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opening my new forex account, what base currency should i choose USD, EUR, GBP or Local? Replied 1 month ago - I prefer using my local currency, it saves me the stress of conversion.
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what's the difference between trading & investing Replied 1 month ago - Investing = Long-term ownership. Slow, steady, fundamental-based growth. Trading = Short-term speculation. Fast, volatile, price-based decisions.
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what are options in forex? Replied 1 month ago - Forex options are OTC (over-the-counter) derivatives that give the holder the right, not obligation to exchange one currency for another at a pre-defined strike on or before expiry.
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Why is Oanda getting sold to FTMO Prop Firm? Replied 1 month ago - Pls i would like to know more about this.
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FUNDING PIPS PROP FIRM REVIEW Replied 1 month ago - well, its not that expensive compared to other prop firms.
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how to know when to exit a trade? Replied 1 month ago - What do you mean by automating the process?
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How do prop firms make money, is it from selling challenges? Replied 1 month ago - Prop (proprietary) trading firms are companies that give traders access to their capital. In return, the trader shares a portion of any profits made. But the way prop firms earn money goes far beyond this. Evaluation / Challenge Fees (Their Biggest Income Source) Most modern online prop firms use a “challenge model.” This means traders must pass one or two evaluation phases before they can access a funded account. Traders pay a fee for the evaluation. If they fail the challenge, the firm keeps the fee. Many traders don’t pass because of strict rules or lack of experience. This alone makes up the majority of a prop firm’s revenue. That's because thousands of traders buy challenges every month, and most of them don’t reach the funded stage.
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Can I start trading with $100 Replied 1 month ago - Yes, a beginner can start trading with $100, but the main goal should be learning, not making big profits. A small amount is actually good for beginners because it teaches discipline and reduces risk. You must use very small position sizes and understand that losses can happen quickly. I am not really in support of leverage for a beginner.
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Initial Balance Strategy (tested on EUR/USD) Replied 1 month ago - I tested the Initial balance strategy on GBP/USD during the Pre-London auction hour of 12-1 PM UTC. Basically I saw the sell trigger after price exited the 12 pm hour and started reversing back into it.
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GREED Replied 1 month ago - The market is like shark infested water, you get in and get out. That does not mean you should not allow your winners to run but you should open many trades, close some with profit after about 15 pips, then allow the rest to run. This means you should always add to your winners. Many traders only open one trade and they intend to leave it open till it reaches the TP which is risky. Since Trump came into power we began to have more trending days where the market sails in one direction but such does not last. The reality is most times the market will be zig zag not remaining in on one course for more than 20 pips.
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can a forex trading account function as a savings account? Replied 1 month ago - Some brokers can even close your account and give you excuses as to the whereabouts of your funds. Especially poorly regulated brokers
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why am i losing so many trades in a row? Replied 1 month ago - A lot of traders experience multiple consecutive losses which is common in trading with reasons like unpredictable market conditions, mismatched strategies, impulsive trading, psychological factors like fear or greed, and inadequate risk management. To improve - review and refine your strategy - apply strict risk controls - stay disciplined - manage emotions through patience and journaling - set realistic expectations and take breaks when needed. sticking to this plan and checklist you can watch out for better improvement in a short period of time
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how will i know if i'm a profitable trader Replied 1 month ago - To determine if you're a profitable trader, with good psychology and risk management, check for; - consistent profits, - disciplined and emotional control - low drawdowns - positive trading edge - confidence under pressure and ongoing improvement through analysis and adaptation and moreover less losses.
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Overtrading doesn’t come from strategy problems. Replied 1 month ago - Overtrading occurs when traders make excessive trades fueled by emotions like greed or frustration, risking and burnout. To prevent this, traders need - strong psychology - discipline - emotional control and mental resilience all of this to make better decisions and follow their plans.
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when does London session open in Nigeria, is it by 8 am or 9 am? Replied 1 month ago - It starts last sunday in march
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What do you do when you have a bad trading week or month? Replied 1 month ago - Unprofitable pls
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does deriv have zar account currency Replied 1 month ago - Most brokers that offer ZAR account are always regulated by the FSCA in South Africa. It is rare to see a non-FSCA regulated broker like Deriv offering ZAR accounts
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which forex brokers are banned in Nigeria? Replied 1 month ago - Kwakol isn’t operating any longer in Nigeria.
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Which is the best forex academy in Lagos? Replied 1 month ago - I will advise you don’t really focus on a physical academy, find someone that has a proven track record in the industry and learn from him or her. If he or she can meet with you physically, that’s a great idea.
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what is scalping in forex Replied 1 month ago - Scalping is a trading style where a trader makes profit when his or her trades goes into little profit . 5-10pips move are okay for a scalper.
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