Forex Forum

if while trading my forex app freezes, will i be compensated for losses?

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.

why do brokers have different spreads for the same instrument?

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.

how do i increase account balance on demo account

It depends on the broker, most old/established brokers have made provisions for you to increase your demo account balance from the client area dashboard. But most new/low-budget brokers will require you to send them an email request to increase your demo account balance.

what is the difference between the zero spread account and the ecn account?

The so called zero spread accounts are offered by market maker brokers to give you zero spread "by design" so it does not come naturally. The ecn accounts give you near-zero spreads naturally depending onthe pricing they get from the big banks who make liquidity possible.

my forex broker sends me daily trade signals, can i trust these signals?

For me, I dont trust any signals sent to me by a forex broker because i dont beleive they truly care so much that they want me to win. I mean if they cared so much, they would have built more risk management features into their trading platforms, or even given us one spread-free trade per day. It seems everything to them is about making a profit.

why does metatrader look so boring

I used to feel the same way about metatrader when i began trading but with time i realized metatraders bland user interface void of any fancy designs makes it lightweight and easy to install/uninstall plus metatrader starts up faster than most trading platforms. Once you open the metatrader app, it initializes fast so you dont miss out on a trade. If you look at a rival trading platform like cTrader, it is so heavy and takes several minutes to install. Even when you open cTrader it doesnt load as fast as metatrader does thus if you are in a hurry to place a trade you may not meet up.

Has anyone traded with the Headway broker no deposit bonus in South Africa, and were you able to withdraw the profits?

I never knew headway gives no deposit bonus that high, i will definitely try it out.

If I make millions trading forex, will I have trouble withdrawing it?

Remember that retail brokers have maximum deposit limits (as well as minimum deposits) and i dont think they will allow you deposit so much money that you can make millions in profit. Many of these forex brokers are not even capitalized up to millions of dollars so i doubt they will allow you open and sustain trades that will lead to millions in profits.

How much should I start with to trade forex in South Africa without overexposing myself?

R50 is okay to start trading with but keep your lot sizes at 0.01 for each trade so you dont blow your account quickly. Also set a tight stop loss for each trade and avoid the temptation to adjust the stop loss to accomodate more losses. if you make a loss, do not try to recover it that day, wait till the next day.

what is the goat funded trader profit split?

is it not funny how they require you to pay for every little thing 🤣? Personally i think profit splits are a dubious way of just reducing what they would have paid you.

What’s the best way to identify highs and lows in forex?

By switching to a higher timeframe. For example on the 1-month time frame (see image), each candle represents one month so you can easily see the highest and lowest price reached for each year.

who regulates prop firms?

This may sound disappointing but nobody regulates prop firms, they make their own rules. However, some countries have shut down fraudulent prop firms after several complaints from traders who they duped. Prop firms operations are similar to those of ponzi schemes because they payout older traders who pass their evaluation using funds they get through challenge purchase fees from new traders.

is alpha markets regulated by the fsca south africa

You wont see their name on the fsca list of licensees because alpha markets is just an appointed juristic representative of another fsca licensed broker. Several unlicensed forex brokers in South Africa are begining to adopt this modus operandi where they just attach themselves to an fsca licensed broker just like renting a license. This is not illegal because the fsca is usually notified before any juristic rep is appointed/terminated but it does have its risks.

Anyone traded with td markets, what was your experience?

I used to trade with TD Markets because i wanted to patronize a local SA broker but their spreads were really high and there were some cases of slippage i experiened Sometimes their eurusd spreads can go as high as 2.2 pips making the road to profit longer than necessary. Even with the high spreads i expected better services such as a better looking client area where i could change leverage on my own instead of sending them a mail to do it for me, quick withdrawals etc. but that was not the case. I am a regular trader so spreads are a big deal for me, if you dont trade always you can go ahead and try them out.

how do I calculate pips on mt5?

Apart from MT5, you can also measure pips on the TradingView charting platform using the "Ruler Tool"

what is the easiest indices to trade?

For me, American indices such as Nasdaq (US100) & Dow Jones (US30) are some of the most practical to trade ( i don't want to use the word "easy"). Their trading hours are convenient and there is a lot of information (in English language) about the constituent companies. Some of the most difficult indices to trade are the Germany DE40 and Asian Indices because most of the information and data about the companies are not in English language so doing your research/analysis is going to be difficult.

who are market makers in forex & why are they needed?

A market maker is a registered company that is there to take the oposite sides of your trades. For small trades some forex brokers can choose to act as market makers but for large volume trades, there is a need for large institutional market makers such as Citadel Securities LLC etc. Market makers specialize in different instruments such as Options, Futures, Exotic Currency Pairs, Major Currency pairs, Commodities etc. See this list of some registered market makers from the CME website https://www.cmegroup.com/markets/fx/fx-futures-and-options-block-and-efrp-providers.html

any disadvantage of trading on the 1 minute timeframe?

Too many candles on your screen, you also get lots of false signals on the 1-minute chart.

what does each candlestick mean on a forex trading chart

Just like Sandy has said, the candlestick is a representation of the timeframe which you are analyzing the charts through. Set it to 1 hour time frame and each candle will show you the past opening and closing price for every 1 hour that passed.

what is a retest in forex trading, why does it matter after a break?

Look at a trade i just took, the purple line is the key level of resistance that marked the high of the Asian session for today. The price broke this key level and retested it and that was a signal for me to buy