MT5 Brokers

MT5 also known as Meta Trader 5, is the latest in the Meta Trader family. It has a lot of features and enables some new modes of executing, as well as a whole new market depth. Regading execution methods, the MT5 platform supports four order execution methods. These are Request, Market, Instant, and Exchange. The fourth type Exchange is used for trading operations which make use of stock tools. The…


Mayfair Brooks Group

We are proud to present to you one of the best investment options on the market which is normally not accessible to retail clients. We are happy to have arranged managed accounts from a Swiss regulated firm with a head office out of the City of London: Mayfair Brooks Group. MBG has a collective experience of over 50 years in the Capital Markets industry and have been successfully trading their strategies for…


Best Spread Brokers

Spread, also known as the bid/ask spread is the difference between the price you sell a base currency and the price you buy a base currency. This amount is paid by you to the broker as a charge for their services. Some brokers advertise themselves as ‘Zero commission’ brokers but understandably they do need to make a profit somehow, which is where spread comes in. It is of course in…


Quiz Time

Are you one of the most fantastic traders in the world?Or do you need more training and education? Let’s all see if our skillz are up to task! Take our amazing quiz and see how your skillz stand the test of TradeForex.NG!


How to Read a Forex pair. Bid and Ask.

Currencies are always listed in pairs: EUR / USD or USD / GBP. Why is that? Because in every foreign exchange transaction, we are in the same time buying one currency and selling another. Example of currency quotes, the Euro against the US dollar: The first currency in the quotation from left to right, is called the base currency (in this example, the Euro); the second currency is called the quote currency (in…


Is Forex Trading Profitable in Nigeria?

Forex trading is both a profitable and risky venture. There is the potential to be successful and make profits. However, this is not always the case considering the huge percentage of people who make losses compared to the small number of people making profits. Nigeria is a country located in West Africa where interest in Forex trading has increased over the years. Earning an extra income, an increase in Forex…


Understanding Base and Quote Currency

The Forex market facilitates the trading of currencies from different countries. The aim is to profit from the changes in the currencies’ values against each other. Currencies are quoted in pairs. For example, EUR/USD. The first currency is known as the base currency while the second currency is the quote currency. When you buy a currency pair, it means that you have bought the base currency and sold the quote…


Negative Balance Protection

Negative Balance Protection

The Forex market will always be unpredictable and will result in either profits or losses for the traders. Hence, traders are always required to take necessary measures to avoid making excessive losses such as using stop losses. Brokers on the other hand also take precautionary measures to protect their traders. They provide negative balance protection which is discussed below. What is Negative Balance Protection? A negative balance in Forex is…


The Elliot Wave Theory

Nelson Elliot, an accountant, discovered that the stock market moved in repetitive cycles. This was in the 1920s and 1930s. The repetitive patterns were due to the psychology of the traders during that time. Elliott named this theory: The Elliott Wave Theory also known as “Elliot Waves” and published a book about it. This pattern can be observed in both bullish and bearish markets. The 5-3 Wave Pattern The Elliott…