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what do you check for before you open a buy/sell trade? Replied 1 month ago - I check the spread of the currency pair I am about to trade. If the spread is higher than what I was expecting, i will leave the pair. Strategy wise, I make sure the pair has presented my trade opportunity before I click a buy or a sell.
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what does going long & going short mean in trading? Replied 1 month ago - Going short means selling the base currency expecting it to depreciate . When you go short, you believe the first currency (base) will weaken against the second (quote)
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What is a pip in forex trade Replied 1 month ago - A pip which is the short for percentage in point is the smallest price move a currency pair can make in the forex market.its used to measure profit or loss. Most of the time , 1pip is 0.001 of the currency pair.
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whats the best risk to reward ratio in forex? Replied 1 month ago - The best risk to reward ratio is totally dependent on personality and strategy. Personally, based on my strategy my best risk to reward ratio is 1:3. I can always do more if the opportunity presents itself but the moment my trades gets to 1:3 , i secure at least 1:2 and let the rest ride .
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How do I change the timezone on MT5? Replied 1 month ago - Most brokers locate their servers in London or New York so if you reside in the far regions of China and Australia you will notice execution speed will not be as fast as another person close to London or NY. For this reason, brokers provide VPS services you can subscribe to for as low as $20 per month to solve the latency/execution speed issue.
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do you buy at resistance or support? Replied 1 month ago - The support zone is a price level where buyers usually come in. That level prevents price from falling further. Resistance zone is a price level where sellers usually come in . That level prevents price from rising further. Personally, I love seeing multiple candle rejections at a particular support level before buying, the rejections at that level signifies that buyers are strong at that level. The same applies for the resistance level.
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is trading a game of probability? Replied 1 month ago - When you study behavioural finance, you will learn that investors often take decisions based on emotions like fear even when the numbers are right in front of them. Because of this, even when the technicals show you that price is supposed to move in a certain direction, you can suddenly see a reversal and move in the opposite direction. So, nothing is guaranteed in trading, making it a game of chance.
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what does spread mean when discussing forex? Replied 1 month ago - Spread also determines how close to your entry you can place your stop loss. So, if you are the type of trader that likes setting a tight stop loss, you had better look for a broker that offers very low spread if not every time you set your stop loss it will just get hit even without price reaching it. Many new traders always complain about this phenomenon of stop loss getting triggered without price reaching it, it is due to the wide spread of the broker. When every you are trading always make the bid and ask lines to show on the chart, anytime those lines approach your stop loss line it will be triggered depending on if you are long/short. If you are long and the lower line meets your stop loss it will be triggered, if you are short and the upper line meets your stop loss it will be triggered.
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What Time Does The Forex Market Open in South Africa? Replied 1 month ago - The global market opens with the Sydney session. Sydney session opens 10pm GMT(Sunday) . In South Africa, that’s 12am Monday (Midnight). Therefore the forex market open 12am midnight on Monday.
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London session forex time in Malaysia Replied 1 month ago - When the Uk is on GMT(late October to late March), session opens 8am GMT but 4pm MYT in Malaysia. When the UK is on BST(Late March to late October), London session opens 7am GMT, 3pm YMT in Malaysia.
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London Session Forex Time in Kenya Replied 1 month ago - By default, the London session starts by 8 am in the United Kingdom, so just convert it to Kenyan time.
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When does the Asian Forex Session Start & End in Kenya? Replied 1 month ago - The Asian session in Kenya starts by 3am and ends by 12noon. Note: Japan does not use daylight saving time, so this time stays the same all year. Jpy pairs are the most active during Asian session. They include, usdjpy, cadjpy, Audjpy, Nzdjpy, etc.
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cpi meaning in forex Replied 1 month ago - But in Nigeria the interest rate is high yet the naira is still weak, can you shed more liight on this?
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does anyone have inspiring forex success stories to share? Replied 1 month ago - When I begab trading some years ago I was always depending on technical indicators to tell me what to do and I was always losing. It was not until I listened to a podcast where someone said technical indicators are not for beginners that something clicked. I researched more and came to the conclusion that technical indicators are like driving an automatic transmission but when learning you need to learn with the manual transmission. After that I began to learn price action and seasonal market behavior and my situation began to change from unprofitable to semi-profitable. I am still on the journey though.
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What Time Does the Forex Market Close on Friday in Nigeria? Replied 1 month ago - Forex Market Closing Time on Friday in Nigeria ✅ During U.S. Standard Time (Nov–March): New York closes at 5:00 PM EST Nigeria is 6 hours ahead ➡ Forex closes at 11:00 PM (23:00) in Nigeria ✅ During U.S. Daylight Saving Time (March–Nov): New York closes at 5:00 PM EDT Nigeria is 5 hours ahead ➡ Forex closes at 10:00 PM (22:00) in Nigeria
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How Much is Traded Daily in the Forex Market? Replied 1 month ago - The forex market is the largest financial market in the world. Every day, trillions of dollars are traded globally. According to the Bank for International Settlements (BIS) 2022 data: Average daily trading volume = $7.5 trillion USD This includes all currencies traded worldwide: USD, EUR, JPY, GBP, and others.
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do i need a mentor in forex trading? Replied 1 month ago - I believe you need a mentor in trading forex. Having a good one can make the process much faster, clearer, and safer. Why a Mentor Can Help? ✔️ 1. Avoid Beginner Mistakes A mentor helps you stay away from common problems like: overtrading revenge trading impatience blowing accounts poor risk management They guide you so you don’t learn everything the hard way. ✔️ 2. Shorter Learning Curve A good mentor: explains concepts clearly shows you what actually matters helps you avoid confusion helps you progress faster They simplify what takes beginners months to figure out. ✔️ 3. Better Psychological Control Trading is emotional. A mentor gives: accountability support feedback discipline This builds confidence and reduces frustration.
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How much is 1 pip in USDJPY ? Replied 1 month ago - USDJPY is a JPY pair, so 1 pip = 0.01 (two decimal places). The pip value depends on your lot size: 📌 1 Pip Value on USDJPY ✅ Standard Lot (1.00 = 100,000 units) 1 pip ≈ ¥1,000 Convert to USD: If USDJPY = 150, for example: ¥1,000 ÷ 150 ≈ $6.66 per pip ✅ Mini Lot (0.10 = 10,000 units) 1 pip ≈ ¥100 Convert to USD: ¥100 ÷ 150 ≈ $0.66 per pip ✅ Micro Lot (0.01 = 1,000 units) 1 pip ≈ ¥10 Convert to USD: ¥10 ÷ 150 ≈ $0.066 per pip (about 7 cents)
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what is the smallest lot size i can trade in forex Replied 1 month ago - The smallest lot size you can trade in forex depends on the broker, but here’s the general rule: ✅ Smallest Possible Lot Size: 0.01 LOT (Micro Lot) Most brokers allow a minimum of 0.01 lot, also called a micro lot. 📌 What is 0.01 lot? 0.01 lot = 1,000 units of a currency On most major pairs, 1 pip ≈ $0.10 This makes it the safest and smallest position size for beginners.
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what is FOMO in trading & how does it manifest? Replied 1 month ago - 4. Emotional Decisions Decisions are driven by fear rather than analysis. Can cause impulsive entry or exit from trades. 5. Chasing Trends Traders feel they must “ride the trend” after it’s already moving fast. This often results in buying high and selling low, which is the opposite of smart trading practice.
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