Support for NEW Traders

[Resolve]

Hello Traders

Here i am allowing any of the forum member or trader ask any of the doubts 24/7/365 and i will try to answer each one of them as and when they ask. This is for the benefit of all the members as they will be able to take the benefits from experienced trader and thus save on time and the learning curve that is required.


New Traders ask anything

1. Currencies

2. Leverage

3. Volumes

4. News

5. Money management

6. Timings

7. Meta Trader problems

8. Other doubts


Note: This is not a topic for discussion but only for asking genuine doubts and questions.

[KingOfLeon]

Hello Traders

Here i am allowing any of the forum member or trader ask any of the doubts 24/7/365 and i will try to answer each one of them as and when they ask. This is for the benefit of all the members as they will be able to take the benefits from experienced trader and thus save on time and the learning curve that is required.


New Traders ask anything

1. Currencies

2. Leverage

3. Volumes

4. News

5. Money management

6. Timings

7. Meta Trader problems

8. Other doubts


Note: This is not a topic for discussion but only for asking genuine doubts and questions.

Hello nsawork, firstly I want to say what a amzing threads, congrats for you.

I want to asking to you and hopefully you can help me, I still confusing about dst time in forex market since i live in asian zone, can you explained for me about thats stuff more details. Thank you and best regards.

PS: Sorry for my lack english, since its not my native languange

[Resolve]

Hello nsawork, firstly I want to say what a amzing threads, congrats for you.

I want to asking to you and hopefully you can help me, I still confusing about dst time in forex market since i live in asian zone, can you explained for me about thats stuff more details. Thank you and best regards.

PS: Sorry for my lack english, since its not my native languange

You must use the Forex Time Zone Converter. Search in Google and you will get the Link.

Check for the City near to you in the Asia and you will get it.

Your English is ok my friend

[enjoylife]

Well thanks a lot for all your efforts and help and I know you will do a good job for this forum as well and make it or bring it up to the levels of one of the leading forums with your hard work , time and efforts. Kudos to you mate and hats off.

[ilearn2t]

Hello nsawork

Could you please give me some advice on my Leverage if possible please.

I'm currently in a contest run by FXOpen which involves 5,000 deposit ($500) and 1:100 leverage, but hope to setup a "standard" account using 4 different pair (EUR/USD GBP/USD USD/CHF USD/CAD) all buy orders at 0.1 lot size with a 20,000 ($2,000) deposit, I might need to add one or two new pair about 100 pips below buy order level, would it be best for me to use 1:000 or go with 1:500 leverage.

On my "micro" account $20 is a slight risk at 0.10 lot size using the same format as above with 1:500.

Any advice/help would be appreciated.

Example: Would it just be best for me to hold off until I increase my deposit.

Thanks
ilearn2t

[Resolve]

@nsawork i most say you doing a nice job but do you have any reason why i was banned before in this forum.

It could be a mistake, so nothing to worry about. If you follow the Rules you will never get a Ban.

I think you must have received notification from the moderator who has banned you. The reason sould be in that notification.

yes nsawork is good moderator. i think he is new moderator in fxopen. he is doing well

Well thanks a lot for all your efforts and help and I know you will do a good job for this forum as well and make it or bring it up to the levels of one of the leading forums with your hard work , time and efforts. Kudos to you mate and hats off.

Please do not do such kind of posts here as it is only for asking questions

[Resolve]

Could you please give me some advice on my Leverage if possible please.

Any advice/help would be appreciated.

The Best setting for Leverage is 1:50


Why keep such a low Leverage?

1. Using a low leverage you will be limited to how much risks you can take in any trades.

2. Even when we have done all things right still any trade can go against us as some News can come over which you will have no control or idea and suffer a major loss.

3. If the loss / profits we make is small it will not matter even for a 100 pip loss.

4. High leverage is very much risky.

In USA anyone who is using more than 1:50 Leverage can be in trouble as they decided that more than that Leverage in Forex is considered to be Gambling which they will not allow.

[ilearn2t]

Hello nsawork

Thanks, the low leverage seems to be the main killer.

Safe trading
ilearn2t

[zidane88]

Will ask you now for leverage
Is the availability of leverage in the case of capital to be Trader and whether $ 100,000 is the availability of leverage up to 1:100

[berich]

nsawork I would want if you can talk more about your number 4 in the list which is News. How do we interpret the news successfully to trade high impact news.

[seahawks90]

The Best setting for Leverage is 1:50


Why keep such a low Leverage?

1. Using a low leverage you will be limited to how much risks you can take in any trades.

2. Even when we have done all things right still any trade can go against us as some News can come over which you will have no control or idea and suffer a major loss.

3. If the loss / profits we make is small it will not matter even for a 100 pip loss.

4. High leverage is very much risky.

In USA anyone who is using more than 1:50 Leverage can be in trouble as they decided that more than that Leverage in Forex is considered to be Gambling which they will not allow.

I always told the same thing to a lot of traders and today i want to say thanks to you that you have provided us a great information and i must say that we also have to follow the same rules which USA traders are following, because there is no need to take unnecessarily risk with high leverage account.

Thanks for the great information @nsawork.

[janknoah]

@nsawork, i need a strict money management rule, does leverages used has anything to impact our money management rules? Thanks

[Resolve]

Will ask you now for leverage
Is the availability of leverage in the case of capital to be Trader and whether $ 100,000 is the availability of leverage up to 1:100

Leverage does not depend on the Capital at all. Even with 10$ capital you can have the maximum allowed Leverage by the broker as 1:500.

Yes but their will be a limit for the amount till you can get 1:500 leverage, after which it will come down as per the Broker.

nsawork I would want if you can talk more about your number 4 in the list which is News. How do we interpret the news successfully to trade high impact news.

You will have to look at the Economic Calendar and see which news are coming. And then see the Forecast for that news and then see the trades in the Demo account and try to understand the movements accordingly.

With a lot of practice in Demo News trading you can start in the Real.

@nsawork, i need a strict money management rule, does leverages used has anything to impact our money management rules? Thanks

Strict Money Management Rules

1. Invest 100$ in Real trading account with 1:50 Leverage.

2. Just trade in any 1 currency at a time.

3. Prefer a currency you are comfortable with and has a low Spread.

4. You must open 0.01 Standard lots = $0.10 per pip.

5.For a 100 pip loss = 10$ lost

6. For a 100 pip gain = 10$ profits

7. Stop Loss = 30 pips

8. Take Profits = 50 pips to 120 pips

[janknoah]

Thanks alot for that information, i will try that out, and see because i usually prefer higher leverages

[puji]

Leverage does not depend on the Capital at all. Even with 10$ capital you can have the maximum allowed Leverage by the broker as 1:500.

Yes but their will be a limit for the amount till you can get 1:500 leverage, after which it will come down as per the Broker.



You will have to look at the Economic Calendar and see which news are coming. And then see the Forecast for that news and then see the trades in the Demo account and try to understand the movements accordingly.

With a lot of practice in Demo News trading you can start in the Real.




Strict Money Management Rules

1. Invest 100$ in Real trading account with 1:50 Leverage.

2. Just trade in any 1 currency at a time.

3. Prefer a currency you are comfortable with and has a low Spread.

4. You must open 0.01 Standard lots = $0.10 per pip.

5.For a 100 pip loss = 10$ lost

6. For a 100 pip gain = 10$ profits

7. Stop Loss = 30 pips

8. Take Profits = 50 pips to 120 pips

calculations are very useful and good to use money management I will try it hopefully can get a lot of benefits to achieve success in the forex business.