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what is smc trading strategy Replied 7 months ago - Retail traders only make up about 5% of the forex market so the remaining 95% is controlled by institutional traders like banks & multinationals. The SMC strategy seeks to pinpoint when these institutional traders will be placing their orders, so that you can take advantage of the momentum it will generate. Some people claim to look out for unusual market structure on the charts (which they call order blocks) and attribute it to the activities of institutional traders. However, SMC trading strategy has its drawbacks because most institutional traders execute their large orders secretly in something called "dark pools" so as not to spook the market. For me i just focus on understanding pure price action and try not to dive too deep into SMC because it is a really murky trading concept.
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is galileo fx the best forex trading robot? Replied 7 months ago - It works fairly well but this depends on how you configure it. You need to have a good understanding of forex trading in order to configure it properly. Although it comes with over 140 ready made configurations you can choose from, those configurations may not match your risk management so its best you configure it manually.
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does funding pips accept bvn number for kyc in Nigeria? Replied 7 months ago - No, Funding Pips support isn't all that great as they always seem to be too busy.
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Fear & Greed - the 2 deadly sins of forex trading Replied 7 months ago - I'll just say this even though it is not a direct answer, but whenever you are entering any trading don't think of how much you can make, first think of the risk. How will you feel if you lose that amount on the trade, because losing is almost guaranteed. Whenever you are placing a trade you have to be ready to lose. You don't know if you will be right or wrong. When you are in an emotional state, you will try to push back. It is not just fear & greed. You are also sometimes in a mental state where you are not even aware of your risk, and you are just pushing back. So, at all times think about the risk first. Every trade is just you testing your bias in the markets. And you should only risk the amount that will not make you uncomfortable when you lose it. By doing that you will be able to make money in the long term, and keep a level head.
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which forex broker do you use & why? Replied 7 months ago - Trade Nation because of their low spreads, most of the time their eurusd spread is 0.3 pips which is the lowest i have ever seen from any broker.
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do forex robots really work Replied 7 months ago - I am also thinking of buying a trading robot because my emotions will not let me trade without interference. I think i should just let the robots do the trading.
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Transitioning from demo account to prop firm trading without live tradng experience Replied 7 months ago - around 95% of those who take prop firm challenges usually fail, this are legit statistics i saw on maven prop firm legal docs. This means it is not a walk in the park, just because you recorded some success on a demo account doesn't mean you are ready to face a prop firm challenge. Perfect your craft more using a real account so you dont waste your money on prop challenges.
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what's the difference between trading & investing Replied 7 months ago - Trading is basically buying and selling in short time frames, like minutes, hours, or days. It involves trying to make profit from quick price movements. It comes with higher risk and you'd need to dedicate some time to it. Investing is more long-term. You buy something and hold it for weeks, months, or even years, expecting it to grow slowly over time. It's generally lower stress and less risky, but also slower when it comes to returns. If you're a beginner and you're not very conversant with the nuances of the market and don't want to be glued to the screen, investing might be the safer and easier option. It can help you learn the markets without feeling overwhelmed and once you're comfortable, you can move on to trading.
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what is crypto trading all about in Nigeria? Replied 7 months ago - Its basically speculating on whether the price of a crypto asset will go up or come down, without having to own the asset. However, what makes crypto trading risky is that most of the coins themselves are not backed by any solid asset so they could crumble any time. For example when trading commodity CFDs on Gas, Crude Oil, etc. these are backed by the spot prices of these actual commodities. But when trading many of these meme coins it is not very clear what they are based on. President Tinubu has signed the Investment Act into Law making crypto assets to be recognized as securities. My understanding of this is that any Nigerian investor can go through an Initial Coin Offering (ICO) to launch their own coin.
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what is the hallmark of a good trading strategy? Replied 7 months ago - A good trading strategy is like a drug, it must be very specific and should work only under specific conditions and only on specific instruments. it shouldn't be a one size fits all kind of strategy. A good strategy should leave nothing to chance, every detail such as timeframe, trading session, entry/exit point, etc. must be spelt out.
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What is TradingView in Forex? Replied 7 months ago - TradingView is a fast & lightweight trading platform with modern features such as the ability to set the time to your local time zone, lots of timeframes, its easy to set sound alert notifications, easy to set/manage stop loss etc.
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Why is EUR/USD the best pair for beginners to trade? Replied 7 months ago - eurusd is indeed the best pair for a beginner trader because when trading the smallest lot size of 0.01 lot, 1 pip movement is will lead to a profit or loss of just $0.1 When trading other instruments with the same 0.1 lot size, 1 pip movement will lead to a profit or loss greater than $0.1 which makes it more risky.
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why do brokers lower their leverage at certain times? Replied 7 months ago - I guess it is to prevent you from trading big lot sizes when the broker has seen that the market is too volatile which could cause you to make very large profits or very large losses.
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what does consolidation in trading mean? Replied 7 months ago - Consolidation is when price is moving within a range or corridor just like water moving through a pipe. When consolidating, the price does not exceed a certain high/low price. In investing, there's some thing called the "Dow Theory" which states that markets move in phases starting with the consolidation phase where sufficient momentum is accumulated to enable the market transform from a sideways movement to an actual upward or downward trend.
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what is the 5 3 1 rule in forex? Replied 7 months ago - Nice one, I didn't know about this 5 3 1 rule.
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How much is 0.01 lot size in forex, How many South African Rand does 0.01 lot in the Forex market mean? Replied 7 months ago - A standard lot is 100,000 units of an instrument so 0.01 lot is (0.01 x 100,000 units) = 1,000 units Now if you are trading an instrument like eur/usd with an exchange rate of say 1.1393 then 0.01 lot will be worth (1,000 units x 1.1393) = $1,139 USD But you don't need to put down this full amount of $1,139 before opening a trade, if you are using a leverage of say 1:400 then you only need to put down ($1,139 /400) = $2.85, to open a trade. Now, $2.85 is the value of 0.01 lot size when you are using 1:400 leverage, so if you convert $2.85 to South African Rand that will give you around 50 Rand.
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may I ask which ASIC forex brokers are best for beginners? Replied 7 months ago - Alright, thank you 馃檪
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what are options in forex? Replied 7 months ago - To add to what @martini said, traditionally options are used when investors are afraid for their investment, hence it is used as a hedge. if you bought Apple stocks today and you hear that in one month the price might go down, you can protect your investment by buying "put options" that give you the right to sell off your Apple stock at the same price you bought them for . If at the end of the month the price of Apple doesn't fall, you don't necessarily have to abide by the contract terms, so you can refuse to sell the Apple stock but you will lose the money (premium) which you paid to buy the options contract in the first place.
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is there a withdrawal fee for forex trading? Replied 7 months ago - Its broker dependent. Out of 100% of brokers, only about 20% of them do charge withdrawal fees as per my findings.
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can i deposit in any currency into my trading account? Replied 7 months ago - Yes, you can deposit in your local currency and but there is a currency conversion fee for turning it into your account display currency. To avoid this fee, it is better to set your account currency (aka base currency) to be the same with the currency you hope to be depositing in most of the time. For example I am in South Africa so to avoid being charged a conversion fee on deposits & withdrawals I opened by trading account in South African Rand since that's the local currency here.
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