A
Amos
@amosglad01
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2 months ago
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I used FxPro standard account before and the spread was high, maybe I will try the cTrader account
Okay I see but how can I spot order blocks on a chart? cos the whole chart is always filled with price rising and falling so how do we know which one is an order block and which one isnt?
The probability that price will get to 1.2100 today is very slim except you dont want to trade today.
Trading is speculation (more like betting) on where the price of something is headed while investing is more of owning that thing and hoping to benefit from any interest that accruses from the ownership. A person who invests can also generate profit from renting the instrument out to traders (short sellers).
I prefer trading in my local currency and the reason is because it gives me a realistic idea of how much i am risking at any time. With a trading account domiciled in my local currency I save myself from carrying out currency conversions in my head all the time.
It is hard to maintain discipline when you are trading with funds you cannot afford to lose. You may have a good strategy but biting off more than you can chew with big lot sizes will make you fumble the strategy.
Started from HF Markets but the spread was too high, moved to Exness but I didnt like the slippage, moved to FxPro but spread was still too high and finally settled with Just Markets.
Instead of participating in any demo contest why not just buy a prop firm account where you are sure of real payouts you can withdraw?
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.
Day trading is most popular and more profitable for me because the longer you leave a trade open, the higher the odds that price can move against you
After price pushed down to the hourly low, I waited for the first green candle and bought the reversal
I went short eurusd at 568 and exited at 561. Now i see i exited prematurely because price has kept falling.
Simple Moving Average (SMA) & Fibonacci Retracement are some good indicators I use. My 14-day SMA curve acts as support when price is above it and acts as resistance when price is below it. It is not perfect, so I don't rely on it 100% i just use it as a guide.
Fibonacci retracement levels can also act as support and resistance, especially the golden fib level of 61.8%
Exness customer service is not as good as i expected. They didn't even assign an account manager to me. Their withdrawal process is also unnecessarily lengthy, I had expected they will just save my account details and send the money to it every time i request a withdrawal.
I have pondered about this too, initially i thought the brokers were lowering the leverage to prevent high losses but on second thought i realized the brokers were doing it to protect themselves. The higher your account balance, the wider the stop loss you can set thus making you almost immune to losses, so you have an edge. I don't think the brokers like that, so they lower your leverage so that even if you win, they don't have to pay you so much profit.
A). 1 lot of xau/usd = 100 ounces of gold
B). xau/usd price is always quoted to 2 decimal places (for example 2500.05)
C). xau/usd changes in sequences of 0.01 (meaning 2 decimal places)
D). For a standard lot, the value of 1 pip in xau/usd is (0.01 x 100 ounces) = $1
E). If xau/usd price moves from 2500.05 to 2500.06 it has moved 0.01 or 1 pip, if it moves from 2500.05 to 2500.15 it has moved 0.10 or 10 pips. Since for a standard lot of xau/usd every pip movement is worth $1 then a 10 pip move will mean a profit or loss of $10.
F). For example, if you are trading 0.05 lot size of xau/usd and the price moves 5 pips in your favour, your profit will be (0.05 lot x $1 x 5 pips) = $0.25
Summary
At first glance, xau/usd pip value may not seem like a lot because for a standard lot every pip movement is worth just $1 but xau/usd price moves in bursts, covering several pips in a few minutes leading to significant damage if you are on the losing side.
Hope this helps!
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