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HOW MUCH MONEY DO I NEED TO START TRADING FOREX

Articcle Contents

*Minimum Investment for Forex Trading – Why Is It Important?
*Start Forex Without Sufficient Capital
*Forex Trading – How Much Money to Start With?
*What Makes a Good Risk Management System?
*Conclusion

One of the biggest problems facing the Forex retail trader relates to how much money needed for Forex trading. A proper answer to this question is not an easy one – it deserves special attention.

Different factors come to the equation. For instance, the trading strategy involved. Or, the expectations from Forex trading.

Some traders prefer to jump in and out of a trade quickly. Called scalpers, they aim to trade each single market move. For them, small amounts of money to “play” the market are enough. However, being consistently profitable using such strategies is a challenge.

Other traders prefer to keep positions open for a more extended period. Swing traders, as they’re referred to, they need more capital for available margin because the swing strategies used to require a wider stop.

Investors, on the other hand, tend to keep a position open for a longer time. Often, they trade ahead of the curve, right at the peak of the business cycle or before contraction ends. To sustain such long periods until the market turns, investors require large amounts of capital sitting idle in the trading account.


Read more at https://blog.fxopen.com/how-much-money-do-i-need-to-start-trading-forex/

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radex78

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USD/CAD Technical Analysis


The US Dollar made a couple of attempts to surpass the 1.3270 resistance area against the Canadian Dollar. However, the USD/CAD pair failed to continue above 1.3270 and started a fresh decrease.

It broke a couple of important supports near the 1.3250 level. Additionally, there was a break below a major bullish trend line with support near 1.3255 on the hourly chart.



The pair even broke the 1.3240 support and the 50 hourly simple moving average. It is now trading near the last swing low at 1.3218. An immediate support is near the 1.3210 level.

Besides, the 1.236 Fib extension level of the upward move from the 1.3218 low to 1.3251 high is also near the 1.3211 level. If there is a downside break below the 1.3210 support, the pair could decline further towards the 1.3200 support.

The 1.3200 support holds a lot of importance since it is close to the 1.618 Fib extension level of the upward move from the 1.3218 low to 1.3251 high.

Therefore, a downside break below the 1.3200 support area might start a major decline. The next major support is near the 1.3160 level.

Conversely, if there is an upward move, USD/CAD might face resistance near the 1.3240 and 1.3250 levels. The main resistance is near 1.3250 since it coincides with the 50 hourly SMA.

Read more at https://blog.fxopen.com/gbp-usd-rising-while-usd-cad-is-correcting-gains/

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radex78

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XRP/USD analysis


From yesterday’s high at $0.266 the price of Ripple decreased by 8.27% as it fell to $0.24407 at its lowest point today around which it is currently being traded. The price fell sharply to the 0.786 Fibonacci level and found support above the ending point of the previous 2nd wave



Looking at the hourly chart, we can see that after the five-wave move to the upside ended we have seen two ABC corrections with the decrease from the 7th of November being its third one. If this third ABC correction ended and it looks like it could have, now we are to see the start of the next five-wave move to the upside.

Although this will be evaluated from the momentum behind the increase we could see the price going above the previous high. In that case, the expected move would be the 3rd of the higher degree count but like in the case of Bitcoin it also can be the C wave from yet another corrective structure.

Read more at https://blog.fxopen.com/btc-and-xrp-has-the-correction-ended/

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radex78

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The winners of The Lord of the Crypto 5 Contest Announced


The Forex contest for crypto fans "The Lord of the Crypto" ended on November 15. For four weeks, more than 600 participants were deeply involved in the competition for the prize money of 3,000 USD.




So, we are happy to announce the contest winners:

1 Pablo (Ukraine): account number – 3043116; balance – $13937.65; prize – $525 (can be withdrawn) + $525 as a bonus;

2 Salimjon Abdurazakov (Uzbekistan): account number – 3042398; balance – $13603.78; prize – $375 + 375 as a bonus;

3 gladkiyya (Russia): account number – 3042605; balance – $13490.26; prize – $150 + $150 as a bonus;

4 Vasyl Nosal (Ukraine): account number – 3042535; balance – $12065.75; prize – $120 + $120 as a bonus;

5 Aleksandr Sasyuk (Ukraine): account number – 3042851; balance – $11408.83; prize – $90 + $90 as a bonus;

6 Captiva (Uzbekistan): account number – 3042947; balance – $11377.88; prize – $75 + $75 as a bonus;

7 MD Ziaul Haque (Bangladesh): account number – 3042282; balance – $10632.47; prize – $60 + $60 as a bonus;

8 Denis Dydzik (Belarus): account number – 3042572; balance – $10534.11; prize – $45 + $45 as a bonus;

9 Ihar Toupik (Belarus): account number – 3043127; balance – $10438.55; prize – $30 + $30 as a bonus;

10 Khaled Saad (Lebanon): account number – 3043117; balance – $10238.4; prize – $30 + $30 as a bonus.


We congratulate the winners of "The Lord of the Crypto"! The prize money will be added to the participants' accounts in any cryptocurrency available with FXOpen at the exchange rate at the moment of prize crediting or in USD.

Please note that 50% of prize cannot be withdrawn and is intended only for trading on Crypto accounts. To get the money, you will have to open a Crypto account by yourself and email us its number at info@Forexcup.com. The profit from trading can be withdrawn at any time via any payment system available with FXOpen.

Useful links:

1 "The Lord of the Crypto" thread in forum ForexCup;

2 Faq;

3 AFXOpen crypto account.

Source https://www.forexcup.com/results/the-winners-of-the-lord-of-the-crypto-5-contest/

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radex78

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EOS/USD analysis


At the start of the week, the price of EOS was sitting at $3.425 at its open. From there we have seen a decrease of 13,45% measured to its lowest point today at $2.964 around which it is currently being traded.





Looking at the hourly chart, you can see a similar pattern developing like in the case of Litecoin as a breakout from the ascending triangle has been made. Unlike in the case of Litecoin, the price of EOS hasn’t reached its lower horizontal support level but the resistance point of the horizontal range prior to the spike to the downside on the 24th of October. This is why we could see further depreciation to the lower horizontal level at $2.86

This could still be an ABC correction after the five-wave impulse wave to the upside after which another increase would be seen. But we could be seeing another corrective increase after which would end this move on the third wave and lead the price of EOS for a lower low.


Read more at https://blog.fxopen.com/ltc-and-eos-breakout-momentum-still-strong-but-recovery-expected-soon/

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radex78

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Changes to CFD Trading Hours on Thanksgiving 2019

Dear Traders,

Please be aware of the Trading Hour Schedule for the Thanksgiving Holiday from 28th November 2019 to 29th November:

Thursday, November 28th, 2019

Forex pairs - normal trading hours;
Metals - trading ends at 20:00 (GMT+2);
Oil and Gas - trading ends at 19:45 (GMT+2);
Crypto pairs - normal trading hours;

Indices:


  • Japan 225 – trading ends at 20:00 (GMT+2);
    US SPX 500 – trading ends at 20:00 (GMT+2);
    US SPX 500 (Mini) – trading ends at 20:00 (GMT+2);
    US Tech 100 – trading ends at 20:00 (GMT+2);
    US Tech 100 (Mini) – trading ends at 20:00 (GMT+2);
    Wall Street 30 – trading ends at 20:00 (GMT+2);
    Wall Street 30 (Mini) – trading ends at 20:00 (GMT+2);
All other financial instruments will be traded as usual.

Read more at https://www.fxopen.com/en/about-us/news/trading-hours-on-thanksgiving-2019

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radex78

Active Member

Gold Price Technical Analysis


Recently, gold price failed the break the $1,478 and $1,480 resistance levels against the US Dollar. It failed to continue higher and started a renewed bearish wave below the $1,470 level.

Moreover, there was a break below the $1,468 support and 50 hourly simple moving average. Finally, there was a break below a major bullish trend line with support near $1,465 on the hourly chart of gold.




The price traded close to the $1,460 support area and a low was formed near $1,462. At the moment, the price is consolidating losses above $1,460. An immediate resistance is near the 23.6% Fib retracement level of the recent decline from the $1,475 high to $1,462 low.

On the upside, there are many resistances on the upside near the $1,468 and $1,470 levels. There is also a connecting bearish trend line forming with resistance near the $1,468 level on the same chart.

Read more at https://blog.fxopen.com/gold-price-under-pressure-while-crude-oil-price-is-rising/

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radex78

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EUR/GBP Technical Analysis

The Euro started a decent upward move from the 0.8520 support area against the British Pound. The EUR/GBP pair broke a few key resistances near the 0.8550 level to move into a positive zone.

Moreover, there was a close above the 0.8560 level and the 50 hourly simple moving average. The increase was such that the pair tested the 0.8600 resistance.



A high was formed near 0.8604 and the pair recently started a downside correction. It tested the 0.8570 support and it is trading nicely above the 50 hourly simple moving average.

An immediate resistance is near the 0.8580 level. The first key resistance is near the 0.8585 level since it is near the 50% Fib retracement level of the recent drop from the 0.8604 high to 0.8568 low.


Read more at https://blog.fxopen.com/gbp-usd-and-eur-gbp-british-pound-trimming-gains/

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radex78

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XRP/USD analysis


The price of Ripple has continued decreasing from the last week’s interaction with the support level at $0.244 and came down to $0.20865 at its lowest point yesterday. From there we have seen an increase of 9.05% as the price came up to $0.22591 at its highest point today.



On the hourly chart, we can see a similar picture like in the case of Bitcoin especially the interactions with the Fib level as the price found support on the 1.272. The price fell below the previous low at $0.2276 with strong bearish momentum indicating that we are still in a corrective stage of a higher degree and invalidating the possibility of the developing impulse wave.


Read more at https://blog.fxopen.com/btc-and-xrp-impulsive-move-to-the-upside-invalidated/

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radex78

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FXOpen Announces Multiple Black Friday Offers!

Dear Trader,

Black Friday is coming and here at FXOpen, we’ve got great offers available for everyone; whether you’re thinking of signing up with FXOpen or you already have an existing trading account with us.



'Black Friday - Cyber Monday' offers period will last from 29th November 2019 till 2d December 2019.

New Client? Receive a 5% Deposit Bonus

  • Register and verify your account during pre-Black Friday period
  • Deposit during Black Friday - Cyber Monday period (29.11.2019 - 02.12.2019)
  • Receive 5% deposit bonus on your trading account

Existing Client? Trade Commission Free!

  • Trade on ECN account
  • Get all ECN commissions paid back

To learn more about FXOpen Black Friday offers, please see this page.

We wish you profitable trading!

Follow update at Facebook, Twitter dan Telegram.


FXOpen Customer Service
E-mail: support@fxopen.com
Live Chat (24/5)

source https://www.fxopen.com/en/about-us/news/multiple-black-friday-offers
 

radex78

Active Member

EOS/USD analysis


The price of EOS was sitting at $2.357 at its lowest point on Monday from where we have seen an increase of 15.76% measured to its highest point yesterday at $2.7288. A minor retracement has occurred with the price currently sitting slightly lower than yesterday but is above the previous minor high retesting its resistance for support.



On the hourly chart, we can see that like in the case of Litecoin the price made a lower low compared to the one at $2.66 which is actually currently being tested for resistance. This means that the corrective stage still hasn’t ended and that further lows could be expected before its completion.

Black Friday Offer

Read more at https://www.fxopen.blog/ltc-and-eos-recovery-seen-but-for-how-long/

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radex78

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GBP/JPY Technical Analysis


Earlier this week, the British Pound formed a strong support near the 140.00 level against the Japanese Yen. As a result, the GBP/JPY pair started a strong upward move above the 140.50 and 141.00 resistance levels.

Moreover, the price climbed above the 141.50 level and the 50 hourly simple moving average. A high was formed near the 141.84 level and the pair is currently correcting lower.




Black Friday Offer

Read more at https://www.fxopen.blog/eur-jpy-and-gbp-jpy-primed-for-more-gains/

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radex78

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GBPUSD analysis

GBPUSD is moving in ranging market conditions on the H4 time frame, where the Keltner channel gives an indication of dynamic support and resistance.

The price broke through the channel's top, and gave an indication of rising market volatility, on the FXOpen chart.

This morning there was no gap that occurred in this pair, so by taking into account the price currently at the top of the channel, the possibility of a descending movement can occur at the beginning of this week.

The market trend is quiet on Monday, towards the end of this year, the market changes are not very large



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radex78

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USD/CAD Technical Analysis


The US Dollar remained well bid above the 1.3250 and 1.3260 support levels against the Canadian Dollar. However, the USD/CAD pair failed to continue above 1.3300 and 1.3310 resistance levels.

The last swing high was formed near 1.3313 before the pair declined and revisited the 1.3260 support area. A low was formed near 1.3267 and the pair is currently correcting higher.



It is trading above the 1.3280 level and the 50 hourly simple moving average. Besides, it is testing the 50% Fib retracement level of the last decline from the 1.3313 high to 1.3267 low.

On the upside, there are many resistances near the 1.3295 and 1.3300 levels. Additionally, there is a crucial bearish trend line forming with resistance near 1.3305 on the hourly chart.


Read more at https://www.fxopen.blog/gbp-usd-and-usd-cad-are-likely-to-continue-higher/

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radex78

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XRP/USD Analysis


From last Friday when the price of Ripple came up to $0.23307 we have seen a decrease of 5.78% as the price came down to $0.2199 at its lowest point yesterday which is again currently being retested for support.



On the hourly chart, you can see that the price is made a five-wave recovery similar like on the chart of Bitcoin and formed an ascending triangle. With the price decrease now retesting the horizontal support we are yet to see if the support is present.


Read more at https://www.fxopen.blog/btc-and-xrp-have-we-seen-a-leading-diagonal/

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USD/JPY Technical Analysis


The US Dollar struggled to clear the 109.70 and 109.80 resistance levels against the Japanese Yen. As a result, the USD/JPY pair started a strong decline below the 109.50 support area.

Moreover, the pair traded below a couple of important bullish trend lines near 109.50 on the hourly chart. The decline was such that the pair tumbled below the 109.00 support and the 50 hourly simple moving average.



Finally, the price traded below the 108.65 support and a new weekly low was formed near 108.48. The pair is still trading with a bearish angle below the 108.65 level.

An immediate resistance is near the 23.6% Fib retracement level of the recent decline from the 109.20 high to 108.48 low. If there is an upside correction above the 108.65 level, the pair could test the 108.80 resistance.

Read more at https://www.fxopen.blog/eur-usd-recovering-while-usd-jpy-tumbling/

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EOS/USD Analysis


The price of EOS has also broken out from its ascending range but fell only by 7.36% from its highest point on Sunday at $2.81 to 2.61. Like in the case of Litecoin the price spiked to the upside yesterday coming to retest the 0.786 resistance level but shortly fell back to the levels from which the increase was made.



Looking at the hourly chart, we can see that the price of EOS formed an ascending channel in which the price moved in a five-wave manner. This could be interpreted as a leading diagonal especially considering that this occurred after an interaction with the 1.272 Fibonacci level and the decline from the breakout momentum out of the ascending triangle.

Read more at https://www.fxopen.blog/ltc-and-eos-corrective-retracement-or-downtrend-continuation/

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Oil Price Technical Analysis


This week, there was a nice upward move in crude oil price from the $55.40 support area against the US Dollar. The price even climbed above the $56.50 resistance area to move into a positive zone.

Furthermore, there was a break above the $57.00 hurdle and the 50 hourly simple moving average. More importantly, there was a break above a major bearish trend line with resistance near $57.15 on the hourly chart of XTI/USD.



It opened the doors for more gains above the $58.00 level. The price traded as high as $56.02 and it is currently correcting lower. It is testing the 23.6% Fib retracement level of the recent wave from the $55.31 low to $59.02 high.

On the downside, there are many supports near $57.75, $57.70 and $57.60. The 50 hourly simple moving average is also near the $57.75 level.

Besides, the 38.2% Fib retracement level of the recent wave from the $55.31 low to $59.02 high is near $57.17. If there are more downsides, the price could revisit the $57.00 support area.

Conversely, crude oil price could resume its upward move above the $58.50 and $59.00 resistance levels in the near term.


Read more at https://www.fxopen.blog/gold-price-and-crude-oil-price-likely-to-rise-further/

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GBPUSD outlook


The highest interest rates by the Federal Reserve and the European Central Bank will probably keep investors busy this week, and also the UK general election which will determine the direction of Brexit.

The market will also be watching the headlines of US President Donald Trump's global trade war ahead of the upcoming December 15 deadline for a new stage of US tariffs on Chinese imports.

The US dollar rose on Friday, stopping five days of losses in a row, as data showed the US economy created far more jobs than expected in November which underlined expectations that the Fed will remain stable after cutting interest rates three times this year.



Dollar profit is still normal despite strong employment figures, however. The greenback was hit earlier in the week due to the many bleak figures on private payrolls, services, manufacturing and construction spending, all of which indicate that the economy is slowing down.

Friday's employment report provides relief from all pessimism and from the ongoing uncertainty over the status of US-China trade negotiations.

The dollar still posted its worst weekly percentage loss in more than a month despite Friday's gains.

Source reuters

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EUR/GBP Technical Analysis

The Euro remained in a bearish zone below 0.8550 against the British Pound. The EUR/GBP pair broke a few key supports near the 0.8460 level to enter a bearish zone.

Moreover, there was a close below the 0.8440 level and the 50 hourly simple moving average. The pair traded as low as 0.8410 and it is currently consolidating losses.



Read more https://www.fxopen.blog/gbp-usd-and-eur-gbp-british-pound-surging/

Forex-school-1-2020 contest registration started https://www.forexcup.com/tournaments/forex-school-1-2020/

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