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Forex trading for beginners a primer. Replied 7 months ago - Today on the EURUSD, on intraday, you have another example. Once you break a support zone, the price will try to pullback to that break point. These are the possible scenarios (in the chart). You would ideally want to be on the side of the intraday trend, which is down. But on the higher timeframe, 1270 is a solid low. So, if you are entering on the pullback of 1300 (which is an important break point i.e. break of the support, and psychological round number), you want to see that you get a good close below 1270 in next hours.
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what lessons did you learn from sway markets collapse? Replied 7 months ago - I used them too and i think one red flag was when they stopped offering MT5 and developed their own trading platform (sway charts) which turned out to be very unstable and led to many traders losing money to the platform errors. I even heard people say the sway charts platform would duplicate orders, open orders on its own etc. and sway markets never refunded most of these traders till they folded up. Now, the reason for their folding up remains unclear; some say they were aquired by liquid brokers but liquid brokers only does corporate clients so what happens to retail accounts? I read on finance magnates that sway markets still operates a prop firm which is surprising given that they are yet to unsettle claims of many traders who allegedly traded with them when they were sway markets. For me, i dont trust brokers who dont offer the MetaTrader platform because i beleive that brokers can easilt maipulate platforms they built by themselves. Sometimes when a broker stops offering MetaTrader it could be that MetaTrader has revoked their license for unethical practices.
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why was my forex funds prop firm shut down by U.S. regulators Replied 7 months ago - The case of My Forex Funds only came to light because the regulatory authorities in the United States were sharp and active. Now imagine what these prop firms are doing in countries where the regulatee is ahead of the regulator. 🤦‍♂️
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Is it worth it being a funded trader? Replied 7 months ago - Consider this before you ask the question of prop firms being worth it: 1. You don't have capital and there is a prop firm that has history of paying out. You can go and buy a funded challenge and get paid if you have a strategy. 2. Any payout and prop firm trading gains are temporary as prop firm trading is not trading. You will learn nothing and you are not doing something that is long term sustainable. Any money in trading can only be made if you fund your own capital and respect it and trade it with discipline. Just get the money from the challenge or your own and fund it with an actual broker.
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is prop firm profit split a scam? Replied 7 months ago - Yes. Prop firms are a scam and so the profit split is also a scam. They will go to any lengths to deny payout, and even if a firm is paying out it will not be long before they shut shop. Imagine a casino staying in business if all the patrons start winning. That is why they remove any consistent traders from their books using random clauses from their terms. As a new trader you should get your own capital, learn to trade it and respect it. You will go far.
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is FXPesa legit, how are their services? Replied 7 months ago - Yes, FxPesa are legal in Kenya. They are a CMA licensed non-dealing online forex broker. Are they good or bad, that is another question. I've never traded with them so I don't know. But their spreads are not low. 1.4 pips on eurusd on Standard account. Around 0.7 pips (0 pips plus 7 USD roundturn commission) on Premier account.
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Many prop firms dont encourage EA use, do they want you to fail? Replied 7 months ago - I agree with you. I'll also add that funding challenges is not real trading. The emotions you have when trading a real account with your own money is not the same as when you are trading a demo or a funded account. Most funding challenges are designed to ensure that you lose your challenge fees, that is the business model, make traders lose their challenge fees. If you've read the public data on any so called 'Prop firm' that makes it public (or were forced to), less than 1% of the traders ever make it to funding stage. And a very small percentage of them receive payout. And the prop firm can withhold your payout for whatever reason they deem to be against their terms. It is an unregulated business that is currently making a lot of money, filled with scammers. Be careful. Trading funded accounts or demo trading will not teach you anything about trading with real money. Unless you have money on the line, you will not know how you will behave different on price movements.
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what is the minimum deposit for spreadex in the UK? Replied 7 months ago - Hi Amos, Spreadex minimum deposit is 1 GBP and when it is time to withdraw, Spreadex does not have any minimumm withdrawal. Somethings I noticed during my time trading with Spreadex: They have limited funding methods; they accept mostly cards and bank transfer deposits (no PayPal, no Skrill, no Crypto). You can deposit in GBP, USD or EUR currencies. Deposit time is instant but for their withdrawal it can take up to 2 working days to reach your account. However, they have something called "guaranteed same day payment" where you pay a fee of 25 GBP to guarantee that your withdrawal will reach your account on the same day you initiated it.
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please list some brokers with zar account & nasdaq Replied 7 months ago - HFM, Exness, AvaTrade, Tickmill, FxPro, RCG Markets, Space Markets, XM, Easy Markets, Just Markets, Trade Nation: they all have zar account and nas100 trading. Out of these brokers, Trade Nation & Easy Markets have some of the lowest nas100 spreads.
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why is the vix dropping so fast Replied 7 months ago - Futures & VIX prices have an inverse relationship, before you trade the vix you can observe the futures market. If futures prices are going up then it means the vix is dropping or expected to drop.
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What is a Cent Account, which forex brokers have them? Replied 7 months ago - its an account where trading large volumes is forbidded. Lots of people tend to hate on cent accounts because the word "cent" rubs off the wrong way on their ego and on their dreams of becoming millionaires through forex trading 🤣. Hate to break it to such people but you cannot become a millionaire trading forex and yes cent accounts are for you too! A cent account is basically used to try out untested strategies in a live market in such a way that any losses you sustain during the trial will be bearable. This is also the same reason why beginners should use cent accounts.
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why do forex traders use skrill? Replied 7 months ago - Its faster when you are making payment to an international broker that doesnt support your local payment methods
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How to get perfect entry in forex Replied 7 months ago - its smart to always enter whenever prices closes below or above a notable opening or closing price in the past. For example we are in 2025 so if you notice price has fallen lower and closed below the closing price of 2024, then it may be time to sell. Take a look at the sp500 yearly chart i attached, each cande represents one year. You will notice that in 2025 the candle is red (bearish) and has closed below the 2024 closing price which signifies intense selling pressure. if you time your entry immediately after price has breached the 2024 high and retested it, it would be a perfect entry because the risk will be low as chances of price reversing back up immediately would be slim. You can place your stop loss at least 10 pips above 2024 closing price. This example also applies to monthly charts, weekly charts etc.
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why do people knowingly trade with unregulated brokers? Replied 7 months ago - Many people patronize unregulated brokers because these brokers pass through celebrities and social media influencers to sell their brand. Unsuspecting victims usually assume that for their celebrity crush to be supporting a broker then the broker must be regulated, Unfortunately, this is seldom the case as most of the celebrities will support just about anything for a quick buck. I mean I have even read about unregulated scam forex brokers who sponsored premier league clubs like Chelsea so imagine that Chelsea fans were going to trust this broker eben without reconfirming if they were regulated.
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Financial Market Movie Reviews Replied 7 months ago - Some people think the movie margin call was indirectly telling a story of what happened to the firm- Lehman Brothers but the producers may have changed the story line because while Lehman brothers went insolvent, the firm in the movie actually survived the 2008 financial crises.
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what happened to kwakol markets website Replied 7 months ago - Disclaimer!!! This is my personal opinion on Kwakol Markets: Here in Nigeria, the EFCC is going after suspected ponzi scheme operators especially after the CBEX scam that embarassed the nations law enformcement agencies because people accused them of allowing scams to happen under their nose. Kwakol Markets is not a regulated broker(their ASIC license has expired) but they have been allegedly operating in Nigeria using influencers on social media for marketing and recruiting new traders. Today i checked and realized Kwakol Markets website has disappeared and they dont have a mobile app listed on google playstore or apple store so there may be no way for traders to withdraw their funds. In my opinion, i think the kwakol markets website shutdown may not be unconnected with the EFCC clampdown on suspected/alleged ponzi schemes. Kwakol Markets claim to have an office in Abuja so anyone in abuja can visit their office and share their findings on this thread. Let us know if their office is still open. Their office address as seen online is CONTACT US. Mall 169, Adetokunbo Ademola Crescent, Wuse ll, Abuja, Nigeria. [email protected].
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how does dxy affect the prices of currency pairs Replied 7 months ago - 👌 okay makes sense
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how do i fund my hfm account with mpesa Replied 7 months ago - You just need to click on deposit, then select either mobile money or iPay then the mpesa funding button will appear. Proceed to input your mpesa phone number and amount then submit.
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can you recommend best leverage trading platforms in australia Replied 7 months ago - IG Australia - suitable for beginners because of its comprehensive education and variety of markets IC Markets Australia - suitable for experienced traders & algo forex trading because of its low spread and MT4 upgrade kit. These are the ones i have used and can recommend, they are both ASIC regulated.
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is mitrade legit, why dont they offer metatrader? Replied 7 months ago - Looks legit to me, I checked and they are actually regulated by the Australian Securities & Investment Commission (ASIC) who dont mess around when it comes to regulating brokers. I also noticed that in Australia, Mitrade has undergone some name changes from Forex Central Trading in 2011, to You Trade Capital Markets in 2014, to Golden Sky Australia LTD in 2015, to Australian Foreign Exchange Services LTd in 2016, to Imperium Forex in 2018, to IGlobal LTD in 2018. For their choice of trading platform it is indeed suspect why they do not offer MT4 or MT5. Personally i do not like it when brokers dont offer MetaTrader because broker proprietary trading platforms like the one Mitrade offers can be manipulated.
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