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as a trader don't hesitate to pull the trigger Replied 4 months ago - I would say always wait for confirmation of a candlestick pattern before entering. I don't enter immediately i see a candlestick pattern, I place a pending order 2 0r 3 pips above the pattern and wait for price to go to the pending order and trigger it. By doing this, I avoid fake outs.
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At the end of the day is forex trading really a profitable venture? I mean you can make profits here and there but it seems like the losses will always outweigh the profits Replied 5 months ago - When you are wrong how much do you lose and when you are right how much do you profit? You need to ride your winners for a bit longer to be able to remain profitable.
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what did jamie dimon say about the bond market? Replied 5 months ago - He said something about US bonds no longer being AAA rated but that they have been downgraded to AA. He also said borrowing during covid 19 has put an enormous interest rate burden on US so the bond market is overburdened
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what is the success rate of funded traders? Replied 5 months ago - Around 2% because the prop firms will look for every reason to deny you a payout, they will try to accuse you of breaking one of their rules.
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what's your favorite forex risk management tool? Replied 6 months ago - I like to use the alarm tool to alert me when price gets to a desired level. It has been very helpful to me.
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why don't brokers stop you from trading after reaching your daily loss limit? Replied 8 months ago - I agree with this but i guess it is not in the brokers interest to do so. They want you to trade as much as possible, so they get their fees. I mean, you even see brokers opening their platforms to traders on some public holidays (like Easter) when they know fully well that liquidity may be insufficient leading to higher spreads.
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What鈥檚 the ideal leverage to use in forex to maximize profits without risking too much? Replied 8 months ago - I would say 1:500 is ideal for me.
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its not how much profit you make, but how much you keep Replied 8 months ago - I can relate to what youre saying George! Its the cold truth! Its easy to call yourself a trader but how much of the profit do you really keep gicing it back to the market? It is like running around in cirlces only to find yourself back at the begining. When i started trading XAU/USD i was always making money then losing it back to the market until I said to myself "this has to stop". I began trading responsibly and only taking high quality trades with a high probability of success. I also started cutting my losses very early not giving them time to grow. The solution is to manage risk properly and not lose too much money in one day, so you have enough gun powder to try again the next day.
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whats the implication of increasing my leverage in forex? Replied 9 months ago - Whenever you enter a trade, you have a fixed point that you have already decided that if the price goes past that level, then you are out. That is your SL. But when you are in a trade, most often, you will know within 15-20 minutes if the trade is working or not. It is up to you at that point to take the loss & kill the trade early. So, in that case rather than let's say your initial 10 pips SL, you will be out early with a smaller loss. To give you an example, yesterday, I was pre-emptively short on Franky after the first opposite bar, even though it did not break the last bar's low. I thought that it would fall back into the Asian range, give a false break of the 1252 level. My stop was at 62, entry was at 54. But for the next 30 minutes, the price was not breaking the low, and still holding above 52. And my entry was always hovering around BE or a minor loss. And the London was opening. In such cases, you know that the initial reason for your entry is invalidated. Because if it was a fake, you want a quick reversal. But it was just holding above, not able to break the lows. In this case, you would not wait for it to hit your 8 pips SL, you get out as soon as you know that the trade is not working out as anticipated. In this case my loss was around 5 pips. There is always a possibility that by cutting it early you are intervening too much. But it comes from experience. For a new trader, my suggestion is to place your SL at a point where you know definitely that reason for your trade is invalidated, and then let it hit.
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How much should I start with to trade forex in South Africa without overexposing myself? Replied 9 months ago - R50 is okay to start trading with but keep your lot sizes at 0.01 for each trade so you dont blow your account quickly. Also set a tight stop loss for each trade and avoid the temptation to adjust the stop loss to accomodate more losses. if you make a loss, do not try to recover it that day, wait till the next day.
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i want to trade forex but i'm scared of losing my money, any advice? Replied 9 months ago - Dont be afraid, the best loser wins ! How you handle losses will determine how successful you will become as a trader, you dont have to be a sore loser instead cut your losses early then learn from your mistakes. Theres no shame in losing.
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I lost a trade due to internet downtime, would a forex vps have prevented this? Replied 9 months ago - sorry about your loss, I think take profit targets should be realistic and not based on greed 馃ぃbut i feel you though. As for forex vps i have not used one before but i understand its for hosting trading robots and not for manual trading. I may be wrong and stand to be corrected.
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forex influencers claim to trade $1m account size, is this possible? Replied 10 months ago - You will notice that these online forex gurus who claim to trade 1 million dollar account size even do so with unknown forex brokers and not the tier-1 forex brokers which is suspect. I do not think there is any forex broker that can accept as much as 1 million dollars from a forex guru and let him trade and they issue payouts, they do not have such liquidity. Anyone that wants to trade with up to $1m has to pass through the banks and bigger liquidity providers like oil companies or hedge funds; and not forex brokers. So this is how you know that it is fake when online gurus display $1m as their account trading account balance.
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How To Use Trailing Stop Loss Replied 1 year ago - Before I set my trailing stop, I will first of all set a normal stop loss because trailing stops only get activated when you start making profit. So setting a normal stop loss will protect you from immediate price reversals. After I set my normal stop loss, I right click on the stop loss line on the charts and select trailing stop. I then set the number of points or pips of profit that I want the trailing stop loss to secure. If I select 5 points, then when price moves 5 points in my favor the trailing stop automatically adjusts itself by 5 points. When price moves another 5 points in my favor, the trailing stop adjusts again by 5 points. It keeps doing this till price starts reversing and hits the trailing stop then it will close me out of the market with profit.
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Take partial profit or adjust TP: which is a better risk management move?
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