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Thread: Essential beginner questions

  1. #11
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    I have no idea how to help you with your first question. I think you'd better contact the broker directly and ask them what they mean by that. As for your second quesiton, I would recommend EURUSD. Easy to predict, lots of info available on the net, usually this pair has the lowest spread as well. based my experience, I usually get 0.3 pip spread in TenkoFx

  2. #12
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    I think it depends on your broker, and i also never hold position as long as like that. I usually open position and close it in same day. Or when i want to hold it, i usually set SL and TP

  3. #13
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    Quote Originally Posted by Lucien View Post
    I think it depends on your broker, and i also never hold position as long as like that. I usually open position and close it in same day. Or when i want to hold it, i usually set SL and TP
    Yes, SL and TP can be used for trading if we are not ready to close our position any time. But when we want to set SL and TP, we must understand the market movement too. So we will set SL and TP correctly

  4. #14
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    Quote Originally Posted by CahCuncun View Post
    Yes, SL and TP can be used for trading if we are not ready to close our position any time. But when we want to set SL and TP, we must understand the market movement too. So we will set SL and TP correctly
    If we use SL and TP for trading, we will be more convenient, even we can try to maximize demo account to learn how to maximize SL and TP. SL and TP will be helpful when we are not ready for monitoring our order anytime

  5. #15
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    The most essential question is:-
    What is Forex?
    This is the most common question in a beginners mind: The name Forex comes from foreign exchange and it is specific to currencies market. After the accord from Breton Woods, that took place in 1971, the currencies were allowed to change freely against one another so their value started to vary.

    The commercial and investment banks took the opportunity and offered the process of exchange to their clients creating this way a speculative environment for trading on currency against another. The foreign exchange market started to be better known with the help of the internet and the online brokers.

  6. #16
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    Quote Originally Posted by james_smart View Post
    I am yet to understand the real concept of Metatrader4. It's usefulness for a first time forex traders and those who are trying to learn forex trading.
    It is a trading platform which is very convinient for beginners like you and I. You can hire any brokers to manage your account on it.

  7. #17
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    Quote Originally Posted by shirley.williams View Post
    You can hold a forex position as long as you want.

    They let you leverage 100:1 because they feel itís safe for them to let you do this. It doesnít mean itís a good idea and I never run my positions with that much leverage.
    True. high leverage is very dangerous. I always make sure mine is as low as it can be,even if some people still argue it's okay to have it high.

  8. #18
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    Quote Originally Posted by james_smart View Post
    I am yet to understand the real concept of Metatrader4. It's usefulness for a first time forex traders and those who are trying to learn forex trading.
    It is very convinient when you are new as it is designed in an easy way and allows you to add as many demo accounts as you want,from multiple brokers. Besides being a trading platform,it is also a learning platform.

  9. #19
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    Quote Originally Posted by fhj View Post
    True. high leverage is very dangerous. I always make sure mine is as low as it can be,even if some people still argue it's okay to have it high.
    I agree, but very often your leverage depends on your broker, not you wish.

  10. #20
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    Quote Originally Posted by fhj View Post
    It is very convinient when you are new as it is designed in an easy way and allows you to add as many demo accounts as you want,from multiple brokers. Besides being a trading platform,it is also a learning platform.
    Yes, demo account will teach us about basic of forex trading. if we want to get maximal result in demo account, it will not be a guarantee for us to get maximal result in real account too. It depends our effort.

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