MyTradingLand Logo
Log In

Forex Forum

Join the community of forex traders.

Filter By Category
is deriv legit Replied 8 months ago - Hi, if you are in Kenya why do you not consider brokers regulated by the government Capital Markets Authority (CMA) in Kenya? CMA regulated brokers are the safest because you get local protection. Brokers like deriv are not CMA regulated and although they offer higher leverage up to 1:1000 (while CMA brokers are limited to 1:400), deriv is still a high risk broker because you wont get local protection should something go wrong. Deriv is legit because it is licensed by some foreign regulators but you wont get any help from the Kenyan government if they go bankrupt or if they choose to withold your funds or reverse your profits for any reason.
0
2
0 Subs
whats the most important part of forex trading? Replied 8 months ago - I think it is sub-consciously related to the fear of missing out. If you miss out on a trade that you then see you would have been right had you taken it, this creates even more bad behavior. You need to develop a state, where you are able to trade without fear or hesitation (I think Mark Douglas said it). And I've overtime found it to be very true. Fear of being wrong, fear of missing out, fear of your winner turning into a loser & so on. You want to be able to trade without any of these fears. So, every trade is just a trade, and you are not expecting anything out of it, other than an outcome, which will be a win or a loss. You don't know what it will be for any particular trade. Your job as a trader is to execute based on your set of rules without expecting anything from a trade. In order to do develop the right habits a. start by creating very rigid set of entry & exit rules, follow them exactly as they are. Even if you believe sub-consciously that this trade might be a loser, but your rules say to enter, you must do it. b. Take the next 20 trades exactly as per those set of rules. If you find yourself just wandering & breaking the rules, start again. For most traders, 20 trades will re-enforce the discipline to do that same thing over & over.
0
4
0 Subs
can technical analysis be used on stock trading? Replied 8 months ago - Most retail traders in the world are technical traders, not fundamental or macro traders. Almost everyone is a 'chart expert'. So, yes, it is so common for traders to use technical analysis & chart patterns when trading individual stocks.
0
2
0 Subs
what are the pros & cons of nostro prop firm Replied 8 months ago - What i dont like about them is their evaluation accounts are not scalable
0
2
0 Subs
which prop firms allow free trial of their services? Replied 8 months ago - Check out "FundedNext" prop firm I think they allow free trials for a limited period too. https://fundednext.com/
0
2
0 Subs
what is firewoodfx minimum deposit? Replied 8 months ago - They have a $10 minimum deposit on their standard and micro accounts which come with fixed spread. Their premium account & cent account with variable spread also has a $10 minimuum deposit For their ecn account with variable spread from 0.0 pips, the minimum deposit is $200.
0
1
0 Subs
why is bitcoin spread so high Replied 8 months ago - I suppose it has to do with the price & volatility of the asset itself. Bitcoin is very expensive so brokers will charge higher spread fees to facilitate any trades on it.
0
1
0 Subs
how does trump tariff affect forex market? Replied 8 months ago - Trump tariffs have caused currency prices to travel a longer distance in a shirter time. For instance normally EUR/USD used to move 10 to 20 pips in an hour before the Trump tariffs but after the tariffs EUR/USD moves almost 60 to 100 pips in one hour. It is also more difficult for trends to sustain their run so you could see a promosing upward trend and before you know it it has reversed into a downward trend.
0
1
0 Subs
what is vix 75 Replied 8 months ago - VIX 75 means Volatility Index 75, and it is a synthetic Index that is designed to mimic the actual VIX fear index when it is at a reading of 75 points. Let me break it down, there is something called the VIX index which measures how much fear is in the market. When investors are afraid, you see them buying options contracts on the S&P 500 index, and so the more options contracts are bought, the more the sense of fear in the market. Now, a VIX reading of 20 and below is considered low fear, but a VIX reading higher than 20 is considered moderate to high fear. Now the people who made the VIX 75 designed it to mimic a situation where the fear is very high in the market and the VIX reading is 75. VIX 75 is a very volatile instrument to trade because when VIX reading is 75, prices rise and fall wildly and support & resistance levels may not hold the way you are used to seeing them do. In such a case when trading VIX 75 you must practice higher risk management, set smart stop losses and know when to exit the market with your profits before the market turns against you. You must also know when to cut your losses early, so you live to trade another day. With high risk comes high reward, and although VIX 75 is a risky instrument to trade, people still trade it because of the desire to make high profits.
0
1
0 Subs
what is positive & negative slippage in forex? Replied 8 months ago - Positive slippage is when your order is filled at a better price than you had specified for example you set a buy limit order for 1.0222 and your broker fills it at 1.0200 it means you got a better deal since you bought at an even lower price than you had expected. Negative slippage is when your order is filled at a worse price than you had specified for example you set a buy limit order for 1.0222 and your broker fills it at 1.0230 it means you got a worse deal since you bought at an even higher price than you had expected. Slippage is common when you use pending orders. A limit pending order can give rise to positive slippage while a stop pending order can give rise to negative slippage. However, heres the real issue; may brokers do not account for positive slippage and they only fill your orders at negative slippage. When there is positive slippage they dont adjust your order accordingly but when there is negative slippage they quickly fill you in for a worse price.
0
1
0 Subs
what is pine editor in tradingview Replied 8 months ago - It is used for writing programming code to build indicators. Today, you can hire freelancers to build you an indicator from hiring sites like UpWork, Fiverr, etc. When they send you the code, just copy it and paste in the pine editor then give your new indicator a name you can launch it and use.
0
2
0 Subs
is sportspesa a forex broker? Replied 8 months ago - Sportspesa is a sportsbetting gambling provider and they are not a forex broker in any way. Sportspesa is not regulated by the Capital Markets Authority (CMA) in kenya, instead Sportspesa activities in Kenya are supervised remotely by the Isle of Man Gambling Supervision Commission. On the other hand, FXPesa is a non-dealing forex broker regulated and approved by the CMA Kenya. So, Sportspesa and FXPesa are not related in any way.
0
1
0 Subs
can i use ChatGPT for forex trading? Replied 8 months ago - I think chatgpt will only give you an overview of the market but you still have to do the work of analyzing the charts and picking your entry and exit points. Chatgpt cannot do your technical analysis for you it will only tell you the overall markets sentiment. There is no shortcut in trading.
0
1
0 Subs
which samsung phone is best for forex trading? Replied 8 months ago - I use the samsung galaxy note 9 with s-pen which makes drawing trend lines and clicking on tiny details easy for me. It also has good speed and a large AMOLED screen display which conserves power and shows colors brightly.
0
1
0 Subs
forex influencers claim to trade $1m account size, is this possible? Replied 8 months ago - You will notice that these online forex gurus who claim to trade 1 million dollar account size even do so with unknown forex brokers and not the tier-1 forex brokers which is suspect. I do not think there is any forex broker that can accept as much as 1 million dollars from a forex guru and let him trade and they issue payouts, they do not have such liquidity. Anyone that wants to trade with up to $1m has to pass through the banks and bigger liquidity providers like oil companies or hedge funds; and not forex brokers. So this is how you know that it is fake when online gurus display $1m as their account trading account balance.
0
1
0 Subs
how long do scalpers hold trades Replied 8 months ago - been scalping for a year now and it depends on the instrument im scalping. if i am scalping volatile instruments like crypto i hod the trade for 10 seconds max. However for non-volatil instruments like currency pairs i hold the trade for about 30seconds to 1 minute max.
0
1
0 Subs
why am i losing so many trades in a row consistently? Replied 8 months ago - I think you need to develop a strategy and folow it with discipline. When you have the discipline, one win can make you recover all your previous losses. But when you lack the discipline, it takes one loss to make you lose all your previous profits.
0
6
0 Subs
which broker has the lowest BTCUSD spread Replied 8 months ago - Exness has some low btcusd spread around 200 pips on their pro account
0
4
0 Subs
any advice on how to pass ftmo challenge Replied 8 months ago - Just elevate your risk mnagement game and stick to a strategy you know works for you. Dont go testing new strategies here and there. Goodluck!
0
2
0 Subs
Please what is the difference between points & pips in forex Replied 8 months ago - When you see 10 points it simply means 1.0 pips. When you see 11 points it means 1.1 pips, when you see 12 points it means 1.2 pips and so forth. Points is just a way of not having to include decimals.
0
1
0 Subs
1 2 ... 20 21 22 23 24 25 26 ... 33 34