Technical analysis is based on data. OHLCV, spread/fees, and time.
It also helps to understand fundamentals, no doubt about it.
You are not personally selling anything. Whatever you are doing that works for you is all good!
The podcast mentioned mentors scamming traders by selling them systems that do not work and referring them to unscrupulous brokers that B list the traders.
If someone has a purely technical system, I can program it. It’s data. Cartesian coordinates, not rocket science…
When a mentor is full of it and shows their hand, I can prove it. I encourage other traders to do the same.
You don’t even need to program. Look at historical charts and news. See if the system works. Do it by hand if you must, but by all means do the due diligence. Even if it includes fundamentals, look at historical news results alongside charts.
There are great mentors out there too. Traders will find them faster if they can bypass the con men.
As an example, a user on Babypips shared his purely technical system on GBPJPY many years back. 70% win ratio while it was working… If you run the numbers during the time period he was trading it, you will see that everything he said was spot on.
The numbers do not lie.
Don’t fall for con men. They are many and they are good at what they do.
Refer to historical data
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Even I availed this offer and yes, you will need to request reimbursement. I did that through their live chat support. I was expecting this to happen in few minutes, but they took down my details and told me it would be done in 24 hours. I got my reimbursement the next day itself.
Also, it does make sense to get reimbursement on the biggest loss, but I was a little skeptical about their offer, hence availed it immediately.
so are you saying its only a matter of time before eaglefx doesnt accept us clients aswell. I might have to save my profits and gain enough capital so when this happens 1:50 leverage(IG) wont be that bad.
Yeah, 50:1 if you only trade EURUSD, USDCAD and EURCAD. Otherwise you’re looking at 33:1 and 20:1 on GBP pairs. If you want to trade 2 standard lots of GBPUSD with a 30 pip stop, you’re risking $600. With a US based, CFTC regulated broker that trade requires 10K in margin. It’s absurd.
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I have been told by my Account Manager from Turnkey Forex about their Act Trader platform. I was informed that it is a new trading platform with much more advanced functionalities. Anyone here using the Act Trader platform and can throw a light on the same?
I’ve been getting a lot of slippage with ProsperityFX on the smaller timeframes lately. Really don’t like that and might have to shelve them if it doesn’t improve.
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No, stick with eaglefx they are rock solid
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Eaglefx is good, so don’t give up on the broker. If you are worried about them not accepting US clients in the near future, then you can always open accounts with other trusted offshore brokers.
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I have been using Act Trader for some time now with Turnkey Forex. Initially it was difficult to move from MT5 to Act Trader but I love to explore new things, so gave Act Trader a try. Now after a month, I prefer it over MT4 and MT5, mainly because of the customization it offers. At the same time, it is easy to use stops and limits on Act Trader. It has all the functions of MetaTrader and more.
I have, its an old platform. it ok, but a bit clunky. to exit a trade you have to change screens which is a pain.
I also notice from time to time there is a discrepancy of upto 1.5pips when you watch it side by side with other live feeds.
I left turnkey due to not being able to withdraw funds to a bank account, apparently only crypto. I also had an instance where i was locked out of act in the middle of a trade, there tech support basically said bad luck, we cant help you. gave me an very uneasy feeling.
Welcome to our community JattradeFX.
I agree with you, Turnkey Forex allows you to withdraw funds only through crypto if you have made a deposit through crypto. But if you made a deposit through Bank Wire, then the withdrawal will also happen through Bank Wire.
You faced a lot of issues with Turnkey. Luckily I have all the good things to say about the broker. In fact, if talking about their customer service, it comes only next to Coinexx for me.
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I should say, it wasn’t all bad, there spreads are good and minimal if any slippage and customer service is generally perfect.
Maybe i’ll give them another go, the leverage also helps get that little extra out of a trade.
Anyone else’s Live ProsperityFX accounts down right now? I had freezes yesterday, now I can’t even log in. Chatting with support right now
my Demo account stopped printing candles at 16:45 too
We are aware of the current issues and we have all our team working on it as we speak. We kindly ask for your patience until the matter is resolved.
It is the server technical issue, please.
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is it me? is it my personal vibration? first FXChoice has issues, now these guys?
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this is PRECISELY the reason why you want to trade with multiple brokers. If one goes down, you can still make a living jumping into another broker
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Same here. What did you find out from them? When I login to the back office, I can’t see the MT4 account. Error says ‘no rows found’.
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still chatting with them. they said they are aware of the issue and working on it, blah blah blah
I understand systems are imperfect. I understand Chaos theory rules the world. But they have literally ONE JOB in the entire universe - let their traders trade. Why don’t they have backups to their backups? Guess they can’t afford it.
Do you have open trades? I do not. I was thinking of trading DXY with them if it bounces. I’m interested to see how they handle it and recover. Also, if they comp you for missed stops or fills?
no open trades. I was just about to enter a Dow, but decided not because it was too volatile. Would’ve won, but might still be partially in it too. Their robot chat system timed me out too, so I’m out of the loop.