karkinase:

With the recent NFP news in favour of the greenback,that pair must fall yakata...I'm looking @ 250pips from that pair..

Allem:
boss good day, I want to open a live account that allows 0.01 lot size in indices, which broker can you suggest?

KrazzyAndy:

You use hot forex please what's their minimum deposit and how can i change my dollar account to naira cause their exchange rate is to high

Bornfool:
Idea ; he bi like say market don burst for the wicked pair wey give tough time
NZd/cad
As we can see on the monthly time frame this pair as been in a downtrend for years and price have also reach a key resistance, if we also take a look very well we will see a double top is about form

Checking the daily I can see a pin bar forming at that resistance. I will be selling the hell out of this pair.

Bornfool:
Idea; As we can see on GBP usd price have reach a key and I can see a long tail candle showing a sign of reversal because the overall trend
on the weekly is downtrend I will be placing a sell stop
below the long tail candle aiming for first target of 1to 1R and leaving the remain of the position run in profit

hidhrhis:

To further add to your point bro their is an ascending triangle their in which further shows the market will go down

Bornfool:
Idea; If you want money this week just be buying usdchf.
A clear pinbar show on a key support on the weekly timeframe and as we can see price as been ranging in that wedge pattern or pennant pattern for months
Checking the daily I can see an engulfing pattern showing on the daily I will be placing a buystop with 50 percent retracement on the weekly aiming for 1 to 1 R as my first target and leaving the rest position to run in profit

Bornfool:


You can also buy with 50percentage retracement of the daily engulfing. bar

saxy4c:
I'm certain you can get these info from their website.
You can't change a from one currency account to the other, you'd have to open another one.
I'm not a fan of trading in Naira, it's same margin requirements you'd need and a pip value is same when converted between both currencies but your Naira value and stability is quite unattractive to me.

russy:

databoy247:
Hello people. Please I am VERY new to Forex trading.

I have been learning via YouTube and reading materials, and I have learned A LOT (no money to pay for any school). I have understood to a large extent, the strategy I want to focus on (trends) and build my trading.

I have taken my time to learn and understand how to combine ADX, Moving Averages, Pabarolic SAR, and RSI, to determine trends, and then I also learned to use Support and Resistance to determine market entry (though still a bit tricky for me). My demos have been consistent with profits using this trend strategy.

MY MAIN PROBLEM:
I just can't wrap my head around the concept of leverage, margins, lots sizes, and volumes. No matter the book I read or video I watch, it's damn too confusing. So I need help.

I need someone to explain it to me using a VERY SIMPLE language that a 5-year old will understand.

E.g. If I want to start trading with $100, do I use leverage of 1:50 and a lot volume of 0.02?

I have heard a lot about risk management and how not to use above 5% of your trading capital. Now, what leverage, lot's size/volume do I set to trade with 5% of my trading capital per trade?

Please gurus, your help will be greatly appreciated.

Neroiam:


Risking 5% of your trading capital on a single trade means; if you have $100 AUM, $5 is what you're risking. This means, if a trade goes against you, you'll only lose $5.

PIP = Percentage In Point... This is represents the smallest change a currency pair can make.
If you make 50pips profit in a trade with a lot size is 0.01, your profit is $5 and vice versa.

LEVERAGE gives you access to trade more volumes. E.g with $100 AUM, you can trade a market of $1000. You only need to deposit $100, and choose a leverage of 1:100. Your broker will invest the balance of $900.

I hope this was helpful.

databoy247:


Thank you very much for your explanation. Things are beginning to get clearer.

The next question is. What leverage and lot size do I need to risk just 5% of my trading capital? If I am to deposit $100.

KrazzyAndy:

I understand but the value of it is too high naa

saxy4c:
Except I'm very wrong here or you just prefer to see 4600NGN in your account rather than 10USD then there is no difference.
10pips move on 0.01lot is 1USD
Same lot size and move on naira account is 4.60NGN.
So what's the difference?

KrazzyAndy:

Bro i understand but i don't have up to 40k
Na just 14k i get I'm considering using bet9ja to boost my funds no worries I'm totally in control

hidhrhis:
SAXY4C,bornfool,teemy i want to open a live account this week and was going through their requirement and i realize they are asking for personal id in which i have none other than my school id card
can i just snap my school id card front and back and put it their

teemy:


Driver's License
National ID card
International Passport
Local Government Form (Some will collect this)

It must be a unique means of identification issued by the government of your country.

P.S If you don't have the money to collect any of these, I recommend postponing your live account journey for another six months

hidhrhis:
SAXY4C,bornfool,teemy i want to open a live account this week and was going through their requirement and i realize they are asking for personal id in which i have none other than my school id card
can i just snap my school id card front and back and put it their

hidhrhis:
SAXY4C,bornfool,teemy i want to open a live account this week and was going through their requirement and i realize they are asking for personal id in which i have none other than my school id card
can i just snap my school id card front and back and put it their

Bornfool:


I only verified my account on XM broker
with
Bank account statement
Birth certificate
Certification of origin and
National Id card

If you have this 4 listed you can register on xm

saxy4c:
Do you have your nimc slip or voter's card?

saxy4c:
That's around 30usd and should meet their minimum requirements. I thought you needed people to play soccer for betnaija to work, anyways I'm totally lost with how that one works [I wanted to feel among with my friends some time back and asked them when the next match between Barca and Barcelona would be, ended up spending the rest of the table alone on the table lol ].
All the best bro.

Gasive:


Welcome back, Sir!

hidhrhis:

okay bro thanks a lot
but assuming i have national id card can i use it to open more than 1 account cos im thinking of using a friend own and he will also will be opening his own live account after he is done with demo trading