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any disadvantage of trading on the 1 minute timeframe? Replied 8 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 8 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 8 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 8 months ago - Works like a charm!!!
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whats your technique for analyzing forex charts? Replied 8 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 8 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 8 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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what is the meaning of minimum deposit when opening a forex trading account? Replied 8 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 8 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 8 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 8 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 8 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 8 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 8 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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Forex trading for beginners a primer. Replied 8 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 8 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 8 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 8 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 8 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 8 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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