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Best Chart Timeframe for Forex Trading Replied 9 months ago - I use 10 or 15 minute timefrme to get the perfect entry, then use 1 hour timeframe to monitor the progress of the trade (to avoid all the noise that smaller time frames carry) then when i want to exit the trade, i use 5 minute time frame
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what is hantec markets minimum deposit? Replied 9 months ago - Be cautious when dealing with Hantec Prop Firm because they are a separate company from Hantec Markets and they are not very timely when it comes to profit split payouts.
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is hantec markets a prop firm or forex broker? Replied 9 months ago - Hantec Markets and Hantec Challene Prop Firm are different entities, so dont mix them up. They operate differently and should have different websites, so as not to deceive people. Hantec Challenge (the prop firm arm) has not been paying out traders who passed their challenge on time from what i heard so be careful.
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can different chart timeframes give conflicting prices? Replied 9 months ago - You are reading it wrong. When you are checking the OHLC data of 5M candle at 6AM, it is OHLC data from 6AM - 6:05AM. But when you are checking the OHLC of 1H candle, it is that 1 hour from 6AM - 7AM. Does this make sense?
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whats the implication of increasing my leverage in forex? Replied 9 months ago - Whenever you enter a trade, you have a fixed point that you have already decided that if the price goes past that level, then you are out. That is your SL. But when you are in a trade, most often, you will know within 15-20 minutes if the trade is working or not. It is up to you at that point to take the loss & kill the trade early. So, in that case rather than let's say your initial 10 pips SL, you will be out early with a smaller loss. To give you an example, yesterday, I was pre-emptively short on Franky after the first opposite bar, even though it did not break the last bar's low. I thought that it would fall back into the Asian range, give a false break of the 1252 level. My stop was at 62, entry was at 54. But for the next 30 minutes, the price was not breaking the low, and still holding above 52. And my entry was always hovering around BE or a minor loss. And the London was opening. In such cases, you know that the initial reason for your entry is invalidated. Because if it was a fake, you want a quick reversal. But it was just holding above, not able to break the lows. In this case, you would not wait for it to hit your 8 pips SL, you get out as soon as you know that the trade is not working out as anticipated. In this case my loss was around 5 pips. There is always a possibility that by cutting it early you are intervening too much. But it comes from experience. For a new trader, my suggestion is to place your SL at a point where you know definitely that reason for your trade is invalidated, and then let it hit.
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if while trading my forex app freezes, will i be compensated for losses? Replied 10 months ago - It's left to the brokers discretion to decide if you will be compensated but they can refuse to do it and cite legal terms and conditions. However, most brokers have a complaint procedure which requires you to write a formal complaint via email within 2 working days of the event, wait for a confirmation email from the broker as proof they have received your email, then wait for them to resolve.
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why do brokers have different spreads for the same instrument? Replied 10 months ago - Because these brokers extract their exchange rate pricing (bid/ask price) from different banks and other liquidity providers. These liquidity providers do not give the same exchange rate pricing hence the spreads cannot be the same because the spread is the difference between the ask price and bid price. But on the other hand, some brokers go ahead to mark-up the spread meaning they add to it to make up for other benefits they grant you. For example a broker that does not charge overnight swap fees may inctrease their spread to make up for not charging you overnight fees etc. I think the forex market deserves tighter regulation but all hands are not on deck because some countries dont even want to regulate forex.
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how do i increase account balance on demo account Replied 10 months ago - It depends on the broker, most old/established brokers have made provisions for you to increase your demo account balance from the client area dashboard. But most new/low-budget brokers will require you to send them an email request to increase your demo account balance.
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what is the difference between the zero spread account and the ecn account? Replied 10 months ago - The so called zero spread accounts are offered by market maker brokers to give you zero spread "by design" so it does not come naturally. The ecn accounts give you near-zero spreads naturally depending onthe pricing they get from the big banks who make liquidity possible.
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my forex broker sends me daily trade signals, can i trust these signals? Replied 10 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 10 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 10 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 10 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 10 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 10 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 10 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 10 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 10 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 10 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 10 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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