in forex? Replied 8 months ago - Netting is an execution method where if you open several trades for the same instrument, they will not be displayed individually instead they will be summed up and displayed as one trade. Netting is easier to understand for new traders and it keeps the trade panel decluttered and tidy. Hedging on the other hand will display the trades individually and hedging also allows you to open a buy and sell order for the same instrument so that the profit from one, offsets the loss from the other.
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how do I close all trades at once in mt5 Replied 8 months ago - Thank you for this useful tip, I have been trading for a while now and I didn't know this existed. And I don't think this bulk operation feature exists on mt4 because i tried it on mt4 and it isn't there. I guess this is one of the reasons why mt5 is better than mt4
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how to transfer money from fx royale to bank account Replied 8 months ago - Hello Josiah, I am not sure if you are referring to fx royale trading simulator but if you are, it is just a trading computer game and the funds are not real. You cannot transfer the funds to your personal bank account, any money you make trading on the game is meant to be spent in a virtual world (within the game) buying houses etc. just like in monopoly.
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how to remove trade history on mt5 Replied 8 months ago - Like Daniel said, you can simply right-click and select trade history but if that doesn't work then right-click, select "properties", click on "show" then tick the "show trade history" box.
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Any good forex trading books that are a must-read for traders? Replied 8 months ago - Someone recommended this book: "The Disciplined Trader" by Mark Douglas". Has anyone read it or does anyone know about the author?
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which time frame is best for day trading? Replied 8 months ago - When day trading I use the minute time frames and I also use the TradingView or MT5 platforms because they offer more timeframe options than MT4. Although I focus more on minute timeframes, every once in a while I still glance at the higher timeframes to get a bird's eye view of the market landscape.
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which is the best laptop for trading with expert advisors & coding? Replied 8 months ago - I use a Lenovo IdeaPad PRO 5 which I bought last year so I've only owned it for about 4 months, so far so good I think its a good laptop for trading but its quite pricy around 750 USD. Here is what I love about the laptop: 1. 84 WHR Battery Life - helps me reduce the amount of times I have to charge it, and it lasts about 7 hours on a full charge. 2. Intel Core Ultra 9 Processor (16 cores) - which is more power efficient than the i9, and good for running Artificial Intelligence tasks. 3. 32GB RAM - makes for multitasking and I can open several tabs at once. Because of the 32GB RAM the laptop is faster and it helps when I am coding and back testing. 4. Headphone & Mic Jack - great for content creation 5. Comes with Wind0ws 11 PRO OS - again, great for content creation and video editing 6. Backlit Keyboard - makes coding less boring and helps me not fall asleep at night Here is what I hate about the laptop 14 inch display No USB Type-C port Kind of heavy @ 1.46kg Very pricy No pointer device
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ECN Account Meaning Replied 8 months ago - Great Question Brenda ! ECN is an acronym for Electronic Communication Network and with this account, your broker does not trade against you. When you place your trade, your broker uses the ECN infrastructure such as optic fiber cables with low latency to send your order to liquidity providers who will be the ones to trade against you. The end result is you get lower spread on each transaction. Since brokers do not make a lot of money from spreads charged to ECN accounts, they make up for this by charging a flat commission per trade you make. ECN accounts are ideal for those using trading robots to execute high volume trades because the developers of these robots usually specify that they work with very tight spreads,
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what would be the required margin for 1 lot (100,000) eurusd position if your leverage is 1:100? Replied 8 months ago - Margin is the inverse of leverage so a 1:100 leverage is a 1% margin. If EUR/USD price is 1.0555 then a standard lot will be worth $105,550 and a 1% margin means $1,055.5 to open a trade.
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How will you explain stop loss & take profit to a beginner forex trader? Replied 8 months ago - Halo there! If I were talking to a beginner I would explain a stop loss as the highest amount of money you want to lose I would also define a take profit as the highest amount of money you intend to make on a trade. Beginners should keep in mind that while a take profit can be infinite, a stop loss is finite because it depends on your account balance. You cannot set a stop loss that is bigger than your account balance.
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What does a Buy Limit order mean to a forex trader? Replied 8 months ago - A Buy Limit order is basically you telling your trading software to buy at a particular price or better. Buy limit orders are used when you anticipate the price is going to fall so you must set it below the current market price (and not above) There are times when price falls so fast that the price could gap through your specified price and fall even lower. if that happens, the Buy Limit order will be triggered at the next available lower price which will be beneficial to you. Unlike Buy Stop orders that only get triggered at a specific price, a Buy Limit order will also get triggered even if price jumps/gaps over your specified price and falls lower. So to recap, remember these points: 1. A Buy Limit order must be set below the current market price 2. You set a Buy Limit order when you expect that price is going to start falling 3. If for any reason, the price gaps past your specified price, do not worry; the buy limit order will be triggered at the next available price (usually lower than the one you specified initially) Setup Procedure: Setting a buy limit order is easy, if you use MetaTrader simply open the chart, go to the price you want, right click on the price, then select "Buy Limit". While right-clicking on the price ensure you place your cursor below the current candle.
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Buy Stop Meaning in Forex Replied 8 months ago - A Buy Stop order in forex is used to lock in an exact price of an instrument and a Buy Stop order must be placed above the current price. So, if you want to buy when price starts rising, you set a Buy Stop at the price you want, so that when price reaches the order, it is triggered at the exact price. My emphasis is on "exact price". So let us assume you want to buy XAU/USD when the price rises to 2860.0, all you have to do is set the buy stop order at that price. If due to volatility, the price suddenly jumps to 2862.0 without passing through 2860.0, then your buy stop order will not be executed because it works with a specific price. This is the main difference between a buy stop order and a buy limit order. A buy limit order would have been filled at either the exact price or a better price.
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How much does a forex robot cost? Replied 9 months ago - Yes, you can build your own trading bot to execute your trading strategy. If you are using MetaTrader you can code your EA. But I'll come again to the starting point, what is your underlying strategy. The EA will only execute that strategy, but if the strategy is not profitable after paying the brokerage costs, then the bot will not automatically make you money. So, first you have to find a repeatable consistent pattern that you want to automate. What is it? Does it have an edge?
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Anyone know how to get funding for forex trading? Is it tough to find? Replied 9 months ago - Today, thy are a lot of prop firms that provide funding if you can pass their challenge which you must pay for in fees. Some prop firms charge as high as 100 USD per challenge and every time you fail, you have to pay again. Come to think of it, the money you are going to spend paying for prop firm challenges is enough to put into your account and teach yourself to trade and become profitable over time. Remember that lessons learnt when you lose your own money stay with you longer than lessons learnt when you lose demo account money.
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How to Get Funding for Forex Trading Replied 9 months ago - If you are a good trader i doubt you will need funding from someone. Amplifying and speeding up the gains by means of external capital is a trait that wont fit in the traders arsenal. The reason is simple you wont respect the money that you don't own. Prop Firms: If for someone they received 10k account by paying 100 USD with strings attached on risk taken and all that. You really are not on the hook to be disciplined since you only put 100 USD not the entire 10K. You are too Good seriously.: If you are really looking for a gamble and trust yourself too much then, buy a challenge and get as much money out of that firm and fund yourself. But for a noob this is the most stupid path to take. You wont learn to be disciplined and would waste capital on challenges that otherwise could be used to trade real money. So where ever you are on your journey, if you are a good trader capital will flow to you. You wont have to buy challenges.
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How Do I Set A Pending Order on MetaTrader Charts? Replied 9 months ago - Your method is really simple @Obinna. When I started trading forex, part of the reason for my losses was because I didn't know how to apply pending orders to my advantage. I am sure this (not using POs) is part of the reason many new forex traders are not profitable. MT5 has so many hidden tools that we have to master.
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