S
Sizwe Twala
@sizwe_twala
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4 days ago
Risk Management is Key
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I trade xauusd actively and for Kenyan traders the best time to trade gold is during Frankfurt/London session open which is from 9 am Kenyan time. You can make a good 20 pips profit by this time if you know what you are doing.
yes I know. What I was also trying 2 say was if one is to exit a trade, there must be a reversal candlestick pattern that formed and that warrants exiting. Like in the screenshot 5 min NAs100 a reversal pattern is seen at the bottom
$14 is not massive profit though, if the bearish trend is still strong there is no need to close it.
how can we keep a tab on momentum? Are we considering technical indicators? Which indicator do you recommend and why?
I always say the first thing any beginner should learn in trading is how to mark out sessions and time capsules on a chart. Its like the most overlooked thing by beginners.
It essentially depends on what timezone London is using at the moment. So, ask yourself what is London's timezone now? As we spreak, London is using UTC time while Nigeria is using UTC+1 this means that London session will start by 8 am in London and will start by 9 am in Nigeria.
Wicks show you the highest and lowest levels price has reached during a certain period of time. If you are into technicals, wicks cannot be overlooked.
A good trading strategy is repeatable meaning it has to be something that can be traded on a daily basis.
It also have risk management in it, meaning a stop loss & take profit target. A good strategy doesnt have to work 100% of the time, even 30% is okay.
Just ensure that when it doesnt work, you dont jump back into the market and revenge trade (accept your loss & walk away); and when it does work, you keep adding to your winning positions.
sorry about your loss, I think take profit targets should be realistic and not based on greed 🤣but i feel you though. As for forex vps i have not used one before but i understand its for hosting trading robots and not for manual trading. I may be wrong and stand to be corrected.
Webull is present here in SA but remember that to buy international shares, you need to get your tax clearance certificate from the South African Revenue Service and this certificate is only valid for one year.
Out of the MetaTrader demo accounts I have used so far, Exness MT5 demo account & Just Markets MT5 demo account were the best for the following reasons:
1. You can change your demo account balance from your personal area (no need to send an email to customer support for change of balance; its inconvenient).
2. These demo accounts do not expire early.
3. Their trading platforms are stable and do not lag or crash
4. They offer high leverage up to 1:3000
5. They support multiple account currencies
Yes, you are correct that the Tickmill no deposit bonus is $30 but several countries are banned. See the list of banned countries: Belarus, Bangladesh, Côte d’Ivoire, Colombia, Algeria, Egypt, Brazil, Angola, Argentina, Bolivia, Western Sahara, Jordan, Hong Kong SAR China, Indonesia, Lebanon, India, LN, Sri Lanka, Libya, Lesotho, Macao SAR China, Morocco, Thailand, Uganda, Palestinian Territories, Mexico, Tunisia, Taiwan, Vatican City, Venezuela, South Africa, El Salvador, Mozambique, Chile, Costa Rica, Dominican Republic, Ecuador, Guatemala, Honduras, Paraguay, Peru, Uruguay, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom, Ghana, Zimbabwe, Vietnam, Nigeria, Australia, Austria, Belgium, Pakistan, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Equatorial Guinea, Estonia, Finland, France, Germany, Greece, Greenland, Hungary, Iceland, Ireland, Italy, Kosovo, Latvia, Liberia, Liechtenstein, Lithuania, Luxembourg, Malta, Gibraltar, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Sierra Leone.
If your country is not on the above list, then you can get the Tickmill $30 bonus without making any deposit.
Once you create your Tickmill account, a special Welcome Account is created for you to warehouse your $30 bonus.
The welcome Account has a 60 day lifespan after which it will be closed.
During the lifespan of the Welcome Account, you must trade with it and if you make profits you will be required to open a live Tickmill account, fund it with the mandatory $100 minimum deposit, then transfer your profits to your live account.
The Tickmill bonus is not withdrawable but the profits are.
AvaTrade minimum deposit in ZAR is 1,950 ZAR which is an equivalent of 100 USD. They also have ZAR account so you can avoid currency conversion fees.
AvaTrade allows you access the DupliTrade platform for copy trading. If you want to deposit into DupliTrade, the minimum deposit is 2,000 USD.
AvaTrade does not accept PayPal in South Africa but you can deposit in ZAR currency via cards, skrill, neteller & bank wire.
In Kenya, Nasdaq (aka nas100) is best traded during the New York session between 4 PM and 12 Midnight Kenyan time.
Nasdaq is most active during working hours of the Nasdaq stock exchange in NY which is between 4 PM and 12 Midnight in Kenya.
The trading time may seem odd but remember that Kenya is 8 hours ahead of New York so while it is morning in NY, it will be afternoon in Kenya.
Every time you open a trade, you must always start with a loss (negative balance) which represents the spread.
This loss is artificial because it is put there by your forex broker as a means of them generating revenue from your trade.
So, the early stages of your trade is always spent trying to overcome the spread and become profitable.
If you exit your trade without overcoming the spread, you will be exiting with a loss which is already deducted from your account balance.
So, yes the spread affects the profit you would have made because it is deducted from your account balance at the beginning of every trade.
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