New to Forex? Ask Your Real Questions Here

The country is been govern by laws, and in this case there is arm of the government which is saddle with the responsibility of enacting laws and regulations governing the country and every other body that is been created in the country and that is the lagisatative arm, and in this case it's only the legislative arm that can mandate the through the cbn act of 2007 go and check it

how can l trade without making loses? is there any professional in trade that doesn't make loses.

Analysis is just 30 percent and your psychology as a trader is 70 percent, and psychology is the what prevents you from loses, no doubt you will lose but not frequently, since Thursday last week I only closed one trade in lost now, is not because I didn't do my analysis well, but because I allow my emotions to control me, and I close price still came back to that level and even passed it, so trading psychology is what will keep you profitable, Even when you lose don't revenge look for another correlated pair and trade, sometimes too our risk management is the problem, but to put it all if your trading psychology is not balance there won't be risk management and poor psychology comes with guess work and mistakes

I'm not new but I will still ask. Why is forex trading not regulated in Nigeria? Not a generic answer but what is the true reason?

What is the difference between a tier-1 and tier-3 regulator and can you please give me some examples of tier 1 and tier 3 regulators in the forex industry?

who created this thread mehn, you said people should ask questions and now you are not answering.

I created the thread manh sorry I was on a very serious analysis back here manh

Tier-1 requires immense net liquid assets (often over $20 million).

While

Tier-3 allows significantly lower capital barriers to entry.

Tier-1 imposes strict retail leverage limits

While

Tier-3 allows high or unlimited leverage

Example of tier 1

AFC

ASIC

Example of tier 3

FSC

FSA

Forex trading is not regulated in Nigeria because the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) lack the statutory mandate to license online, over-the-counter (OTC) retail forex brokers.

So who is to give them the mandate? And why havent they been given the mandate?

But how do other African countries do it? Kenya and South Africa have better economies than Nigeria but they still regulate forex trading?

I don't know about Kenya how they do theirs but for Nigeria I know the central banks don't have that mandate, they set strict rules to protect macroeconomic and keeping inflation balance than regulating Forex in the country, for Kenya they could have a way just like other countries

You said they lack the mandate so who is to give them the mandate, you still havent adressed this point sir

What really caused the reaction in usdjpy, because I don't really know

The central bank foreign exchange is to manage macroeconomic stability, control inflation and protect the nation's external reserves. Retail forex trading requires continuous, large-scale outward capital flows to fund margin accounts with offshore brokers and now to preserve the stability of the Naira, the central bank has to maintains strict rules and restrictions on outward remittances, so that's why it's really not regulated here In Nigeria,

Yes, so its political. In the HFM seminar I attended the host said SEC will soon come out with regulation for forex trading in Nigeria in the next 2 months

I hope it's not just a promise, because in Nigeria you have to see before you believe

You may not know but just know that the market has a mind of it's own

I would have redefine my entry on UK100

Where you placed your sl was above my entry

You are still on the buy? I have changed my bias from buy to sell , because there was a break below 10524 and that is where my SL is and that was the retest and am selling the break so I don't think buys will really work out again

Reasons for weekend gaps

Weekend gaps usually happen because market-moving news or geopolitical events occur while the market is closed. If price gaps beyond a key level, I reassess my bias instead of assuming it will fill immediately.The gap in the image was between Friday 22 may and Sunday 24th opening price for that week

Okay I understand now