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whats the best risk to reward ratio in forex? Replied 2 months ago - The best risk to reward ratio is totally dependent on personality and strategy. Personally, based on my strategy my best risk to reward ratio is 1:3. I can always do more if the opportunity presents itself but the moment my trades gets to 1:3 , i secure at least 1:2 and let the rest ride .
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How do I change the timezone on MT5? Replied 2 months ago - Most brokers locate their servers in London or New York so if you reside in the far regions of China and Australia you will notice execution speed will not be as fast as another person close to London or NY. For this reason, brokers provide VPS services you can subscribe to for as low as $20 per month to solve the latency/execution speed issue.
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do you buy at resistance or support? Replied 2 months ago - The support zone is a price level where buyers usually come in. That level prevents price from falling further. Resistance zone is a price level where sellers usually come in . That level prevents price from rising further. Personally, I love seeing multiple candle rejections at a particular support level before buying, the rejections at that level signifies that buyers are strong at that level. The same applies for the resistance level.
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is trading a game of probability? Replied 2 months ago - When you study behavioural finance, you will learn that investors often take decisions based on emotions like fear even when the numbers are right in front of them. Because of this, even when the technicals show you that price is supposed to move in a certain direction, you can suddenly see a reversal and move in the opposite direction. So, nothing is guaranteed in trading, making it a game of chance.
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what does spread mean when discussing forex? Replied 2 months ago - Spread also determines how close to your entry you can place your stop loss. So, if you are the type of trader that likes setting a tight stop loss, you had better look for a broker that offers very low spread if not every time you set your stop loss it will just get hit even without price reaching it. Many new traders always complain about this phenomenon of stop loss getting triggered without price reaching it, it is due to the wide spread of the broker. When every you are trading always make the bid and ask lines to show on the chart, anytime those lines approach your stop loss line it will be triggered depending on if you are long/short. If you are long and the lower line meets your stop loss it will be triggered, if you are short and the upper line meets your stop loss it will be triggered.
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What Time Does The Forex Market Open in South Africa? Replied 2 months ago - The global market opens with the Sydney session. Sydney session opens 10pm GMT(Sunday) . In South Africa, that’s 12am Monday (Midnight). Therefore the forex market open 12am midnight on Monday.
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London session forex time in Malaysia Replied 2 months ago - When the Uk is on GMT(late October to late March), session opens 8am GMT but 4pm MYT in Malaysia. When the UK is on BST(Late March to late October), London session opens 7am GMT, 3pm YMT in Malaysia.
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London Session Forex Time in Kenya Replied 2 months ago - By default, the London session starts by 8 am in the United Kingdom, so just convert it to Kenyan time.
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When does the Asian Forex Session Start & End in Kenya? Replied 2 months ago - The Asian session in Kenya starts by 3am and ends by 12noon. Note: Japan does not use daylight saving time, so this time stays the same all year. Jpy pairs are the most active during Asian session. They include, usdjpy, cadjpy, Audjpy, Nzdjpy, etc.
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does anyone have inspiring forex success stories to share? Replied 2 months ago - When I begab trading some years ago I was always depending on technical indicators to tell me what to do and I was always losing. It was not until I listened to a podcast where someone said technical indicators are not for beginners that something clicked. I researched more and came to the conclusion that technical indicators are like driving an automatic transmission but when learning you need to learn with the manual transmission. After that I began to learn price action and seasonal market behavior and my situation began to change from unprofitable to semi-profitable. I am still on the journey though.
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What Time Does the Forex Market Close on Friday in Nigeria? Replied 3 months ago - Forex Market Closing Time on Friday in Nigeria ✅ During U.S. Standard Time (Nov–March): New York closes at 5:00 PM EST Nigeria is 6 hours ahead ➡ Forex closes at 11:00 PM (23:00) in Nigeria ✅ During U.S. Daylight Saving Time (March–Nov): New York closes at 5:00 PM EDT Nigeria is 5 hours ahead ➡ Forex closes at 10:00 PM (22:00) in Nigeria
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How Much is Traded Daily in the Forex Market? Replied 3 months ago - The forex market is the largest financial market in the world. Every day, trillions of dollars are traded globally. According to the Bank for International Settlements (BIS) 2022 data: Average daily trading volume = $7.5 trillion USD This includes all currencies traded worldwide: USD, EUR, JPY, GBP, and others.
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do i need a mentor in forex trading? Replied 3 months ago - I believe you need a mentor in trading forex. Having a good one can make the process much faster, clearer, and safer. Why a Mentor Can Help? ✔️ 1. Avoid Beginner Mistakes A mentor helps you stay away from common problems like: overtrading revenge trading impatience blowing accounts poor risk management They guide you so you don’t learn everything the hard way. ✔️ 2. Shorter Learning Curve A good mentor: explains concepts clearly shows you what actually matters helps you avoid confusion helps you progress faster They simplify what takes beginners months to figure out. ✔️ 3. Better Psychological Control Trading is emotional. A mentor gives: accountability support feedback discipline This builds confidence and reduces frustration.
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How much is 1 pip in USDJPY ? Replied 3 months ago - USDJPY is a JPY pair, so 1 pip = 0.01 (two decimal places). The pip value depends on your lot size: 📌 1 Pip Value on USDJPY ✅ Standard Lot (1.00 = 100,000 units) 1 pip ≈ ¥1,000 Convert to USD: If USDJPY = 150, for example: ¥1,000 ÷ 150 ≈ $6.66 per pip ✅ Mini Lot (0.10 = 10,000 units) 1 pip ≈ ¥100 Convert to USD: ¥100 ÷ 150 ≈ $0.66 per pip ✅ Micro Lot (0.01 = 1,000 units) 1 pip ≈ ¥10 Convert to USD: ¥10 ÷ 150 ≈ $0.066 per pip (about 7 cents)
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what is the smallest lot size i can trade in forex Replied 3 months ago - The smallest lot size you can trade in forex depends on the broker, but here’s the general rule: ✅ Smallest Possible Lot Size: 0.01 LOT (Micro Lot) Most brokers allow a minimum of 0.01 lot, also called a micro lot. 📌 What is 0.01 lot? 0.01 lot = 1,000 units of a currency On most major pairs, 1 pip ≈ $0.10 This makes it the safest and smallest position size for beginners.
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what is FOMO in trading & how does it manifest? Replied 3 months ago - 4. Emotional Decisions Decisions are driven by fear rather than analysis. Can cause impulsive entry or exit from trades. 5. Chasing Trends Traders feel they must “ride the trend” after it’s already moving fast. This often results in buying high and selling low, which is the opposite of smart trading practice.
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opening my new forex account, what base currency should i choose USD, EUR, GBP or Local? Replied 3 months 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 3 months 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 3 months 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 3 months ago - Pls i would like to know more about this.
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