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I stumbled across a warning from SEC that Nigerians trade forex at their own risk. Is forex trading legal in Nigeria? If not, what is stopping Nigerian authorities from licensing forex brokers? Replied 1 month ago - Its not as bad as they make it seem, many Nigerians still trade forex and withdraw their profits successfully. Just choose a broker that is well regulated from countries with strong economies like the United Kingdom, Australia, etc. avoid brokers solely regulated from countries with weak economies
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Which brokers support ussd code deposit method? Replied 1 month ago - Trade Nation supports USSD payment methods with $1 minimum deposit.
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How To Deposit On Exness in Nigeria Replied 1 month ago - Does Exness support USSD deposit method please? i usually like USSD method cos its fast and all i have to do is copy and dial the USSD code on my phone. The only broker I have seen with USSD deposit in Nigeria, is Trade Nation.
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How does lot size affect trading? Replied 1 month ago - Your lot size is what determines how much profit you will make from a trade. It also determines how much loss you will make per pip movement. But you cant trade a big lot size if you do not have the required initial margin (meaning the required money) in your trading account. Demo account allows you trade big lot sizes because you are gifted fake money from the broker but once you open a lie account its your little funds you will use to trade. So, when using a demo account, it is better to practice trading with the exact amount you inted to trade with when you open your live account.
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How Does Spread Affect Profit in Forex? Replied 1 month ago - Spread seriously affects your trading conditions, when spread is high your stop loss can be hit easily
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How to avoid spread in forex Replied 1 month ago - Avoid paying high spreads by opting for the trading account type that charges you a flat commission per trade. Also avoid paying high spreads by trading only major fx pairs like EUR/USD. Another way to avoid paying high spread is to trade during the day (instead of night) and avoid trading during high impact news releases 9such as nonfarm payroll news, cpi news etc) I trade with Tickmill raw account and spread on major fx pairs is near-zero but I am charged a flat commission per trade.
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if you can't take a small loss, you will be forced to take a big one Replied 1 month ago - Its just like when you place a frog in hot water and start boiling, it doesnt realize it is in danger until the water begins to boil but by then it will be too weak to jump out of the water
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What does a Buy Limit order mean to a forex trader? Replied 1 month ago - Limit means execute my trade at the specified market price or at a price better than it. So limit orders can be buy limit or sell limit it doesnt matter. stop orders on the other hand mean execute my trade at the specified market price only, if this price is unavailable for any reason, do not execute my trade.
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How much do I need to Start Forex Trading in South Africa? Replied 1 month ago - thats amazing kyle, same experience here lost over $500 while learning to trade but i take it is the school fees I paid to the market.
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orokpo1 Replied 1 month ago - todays trade. i am still under training, your advice will well appreciated. i did not enter on time on my second trade and it affected my stop loss.
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I always pay attention to candestick wicks, heres why Replied 1 month ago - I spotted another wick at 1.1658 and if you follow the trace of the blue arrow line, you will notice a bullish engulfing pattern formed at the 1.1658 level resulting in an upward rally
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why does price move back & forth within a range? Replied 2 months ago - The dominant trend is a bullish engulfing signalling a buy. Price has not been able to close below the bullish engulfing pattern hence the support linne i drew.
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Is Futures Trading Hard? Replied 2 months ago - Futures are not for the average trader, they are for extremely experienced traders with vast investing background. Every futures contract is marked-to-market when you leave it open overnight and this is just not chargin swaps like in CFD trading. When the broker marks your futures contract to market at the end of each day, the closing price (difference) of the underlying asset whose futures you bought will be deducted from or added to your account balance. Calculating the value of a futures contract is also a bit more complex than finding pip valu in CFD trading. Futures move with ticks abd each tick has a dollar value stated in the contract and the value can be big.
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Is Infinox Broker Legit or Scam? Replied 2 months ago - oh really @kyle maybe I will open an account with infinox then because they contacted me once on linkedin
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which forex brokers accept bvn & nin number in nigeria? Replied 2 months ago - FxPro
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Exness vs XM which is better for Nigerian traders? Replied 2 months ago - XM spreads cannot be trusted they can manipulate, but Exness is more reliable
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does goat funded trader offer free trials? Replied 2 months ago - No, but try Think Capital, the prop firm offers 14 day free trial
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Does MT4 Have Economic Calendar? Replied 2 months ago - it doesnt but you can istall it as an add-on
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ISA Act 2025: what does it say about retail online forex trading in Nigeria? Replied 2 months ago - Interesting, our government in South Africa is already regulating forex brokers
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What is the best leverage to use in forex for a $10 account balance? Replied 2 months ago - $10 is barely enough to open a reasonable lot size so you will ne needing high leverage like 1:2000 if you want to trade 0.02 lot size of a major fx pair
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