Hello Subscriber, If you are not yet a subscriber, please subscribe so you can receive notifications on weekly economic news and other publications. This week we have 26 major economic releases with 2 Central Banks in the spotlight (Bank of Canada/BOC and European Central Bank/ECB)
Always understand that the markets do not move randomly, they are affected by such economic news. Incorporating fundamentals into your day trading helps you plan your trading week, spend less time studying charts day and night and be able to trade while having your 9-5 job, school or a business. I have published an episode on my podcast titled “why you shouldn’t ignore fundamentals” you can listen HERE.
If you live in South Africa, you are aware that we are facing a big challenge with our electricity and have daily load-shedding. During load-shedding, the network gets affected and we sometimes experience a very slow internet connection.
When you have incorporated fundamentals, you can also plan around it and ensure that you don’t schedule any trading sessions during that time. This is to avoid a situation where you find yourself stuck in trades. If you have been trading but only relying on technical analysis and wish to start incorporating fundamentals and to learn how the markets work, WhatsApp +27 78 144 6851 to enroll for my fundamental analysis course, mentorship, and coaching.
Kindly share this app with your peers. Below is our weekly economic calendar. Thank you for stopping by. Happy trading.
Hello amazing readers and subscribers, it’s good to have you here. If you just stumbled upon this blog, a warm welcome to you as well. Please feel free to subscribe for future publications. Locate a subscribe button on the sidebar, add your email address, click on subscribe and an email will be sent to your mailbox (could lend on spam/junk folder). Open the email and confirm by clicking the link. Please be assured that your email address will never be used for spam emails but only for notifying you of a new publication whenever there’s one.
What channel and why?
A few years ago in 2013, I decided to start this blog to share my trading experiences and also to share realistic and practical Forex trading tips that I believe anyone can use. I must say, I never expected so much growth in terms of getting my message across. It has been a great pleasure to be able to change people’s mindsets and how they view Forex trading through this blog. I am totally grateful to you as well for subscribing, reading and sharing the blog posts. You have played a big role in growing this blog. I am forever grateful.
I have started a podcast not only because I love talking (Of course I love talking, I really do) but because I thought it will also be another great and awesome way to share my message and also to put the voice behind all this writing that I’ve been doing here. As a teacher/mentor & coach, I have learned through my mentees that some people get the message better through listening than reading.
What Will The Podcast Focus On?
The podcast is to tell you more about my personal journey, who I am and why do I do what I do. You can listen to the podcast introduction HERE. The main aim of it is to help new traders to understand more about Forex trading and also just to learn from my personal mistakes that I will be sharing. It is not only for new traders, but for anyone who have ever found valuable information from this blog. I have already shared some of the mistakes that most traders are likely to make. You can listen to the episode HERE and kindly follow/subscribe for future episodes. Thank you so much for stopping by and happy trading.
Hotforex is one of the most popular forex brokers in South Africa and abroad. HF Markets, together with Hotforex are brand names of the HF Markets Group. One can trade beyond currencies with HF. Their product offering is diverse and includes commodities, shares, energies, indices, and cryptocurrencies.
This Hotforex review will summarize the basics so that you can make an informed decision.
==========>Open a Hotforex account here (South Africa) OR here (outside South Africa)
HOTFOREX REVIEW: LICENSES & REGULATIONS
HF Markets SA (Pty) Ltd is registered with the Financial Sector Conduct Authority (FSCA – See no. 46632), as well as the FSC (no. C110008214).
Hotforex also holds a license to operate in Dubai (F004885), the UK (801701), and Europe (HE 277582).
The company ensures the security of its clients’ funds by banking with the major banks. The funds are banked separately and do not form part of the company’s balance sheet (assets). This way, the funds remain the clients’ possession under all circumstances.
Hotforex is also an industry leader that has received recognition awards.
Some of these awards are:
Best Forex Broker Latin America 2018 by the International Business Magazine
Like most brokers, Hotforex offers different types of accounts to accommodate varying budgets. Whatever account type you choose, you will get a Demo trading account for practice and testing purposes.
Micro account – The minimum deposit for this account type is $5. As a Forex Coach and trader, I wouldn’t advise anyone to open this particular account. No one can trade successfully with that amount of money.
Premium account – This is a perfect account to help you deep your toes out of Demo into the live markets. The minimum deposit to trade this account is $100. This account type also offers telephone trading and support.
Zero account – Hotforex does not put a markup on the spreads (transaction costs for trading) for Zero account traders. You can get started with this account for as little as $200, with an added benefit of a Personal Account Manager.
Auto account – The auto account gives you access to the free and paid signals from the MQL5 community. You will be able to select your preferred signal providers and subscribe to them for a minimum of a week. In the case of paid signals, the subscription fee will be deducted from your trading balance. Hotforex monitors the signal providers for 30 days before they make them visible to Auto account traders.
HOTFOREX TRADING PLATFORMS
Like most Forex brokers, you will be able to trade your account on the MT4 & MT5 platforms for desktops.
You will be able also to trade on their web-based platform from any device, as well as through mobile devices.
The MT4 & MT5 platforms use similar technology, although the latter has advanced features and added capabilities. On the MT5 platform, you get a built-in economic calendar, and the ability to create your own technical indicators and EAs (Expert Advisors).
DEPOSITING AND WITHDRAWAL OF FUNDS
Hotforex does not charge deposit fees, but your bank may charge the usual transaction fees. They accept wire transfers, major credit cards, Bitcoin Cash, Bitcoin by Skrill, and Neteller. Each payment method has its own minimum deposit requirements.
Regulations dictate that Forex brokers only pay withdrawals to the funding source, meaning that you can only withdraw to the same option you used for depositing. Withdrawals submitted before 1:00 AM (server time) may be processed on the same day.
I trust that this Hotforex review answers your basic questions about this forex broker. Do not hesitate to contact mefor assistance in setting up an account, or forex coaching classes and guidance.
Highlights: On the 24th of January the United Kingdom’s High Court is due to announce a ruling regarding the government’s ability to bypass parliament and initiate the Brexit by triggering Article 50, it is all happening in London at the Royal Courts of Justice. This will also have a direct impact on GBP, watch out for GBP pairs. On another news it has been said that UK Prime Minister Theresa May will fly to Washington DC to have her talks with the U.S President Donald Trump as early as Thursday. Dispite the fact that May was criticizing Trump during his campaigns in 2016, she will be one of the first leaders to hold talks with the new president. Below are the economic news to watch this week.
Be informed and know what is happening on the markets, check out our daily Forex news as they unfold and if you wish to receive daily alerts of high impact economic news, subscribe to my blog (free), to subscribe please look for “SUBSCRIBE TO MY BLOG” found on the right hand side (sidebar), enter your email address there and click SUBSCRIBE, wait for an email with a confirmation link, click on the link and confirm, email might be on spam/junk folder, and have the alerts delivered to your email daily, I value you and I promise I won’t spam.
Hidden truth about Forex trading, make smarter choices:
No I am not about to expose some Forex scammer, sorry if that is what you expected to read about, keep reading though, I promise you won’t regret it, the hidden truth is what most traders don’t tell you out there, so I have decided to tell it as it is. Not so long ago I wrote a post titled Forex trading lies and also the FAQ’s.
What we know for sure:
We know that currencies appreciate and depreciate in value.
We know that there is no recession in Forex trading because when one currency pair fall the other one rise.
We know that we buy the currencies which are going up and we sell those currencies which are going down.
We know that economy of a country play an important role in falling and rising of its currency.
That is what we know for sure and it is what it is, it won’t change.
What we don’t know for sure:
We don’t know the exact amount or percentage of returns that we can make daily/ weekly or monthly.
We don’t know if what we made the previous day/week or month, will be the same as current month or next.
When you are new to trading, please note that it won’t just happen, being consistently profitable is something that takes time, skill and mostly experience, the more experienced you are, the more you are likely to have a sustainable trading account. The most successful and profitable traders know this and they have seen the ups and downs in their business, yes I agree that Forex trading is good money but also terrible loss to most, it is exciting and also challenging and it can also yield higher returns than most investments. Be warned though, what you see all over social media is not reality, reality is, you need to be financially matured to be able to handle this exciting world of currencies, being modest and level-headed also helps a lot, since you will not be misled or even be enticed by material things.
Can I take a loan in order to start with my Forex business?
A big NO, that will add unnecessary pressure in your trading as I am revealing the truth that we don’t know for sure if the amount or percentage made per month will be the same always, all investments do not offer guaranteed returns, it could be more than previous month or less than previous month, so NO, it is not good for a beginner to start trading with borrowed money since you are not even sure of your own emotions yet and if you can be consistent, that alone is bad for you, having to think about the debt hanging over your head is absolutely not a good idea, you do not want to think about repayments every time you place a trade, you will end up forcing trades even when there are no real opportunities to trade profitably, you will become a desperate trade. So let’s agree, NO loans for a beginner.
Advice:
Treat your trading account as you would treat any other business, business people know that when starting out a business they have to give it time to grow before they can even think about making a living out of it, they strive to develop, grow and multiply , the same thing applies to your trading account/investment, allow it to grow, nurture it, strive for consistency, trade profits on profits (compound), give it time to grow before you can think of making an income out of it, a trading account that is cashed out after few weeks of existence cannot really be expected to perform well and grow, people who are making a living out of this business are those who use the power of compounding and who can exercise patience, this is just an advice, trade at least for few months before you can think about cashing out (unless you cannot wait), failing to do so might leave you a little disappointed when you do not reach the percentage you expected to reach especially when you have a loan to repay, it is not impossible to make a living out of trading, but it does not just happen, experience is key and there are some proper procedures (compound) to be followed in order to see it happening to you as well.
What should be your priority as beginner live trader?
To get it right should be your priority, making huge returns should be secondary, it will come as you grow, you could be trading 3 times a week and still make more money than someone who trades 5 days a week making 10 trades each day, success in trading is not in quantity but in quality, trading less does not mean making fewer profits and trading more does not guarantee any success. I know for sure that I feel more relaxed trading the reason (economic news) and staying tuned to what the market does, whatever trading strategy that you choose to use has to be in line with your personality traits, we all have different trading personalities and needs, you do not need to use all the strategies that are presented to you out there, stick to one strategy before you can jump to another, switching (jumping from one strategy to another without giving it enough time to see if it works) is what many traders do mostly and it only leads to frustrations and losses after losses, remember that everyone has a “better” strategy than someone else, give yours a chance before switching, otherwise you might just spend your entire life testing strategies and mastering none.
I want to trade Forex as a hobby:
Please do not, I suggest you find another hobby since this might be a very expensive one, people who think Forex trading can be done as a hobby are easily turned into gamblers and they become Forex addicts. Forex market is not a place to “hang out” when you are bored. Thank you for stopping by and reading my post, please do come around again I promise to be better next time, kindly share the post with your friends and social media groups.
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