A pattern on a chart, beside an order
This site links to an account with FxPro, an international broker. The site is not the broker and takes no money from the reader. The account is for trading contracts for difference on gold, currency pairs and share indices, and it is opened on the broker's own platform.
A pattern on a chart, beside an order that needs a size and a stop
A pattern drawn on a chart is not an order. An order is placed on the trading platform, and the platform's order ticket carries its own fields for a stop loss and a take profit. The chart shows what price has done; the order ticket is where a trader says what to do about it. The two are separate, and a pattern on a chart does not fill in the order ticket by itself.
The order ticket asks for a size and a stop. A size is how much of the instrument is being traded, and a stop is a price at which the trade will be closed automatically if the market moves against it. A take profit is a price at which the trade will be closed automatically if the market moves in its favour. These fields are part of the order, not part of the pattern.
What a contract on gold, a currency pair or an index is and is not
FxPro quotes gold, currency pairs and share indices as contracts for difference. A contract for difference is an agreement to exchange the difference in price between the time a position is opened and the time it is closed. Nothing is delivered, weighed, stored or exchanged at a counter. A position in gold is not a bar of gold, and a position in a currency pair is not a pile of banknotes.
A contract for difference carries costs that depend on the size of the position and how long it is held. The broker's terms describe these costs, and they are not the same as the spread on a bureau de change counter. A reader should read those terms before opening an account, because the costs of a contract for difference are not the costs of buying the underlying asset.
What to read in the terms before an account is opened from Nigeria
Before an account is opened from Nigeria, read the broker's terms. The terms state how the account is funded, how withdrawals are processed, and what fees apply. They also state what documents are required for verification. Opening an account requires identification and takes a day or two. A practice account exists and costs nothing.
The broker's terms are the contract between the reader and the broker. They are not the same as this site's pages, and they are not the same as a pattern on a chart. A reader should have the terms in hand before deciding whether to open an account, and should ask the broker directly about anything in them that is unclear.
Gold
XAU/USD
Min deposit
Low entry · bank transfer
Regulation
FCA, CySEC, FSCA
Platforms
MT4, MT5, cTrader, FxPro app
FxPro is not licensed by the Securities and Exchange Commission of Nigeria. An account is opened with a company regulated outside Nigeria - the group is authorised by the FCA in the United Kingdom and CySEC in Cyprus - so a resident here deals with a foreign firm and the protections of a locally licensed one do not apply. Moving foreign currency for trading is subject to Central Bank of Nigeria foreign exchange rules. Nothing on this site is investment advice.
A pattern on a chart is not an order
An order needs a size and a stop, and it is placed on a trading platform. The account this site links to offers the same charts on several platforms, and a practice account costs nothing.
Read the terms first →