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rcg markets vs space markets which should I choose? Replied 10 months ago - In my opinion, RCG Markets is better for beginners because they have a demo account while Space Markets does not. RCG Markets also has lower spreads than Space Markets.
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ifx vs vault markets micro account, which is better? Replied 10 months ago - iFX Brokers trades against you and there is an advantage in this because when you place a very small order (like the ones on micro accounts) iFX can easily fill these orders thus faster execution time. So I go with iFX brokers
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can someone explain how to hedge a trade in forex? Replied 10 months ago - Great of you to ask Asamoah! To hedge an open trade for one instrument, you need to open another trade for an instrument that is negatively correlated to the open trade, so that losses from the first open trade will be offset by gains from the second/newly opened trade. For example EUR/USD and USD/CHF are negatively correlated so when the price of EUR/USD is falling, that of USD/CHF will be rising. If you opened a EUR/USD long trade and it is in a loss because EUR/USD is falling, you can open a USD/CHF long trade because USD/CHF will be rising. The profit from the USD/CHF trade will offset some of the losses from the EUR/USD trade. The purpose of hedging in forex is to manage risk and lower your net loss.
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Is Webull available in South Africa? Replied 10 months ago - Webull is present here in SA but remember that to buy international shares, you need to get your tax clearance certificate from the South African Revenue Service and this certificate is only valid for one year.
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how do I close all trades at once in mt5 Replied 10 months ago - Thank you for this useful tip, I have been trading for a while now and I didn't know this existed. And I don't think this bulk operation feature exists on mt4 because i tried it on mt4 and it isn't there. I guess this is one of the reasons why mt5 is better than mt4
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Does MyFundedFutures Accept South African Traders? Replied 10 months ago - But I heard some people are relocating to other neighboring countries like Lesotho so they can register with MFF prop firm but honestly I am not sure how this works.
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how legit is vault markets, I hear they're just a representative? Replied 10 months ago - @Quentin, Vault Markets is only representing RocketX Pty LTD. who are the actual company licensed by the FSCA. Vault markets on its own has no FSCA license so they render services through RocketX. Vault Markets is legitimate because they are a registered tax paying entity under South African law but when it comes to forex brokerage they don't have their own FSCA license and operate under the umbrella of another broker - RocketX.
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Does My Funded Futures Payout? Replied 10 months ago - Yes MyFundedFutures does pay out but it depends on your plan: 1. The Starter Plans pay out a minimum of $250 every 5 days 2. The Expert Plan pays out a minimum of $1,000 every 14 days 3. The Eval To Live Plan pays out $2,000 after you pass a certain number of phases (around 2 or 3 phases)
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What is easyMarkets Minimum Deposit in ZAR? Replied 10 months ago - easyMarkets minimum deposit is 3 ZAR for their MT4 & MT5 account types but if you want to open their TradingView fixed spread account you need a $25 minimum deposit
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When is CPI in forex South Africa? Replied 10 months ago - A simple strategy for trading CPI is to mark the highest and lowest points of the first 15 minute candle that forms when cpi is released. After that, wait for price to break through the upper or lower line you marked then you trade the break accordingly after confirmation/retest of the breakout level. .
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MT4 vs MT5 who is the winner? Replied 10 months ago - Purely from the point of view of charting library, both MT4 & MT5 in my opinion are not as good as Tradingview. I use the broker's platform (it can be anything, MT4 or MT5 or proprietary) for placing orders only, not for charting. But if you have to make a direct comparison between MT4 & MT5: a. You can find higher number of instruments on a broker's MT5 platform like stock CFDs. But it necessarily does not make it better. b. One good thing about MT5 is that you can code EAs & indicators in Python, while you have to write it in MQL4 in MT4. It is much easier to write your own scripts in MT5 & run it on a server, compared to MT4. Not that you cannot do it on MT4, but it's just much easier to do it in Python, there are more libraries & help compared to MQL4.
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how to transfer money from fx royale to bank account Replied 10 months ago - Hello Josiah, I am not sure if you are referring to fx royale trading simulator but if you are, it is just a trading computer game and the funds are not real. You cannot transfer the funds to your personal bank account, any money you make trading on the game is meant to be spent in a virtual world (within the game) buying houses etc. just like in monopoly.
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how to remove trade history on mt5 Replied 10 months ago - Like Daniel said, you can simply right-click and select trade history but if that doesn't work then right-click, select "properties", click on "show" then tick the "show trade history" box.
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What happened to Veracity Markets in South Africa? Replied 10 months ago - Veracity Markets was banned by the FSCA from acting as a Juristic representative to Nirvesh Financial Services (who are an authorized FSP) and who had appointed them to act as their rep. The reason Veracity Markets was banned from acting as a representative to Nirvesh Financial Services, was because they were acting as an Over-the-counter Derivative Provider (ODP) without holding an ODP license from the FSCA. In other words, Veracity Markets was trading against its clients instead of passing the trades to a third-party liquidity provider of some sort. When someone complained to the FSCA about the illegal actions of Veracity Markets, they launched an investigation and in the end Veracity Markets was fined a penalty of R10 Million, while two of its directors were fined R1 million each. The FSCA also imposed a penalty of R1 million on Nirvesh Financial Services (who appointed Veracity Markets as their representative) and another penalty of R100,000 each on two Key Individuals of Nirvesh.
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Is FirewoodFX no deposit bonus legit? Replied 10 months ago - Yes, the Firewoodfx no deposit bonus is not a scam. I just got my $20 bonus without making any deposit. I have downloaded their MT4 platform to start trading the bonus. Wish me luck!
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Does Exness Have Minimum Withdrawal? Replied 10 months ago - Greetings Sandy! @Josiah has already answered the question but let me also add that with Exness, you need to send in your withdrawal request early (lets say before 1pm) so that you can get the money on the same day.
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Any good forex trading books that are a must-read for traders? Replied 10 months ago - Someone recommended this book: "The Disciplined Trader" by Mark Douglas". Has anyone read it or does anyone know about the author?
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Is Pocket Option Legit? Replied 10 months ago - Pocket Option is a binary options platform that is regulated by an unpopular regulator called the Mwali International Services Authority. They are a weak regulator and chances are they may not even be monitoring what Pocket Option is doing. For a while Pocket Option was unregulated, I think they just had to get this license from Mwali after people raised concerns about their unregulated nature. To answer your question, Pocket Option is legit because they are regulated but they remain a high risk trading platform so be cautious.
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Best time to trade crypto in Australia Replied 10 months ago - I trade crypto either at the start of the London session or at the overlap of the London NY sessions. Crypto can also be traded during weekends but you'd have to be really desperate to do that because you wont see much action. Let me also add that one of the worst times to trade crypto in Australia & anywhere on the planet is during or immediately after major news releases (like NFP or CPI news).
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When does the forex market open & close in South Africa? Replied 10 months ago - Great morning Josiah, Let me contribute to this thread. The forex market stays open 24/5 and only closes on weekends. So all through the week (Monday to Friday) trading takes place nonstop. for someone in South Africa, the forex market will open on Sunday in the night at about 10:00 pm and when it opens you will be witnessing the Asian session which is not a very good time to trade. After opening, the forex market will remain open during all work days (except major public/bank holidays) and close by 11:00 pm in the night on Friday in South Africa. The forex market has to close on Friday because the main actors are big banks and thy don't work on weekends. if you want to trade during weekends, consider trading cryptocurrency or derived indices.
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