MyTradingLand Logo
Log In

Forex Forum

Join the community of forex traders.

Filter By Category
Transitioning from demo account to prop firm trading without live tradng experience Replied 10 months ago - around 95% of those who take prop firm challenges usually fail, this are legit statistics i saw on maven prop firm legal docs. This means it is not a walk in the park, just because you recorded some success on a demo account doesn't mean you are ready to face a prop firm challenge. Perfect your craft more using a real account so you dont waste your money on prop challenges.
0
3
0 Subs
what is crypto trading all about in Nigeria? Replied 10 months ago - Its basically speculating on whether the price of a crypto asset will go up or come down, without having to own the asset. However, what makes crypto trading risky is that most of the coins themselves are not backed by any solid asset so they could crumble any time. For example when trading commodity CFDs on Gas, Crude Oil, etc. these are backed by the spot prices of these actual commodities. But when trading many of these meme coins it is not very clear what they are based on. President Tinubu has signed the Investment Act into Law making crypto assets to be recognized as securities. My understanding of this is that any Nigerian investor can go through an Initial Coin Offering (ICO) to launch their own coin.
0
1
0 Subs
what is the hallmark of a good trading strategy? Replied 10 months ago - A good trading strategy is like a drug, it must be very specific and should work only under specific conditions and only on specific instruments. it shouldn't be a one size fits all kind of strategy. A good strategy should leave nothing to chance, every detail such as timeframe, trading session, entry/exit point, etc. must be spelt out.
0
2
0 Subs
Why is EUR/USD the best pair for beginners to trade? Replied 10 months ago - eurusd is indeed the best pair for a beginner trader because when trading the smallest lot size of 0.01 lot, 1 pip movement is will lead to a profit or loss of just $0.1 When trading other instruments with the same 0.1 lot size, 1 pip movement will lead to a profit or loss greater than $0.1 which makes it more risky.
0
3
0 Subs
why do brokers lower their leverage at certain times? Replied 10 months ago - I guess it is to prevent you from trading big lot sizes when the broker has seen that the market is too volatile which could cause you to make very large profits or very large losses.
0
5
0 Subs
what does consolidation in trading mean? Replied 10 months ago - Consolidation is when price is moving within a range or corridor just like water moving through a pipe. When consolidating, the price does not exceed a certain high/low price. In investing, there's some thing called the "Dow Theory" which states that markets move in phases starting with the consolidation phase where sufficient momentum is accumulated to enable the market transform from a sideways movement to an actual upward or downward trend.
0
1
0 Subs
what is the 5 3 1 rule in forex? Replied 10 months ago - Nice one, I didn't know about this 5 3 1 rule.
0
2
0 Subs
How much is 0.01 lot size in forex, How many South African Rand does 0.01 lot in the Forex market mean? Replied 10 months ago - A standard lot is 100,000 units of an instrument so 0.01 lot is (0.01 x 100,000 units) = 1,000 units Now if you are trading an instrument like eur/usd with an exchange rate of say 1.1393 then 0.01 lot will be worth (1,000 units x 1.1393) = $1,139 USD But you don't need to put down this full amount of $1,139 before opening a trade, if you are using a leverage of say 1:400 then you only need to put down ($1,139 /400) = $2.85, to open a trade. Now, $2.85 is the value of 0.01 lot size when you are using 1:400 leverage, so if you convert $2.85 to South African Rand that will give you around 50 Rand.
0
1
0 Subs
may I ask which ASIC forex brokers are best for beginners? Replied 10 months ago - Alright, thank you 🙂
0
9
0 Subs
is there a withdrawal fee for forex trading? Replied 11 months ago - Its broker dependent. Out of 100% of brokers, only about 20% of them do charge withdrawal fees as per my findings.
0
3
0 Subs
can i deposit in any currency into my trading account? Replied 11 months ago - Yes, you can deposit in your local currency and but there is a currency conversion fee for turning it into your account display currency. To avoid this fee, it is better to set your account currency (aka base currency) to be the same with the currency you hope to be depositing in most of the time. For example I am in South Africa so to avoid being charged a conversion fee on deposits & withdrawals I opened by trading account in South African Rand since that's the local currency here.
0
2
0 Subs
can you trade in zar on AvaTrade? Replied 11 months ago - Avatrade has zar base currency so yes you can trade in zar.
0
2
0 Subs
What’s the ideal leverage to use in forex to maximize profits without risking too much? Replied 11 months ago - I would say 1:500 is ideal for me.
0
1
0 Subs
which australian brokers have guaranteed stops Replied 11 months ago - Alomost all ASIC regulated brokers have guaranteed stop loss, it seems like the ASIC regulator ensures they do. Pepperstone, Plus500, CMC Markets, IG Markets etc. all have guaranteed stops.
0
1
0 Subs
why are so many beginners trading xauusd? Replied 11 months ago - xauusd prices move faster than most conventional instruments so the beginners must be looking for a higher reward for their risk. While currency pairs like eurusd move around 100 pips in a day, xauusd can ove 200 pips in a day, making it more profitable and more risky at the same time. I think beginners should avoid xauusd till they are sufficiently grounded in risk management and can develop a good strategy for xauusd. When they say 90% of retail forex traders lose money, it is partly because of this kind of high risk trading by beginners who want a quick buck. You might get lucky with xauusd a couple of times but your luck will eventually run out and if you dont know what you are doing you could make big losses and even quit trading.
0
4
0 Subs
how to withdraw from prop firm demo account Replied 11 months ago - Great question @davis ! For normal demo accounts with brokers, you cannot withdraw money because it is simulated. For prop firms they compensate you with a "payout" after you meet some trading milestone to be determined by them. However, the payout from a prop firm is not the consequence of the trades you placed on your demo account, they only pay you that money as a means of encouraging others to use the prop firm. Think abut this: 100 people buy a prop firm challenge and only 5 people receive a payout so clearly they use the money from the 95 people to pay the 5 people. Although the prop firms themselves will argue that when you place a trade on a demo account, they "mirror" the trade and execue it on their own live account hence the profits which they give to you as a payout, but there is not much evidence to backup their claim. So, if you qualify for receiving a payout from a prop fir, you can withdraw it by logging into your client area and clicking on "withdraw" or "request payout". The funds will usually be credited into your account number after some days.
0
1
0 Subs
whats the fastest way to connect exness to mt5? Replied 11 months ago - Get your account login details by logging into your exness personal area, click on "my accounts" then copy the MT5 login (which is your account number) then take note of the server name. Go back to the MT5 platform you downloaded, and use these details to login. If you have forgotten your password, you can also change login password from your personal area.
0
1
0 Subs
what is break even in forex Replied 11 months ago - its a situation where you exit a trade without any profit or loss, so you and the market are even
0
4
0 Subs
what are the 4 sessions in forex? Replied 11 months ago - Farah please shed more light on this "Frankfurt session", I've never heard of it.
0
2
0 Subs
The hard trade is often the right trade, agree? Replied 11 months ago - The human brain is wired to avoid risk and play it safe, so yes, the difficult decisions are usually the most profitable even in trading.
0
4
0 Subs
1 2 ... 29 30 31 32 33 34 35 ... 43 44