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its not how much profit you make, but how much you keep Replied 11 months ago - I can relate to what youre saying George! Its the cold truth! Its easy to call yourself a trader but how much of the profit do you really keep gicing it back to the market? It is like running around in cirlces only to find yourself back at the begining. When i started trading XAU/USD i was always making money then losing it back to the market until I said to myself "this has to stop". I began trading responsibly and only taking high quality trades with a high probability of success. I also started cutting my losses very early not giving them time to grow. The solution is to manage risk properly and not lose too much money in one day, so you have enough gun powder to try again the next day.
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what is a bearish trend in forex, why is it called beaish? Replied 11 months ago - A bearish trend is so called because the candles are usually falling downwards just like when a bear is attacking, standing on its hind legs, and using its paws to strike downwards.
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is rcg markets withdrawal instant? Replied 11 months ago - No thet do not accept PayPal. For me i use bank transfer, skrill or e-mola
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Master One Pair & Milk It Replied 11 months ago - I suggest eur/usd pair for beginner traders because it is not too volatile and there is a lot of information on it online for free.
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do XM withdrawals take longer than necessary? Replied 11 months ago - Their local bank withdrawal method is the fastest, as it is treated instantly. I once deposited & withdrew using my ATM card and i experienced delays (up to 3 days) in withdrawing so i suggest you only use local bank or even skrill.
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is kwakol markets regulated and legit? Replied 11 months ago - The broker has no functional website, I wonder why people ae still trading with them.
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Does Vantage Markets accept traders from Nigeria? Replied 11 months ago - Nigerians are accepted at Vantage Markets and their accounts placed under the regulation of the Vanuatu Financial Services Commission. Their leverage is 1:500 and their minimum deposit is $50.
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Please suggest legit brokers with $1 minimum deposit Replied 11 months ago - IG Markets, SpeadEX, XTB
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What Is The HFM Minimum Deposit in ZAR? Replied 11 months ago - HFM minimum deposit is $5 or ZAR equivalent
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What's Octafx minimum deposit in ZAR? Replied 11 months ago - They have a $25 minimum deposit
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how do winning traders think? Replied 11 months ago - They get out of losing trades almost immediately, they dont give a loss time to grow. Its the hardest thing to do and even after I have said it here many traders wil still not be able to do it. Its like people freeze when they see losses . So basically, winning traders are comfortable with seeing small losses on their balance sheet, they dont aim to win every trade.
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what's the difference between bid price & ask price in forex? Replied 11 months ago - The bid/ask prices can on the same instrument can be different with various brokers, because every broker gets their bid/asj pricing from different sources. Whatever is the case, always look for a broker with low bid/ask price difference or low spread. it makes trading cheaper over the long run, as these spread fees can add up over time if you are a frequent trader.
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which candlestick pattern is most reliable in forex? Replied 11 months ago - Hammer head candlestick pattern seen atthe end of a trend usually signals a reversal of the trend.
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Best Chart Timeframe for Forex Trading Replied 11 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 11 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 11 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 11 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 11 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 11 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 11 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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