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is maven prop firm legit?
Replied 2 months ago -
Their kyc documentation process is really smooth
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How do I change the timezone on MT5?
Replied 2 months ago -
The time on MetaTrader is a function of the brokers server location. It may not be possible to do anything about it. Alternatively, you can ask your broker to let you open another trading account that will be hosted on a different server whose time aligns to your local time.
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what does spread mean when discussing forex?
Replied 2 months ago -
Spread is your broker increasing the exchange rate of a currency pair you want to trade to accomodate his fees.
Most brokers charge a variable spread meaning it's value can change at any time without your consent. However, there are a few brokers who charge fixed spreads which remain the same all the time.
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been making profit on demo account, am i ready for live trading?
Replied 2 months ago -
Yes, that makes sense
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does the spread affect where i can set my stop loss?
Replied 3 months ago -
When spread is high, the distance between bid and ask price becomes wider. If you took a short position like in the image i attched, then watch the ask price line because once it reaches your stop loss you will be kicked out of the market. Also if you are long, always watch the bid price line as you will be kicked out of the market when it reaches your stop loss.
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do you buy at resistance or support?
Replied 3 months ago -
I wait for price to reject at a support level and begin an upward movement before I buy
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May I Know The Meaning of Margin Call in Forex?
Replied 3 months ago -
A margin call is your broker putting you on notice that the your losses will soon exceed your remaining account balance. When you receive a margin call there are a few things you can do; you can either deposit more money into your trading account, or you if you have multiple trades open you close the most unprofitable ones to free up more margin.
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is trading a game of probability?
Replied 3 months ago -
Not just probabilities, trading is also a game of averages and that is why pivot points are effective.
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what's the best music to listen to while trading forex?
Replied 3 months ago -
I like listening to songs that encourage me to be careful and not take silly risks. "Another Day in Paradise" by Phil Collins is one of my favorites.
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what is the best simple moving average setting?
Replied 3 months ago -
For length, I use 14 days because I am mostly a day trader. Some people who are swing traders use as high as 200 days.
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what happens to stock prices of EU companies if the Euro weakens?
Replied 3 months ago -
If tthe weakening of the euro is caused by inflation, the ECB may have to hike rates thus making it hard for EU companies to access loans for expansion so they may declare less profits and the stock price will fall
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Why do people think forex is a scam?
Replied 3 months ago -
Because many governments around the world refuse to regulate it, giving room for scams to thrive unchecked
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any best forex trading games for beginners to download for free?
Replied 3 months ago -
Thanks @mrcasey, forex hero is so intersting to play and I have learnt so much.
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should i use my discretion when trading?
Replied 3 months ago -
Discretion is for expert traders, if you are not an expert you should just follow your strategy mechanically.
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how frequently should i monitor an open trade?
Replied 3 months 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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