P
Patrinova
@patrinova_athenia
Last seen:
1 month ago
A fly trader
0 Followers
0 Following
Just pray you didnt make the deposit via Card because it would take you almost one month for the broker to reverse it. Card withdrawals are very problematic.
Noise on your chart refers to those candles that do not hold enough information to matter. For example if you are trading on a one-minute time frame how much useful information can a one-minute candle give you? When you trade on a noisy chart, the tendency for losses is higher because you will see what looks like a buy candlestick pattern only for price to start falling after you enter the trade. But noise exists on all timeframes, just that it is more prevalent on smaller timeframes.
For me, I only used the demo account to learn how to place orders and how to read charts. Once i understood those two, i switched to a real account with real money. I opened a micro account (some brokers call it a cent account) which is meant for trading very small amounts of money; this ensured i only lost little sums when i got a trade wrong.
Why did i switch to a real account so early? Well, because when learning with real money the emotions are present & intense unike the demo account which uses fake cash so you can take your losses for granted.
Mistakes made on a real account lead to real losses which teach you a longer lasting lesson and you try not to repeat them again, because you know the consequence will be loss of real money.
In a nutshell, there is no emotion when trading with a demo account but when trading with a real account you experience the emotions of fear, greed, hope, etc. and it is your ability to control these emotions that will eventually determine your success as a trader.
Trump tariffs have caused currency prices to travel a longer distance in a shirter time. For instance normally EUR/USD used to move 10 to 20 pips in an hour before the Trump tariffs but after the tariffs EUR/USD moves almost 60 to 100 pips in one hour.
It is also more difficult for trends to sustain their run so you could see a promosing upward trend and before you know it it has reversed into a downward trend.
To buy United States shares at tiger brokers, I paid from 0.1 USD per share as tiger broker fees. To sell the U.S. shares I paid higher from 0.11 USD per share in tiger broker fees.
To buy less than one fractional U.S. share I paid from 1.023 USD per share and to sell less than 1 fractional share I paid around 1.033 USD per share.
A majority of the fees go to tiger brokers as commission and platform usage fees, while the remainder goes to the United States government.
Great of you to ask Asamoah!
To hedge an open trade for one instrument, you need to open another trade for an instrument that is negatively correlated to the open trade, so that losses from the first open trade will be offset by gains from the second/newly opened trade.
For example EUR/USD and USD/CHF are negatively correlated so when the price of EUR/USD is falling, that of USD/CHF will be rising.
If you opened a EUR/USD long trade and it is in a loss because EUR/USD is falling, you can open a USD/CHF long trade because USD/CHF will be rising.
The profit from the USD/CHF trade will offset some of the losses from the EUR/USD trade. The purpose of hedging in forex is to manage risk and lower your net loss.
Also check out FirewoodFX, their standard account offers up to 3000x dynamic leverage but they are not tightly regulated. Although I have not traded with them, a friend of mine has been saying they are an okay broker but do your own research.
For me, I have traded on both MT4 & MT5 and I think MT5 is a clear winner based on my needs.
1. MT5 has more time frames than MT4: I like to view the market through different moments in time and MT5 offers a higher number of timeframes than MT4. For example on the Hour time frame, MT5 has 1,2,3,4,6,8,12 hours while MT4 has just 1 & 4 hours only.
On the minute time frame, MT5 has 1,2,3,4,5,6,10,12,15,20 & 30 minutes while MT4 has just 1,5,15 & 30 minutes.
2. Wider Range of Instruments to Trade: most brokers don't offer stock, options & futures CFDs on MT4 but they all offer them on MT5.
3. MT5 comes with an inbuilt Economic Calendar: this is another feature I appreciate on MT5 because I can easily check when economic data will be released without having to leave the trading environment. Some brokers like Tickmill go a step further to insert economic calendar news release dates on the charts so you don't forget an important news event is coming.
Hey Robert, Oanda is one of those forex brokers without a minimum deposit requirement. I suggest before you make a deposit, you should use the Oanda demo account to place a similar trade and find out how much will be required to trade your desired lot size then make a deposit a little above that amount to make for free margin.
Oanda also has calculators that help you calculate how much margin you need for a trade but I prefer using the demo account to place the same trade then seeing how much margin I would need.
Oanda is also being bought over by a prop firm so I just thought i should throw that in.
IC Markets has no minimum deposit requirement, you can deposit as little as $1. IC Markets only recommends you start with $200 but you are free to deposit any amount you have.
When leverage is high, the amount of money needed to open a trade is low and those trading with small accounts are gonna love this.
But there is some bad news, when you go for high leverage you are going to be nervous all the time of the trade because drawdown can come very fast and losses are huge. Being nervous as a state of mind is bad for trading because it breeds fear which in turn breeds irrational thinking ultimately leading to loss after loss after loss.
I use a similar strategy as @Arthur I wait at the 15 minute time frame for the first NFP candle to form then after it forms, its upper wick is marked as my resistance and tits lower wick is marked as my support.
I wait for price to reach the support/resistance and bounce off before I trade. As you can see in the image, after the first NFP 15 minute candle, price fell and touched the support line below then started rising so in such a case you go long.
STEP 2: Specify lot size you want to take profit for
Input the volume or lot size you want to take partial profit for. In this example I had opened a 0.5 lot trade & wanted to take partial profit for 0.03 lots so I simply inputted 0.03 in the volume box.
Click on the "Close by Market" button to complete the action and take partial profit. Check the history of your trading account and you will see you have been credited with the partial profit.
STEP 1: Edit Your Order
Double click on your order so you can edit it. A shortcut for this is to double click on the order line on your chart which will open up the dialogue box you see in the screenshot attached here.
When the dialogue box opens, select "Market Execution"
The Similarities: copy trading and social trading involve automatically copying what another trader does and executing the same trades on your account.
The Differences: in copy trading, you cannot chat with anybody on the platform or interact with their posts (by interact I mean liking another persons trade, dropping comments on another persons strategy etc.). But in social trading, you can even form your own chat room and invite members or you join other chat rooms and share ideas. In social trading you can like another traders trades, you can drop a comment, and you can even share the trades/signals of another trader to your social media platform.
Halo there!
If I were talking to a beginner I would explain a stop loss as the highest amount of money you want to lose
I would also define a take profit as the highest amount of money you intend to make on a trade.
Beginners should keep in mind that while a take profit can be infinite, a stop loss is finite because it depends on your account balance. You cannot set a stop loss that is bigger than your account balance.