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my forex broker sends me daily trade signals, can i trust these signals? Replied 8 months ago - For me, I dont trust any signals sent to me by a forex broker because i dont beleive they truly care so much that they want me to win. I mean if they cared so much, they would have built more risk management features into their trading platforms, or even given us one spread-free trade per day. It seems everything to them is about making a profit.
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why does metatrader look so boring Replied 8 months ago - I used to feel the same way about metatrader when i began trading but with time i realized metatraders bland user interface void of any fancy designs makes it lightweight and easy to install/uninstall plus metatrader starts up faster than most trading platforms. Once you open the metatrader app, it initializes fast so you dont miss out on a trade. If you look at a rival trading platform like cTrader, it is so heavy and takes several minutes to install. Even when you open cTrader it doesnt load as fast as metatrader does thus if you are in a hurry to place a trade you may not meet up.
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Has anyone traded with the Headway broker no deposit bonus in South Africa, and were you able to withdraw the profits? Replied 8 months ago - I never knew headway gives no deposit bonus that high, i will definitely try it out.
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If I make millions trading forex, will I have trouble withdrawing it? Replied 8 months ago - Remember that retail brokers have maximum deposit limits (as well as minimum deposits) and i dont think they will allow you deposit so much money that you can make millions in profit. Many of these forex brokers are not even capitalized up to millions of dollars so i doubt they will allow you open and sustain trades that will lead to millions in profits.
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How much should I start with to trade forex in South Africa without overexposing myself? Replied 8 months ago - R50 is okay to start trading with but keep your lot sizes at 0.01 for each trade so you dont blow your account quickly. Also set a tight stop loss for each trade and avoid the temptation to adjust the stop loss to accomodate more losses. if you make a loss, do not try to recover it that day, wait till the next day.
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what is the goat funded trader profit split? Replied 8 months ago - is it not funny how they require you to pay for every little thing 🤣? Personally i think profit splits are a dubious way of just reducing what they would have paid you.
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Which is the Best Forex Broker in South Africa? Replied 8 months ago - The spread is what makes a forex broker the best because it affects your trading so much. For me Trade Nation has the lowest spreads of all FSCA brokers, so they are my best.
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What’s the best way to identify highs and lows in forex? Replied 8 months ago - By switching to a higher timeframe. For example on the 1-month time frame (see image), each candle represents one month so you can easily see the highest and lowest price reached for each year.
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who regulates prop firms? Replied 8 months ago - This may sound disappointing but nobody regulates prop firms, they make their own rules. However, some countries have shut down fraudulent prop firms after several complaints from traders who they duped. Prop firms operations are similar to those of ponzi schemes because they payout older traders who pass their evaluation using funds they get through challenge purchase fees from new traders.
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is alpha markets regulated by the fsca south africa Replied 8 months ago - You wont see their name on the fsca list of licensees because alpha markets is just an appointed juristic representative of another fsca licensed broker. Several unlicensed forex brokers in South Africa are begining to adopt this modus operandi where they just attach themselves to an fsca licensed broker just like renting a license. This is not illegal because the fsca is usually notified before any juristic rep is appointed/terminated but it does have its risks.
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Anyone traded with td markets, what was your experience? Replied 8 months ago - I used to trade with TD Markets because i wanted to patronize a local SA broker but their spreads were really high and there were some cases of slippage i experiened Sometimes their eurusd spreads can go as high as 2.2 pips making the road to profit longer than necessary. Even with the high spreads i expected better services such as a better looking client area where i could change leverage on my own instead of sending them a mail to do it for me, quick withdrawals etc. but that was not the case. I am a regular trader so spreads are a big deal for me, if you dont trade always you can go ahead and try them out.
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how do I calculate pips on mt5? Replied 8 months ago - Apart from MT5, you can also measure pips on the TradingView charting platform using the "Ruler Tool"
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what is leverage in forex trading? Replied 8 months ago - Leverage is like a trading superpower that lets you trade even when you don't have enough money in your account; but like all superpowers, there are some rules you must follow for it to work perfectly. Rule 1: You need to have some money in your account ( you cannot use leverage if your account balance is zero). If your leverage is 1:3000 then to you must have at least 1/3000th of the total trade value as your account balance. Rule 2: Any loss sustained while your trade is open must not cause your account balance to fall to your brokers stop-out level if not your trade will be closed at a loss. Whenever your account balance is nearing the stop-out level, your broker will send you a warning (margin call) asking you to deposit more funds into your account. Rule 3: if you leave a leveraged trade open till the next day, you will have to pay an overnight fee.
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what is the easiest indices to trade? Replied 8 months ago - For me, American indices such as Nasdaq (US100) & Dow Jones (US30) are some of the most practical to trade ( i don't want to use the word "easy"). Their trading hours are convenient and there is a lot of information (in English language) about the constituent companies. Some of the most difficult indices to trade are the Germany DE40 and Asian Indices because most of the information and data about the companies are not in English language so doing your research/analysis is going to be difficult.
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When Is The Best Time To Trade Forex in South Africa for Low Spreads? Replied 8 months ago - Trade 1-hour before the London session opens or you can trade the first 1-hour of the London session open, you are bound to get tighter spreads and higher liquidity during these times. Personally I don't like trading in the afternoon because that is when they always release all sorts of news on TV and this news can affect the market equilibrium and cause spreads to become higher.
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what is the smallest lot size i can trade in forex Replied 8 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 8 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 8 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 8 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 8 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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