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is kwakol markets regulated and legit? Replied 6 months ago - The broker has no functional website, I wonder why people ae still trading with them.
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Does Vantage Markets accept traders from Nigeria? Replied 6 months ago - Nigerians are accepted at Vantage Markets and their accounts placed under the regulation of the Vanuatu Financial Services Commission. Their leverage is 1:500 and their minimum deposit is $50.
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Please suggest legit brokers with $1 minimum deposit Replied 6 months ago - IG Markets, SpeadEX, XTB
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What Is The HFM Minimum Deposit in ZAR? Replied 6 months ago - HFM minimum deposit is $5 or ZAR equivalent
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What's Octafx minimum deposit in ZAR? Replied 6 months ago - They have a $25 minimum deposit
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how do winning traders think? Replied 6 months ago - They get out of losing trades almost immediately, they dont give a loss time to grow. Its the hardest thing to do and even after I have said it here many traders wil still not be able to do it. Its like people freeze when they see losses . So basically, winning traders are comfortable with seeing small losses on their balance sheet, they dont aim to win every trade.
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Never Risk More Than 2% of your Account Balance On A Trade Replied 6 months ago - I totally agree! Especially if you are a beginner trader this rule is a must follow. Even if you lose a trade, there will always be another trade so the important thing is capital preservation to be able to take advantage of the next trade. You know how its gonna hurt if after you blow your account, you then see a good trade but dont have the money to take it? Trading is about checks & balances without which one cannot be cnsistently profitable.
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what is stop out level & why does it matter in trading Replied 6 months ago - Glad to hear so many perspectives of what stop out level means
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20 pip xauusd loss, how do i recover from it? Replied 6 months ago - Register your loss in your trading journal, take a step back and study why you lost. Come back after some days but reduce your lot size this time (maybe 0.01). Use a 1:1 risk to reward ratio to lock in small profits till you get your confidence back then you can go for bigger lot sizes and higher rr ratio trades.
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what's the difference between bid price & ask price in forex? Replied 6 months ago - The bid/ask prices can on the same instrument can be different with various brokers, because every broker gets their bid/asj pricing from different sources. Whatever is the case, always look for a broker with low bid/ask price difference or low spread. it makes trading cheaper over the long run, as these spread fees can add up over time if you are a frequent trader.
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which candlestick pattern is most reliable in forex? Replied 6 months ago - Hammer head candlestick pattern seen atthe end of a trend usually signals a reversal of the trend.
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how will i know if i'm a profitable trader Replied 6 months ago - You will have consistency, you wont make $10 today then lose $150 tomorrow, your losses will always be around the same figure. Your profits will also be around the same figure but they will ususally be higher than your losses when summed up.
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Best Chart Timeframe for Forex Trading Replied 6 months ago - I use 10 or 15 minute timefrme to get the perfect entry, then use 1 hour timeframe to monitor the progress of the trade (to avoid all the noise that smaller time frames carry) then when i want to exit the trade, i use 5 minute time frame
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what is hantec markets minimum deposit? Replied 6 months ago - Be cautious when dealing with Hantec Prop Firm because they are a separate company from Hantec Markets and they are not very timely when it comes to profit split payouts.
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is hantec markets a prop firm or forex broker? Replied 6 months ago - Hantec Markets and Hantec Challene Prop Firm are different entities, so dont mix them up. They operate differently and should have different websites, so as not to deceive people. Hantec Challenge (the prop firm arm) has not been paying out traders who passed their challenge on time from what i heard so be careful.
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can different chart timeframes give conflicting prices? Replied 6 months ago - You are reading it wrong. When you are checking the OHLC data of 5M candle at 6AM, it is OHLC data from 6AM - 6:05AM. But when you are checking the OHLC of 1H candle, it is that 1 hour from 6AM - 7AM. Does this make sense?
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whats the implication of increasing my leverage in forex? Replied 6 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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if while trading my forex app freezes, will i be compensated for losses? Replied 6 months ago - It's left to the brokers discretion to decide if you will be compensated but they can refuse to do it and cite legal terms and conditions. However, most brokers have a complaint procedure which requires you to write a formal complaint via email within 2 working days of the event, wait for a confirmation email from the broker as proof they have received your email, then wait for them to resolve.
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do demo accounts expire? Replied 6 months ago - i think they do, i recall my demo account disappearing some time ago and when i contacted support they said it had expired i think it was after 4 months or so. Like @daniel said, if you use it regularly it will stay active. But if it does expire, you can simply open another one and continue practicing. Currently I use TradingView demo account to test strategies but it expires after around 3 months.
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why do brokers have different spreads for the same instrument? Replied 6 months ago - Because these brokers extract their exchange rate pricing (bid/ask price) from different banks and other liquidity providers. These liquidity providers do not give the same exchange rate pricing hence the spreads cannot be the same because the spread is the difference between the ask price and bid price. But on the other hand, some brokers go ahead to mark-up the spread meaning they add to it to make up for other benefits they grant you. For example a broker that does not charge overnight swap fees may inctrease their spread to make up for not charging you overnight fees etc. I think the forex market deserves tighter regulation but all hands are not on deck because some countries dont even want to regulate forex.
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