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what is the smallest lot size i can trade in forex Replied 7 months ago - The smallest volume of an currency pair you can trade in forex is 0.01 lot size. The order entry box will not even let you enter any value below 0.01. Beginners may want to stick to trading 0.01 lot size till they become consistently profitable then they can scale to bigger lot sizes.
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what do the 1% successful traders do differently from the 99% unsuccessful ones? Replied 7 months ago - They also cut their losses early, they don't allow losses to grow while hoping the situation will turn around. This is why its important to use a low spread forex broker so that even if you close a trade seconds after opening it, the spread that will be deducted will not be too much.
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who are market makers in forex & why are they needed? Replied 7 months ago - A market maker is a registered company that is there to take the oposite sides of your trades. For small trades some forex brokers can choose to act as market makers but for large volume trades, there is a need for large institutional market makers such as Citadel Securities LLC etc. Market makers specialize in different instruments such as Options, Futures, Exotic Currency Pairs, Major Currency pairs, Commodities etc. See this list of some registered market makers from the CME website https://www.cmegroup.com/markets/fx/fx-futures-and-options-block-and-efrp-providers.html
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when should i exit a losing position to cut my losses early? Replied 7 months ago - You should not hold a position if the original reason based on which you had entered has been invalidated. Meaning, you should only keep a position if it is going as you had expected it to go. If it is not, you should try to cut your loss quickly, or just take a small loss. Never ever take any loss or drawdown that you cannot recover from. Small losses never hurt, it is turning small loss into big ones that hurt, either by pushing back (not accepting the loss), or giving a bad position more leeway to eat into your equity (not accepting the loss). You have to learn to take small losses. But I'll also add that a lot depends on how you trade, for someone few minutes may be too late, for some few hours or days. But the point remains, never take a big loss. You can very easily recover from a single losing trade or a small drawdown. But once it starts to get bigger, it can take months to get back to the point, if at all.
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how do you prepare yourself mentally for the days trading? Replied 7 months ago - Wake up early, exercise, watch the news, read a newsletter on trading and investing, shower, get coffee and start trading !!!
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any disadvantage of trading on the 1 minute timeframe? Replied 7 months ago - Too many candles on your screen, you also get lots of false signals on the 1-minute chart.
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what does each candlestick mean on a forex trading chart Replied 7 months ago - Just like Sandy has said, the candlestick is a representation of the timeframe which you are analyzing the charts through. Set it to 1 hour time frame and each candle will show you the past opening and closing price for every 1 hour that passed.
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what is a retest in forex trading, why does it matter after a break? Replied 7 months ago - Look at a trade i just took, the purple line is the key level of resistance that marked the high of the Asian session for today. The price broke this key level and retested it and that was a signal for me to buy
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how do i divide my chart screen into different days? Replied 7 months ago - Works like a charm!!!
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whats your technique for analyzing forex charts? Replied 7 months ago - One of the methods I empoy is trend line analysis. For example if i see a down trend, I draw a trend line from the start of the trend and drag it downwards. The trend line i draw must touch the wicks or tops of some candles in its path, this is important. I then sit back & observe how new candles that form on the chart interact with the trend line. When i notice that new candles have started forming above the trend line, then it means the trend is dying. I then mark the point where the trend line was breached as an area of value for future referenc.
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trendline trading strategy Replied 7 months ago - Start drawing the trend line from the begining of the trend, and make good that the trend line touches the pullbacks on the trend (see blue circle in chart image). Remember to use the "trend line tool" to draw your trend lines, you can find it in your toolbox panel
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how do i write text ontop of my metatrader forex chart? Replied 7 months ago - 1. Click on the "T" icon from the toolbar above the metatrader chart, then go back to the chart and click on the space you want to insert the text. 2. Click on "common" then in the "description" box, enter the text you want to be displayed . You can also select the color of the text as well. 3. Click on "parameters" then select the font type, font size, etc. then click on "ok" After following the steps above you will see the text inserted on your Metatrader chart, in this example we inserted the text " Danger Zone". This method is for MT4 and MT5 chart users only.
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can a forex trading account function as a savings account? Replied 7 months ago - Trading account should only be used to keep funds for trading and after that you withdraw the funds. Sometimes a system error can cause the trading software to place a trade on its own or sometimes you can have a pending order you forgot to close and all these can lead to losses. The forex broker sends you a daily confirmation (basically your account statement) on a daily basis and they expect you to study it and if you see any error you let them know on the same day. If there is an error in your bank statement and you do not notify the broker on the same day, they will assume you accepted the correctness and they will not be legally liable to refund you.
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what is the meaning of minimum deposit when opening a forex trading account? Replied 7 months ago - Minimum deposit is the smallest amount you will be allowed to deposit into your forex trading account at all times. Minimum deposit is a big deal because it decides whether or not you can afford to trade with that broker. There is no point opening a forex trading account when you cannot afford to deposit money into it, you might as well look for a broker with an affordable minimum deposit to match your financial circumstances. If you attempt to deposit below the broker's specified minimum deposit amount, the submit button will be disabled to prevent you from completing the transaction. You can try it for yourself and see.
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Any signs that a forex broker might be a scam? Replied 7 months ago - 1. The broker allows you open an account without submitting your government issued ID cards or they even accept expired ID cards. 2. The broker allows you deposit funds from a third party account (example from your friends account) 3. The broker does not provide a demo account for you to try their services for free 4. The broker is not regulated
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is a margin call an actual phone call or just a push notification from your broker? Replied 7 months ago - In the old days, margin call was an actual telephone call because they were no push notifications or modern electronic gadgets with SMS. Today a margin call no longer comes as a telephone call (except you are a VIP customer trading millions💵 ); for regular traders, it can come as a text message or a push notification from your brokers mobile trading app. This is why you need to download your brokers mobile app so you dont miss margin call notifications.
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i want to trade forex but i'm scared of losing my money, any advice? Replied 7 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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opening my new forex account, what base currency should i choose USD, EUR, GBP or Local? Replied 7 months ago - I always like to open my trading account in my local currency, I am in kenya so I opt for the Kenyan Shilling (KES) account currency. My reason for choosing local currency is that I will not have to pay a currency conversion fee every time i deposit and withdraw money in my local currency. Some people will argue that currency conversion fees are also paid as you execute trades which is true (if I use a KES account to trade EUR/USD, the KES will still be converted into USD in the background so I could as well open a USD account to prevent this) but what if I am not trading a pair with USD on the righthand side? Another reason i prefer opening my account in my local courrency is the convenience that comes with being able to see your trades in a currency you understand and are familiar with. It makes it easy on the eyes (and brain too✌️
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I lost a trade due to internet downtime, would a forex vps have prevented this? Replied 7 months ago - sorry about your loss, I think take profit targets should be realistic and not based on greed 🤣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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what is ask price line & bid price line in forex Replied 7 months ago - For MT5 users, go to your chart settings and enable bid price and ask price line, you will see two lines appear on your chart. The upper line is the ask price line while the lower line is the bid price line. Bid Price Line For a buy trade protected with a stop loss, when the bid price line touches your stop loss line, then your stop loss will come to life and you get closed out. Ask Price Line For a sell trade protected with a stop loss, when the ask price line touches your stop loss line, you get closed out too. Do Not Disable The Bid/Ask price Lines I do not think you should disable the bid/ask price lines from showing on your screen even though they may seem like a burden. These lines help you know when your stop loss is about to come alive even without price reaching it. Many new traders wonder why their stop loss was hit when price didnt get to it, and now you have a clue as to why.
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