M
Melody Nakai
@melody_nk
Last seen:
1 day ago
Melody is a forex trader who specializes in major fx pairs and is basically a day trader
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Knowing when to exit a trade has been the most challenging for me. Sometimes I will be up several pips but wont take profit, only for the tide to reverse
To confirm the if IG markets UK is really telling the truth about their regulation, copy the firm registration number and go to the FCA UK website then scroll to their register page. Alternatively, you can just google "FCA UK register" and it will show you the register page. Then you paste the register number in the search box apply the search
One common word you will hear is "Regulation"
Regulation has to do with the people who oversee what the broker does and who have the power to punish the broker if they do something wrong.
Before opening an account with a broker check that they have a government authority that regulates their activities. Unregulated brokers are lawless entities so you should avoid them.
To know if a broker is regulated, check the bottom of their website to see regulatory information.
In the attached, screenshot, we see regulation for the broker called IG Markets. Their activities in the UK are regulated by the Financial Conduct Authority (FCA) with Firm Register Number 94492.
The reason why they state the Firm Register Number is so that you can verify their claim by copying the number and going to the FCA website and verifying the authenticity.
These are not forex terms for beginners, you will end up confusing them. The basic terms are things like pips, spread, swaps, regulation etc.
In reality there's no such thing as swap free, the broker increases the spread to make up for the swap paid you
At the point of making the card deposit, the broker should display a warning that withdrawals can take forever, this would let the trader consider other options. Sounds like common sense, but seems its lacking in these broker offices.
Trading account statements can clearly show you whether your risk has been more than your reward. Typically, a good statement should show smaller losses and bigger profits.
That type of economic news is heavily guarded and any unauthorized release can be termed a federal crime or insider trading, so no! there is no way to know the news content before it is released.
Okay thanks @yokoyi, so I should have looked out for a reversal that had momentum then closed my buy and maybe switched to a sell. But when is the Asian session? what time range?
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