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Daily FX Options Expiring by 10 AM New York Cut Replied 2 days ago - EUR/USD cluster at 500 & 525. Today is the last working day of the month so we may see price move towards the London fix at 1.1600.
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when do you use limit and stop order in forex trading? Replied 3 days ago - A buy stop order is used to target market entry at precise price, if that price is not available, the buy order will be "stopped" and will not be executed. Buy stop order must be placed above the current market price. So if the current EUR/USD price is 1.15940 you must place the buy stop to be triggered at a price higher than 1.15940. The sell stop order is just the reverse of the buy stop and is used when you want to sell below the current market price. A buy limit order is used when you want to buy at a price lower than the current market price, so it must be set under/below the current market price. The sell limit order is just the reverse. Both stop and limit orders fall under the 'pending order" category and are set in advance then you wait for price to get to it and trigger it. Assume you want to go out for lunch and you want a trade to be executed after price gets to a certain level, you simply set your pending order and go out.
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Is copy trading the same thing as social trading? Replied 2 weeks ago - Copy trading is you sitting back and letting what someone else trades on his account, be replicated in your account. Although you can choose to exit the copy trading relationship by unfollowing the strategy provider, thats about as much control as you get. Social trading has to do with someone sending you signals as we see on Telegram channels and you choose whether or not you will trade the signal.
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Journal, dont be lazy !!! Replied 1 month ago - Journalling is a good habit that is fast losing its popularity because traders of today just want the profits. I do journalling everytime i trade and save an electronic format
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are forex signals on telegram really profitable? Replied 3 months ago - Depends on who you are getting the signal from. But i noticed there is always a problem of late execution, where the signals are received late after the price has already moved. This leads to late execution of the trade, and the end result will not be profitable.
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what's the meaning of no deposit bonus in forex Replied 4 months ago - Headway broker gives free bonus of $111, without you making any deposit in South Africa. Another broker that gives bonus on registration without deposit is Firewoodfx
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trade with sigma trader Replied 5 months ago - You will notice that the London & New York sessions coincide from 2 PM till 5 PM and this is a great time to trade forex pairs that contain the USD and it is also a great time to trade gold (XAU/USD)
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How to fund forex account Replied 5 months ago - MT4 does not have a deposit button, to fund your MT4 account you need to login to your brokers mobile app or their website and access your client area then make the deposit from there. If you have a savings account, select the bank transfer funding method from your client area, input the amount & an account number will appear. Transfer money from your savings account to that account number and wait for some minutes for it to reflect in your MT4 trading account.
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What's the Risk Reward Ratio Formula in Forex? Replied 5 months ago - Risk to Reward Ration formula is simply "Risk divided by Reward" So, if you are entering a trade how much do you want to risk? If you are setting a stop loss to risk $10 then how much do you hope to profit from the trade? If you hope to profit $40, then you set your take profit at a price where you will gain $40 when it is triggered. The RR Ratio is then $10/$40 = 0.25 or you can express it as a ratio 1:4 An RR Ratio of 1:4 simply means that for every $1 you risk, you hope to profit $4, which is good. As a rule of thumb, when you calculate your Risk to Reward, the result should be below 1, just like in our example where we had $10/$40 = 0.25 If your Risk to Reward is above 1, it means for every $1 you risk, you intend to make less than a dollar in profit which is bad.
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is galileo fx the best forex trading robot? Replied 5 months ago - It works fairly well but this depends on how you configure it. You need to have a good understanding of forex trading in order to configure it properly. Although it comes with over 140 ready made configurations you can choose from, those configurations may not match your risk management so its best you configure it manually.
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If I make millions trading forex, will I have trouble withdrawing it? Replied 6 months ago - 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.
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how do I calculate pips on mt5? Replied 6 months ago - Apart from MT5, you can also measure pips on the TradingView charting platform using the "Ruler Tool"
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what is leverage in forex trading? Replied 6 months ago - Leverage is like a trading superpower that lets you trade even when you don't have enough money in your account; but like all superpowers, there are some rules you must follow for it to work perfectly. Rule 1: You need to have some money in your account ( you cannot use leverage if your account balance is zero). If your leverage is 1:3000 then to you must have at least 1/3000th of the total trade value as your account balance. Rule 2: Any loss sustained while your trade is open must not cause your account balance to fall to your brokers stop-out level if not your trade will be closed at a loss. Whenever your account balance is nearing the stop-out level, your broker will send you a warning (margin call) asking you to deposit more funds into your account. Rule 3: if you leave a leveraged trade open till the next day, you will have to pay an overnight fee.
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how do you prepare yourself mentally for the days trading? Replied 6 months ago - Wake up early, exercise, watch the news, read a newsletter on trading and investing, shower, get coffee and start trading !!!
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how do i write text ontop of my metatrader forex chart? Replied 6 months ago - 1. Click on the "T" icon from the toolbar above the metatrader chart, then go back to the chart and click on the space you want to insert the text. 2. Click on "common" then in the "description" box, enter the text you want to be displayed . You can also select the color of the text as well. 3. Click on "parameters" then select the font type, font size, etc. then click on "ok" After following the steps above you will see the text inserted on your Metatrader chart, in this example we inserted the text " Danger Zone". This method is for MT4 and MT5 chart users only.
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can a forex trading account function as a savings account? Replied 6 months ago - Trading account should only be used to keep funds for trading and after that you withdraw the funds. Sometimes a system error can cause the trading software to place a trade on its own or sometimes you can have a pending order you forgot to close and all these can lead to losses. The forex broker sends you a daily confirmation (basically your account statement) on a daily basis and they expect you to study it and if you see any error you let them know on the same day. If there is an error in your bank statement and you do not notify the broker on the same day, they will assume you accepted the correctness and they will not be legally liable to refund you.
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opening my new forex account, what base currency should i choose USD, EUR, GBP or Local? Replied 6 months ago - I always like to open my trading account in my local currency, I am in kenya so I opt for the Kenyan Shilling (KES) account currency. My reason for choosing local currency is that I will not have to pay a currency conversion fee every time i deposit and withdraw money in my local currency. Some people will argue that currency conversion fees are also paid as you execute trades which is true (if I use a KES account to trade EUR/USD, the KES will still be converted into USD in the background so I could as well open a USD account to prevent this) but what if I am not trading a pair with USD on the righthand side? Another reason i prefer opening my account in my local courrency is the convenience that comes with being able to see your trades in a currency you understand and are familiar with. It makes it easy on the eyes (and brain too✌️
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why do forex traders use skrill? Replied 6 months ago - Its faster when you are making payment to an international broker that doesnt support your local payment methods
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how do i fund my hfm account with mpesa Replied 7 months ago - You just need to click on deposit, then select either mobile money or iPay then the mpesa funding button will appear. Proceed to input your mpesa phone number and amount then submit.
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what is a micro account in forex, is it for beginners alone? Replied 7 months ago - Micro Accounts are for trading micro lot sizes only and are good for anyone (beginner or pro) who wants to trade small quantities of an instrument. Trading little quantities is not for beginners ony, even experienced traders trade small volumes when testing strategies so as to limit losses during the testing phase. Unfortunately, most brokers relegate micro accounts to MT4 and may not offer them on MT5, cTrader and TradingView
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