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Joseph Khumalo Thembisa
@khumalo_thembisa
Last seen:
3 months ago
aspiring prop firm funded trader
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CySEC even forced Exness to stop the unlimited leverage thingy and limtt their leverage to 1:200 back in 2017. Unlimited leverage is really dangerous as it encourages over trading even to the point of wiping away your accoun
When you study behavioural finance, you will learn that investors often take decisions based on emotions like fear even when the numbers are right in front of them. Because of this, even when the technicals show you that price is supposed to move in a certain direction, you can suddenly see a reversal and move in the opposite direction. So, nothing is guaranteed in trading, making it a game of chance.
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.
Higher timeframes are more accurate with less noise and meaningless candles but risk management is more difficult on higher time frames as stop losses will hve to be huge
I will go with December being the worst month of the year to trade forex because portfolio managers, banks, investors etc. are wrapping up and tidying their books so the market could be excessively eratic.
Not much of a difference when it comes to pricing, but I prefer Exness because when i used hfm i noticed their trading software is prone to crashing/downtime
You can start with around R1,000. Note that if your trading account balance is too small, you will not be able to set your stop loss at a safe distance. This will result in you getting stopped out of your trades every time, till you get frustrated and quit.
If the first 5-minute candle after nfp release is very big, then typically volatility should die down in around 15 minutes and spreads will return to normal conditions. But if the first 5-minute candle is small then volatility may persist another 20 minutes before it subsides. This is just my observation
I just got my Headway MT5 account verified, they accept National ID Card & International Passport as means of ID. If your address is not on your means of ID you need to send them a proof of address document.
For me I submitted my drivers license as proof of address The Headway account verification process took about one hour to complete.
So far so good I have not had any bad experience, but let me trade with them and see how honest they are with the spreads then i will update you guys here.
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
Exness has no stop out level, so you trade will remain open till your account balance becomes zero.
However, they have a feature called stop out protection where even if your account balance is wiped out, they will still allow your trade to keep running if they feel it has a potential to reverse into profit soon enough. Exness stop out protection does not work in Kenya because of CMA regulation.
Although RCG Markets minimum deposit is R50, you need to have a certain account balance before they allow you to trade. they don't state this on their website.
Currency Pairs - R150
exotics and majors may require more
Micro indices & commodities - R300
Normal indices & Commodities - R600
I use the Fxpro Direct Trading App and it does everything I want. I like the app stability, advanced features and visuals. But most importantly FxPro is a top-tier broker with modest spreads (not the lowest but very transparent)
Netting is an execution method where if you open several trades for the same instrument, they will not be displayed individually instead they will be summed up and displayed as one trade.
Netting is easier to understand for new traders and it keeps the trade panel decluttered and tidy.
Hedging on the other hand will display the trades individually and hedging also allows you to open a buy and sell order for the same instrument so that the profit from one, offsets the loss from the other.
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