Forex Forum

Any good forex trading books that are a must-read for traders?

Someone recommended this book: "The Disciplined Trader" by Mark Douglas". Has anyone read it or does anyone know about the author?

Is Pocket Option Legit?

Pocket Option is a binary options platform that is regulated by an unpopular regulator called the Mwali International Services Authority. They are a weak regulator and chances are they may not even be monitoring what Pocket Option is doing. For a while Pocket Option was unregulated, I think they just had to get this license from Mwali after people raised concerns about their unregulated nature. To answer your question, Pocket Option is legit because they are regulated but they remain a high risk trading platform so be cautious.

When does the forex market open & close in South Africa?

Great morning Josiah, Let me contribute to this thread. The forex market stays open 24/5 and only closes on weekends. So all through the week (Monday to Friday) trading takes place nonstop. for someone in South Africa, the forex market will open on Sunday in the night at about 10:00 pm and when it opens you will be witnessing the Asian session which is not a very good time to trade. After opening, the forex market will remain open during all work days (except major public/bank holidays) and close by 11:00 pm in the night on Friday in South Africa. The forex market has to close on Friday because the main actors are big banks and thy don't work on weekends. if you want to trade during weekends, consider trading cryptocurrency or derived indices.

what's the best options trading platform south Africa for beginners?

Johannesburg Stock Exchange also offers options on stocks JSE listed companies so to buy these options you must pass through a JSE accredited stock broker see list here https://www.jse.co.za/find-a-broker-institution However, if you want the cheaper route and you want to trade options on interntional stocks without owning them, then you can pass through an FSCA accredited Financial Service Provider like AvaTrade which is well known for options trading.

Is CFD Trading in Malaysia Forbidden?

Herse my take: CFD trading in Malaysia may be legal but it is only legal for so called sophisticated traders (meaning professional/institutional traders) and it is not meant for retail traders.

which is the best laptop for trading with expert advisors & coding?

I use a Lenovo IdeaPad PRO 5 which I bought last year so I've only owned it for about 4 months, so far so good I think its a good laptop for trading but its quite pricy around 750 USD. Here is what I love about the laptop: 1. 84 WHR Battery Life - helps me reduce the amount of times I have to charge it, and it lasts about 7 hours on a full charge. 2. Intel Core Ultra 9 Processor (16 cores) - which is more power efficient than the i9, and good for running Artificial Intelligence tasks. 3. 32GB RAM - makes for multitasking and I can open several tabs at once. Because of the 32GB RAM the laptop is faster and it helps when I am coding and back testing. 4. Headphone & Mic Jack - great for content creation 5. Comes with Wind0ws 11 PRO OS - again, great for content creation and video editing 6. Backlit Keyboard - makes coding less boring and helps me not fall asleep at night Here is what I hate about the laptop 14 inch display No USB Type-C port Kind of heavy @ 1.46kg Very pricy No pointer device

Trade245 withdrawal still pending, what's their withdrawal time?

Trade245 withdrawals take 24 hours but they are very strict on verification of documents and stuff like that; and this can affect your withdrawal time. In your case you have not stated the means of withdrawal you selected but my thoughts are you have some pending documentation issues so you should get in touch with them again.

Apa itu CFD?

CFD adalah perjanjian antara anda dan broker CFD supaya broker membenarkan anda berdagang instrumen asas seperti forex, saham, indeks, walaupun anda tidak mempunyai wang yang mencukupi. Instrumen yang akan anda dagangkan, adalah milik broker CFD jadi dia hanya membenarkan anda mengambil posisi sama ada harga akan naik atau turun dan yang perlu anda lakukan hanyalah mendepositkan sedikit wang yang tidak sampai pun kepada kos instrumen yang anda dagangkan. Jika anda meramalkan dengan betul, broker CFD akan membayar anda jumlah di mana harga telah meningkat tetapi jika anda salah, broker CFD akan meminta anda membayar kerugian tersebut.

RCG Raw Account Meaning

The Raw Account on RCG Markets is a trading account type that offers competitive spreads starting from 0 pips, with no markups or commissions, and is suitable for experienced traders who want direct market access and tight spreads An ECN (Electronic Communication Network) Account is a type of trading account that connects traders directly to the market, allowing them to interact with other traders and liquidity providers. Key Features: - Variable spreads - Commission fees apply ($7) - Direct market access (DMA) execution model

How is the withdrawal time at Just Markets?

I have personally made several withdrawals from Just Markets and their withdrawals time is instant (around 1 minute) when you select the online bank transfer method. If there is any network downtime that is going to affect withdrawal speed, just markets will send you a notification in advance (check your personal area) telling you that they are having network issues that will affect withdrawals. I have not withdrawn using other methods apart from online banking, so I cant testify to their withdrawal speed.

Is XM Withdrawal Time Instant?

Hi Quentin, you mentioned you requested your withdrawal by debit card, XM withdrawals by debit/credit cards can take up to 5 days so you have to wait. However, XM withdrawals by other methods such as eWallets, local bank transfer, etc. are instant.

Forex Session Times UK

London opens at 8AM London time. Frankfurt opens at 7AM London time. If you are a trader based in the UK or similar time zones, then trading the London session opening from 7AM to 9AM UK time is the best time for you. It is because it is most convenient time (start of the day) if you are a full time trader. But in order to trade it, you will have to be up by 6AM or 6:30 AM, to get yourself prepared. Don't just jump in by waking up at 7AM, then you will likely not be ready to take a loss mentally & you would mess up some day. After the Frankfurt & first 2 hours of London, the volatility on most days fades away, meaning around 10AM London time to 1PM, the price mostly (not always), consolidates on EURUSD & GBPUSD currency pairs.

Best Forex Brokers in South Africa

I have never traded with Justmarkets or Plus500, so I can't say anything positive or negative. But looking at Justmarkets's spreads, 0.6 with Pro Account, 0.9 pips with Standard account on EUR/USD, it is okay (not the lowest, but also not the highest). Their spreads on indices CFDs are not that great. Just Global Markets (PTY) Ltd. have a CATEGORY I license, meaning, they can only act as an intermediary. I don't really know who the counter party is, because their are not an approved ODP. From what I know of all the FSCA regulated forex brokers, TradeNation have the lowest CFD trading costs, it is quite low on forex & indices (and it is fixed during active trading hours). But they are also not an approved ODP, and as per FSCA's website Trade Nation Financial (Pty) Ltd were fined R30,000 in 2022 because of it. You will find it on FSCA's website. But overall, their trading costs are quite low. And they are reputed. Note that it is not a recommendation of any broker. It is just my opinion.

Any good forex brokers with ZAR Account?

I'll add that although Exness & many other CFD brokers I mentioned offer ZAR accounts, but don't trade NASDAQ or any other index CFDs with these brokers. If you primarily want to trade index CFDs, don't on European or US indices, don't open a ZAR account, because your broker will likely charge you fees on conversion to base. Open a USD base currency account. Also, the spreads on index CFDs by some of the ZAR brokers (especially Exness) are really bad. For example, Exness charges 6-7 points spreads on DAX, this is really high. There are regulated CFD brokers that charge less than 1 point spreads on DAX, NASDAQ & US30 etc.

ECN Account Meaning

Great Question Brenda ! ECN is an acronym for Electronic Communication Network and with this account, your broker does not trade against you. When you place your trade, your broker uses the ECN infrastructure such as optic fiber cables with low latency to send your order to liquidity providers who will be the ones to trade against you. The end result is you get lower spread on each transaction. Since brokers do not make a lot of money from spreads charged to ECN accounts, they make up for this by charging a flat commission per trade you make. ECN accounts are ideal for those using trading robots to execute high volume trades because the developers of these robots usually specify that they work with very tight spreads,

Can you suggest any micro account brokers in South Africa?

Hi Chaka, these brokers have micro account and FSCA regulation: 1. XM South Africa ($5 minimum deposit) 2. Exness ($10 minimum deposit) 3. HFM ($5 minimum deposit) 4. Just Markets ($10 minimum deposit) 5. RCG Markets (R50 minimum deposit) 6. Headway ($1 minimum deposit) 7. Vault Markets (R50 minimum deposit) 8. Space Markets (R50 minimum deposit) 9. IFX Brokers ($10 minimum deposit) 10. FBK Markets (R20 minimum deposit)

What's FxPro minimum deposit in ZAR for Standard & cTrader Account

FxPro cTrader & MetaTrader Account minimum deposit is $100 or an equivalent of 1,800 ZAR and these accounts now come with unlimited leverage. If this is too high for you, consider opening an FxPro Promo Account which has around 50 to 100 ZAR minimum deposit but comes with 1:500 leverage & expires at the end of the promo period.

Can I start forex trading with R100?

You can star forex trading with r100 using brokers like RCG Markets, and Space Markets

what would be the required margin for 1 lot (100,000) eurusd position if your leverage is 1:100?

Margin is the inverse of leverage so a 1:100 leverage is a 1% margin. If EUR/USD price is 1.0555 then a standard lot will be worth $105,550 and a 1% margin means $1,055.5 to open a trade.

how does leverage affect CFD trading?

When leverage is high, the amount of money needed to open a trade is low and those trading with small accounts are gonna love this. But there is some bad news, when you go for high leverage you are going to be nervous all the time of the trade because drawdown can come very fast and losses are huge. Being nervous as a state of mind is bad for trading because it breeds fear which in turn breeds irrational thinking ultimately leading to loss after loss after loss.