Threads
Is copy trading the same thing as social trading?
Replied 4 hours ago -
Wow, this is totally a great development. It will bring a level of sanity in the industry.
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Does playing chess help with trading?
Replied 5 hours ago -
I heard Magnus can remember 10,000 chess games meanwhile how many trading moves can you remember? LOL
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Trading is easy to learn but hard to master
Replied 7 hours ago -
Oohh, I get that now. Thanks for the clarification
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I stumbled across a warning from SEC that Nigerians trade forex at their own risk. Is forex trading legal in Nigeria? If not, what is stopping Nigerian authorities from licensing forex brokers?
Replied 7 hours ago -
I hear SEC now regulates crypto investment & trading in Nigeria so my guess is forex trading will follow soon.
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Is there a way to predict nfp direction?
Replied 7 hours ago -
It is highly dependent on the broker you are using, most low tier brokers will fail to execute the pending order but most tier-1 regulated brokers will always execute it although sometimes it may be executed at an inferior price. So, yea the pending order will get triggered but mind you the spreads are always high on such transactions.
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which economic news has the most impact on forex?
Replied 7 hours ago -
If I have to pick one, I would go with Interest Rate announcements especially those by the European Central Bank (ECB) and the US Federal Reserve
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| ⚖️Is Forex Trading in UK Legal? | Yes |
| ⚖️Forex Trading Regulator | Financial Conduct Authority (FCA) UK |
| 📅 Date Established | 2013 |
| Investor Protection | Financial Services Compensation Scheme (FSCS) up to 85,000 GBP |
| ✅No. of FCA Licensed Forex Brokers in UK | 15+ |
| 💰Average OTC FX Turnover for UK 2022 (BIS Survery) | 3.755 Trillion USD |
What is Forex Trading & How Does it Work in the UK?
Forex Trading is when you try to make profit from predicting if the exchange rate of a currency will rise against another currency.
To trade forex you pair two currencies together (example GBP/USD) & if you think the exchange rate of the pair will rise, you place a buy order for a specific quantity, to profit if you are right.
On the flip side if you think the exchange rate will fall, you place a sell order to benefit from the fall.
To be able to trade forex in the UK, you need to use the services of a forex broker whose function is to provide you the trading software, liquidity & enabling environment needed to trade.Forex trading in the UK is totally legit & is regulated by the Financial Conduct Authority (FCA) UK.
If you trade with an FCA licensed broker you are eligible for compensation up to 85,000 GBP if you suffer pecuniary losses due to broker bankruptcy etc.