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Who Has Traded With JP Markets? Are They Safe? Replied 11 months ago - JP Markets have asked people contesting unclaimed funds submit their application to be paid. I don't know what's going on with JP Markets but why do people have to contest unclaimed funds? Well, tread with caution with this broker is all I would say.
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What is the best time to trade NAS100 in Kenya? Replied 11 months ago - You can trade NAS100 CFD during London or the NY session, depending on your strategy. It is possible that you might have a better strategy that works on NASDAQ during London session. NY session is more volatile & you will have faster & more volatile moves. If you are from Kenya, then you can trade NASDAQ from 4PM-8PM, if you want to trade the NY session. Or you can trade between 10AM - 1PM if you trade the London session. I've plotted both of the chart to highlight the last 2 trading sessions, so you can visually see both. It is important that you must first have a strategy for that time & proper risk threshold (account & trade based), regardless of what time you are trading at. There is no one best time, it just depends on you as the trader, do you have an edge trading NASDAQ at that particular time or not?
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When does the Asian Forex Session Start & End in Kenya? Replied 11 months ago - When we talk of the Asian session, remember its both Tokyo & Sydney we are talking of and they have different time movements. Tokyo is ahead of Kenya by 6 hours & Sydney is ahead of Kenya by 8 hours. The Asian forex session in Kenya starts by 1:00 AM but at that time only Sydney is active. You need to wait till around 3:00 AM for Tokyo to come online, so you get more liquidity. The end of the Asian forex session in Kenya is around 11 AM. In summary the Asian forex session in Kenya starts by 3:00 AM and ends by 11:00 AM
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Has Anyone Withdrawn From Exness & What is The Minimum Withdrawal Allowed? I cant Seem To Find It Stated on Their Website. Replied 11 months ago - Exness minimum withdrawal is 3 USD for bank transfer method and that is the one that I have used. You can find minimum withdrawal information in your Exness personal area. Just go there and click on withdrawal.
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What Time Does the Forex Market Close on Friday in Nigeria? Replied 11 months ago - You can check it for yourself. On a Saturday just open your MetaTrader 1 Hour chart for any currency pair, then check the time the last candle formed on Friday. The last candle represents the time the forex market closed on Friday. I attached a screenshot of EUR/USD 1 Hour chart which I checked today Saturday. You will notice the last candle that formed on Friday (in a yellow box) was formed at 23:00 hours which is 11 PM. This simply shows you that the forex market closed on Friday in Nigeria by 11 PM
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London Session Forex Time in Kenya Replied 11 months ago - The London session is from 11 AM till around 8 PM Kenyan time and it is the best time to trade FX pairs of European countries example EUR/USD, GBP/USD, EUR/GBP, GBP/CHF etc.
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Best time to trade XAUUSD in Nigeria Replied 11 months ago - Nigerian traders should be on seat between the hours of 2PM to 6 PM when both London & New York is awake and their trading paths intersect or overlap. You will tend to get lower XAU/USD spreads when you trade during this time in Nigeria. Also note that economic data release such as NFP & CPI can also affect XAU/USD as seen in the screenshot I attached which shows XAUUSD reaction to CPI release.
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How to avoid forex trading tax in South Africa, how much tax do forex traders pay in South Africa? Replied 11 months ago - I believe the question here is about tax 'avoidance' i.e. legal ways in order to reduce tax liability as a CFD trader. I don't think anyone should be advising on the methods that may not be legal, or could cause legal issues in future for any trader. Also, whenever you are depositing funds at any FSCA regulated broker (or any regulated broker in any region), they will ask you for proof of funding if they find anything shady. And you can only withdraw fund to your method that was source of deposit. You cannot deposit via South African bank & then withdraw via crypto, that's not how it works. My suggestion OP to you is to consult your tax advisor, he/she would be able to give you better advise. What you see on the internet may vary a lot from the actual tax liability, and what you can save on it legally.
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How do you manage risk when trading forex? Replied 11 months ago - To manage risk I always use a stop loss in calm markets and a trailing stop loss in fast paced markets (aka volatile markets). During volatile markets, I remove any excess money from my trading account and leave just the amount needed for a trade because sometimes stop looses can fail to trigger at the right price. I also make sure I have the brokers mobile app on standby because sometimes your MetaTrader desktop can freeze and lock you out of the trade and when that happens you can continue monitoring the trade from the mobile app.
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Anyone know how to get funding for forex trading? Is it tough to find? Replied 11 months ago - Today, thy are a lot of prop firms that provide funding if you can pass their challenge which you must pay for in fees. Some prop firms charge as high as 100 USD per challenge and every time you fail, you have to pay again. Come to think of it, the money you are going to spend paying for prop firm challenges is enough to put into your account and teach yourself to trade and become profitable over time. Remember that lessons learnt when you lose your own money stay with you longer than lessons learnt when you lose demo account money.
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How Much is Traded Daily in the Forex Market? Replied 11 months ago - Around $7.5 trillion is traded in the online forex market everyday using different instruments such as FX swaps, Options, etc. Most of the trading is done by big banks and retail traders only account for a negligible percent.
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How much does it cost to trade with Exness broker? Replied 11 months ago - Minimum Deposit: Exness account opening is free but when funding the account you must deposit a minimum of $10 USD. Currency Conversion Fees: Exness supports a variety of over 40 base currencies so chances are you can avoid paying currency conversion fees if your preferred deposit currency is supported. Overnight Fees: Most Exness instruments are swap-free so you can avoid paying overnight fees. Spread: Exness spread varies, for EUR/USD expect is to hover around 0.9 pips on a good day. Expect XAU/USD at 16 pips on a good day too. Commission: If you are trading the Exness commission pricing account types, expect commissions of $3.5 per side and above on Forex & Gold instruments. Inactivity Fees: These are nonexistent at Exness
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How to trade CPI in forex Replied 11 months ago - Update: The CPI first 15M fade trade was okay today with small SL. The high & low of the first 15M of the CPI news. The Fade move is to take the first opposite PA, which was the Bullish engulfing 5M. The idea is to trade a low SL, so only trade the edges or a break. The other move is to trade a break, where you wait for a break to one side of the 15M.
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How to open a real forex account on MetaTrader 4 Replied 11 months ago - Have you opened an account with a regulated forex broker? This is the first thing you should do before downloading MT4. In fact you should download the MT4 from the forex brokers website directly. So, although you may be able to open a demo account from MT4 you will not be able to open a live account. To open a live or real account, you need to go to the forex brokers website and register, create a profile then setup your MT4 trading account. After doing so, the forex broker will send your MT4 login details to your email and then you can use those details to login to your MT4. While opening the account, remember to select MT4 as your preferred platform because MT5 login details will not work on MT4.
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How Long Does RCG Markets Withdrawal Take? Replied 11 months ago - I have traded with RCG Markets before and I used to withdraw through OZOW and the processing time was instant. I once tried to withdraw through Skrill and it took 24 hours so I just stuck to OZOW.
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Best Time For XAUUSD Trading in South Africa Replied 11 months ago - XAUUSD CFD (Gold) is most active from 4PM-7PM South African time i.e. the NY session hours. You can also trade gold during the London session from 8AM to 1PM. But on 3 out of 5 days in a week, it is not strongly trending in a direction. Refer to the attached example of the session on XAUUSD instrument during last Friday's trading. The one marked with box is the NY session trading. If you notice, the London session was mostly sideways. But there are risks as well, because it is very news driven during NY session. From what I'm seeing, there is high volatility, so you can lose big really quickly. I don't trade gold CFDs, so I don't think I can add further value. But what I'm explained above is only based on observation of the sessions. If you are actively looking to trade gold, you must first develop a strategy that you can execute without thinking, rather than discretion. It can even be during London session, or Asian, if that has an edge for you. So, there is no straight answer of when you should be trading it. It depends on what works for you, and do you have an edge in trading it.
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How to Get Funding for Forex Trading Replied 11 months ago - If you are a good trader i doubt you will need funding from someone. Amplifying and speeding up the gains by means of external capital is a trait that wont fit in the traders arsenal. The reason is simple you wont respect the money that you don't own. Prop Firms: If for someone they received 10k account by paying 100 USD with strings attached on risk taken and all that. You really are not on the hook to be disciplined since you only put 100 USD not the entire 10K. You are too Good seriously.: If you are really looking for a gamble and trust yourself too much then, buy a challenge and get as much money out of that firm and fund yourself. But for a noob this is the most stupid path to take. You wont learn to be disciplined and would waste capital on challenges that otherwise could be used to trade real money. So where ever you are on your journey, if you are a good trader capital will flow to you. You wont have to buy challenges.
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How do Forex Brokers Make Money? Replied 11 months ago - Forex Brokers primarily make money from commissions, spreads, market making activities & swap fees etc. Refer to the attached screenshot revenue breakdown from a broker's website. 1. Spreads, Commissions & Swap Charges (Transaction Costs) This is how brokers make most of their money. For example, if the broker quotes EUR/USD at 1.0200 to buy and 1.0201 to sell, the difference is 1 pip. That difference is the broker’s income every time a trade is executed. If for example, let’s assume you’re trading 10 standard lots i.e. 1,000,000 units, the broker in this example trade would make 100 USD. Some brokers also charge a commission on top of the spreads. For example, 60 USD per 1 million units. It is very common with ECN or Raw spread type accounts. 2. Market Making (the broker can also lose money on this) A broker could also become the counterparty to your trade. This means, they may take the opposite side of your trade themselves. Let’s say you want to buy EUR/USD. Whatever price & order volume you buy at, you need someone to sell it to you. And the broker would be that counter party. If the broker's net exposure is large, they may choose to hedge their position to reduce net exposure & profit from spreads only. There are some More Profitable Instruments for brokers. For example, I don't know how people don't notice it, but brokers & scam affiliates actively encourage traders to trade Gold & NASDAQ CFDs. But if you check the cost per 1 million USD value traded for these CFD instruments, it is really high. Look at the second attachment. Notice how much money as a percentage of their total income these brokers are making from forex, compared to other CFDs. Forex is almost meaningless. Infact more than 50% forex/CFD brokerage income is from NAS100 & XAUUSD. So, next time you see a guru advising you to trade these instruments, think about their incentives in doing so.
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How To Use Trailing Stop Loss Replied 11 months ago - Before I set my trailing stop, I will first of all set a normal stop loss because trailing stops only get activated when you start making profit. So setting a normal stop loss will protect you from immediate price reversals. After I set my normal stop loss, I right click on the stop loss line on the charts and select trailing stop. I then set the number of points or pips of profit that I want the trailing stop loss to secure. If I select 5 points, then when price moves 5 points in my favor the trailing stop automatically adjusts itself by 5 points. When price moves another 5 points in my favor, the trailing stop adjusts again by 5 points. It keeps doing this till price starts reversing and hits the trailing stop then it will close me out of the market with profit.
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What is the minimum deposit for HFM, because their website says no minimum deposit but when I check their payment methods is says 5 USD Replied 11 months ago - HFM minimum deposit is $5 for their regular account types but for their accounts that have lower spread the minimum deposit elevates to between $100 and $250 which is too high in my opinion given that you can get better bang for your buck with other brokers of similar quality. For example IC Markets has a $200 minimum deposit but their trading conditions and spreads are way lower plus you get TradingView.
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