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should i use my discretion when trading? Replied 1 month ago - Discretion is for expert traders, if you are not an expert you should just follow your strategy mechanically.
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is 1:30 pm the most volatile hour in the forex market? Replied 1 month ago - Trading the New York session is aways volatile, especially on news days.
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how frequently should i monitor an open trade? Replied 1 month ago - I only monitor an open trade when it is nearing a level of support/resistance. outside that I dont bother to monitor i just set my TP
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when does London session open in Nigeria, is it by 8 am or 9 am? Replied 1 month ago - @kemi sorry I made a mistake which I am just seeing now. During DST, London session in Nigeria opens by 8 AM but after DST London session will open at 9 AM in Nigeria. And like I said, DST starts on the last Sunday of March and ends on the last Sunday of October so currently at the time of writing this, DST is over and London session strts 9 AM.
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whats your experience using ctrader platform Replied 1 month ago - I used cTrader a few times and it is very confusing to navigate; I now understand why it is not as popular as TradingView & MetaTrader.
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welcome bonus vs deposit bonus: what is the difference? Replied 1 month ago - Deposit bonus applies every time you make a deposit. But remember that you cannot withdraw the bonus, only profits realized from trading with the bonus can be withdrawn. However the bonus acts as a buffer, adding to your free margin and allowing you to set a wider stop loss.
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Which Forex Broker in Nigeria Has The Best Customer Support Teams Replied 1 month ago - Tickmill is good because their live chat takes you straight to a human and not a bot. Trade Nation is also good
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hawkish vs dovish: what do these terms mean in finance? Replied 1 month ago - Hawkish is when those who formulate government fiscal policy (such as central banks) are leaning towards increasing interest rates. Dovish is the opposite.
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How can i turn $100 into $1,000 in forex? Replied 1 month ago - To do that, you will need to over leverage which doesnt always end well. Trading is not about one or two big wins, it is about steady consistent wins over time. The trend of wanting to flip accounts is more of an ego thing driven by greed.
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why am i losing so many trades in a row? Replied 1 month ago - When you see your desired candlestick pattern, dont rush to enter the market immediately; instead place a pending order about 3 pips away from the pattern. This will help you avoid fakeouts/reverals.
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Can I start trading with $100 Replied 1 month ago - But high leverage is also dangerous for beginners
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How to calculate 0.1 lot size in dollars Replied 1 month ago - 0.1 lot is 10,000 units of an instrument so if you want to trade EUR/USD whose exchange rate is currently 1.1600 and your leverage is 1:3000 then 0.1 lot will be worth (10,000 units x 1.1600)/3000 = $3.86 This means you must have at least $3.86 in your trading account before your broker will allow you open a 0.1 lot size position on EUR/USD using a leverage of 1:3000.
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My experience trading with Tickmill Replied 1 month ago - Tickmill Declined My Withdrawal They declined my withdrawal after making me wait for 2 working days. The reason for declination was I have to withdraw to the exact account i deposited from. This is very inconveniencing, and I didn't expect this kind of rule from a broker of Tickmill's status. Several brokers don't have this rule and if you deposited via bank transfer, they allow you withdraw to any bank account so far as the account is in your name. I Re-Initiated The Withdrawal & They Approved It Immediately I had to restart the withdrawal process, this time i put the exact account i used to deposit. To my surprise, Tickmill approved the withdrawal within seconds of receiving it.
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How does a raw spread account work in trading? Replied 1 month ago - Raw spread accounts have a benefit of transparency since the commission is the major part of the trading fee, while spread is a minor part. You see with regular trading accounts, the spread is way higher, can be widened during a trade & is not shown in the history or account statement. But with raw spread accounts, the spread is a minor part of the trading fee instead the commission per trade which is the major part of the trading fee, is displayed in the account history and acount statement. This way. you can calculate how much fees you pay for each trade. Raw accounts are ideal for high volume traders where even the slightest increase in spread could translate to a tangible sum of money. In the grand scheme of things there may not be a significant cost saving when it comes to raw/standard accounts but the raw account definitely offers more transparency.
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how do I know when i am gambling during trading? Replied 1 month ago - Hi @Liam, my own take on this subject is that if you find yourself thinking too much before you place a trade, then you are likely not sure of the trade and are about to gamble. You should not have to think too much if you have a good strategy on ground. Since you already know what you are looking for, once you see it, you place your trade. Overthinking means you are unsure of what you are about to do and may be in the brink of gambling.
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why you should have a daily loss limit in forex Replied 2 months ago - Daily loss limits are the holy grail of trading. For me, $50 is my average daily profit target so why would I want to lose more than $50 in a day? If in one single day I lose say $150 it means 3 potential days of profitable trading has been wiped away. Hope I am making sense.
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Raw Spread or Standard Forex Trading Account Which Is Better for Scalping? Replied 2 months ago - The advantage of raw spread account is that you can set a tighter stop loss. Remember that spread affects where you place your stop loss so when the spread is tight you can set a tighter stop loss.
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how does unlimited leverage work? Replied 2 months ago - Unlimited leverage is just like betting (winner takes all). There is no room for managing losing trades. When you enter a position and it goes in your favor, your trading account balance is doubled with every pip movement. If the market moves against you by even 1 pip, your entire account balance will vanish.
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is kwakol markets a scam in nigeria? Replied 2 months ago - They are unregulated and to add salt to injury, their website has been taken down. I would avoid them if I were you. There are so many legit brokers operating in Nigeria that nobody should lose money to an unregulated broker.
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is the U.S. bond market open on veterans day? Replied 2 months ago - No, the bond market is closed on Veterans Day because bonds are government securities and since government offices will be closed the bond market will also be closed.
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