M
Morris kenyatta
@morris01kenyatta
Last seen:
2 months ago
Kenya Trader
0 Followers
2 Following
Most stock exchanges in New York (including the Nasdaq exchange) ring the opening bell by 9:30 am which is equivalent to 5:30 pm in kenya. When the Nasdaq stock exchange is open, you get lower spread and more direction in the market, so from 5:30 pm is the best time to trade NAS100 in Kenya for best results.
Spread seriously affects your trading conditions, when spread is high your stop loss can be hit easily
For MetaTrader its default time zone is usually set to the time of the country where the brokers servers are located. If your brokers server is in London, then their MetaTrader time zone will be set to GMT by default. For MetaTrader, find out where your brokers server is located and do a manual conversion to your time zone.
I agree trading is about probability because no matter how good a strategy is, it can never work all the time.
For me, I try to execute the same strategy over and over again then take note of the number of winners and losers. With that information I can tell the probability that the next time i take the same trade it will go in my favor. You can also back-test the strategy with historical data to see its win-rate.
I like the security features they have in place, for example they generate a new password for your MetaTrader every time you log out and want to log in again. You can also adjust your account leverage & top up your demo account balance from your personal area which is very convenient
I don't like using TradingView to place orders because the execution speed is poor given that it is a web based platform. I prefer doing my analysis with TradingView then placing my orders on MT4/5 for faster execution.
I noticed this too and I think many new traders rush to trade xauusd because of Fear of Missing Out (FOMO). They hear their friends talk about how lucrative trading xauusd is and they want to join in. Truth is that without a solid strategy tested many times, trading xauusd as a beginner is just a way of throwing your money away. xauusd is too volatile but if beginners must trade it, i suggest they use a micro or cent account.
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✌️
It depends on where you are: Exness Stop Out Level is 0% in other parts of the world but Exness enforces a 20% stop out level in Kenya.
Stock traders beware, although Exness Stop Out Level is 0%, during daily breaks (when stock exchange staff go for lunch) Exness increases the Stop Out Level to 100%.
Exness Stop Out Level Summary:
Exness Stop Out Level : 0%
Exness Stop Out Level: 20% (Kenya Only)
Exness Stop Out Level: 100% (for stock trading during daily break hours only)
Sportspesa is a sportsbetting gambling provider and they are not a forex broker in any way. Sportspesa is not regulated by the Capital Markets Authority (CMA) in kenya, instead Sportspesa activities in Kenya are supervised remotely by the Isle of Man Gambling Supervision Commission.
On the other hand, FXPesa is a non-dealing forex broker regulated and approved by the CMA Kenya. So, Sportspesa and FXPesa are not related in any way.
Brother, you didn't specify the withdrawal style you used but request a call-back on their website and they will call you to resolve the issue on phone.
From my experience, crypto withdrawals are the fastest at FxPro. But on the average I will say all FxPro withdrawals do not exceed an average time of 20 - 25 minutes.
Maven prop firm offers 1:75 leverage on forex pairs, 1:20 leverage on commodities & Indices, and around 1:2 leverage on ETFs.
A retracement is a temporary reversal in a dominant upward or downward trend.
From the screenshot I attached, the price is in an upward trend but the yellow circle shows the moment a retracement happens after which the upward trend continues strong.
Some traders erroneously exit their trades when they see a retracement because they think the trend is ending, only for the trend to continue.
Some traders also trade the retracement, so they look out for it and trade in the direction of the retracement.
The best way I identify retracements is watching out for when price approaches major resistance/support levels or using the Fibonacci retracement tool.
Risk to Reward Ratio = (monetary value of your stop loss / monetary value of your take profit)
So if my stop loss is worth $10 and my take profit is worth $50, that is a 1:5 risk to reward ratio meaning I am risking $1 to make $5.
You should always risk less to make more.
I use the HFM mobile app because of the news and fundamental analysis features which fit my trading style.
However when I want to trade based on technical analysis, I trade with the Exness mobile app because of its TradingView charts, line drawing tools & Fibonacci tool.
The brokers offering both of these apps are CMA regulated so that was also a factor in my recommending the apps.
Between the hours of 4 PM to 8 PM Kenyan time is the best time to trade the USDJPY pair in Kenya because during this window, the LON & NY sessions overlap, resulting higher liquidity, lower spreads & faster price movement.
Another best time to trade USDJPY from Kenya is during the Asian session from 1 AM to 11 AM Kenyan time.
This broker offers high deposit bonuses which is kind of weird. A 100 to 200% bonus on deposits? You should not open an account because you want a bonus. Most of the times, you may not even be able to access the bonus.
I went to RCG Markets legal section and tried to open the bonus terms and conditions and its refusing to open so tread with caution as this broker has too little information on their website.
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