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Is Forex Trading in South Africa Legal Replied 11 months ago - Yes, there are a lot of scam brokers operating illegally in South Africa without any license. ODP licensing does bring oversight on the derivatives at CFD brokers, but as far as I know there is still no investor protection fund in South Africa similar to FSCS in the UK. And if you get scammed by an unlicensed broker, I don't think there is any way to get your funds back, even if you go to the relevant authorities. It is the same in other countries, so I can't say this is a South Africa problem. With regulated brokers, even without investor protection fund, you atleast have the trust that the broker is compliant with checks & balance in place.
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Is there a Best Time To Trade XAUUSD In Kenya? Replied 11 months ago - Yes, but the spreads on XAUUSD are also the same at most CFD brokers during London session also. For example, the broker I trade with (I don't trade Gold), they have fixed spreads on Gold from 7 - 19 GMT time (10 AM - 10 PM Kenyan time). Which is almost all the London & NY sessions. So, I would not say that lower spreads is the only reason to trade NY hours. If you can develop a strategy with an edge on XAUUSD during London session, you can trade those hours also.
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How Do I Connect My Exness Trading Account to MT5 on my Laptop? Its Asking Me To Choose A Server But I Don't Know Which To Select Replied 11 months ago - I will assume you have already downloaded the Exness MT5 software to your phone or desktop. Proceed to check your email for a message from Exness containing your Exness trading account number, password & server details. If you cannot find the email containing your login data, you can go to your Exness personal area and reset the account password then chat Exness support on live chat and ask them to tell you the server you should connect to. Armed with this information, go to your MT5 software, click on file > login to trade account> enter your account details and connect. Exness will also give you the name of the demo server, so if you want to connect your Exness demo account to MT5 follow the above steps but this time enter your demo trading account number and choose the demo server that was given to you.
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How much do forex traders make a month in South Africa? Replied 11 months ago - I don't think there can be a straightforward answer to this question. It depends on the trader's trading style. account size & the trading strategy. I'll assume for the sake of this example that your strategy has an edge, meaning it can make positive pips over time after paying the brokerage costs. Then it is a question of scaling & your account size. a. Consider the max. number of losing trades in a row to come up with the risk percentage per trade. b. Your account size to calculate the actual risk per trade. For example, if your strategy can definitely make you let us say 200 pips on EUR/USD in an year, then if you are trading 10 Standard Lots throughout the year, which is a totally consistent lot size, then you can expect to make R375,000 in a year at the current USDZAR rates. But if you are trading 1 Mini lot, then you can expect to make R3750 in a year, with the exact same example. How does it relate to account size? In order to trade 1 mini lot, ideally, you would want to have R3750 in your account balance. Why? If on an average you are losing 10 pips on a trade, and you lose 1 trades in a row, you will still be able to place the exact same lot size. Because the distribution of the winners & losers can appear in any way, to make you net net 200 pips in an year in this example. So, it really depends. There is no exact answer to this question. I would say, instead of focusing on the gains, focus on the process. Focus on how you can develop a strategy & risk controls, that will definitely allow you to make 200 pips (any value here) from EUR/USD (or any instrument for that matter) in a year. And then execute it flawlessly. Then it is a matter of scaling it.
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Top 10 Richest Forex Traders in South Africa Replied 11 months ago - If you have to pose behind a luxury car to show you are successful trader, then chances are that you are not. Most of these so called richest forex traders in SA, are actually into the business of motivation. They just want to motivate you to buy their courses & keep trading but they are not in any way rich. I believe some forex brokers are paying these guys to market and attract more customers; its no wonder these guys will always recommend a certain broker to you. If at all they have any money, it is the money they get paid by brokers to do this marketing and show off online. That's my opinion though, I stand to be corrected
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How Do I Set A Pending Order on MetaTrader Charts? Replied 1 year ago - Your method is really simple @Obinna. When I started trading forex, part of the reason for my losses was because I didn't know how to apply pending orders to my advantage. I am sure this (not using POs) is part of the reason many new forex traders are not profitable. MT5 has so many hidden tools that we have to master.
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What is The Difference Between PCE & CPI ? Replied 1 year ago - Before the United States Federal reserve decides to lower or increase interest rates, they look at PCE data. So this means PCE data is a barometer for determining what the next interest rate decision will be in the U.S. If PCE rises for the period under review it indicates increasing inflation. The Federal Reserve may choose to hike interest rates to curb the rising inflation & vice cersa
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Scalping Replied 1 year ago - Price keeps surging upward even after Hitting My Take Profit. This is evidence that the area of support that it bounced off is really credible and should be marked for future use later in the day
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Is Quotex A Legit Broker? Replied 1 year ago - I checked the Quotex Trading website and I noticed they did not display their regulation information so Quotex Trading must be an unregulated broker. Quotex also has some negative reviews online on Reddit & Quora. Quotex was also placed on an investor alert list by the Securities Commission of Malaysia for illegally dealing in securities. https://www.sc.com.my/investor-alert-list The danger of trading with an unregulated broker is that they can choose to close shop or they can refuse to pay out your profits and there will be no one you can report to since they are unregulated.
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How Much On Average Can A Forex Trader Make Per Day? Replied 1 year ago - You're right
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Fixed or Variable Spread: Which is Best For New Forex Traders? Replied 1 year ago - I'm a fixed spread guy anytime have you ever wondered why very few broker offer fixed spread? yes, its because they know its not profitable for them.
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What Is Order Block in Forex? Replied 1 year ago - great
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How Long Does Exness Withdrawal Take in South Africa? Replied 1 year ago - Exness withdrawals have to be initiated early in the morning before a certain time if you want it to reach your account same day. I think you have to initiate the withdrawal before 10 AM or so and if you do, then you're good to go
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Which South African Forex Broker Has The Best Modern Tools? Replied 1 year ago - AvaTrade also has great tools although this broker is quite pricy. Their AvaProtect tool refunds you for losses on a trade when activated but you pay for this service. Their Guardian Angel is also another great trading companion for MT4.
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Is IronFX A Scam? Replied 1 year ago - Sorry I meant to say there is no regulation info at the bottom of their ZA website
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What Time Does The Forex Market Open in South Africa? Replied 1 year ago - Forex Market is open 24 hours during 5 days in a week, so in theory it is open all the time during the weekdays. That is in theory though, because the prices don't necessarily move during all the sessions or market hours. That is because most traders (I mean the largest intraday volumes), they are active during the working hours in their regions. EU & UK traders (banks, institutions etc.) are active during their working hours, North American during theirs. So, I think what you are trying to ask is when should you be trading forex from South Africa? The time in South Africa is London +2. This means, when the Frankfurt opens, it is 9AM in South Africa. So, if you want to trade EUR/USD or GBP, then this is the time you could trade it i.e. the London session, if you are trading these currencies. DAX & FTSE100 also move during these hours 9AM-12PM South African time. But if you are trading any specific instrument which has volatility during the other sessions, then you should trade that during NY session from 2PM-7PM South African time. That is when indices like NASDAQ or US stocks are most active. Also, USD (including EUR/USD) & CAD pairs are traded in this session. My suggestion is to actually carefully watch for patterns in price movements of whatever instrument you are trading. Overtime you will start to see during what hours does it move. Is it mostly trending during those hours, or is it sideways. Can you build a system around it, for entry & exit. What is the hit rate, and average risk per trade.
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Is FXTM Legit in Nigeria? Replied 1 year ago - Online forex trading is not even regulated in Nigeria so every Nigerian forex trader faces a counterparty risk of some sort. Now FXTM has been blacklisted by the Nigerian authorities so you cant even access their website or mobile app. Anybody can emerge and claim to be FXTM at this point thus elevating the risk of fraud. Best bet is to be cautious and look elsewhere.
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Is Exness Regulated in South Africa? Replied 1 year ago - As at today, Exness is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa with FSP license number 51024. The FSCA also granted Exness an Over-the-counter Derivative Provider (ODP) license so that they can act as market makers instead of just being middle men or intermediaries when offering CFDs to clients in South Africa. To confirm for yourself, visit the FSCA website and search the FSP licensees & ODP list.
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Why Was Exness Banned in Malaysia? Replied 1 year ago - Don't trade with any unlicensed broker. 1. As per my search online, CFD brokers are banned in Malaysia, and it is not legal to trade forex via any online CFD broker. SC of Malaysia have published an investor alert list & most CFD brokers are on that list. 2. Plus, from what I see on their register page, Exness also does not accept Malaysian traders (screenshot, there is no Malaysia on selection of Country of Residence). 3. OP, in your screenshot, it is not Exness that is in their alert list. It is some scam/clone broker trading using Exness name. But it also does not mean that Exness is legal in Malaysia. I suggest that one should avoid trading forex or CFDs if you are from a country where CFDs are banned & there are no licensed broker. Foreign/Offshore brokers, even if they are tier-1 regulated are still not legal. You will not get any investor protection of your funds.
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USD/CAD for newbies Replied 1 year ago - Nice strategy on the BB's .
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