Hi Trading Floor team,
Welcome to the trading floor, Forex Kings wants you to be as successful as we are trading in the Forex Market.
I am sure you have a number of questions, however, please read through these FAQs before asking in the live chat.
Please keep in mind, Forex is a very high-risk investment, you should not trade with equity you can not afford to lose.
We lose trades, that is part of trading. Understanding risk management is the key to success in the Forex market. Forex Kings uses anywhere from a 1% risk to a 5% risk of our total balance.
The amount you chose to risk in the Forex market is solely down to your own discretion.
We highly recommend doing a training period on a demo account whilst you learn. It is better to make mistakes on a demo account rather than your real money.
All positions on this page are setups that Forex Kings are currently trading.
Here are a number of FAQs that you should read through.
- Should I close my trade I am in profit? This is entirely down to you when you close your trade, we set parameters for stop losses and take profits. However, Forex Kings also sends alerts out via text message and telegram of when we close out our trades or update our stop loss. Please do not keep asking if you should close your trade. This FOMO mentality is negative for the community. It encourages jumping in and out of positions which is a very bad trading habit.
- What is a market execution trade? A market execution is a live trade going in at the current market price. Everyone will have a slightly different entry depending on how long it takes you to place the trade.
- What is a BUY STOP, BUY LIMIT, SELL STOP and SELL LIMIT? These are pending trades. We want our trade to be activated at a certain level as the current price isn’t a great entry. Therefore we use a ‘pending order’ to set up a trade at a certain level.
- How do I place a trade? Please go to the section on the trading floor that says ‘how to use the trading floor’. There is webinar content that shows you how to place a trade using MT4. Please watch all of the training videos in the trading floor as well. There is an MT4 guide that you can download from your welcome to the trading floor email.
- Can I download MT4 on my MacBook? This will depend largely on the broker you have chosen to use. Focus markets offer a MAC version of MT5.
- My symbols on MT4 are greyed out and I can not place a trade… Please right-click on the symbols list and select ‘Show All Symbols’. This will show you the symbols you need to trade on. As you are on an ‘ecn’ account you will need to trade symbols with ecn at the end for example EURUSDecn. If you are using the MT4 mobile app please press the + button in the top right-hand corner and select Forexecn
- How do I trade Gold and Oil? There is a CFD cheat sheet in the trading floor. This will teach you how to calculate position sizes on CFDs. Each broker will have different position sizes, therefore you may need to consult with your broker.
- I am having trouble working out position sizes… Most of our new members use an app called ‘Stinu’. Please download this it will give you the correct position for each trade you complete. To get an understanding of position sizes, please open a demo account to get some practice under your belt.
Any further questions please jump into the live chat, or book a call using the book a call feature in the trading floor.