fxify, Author at FXIFY

Get Funded Faster With FXIFY: Introducing Trading Central

Posted on 05/02/202428/10/2024 by fxify

Being a forex trader, you understand the challenges that come with prop trading. Even experienced forex traders encounter obstacles and struggle to make consistent gains. At FXIFY, we are dedicated to supporting our traders and equipping them with the necessary tools for success. That’s why we’ve partnered with Trading Central, one of the leading fintech organisations in the industry.

Through this partnership, we can offer our forex traders access to a wide range of powerful trading tools, comprehensive research, and advanced technical analysis to improve their chances of success. This article aims to cover everything you need to know about Trading Central and how their trading tools can boost your trading game. That said, let’s get started!

What is Trading Central?

Trading Central is a globally renowned fintech organisation that provides top-notch trading signals to financial institutions, traders, and investors. Founded in 1999, Trading Central has built a strong reputation for empowering traders and helping them make better-informed trading decisions. Their services are now available through FXIFY for free, allowing our traders to benefit from their expertise and insights.

With Trading Central, you can access some of the finest trading tools, including Technical Views, Featured Ideas, and Economic Calendar. Let’s explore more about these tools below.

Technical Views

Unlock more trading opportunities with Trading Central’s Technical Views tool. This tool enhances clarity with market trends. It showcases timely technical analysis across hundreds of forex currency pairs and aids traders in making informed trading decisions. Some of the features and benefits of this tool include:

Actionable insights by senior analysts and AI: Benefit from clear and actionable technical analysis from senior analysts with decades of expertise and the power of AI.
Clear pivot points and price targets: Easily identify key levels of support and resistance, as well as potential price targets for your trades.
Personalised Trading Insights: Tailor the tool to suit your trading style and preferences. Filter by timeframes, trends, and more.

Featured Ideas

Explore featured forex trade ideas and trading signals from Trading Central. Tailor the trading insights to suit your preferences and trading style, allowing them to seamlessly align with your strategies. This trading tool is perfect for traders seeking to enhance their forex trading strategies. It offers technical analysis and actionable trading insights. Here are some of the key features and benefits of this tool:

Real-time market insights: With regularly updated forex trade ideas, technical analysis, and trading opportunities, traders can stay ahead of dynamic market movements in real-time.
Interactive Learning: Navigate through different trading instruments and delve deeper into any forex trade ideas. Understand why an idea was identified, anticipate price action, and engage with an interactive chart that tracks the idea in real-time.
Easy-to-understand technical analysis: Hover over any pattern name to gain insights into its formation, implications, and essential facts that could aid in your decision-making process.

Economic Calendar

Stay ahead of key market events, news, and economic insights. The Trading Central Economic Calendar tool is essential for traders who rely on fundamental analysis to make trading decisions. Here’s what you can expect from this tool:

Customizable filters: Filter through economic events by country, impact level, and event type to focus on the most relevant news for your trading strategy.
Real-time event tracking: Stay updated with global economic news as it happens. Set up personalised alerts on your calendar and track events across hundreds of your favourite FX pairs.
Historical data analysis: Dive deep into historical price performances. Analyse movements down to five-minute intervals following every NFP announcement or other economic news for the past 5 years.
Impact and volatility analysis: Understand how different economic news impacts FX pairs with Trading Central’s powerful impact and volatility analysis tools. Assess the potential impact on your trades and adjust your strategies accordingly.

Access Trading Central tools for free with FXIFY by simply signing up or logging in to your trader dashboard.

Begin Your Funded Trading Journey With FXIFY

Elevate your forex trading strategies with Trading Central tools – free with FXIFY. Choose between our One Phase, Two Phase, or Three Phase evaluation – pass, and get funded up to $400,000 in forex trading capital. Benefit from up to 90% performance split on your trading gains in your funded stage and request your first payout on demand with FXIFY.

5 Things Every Forex Trader Should Know Before Choosing a Forex Prop Firm

Posted on 05/02/202428/10/2024 by fxify

Prop trading, commonly known as funded trading, has become increasingly popular and has transformed the retail trading landscape. It empowers skilled forex traders with a unique opportunity to acquire substantial trading capital without putting their own at risk. However, with so many forex prop firms available online, choosing the perfect match can sometimes be overwhelming. In this article, we will discuss the key considerations to consider when selecting a forex prop firm to partner with. This will help you make well-informed decisions for your funded trading journey.

What is a Funded Account?

If you’re unsure about the concept of a funded account, let’s break it down. A funded account essentially grants forex traders access to substantial trading capital. Funded accounts from a prop firm vary from a few thousand to hundreds of thousands of dollars. In exchange for this trading capital, the trader agrees to share a portion of their profits with the firm. In essence, this is a win-win situation where both parties benefit from successful trading.

Key Factors to Consider When Choosing a Forex Funding Program

When choosing a forex prop firm, there are several key considerations to remember. Consider these factors when evaluating forex funding programs to make the best decision for your trading needs. Here’s what you need to know:

1. Spreads & Commissions

One of the most crucial factors to consider when trading is the spreads and commission charges. Inflated spreads and commissions can significantly impact overall profitability and the chances of passing assessments. Some forex prop firms may promise tight spreads or no commission, but the reality can be different. These prop firms might inflate spreads, hiking trading costs and increasing the risk of premature stop-outs. Additionally, it is important to carefully evaluate the commissions you are being charged for each trade. High commissions and excessive trading costs can be detrimental to your forex trading success.

Learn how spreads and trading commissions can affect your prop trading success.

2. Trading Conditions

When selecting a forex prop firm, it is crucial to carefully consider the trading conditions that align with your trading style and preferences. Opting for a provider that offers the best trading conditions can greatly contribute to your funded trading success. On the other hand, poor trading conditions can be detrimental and act as a significant obstacle to achieving your trading goals. FXIFY stands out in this regard, offering its funded forex traders unmatched trading conditions and execution, including Raw Spreads from as low as 0.0 and some of the lowest trading costs in the industry.

3. Payout Speed

The payout speed is often seen as a crucial factor when deciding on a forex prop firm. Traders want to receive their payouts as quickly and efficiently as possible to keep their trading performance consistent. That is why FXIFY offers the fastest prop firm payouts in the industry. Our forex traders benefit from instant payouts on demand for their first withdrawal – available as soon as 24 hours after the first profitable trade.

4. Profit Split

As a funded forex trader, you must be paid what you deserve for your trading efforts. The profit split ratio between the trader and the prop firm is a significant aspect to consider when selecting a provider. At FXIFY, our funded forex traders receive up to 90% Performance Split* when trading with the firm’s capital from day 1 in their funded stage. This makes our payout structure one of the most lucrative in the industry.

5. Drawdown Rules

Different firms may have varying drawdown rules for their forex funding programs. For example, some may enforce a maximum drawdown of 5%, while others may set it at 10%. It is crucial for prop traders to carefully consider these rules when selecting a forex prop firm.

Overlooking this important factor can result in careless or non-compliant risk management practices, leading to breaches of drawdown rules and ultimately failing the trading challenge. To ensure a smoother funded trading experience, it is essential to choose a forex prop firm that aligns with both your prop trading and risk management strategies.

Learn how to calculate drawdowns in prop trading.

Why Forex Traders Prefer FXIFY

At FXIFY, we support our prop traders by offering the flexibility to tailor their accounts and price feed according to their trading approach. Traders can choose between stringent and less stringent assessment types, allowing them to select the best fit for their trading style. Here are some of the reasons why we’re leading the prop firm industry:

Instant Payouts On Demand*
90% Performance Split*
Up to $400,000 Starting Capital
Raw Spreads Starting at 0.0 – including major FX pairs and Gold
Backed by a Reputable Broker – FXPIG

Start Your Funded Trading Journey With FXIFY

Realise your forex trading dreams with an industry-leading prop firm, designed by traders for traders. Choose your funded trading program: One-Phase, Two-Phase, or Three-Phase – trade, and get funded up to $400,000 as you progress through the trading challenge. Request your first payout on demand during your funded stage – 24 hours after your first profitable trade, and keep up to 90%* of your trading gains.

Disclaimer:
*90% Performance Split/Profit Split offered as an add-on with an additional fee and available upon checkout
*Instant Payouts On Demand applies to your first payout request only, available 24 hours after your first profitable trade in your funded account.

Pips in Forex Trading – Everything You Need to Know

Posted on 05/02/202428/10/2024 by fxify

For beginners, forex trading may seem overwhelming. To grasp this seemingly complex concept, one must first familiarise oneself with numerous terms and nuances, including the term ‘pip’.

But what exactly is a pip in forex trading? And how do you calculate its value? In this article, we’ll break down everything you need to know about pips in forex trading. So, let’s start from the basics!

What is a Pip?

A pip, short for ‘percentage in point’ or ‘price interest point’, is a unit of measurement used to track price movements in the foreign exchange market. It represents the smallest change in value of an exchange rate and varies from asset to asset.

Typically, a pip is represented as such in the following markets:

When USD is the Quote Currency (Ex. EUR/USD): 0.0001
When JPY is the Quote Currency (Ex. USD/JPY): 0.01

So, if the EUR/USD currency pair moves from 1.0550 to 1.0555, there has been a change of 5 pips. Then, if the USD/JPY pair moves from 141.20 to 141.26, there has been a change of 6 pips.

Pips are typically used to describe the distance of price movements, or size of spreads in a tradable asset. Let’s consider an example on EUR/USD:

Price of EUR/USD: 1.0550
Ask price (buy): 1.0552
Bid price (sell): 1.0548
Spreads would then equal to: 0.0004, which is 4 pips

What is a Pipette?

A pipette, a fractional pip or point, is the fifth decimal place in a currency pair’s exchange rate. It represents a tenth of a pip and is used when measuring very small price changes. For example, if the EUR/USD exchange rate moves from 1.05500 to 1.05505, that is a change of 0.5 pips or 5 pipettes.

How to Calculate the Value of a Pip

The value of a pip is determined by the size of your trade and the currency pair you are trading.

When USD is the Quote Currency (Major Pairs)

When the Forex pair you’re trading has USD as the quote currency, a pip is denoted as 0.0001 in the price.

Since pip values are typically calculated in USD, the formula to get them becomes very straightforward – simply multiply your position size by 0.0001 to get the value per pip.

So if you traded 1 Lot on EURUSD, your value per pip would be $10 dollars, which represents how much your trade earns or loses with every pip movement.

Value per pip = 0.0001 x Lot size

Example: 1 Lot on currency paired against USD

Value per pip
= 0.0001 x Lot Size
= 0.0001 x 100,000
= $10 dollars

When USD is NOT the Quote Currency (Cross/Exotic Pairs)

When trading a Forex pair where USD is not the quote currency, a pip could be denoted to a different decimal place. For instance, if JPY is the quote currency, a pip is denoted as 0.01 due to the different decimal structure of yen-based pairs.

Additionally, a conversion process must happen in the formula to account for the unique exchange rate, and also convert the pip value back into USD. With all this in mind, the formula ends up looking like this:

Value per pip = Pip denotion x (Lot size / Exchange Rate)

Example: 1 Lot on USD/JPY (Current Value ¥145)

Value per pip
= 0.01 x (Lot Size / Exchange Rate)
= 0.01 x (100,000 / ¥145)
= $6.90 dollars

By accounting for exchange rate, your pip value comes down to $6.90 per 0.01 price change on USD/JPY, when trading 1 lot at the price of ¥145 yen per dollar.

Pip Denotations by Asset

Here’s a table of how a pip is denoted in popular assets, to help you easily calculate the value per pip:

ASSET	SIZE OF PIP
INDICES	1.00
GOLD and Metals	0.01
USOIL/UKOIL	0.01
BTC / BITCOIN	1.00
ETH / ETHEREUM	0.01
LTC / LITECOIN	0.01
SOL / SOLANA	0.01
ADA / CARDANO	0.0001
XRP / RIPPLE	0.0001
BCH / BITCOIN CASH	0.01 to 1.00 (Varies)

How to Calculate Lot Size Based on Pip Value

Knowing the value per pip calculation means we can reverse engineer this calculation to get the lot size. This is useful for traders who are already in a trade with a stop loss.

Calculating the Lot Size:

Lot Size = Risked Balance / (Value per pip x Stop Loss)

Example:

Risked balance: $200
Stop Loss (SL): 20 pips
Pip value for EUR/USD (per standard lot): $10

Lot Size = Risked Balance / (Value per pip x Stop Loss)
  = 200 / (10 x 20 pips)
  = 200 / 200
  = 1.0 Standard Lots
If you’d risk $200 on this trade, the appropriate lot size would be 1 standard lot.

This calculation method is applicable for major pairs, and even cross pairs, and exotics as well – given that the pip value of the cross/exotic pair is properly calculated.

Here’s how that might look like:

Example:

Risked balance: $200
Stop Loss (SL): 15 pips
Pip value for USD/JPY (per standard lot): $6.90

Lot Size = Risked Balance / (Value per pip x Stop Loss)
  = 200 / (6.90 x 15 pips)
  = 200 / 103.5
  = 1.93 Standard Lots
If you’d risk $200 on this trade, the appropriate lot size would be 1.93 standard lots, or 193 micro lots.

Become a Forex Funded Trader With FXIFY

At FXIFY, we cater to diverse trading styles, strategies, and experience levels. Tailor your program to your trading style and choose between our One Phase, Two Phase, or Three Phase evaluation. Prove your skills, pass, and get funded up to $400,000 in forex trading capital with a chance to earn up to 90% in Performance Split and your first payout on demand.

Pass Your Funded Trading Challenge with No Time Limits

Posted on 27/12/202328/10/2024 by fxify

You asked, we delivered. Trade with Unlimited Days on FXIFY’s funded trading assessments by default – FREE for new and existing FXIFY traders. No upgrades or add-ons required.

Say goodbye to the outdated 30 or 60-calendar-day constraints for completing prop firm challenges. At FXIFY, all new and existing clients will now have Unlimited Days to complete their assessments. This means you will now have the freedom to take as much time as you need to meet the trading objectives in your FXIFY assessment and progress at your own pace.

With this update, you can focus on honing your trading skills without the pressure of strict time limits. Giving you more control over your funded trading journey will ultimately lead to better results.

What does this mean for our prop traders?

Many of our prop traders will experience less stress when trading with unlimited days in their evaluation stage. Making trading gains in Forex is no easy feat, and achieving a 10% return in one month can be challenging for most. Without the time pressure, our prop traders can now take their time to think about position sizes, wait for the right entry points, and let their trades run their course. This will lead to more confident and accurate trading decisions.

Why the change?

At FXIFY, our aim is for our prop traders to succeed. After listening to the feedback from our community, we realised that time limitations were hindering their performance. Our mission is to remove any obstacles preventing our traders from reaching their full potential. By implementing Unlimited Days as a standard for all our evaluation programs, we provide prop traders with the tools to excel in their funded trading journey.

How does Unlimited Days work?

When you purchase an assessment at FXIFY, you will automatically have unlimited days to complete each phase without additional fees—there is no need to worry about running out of time or retrying your assessments. Take your time and trade confidently, knowing there are no time limits.

What about current prop traders?

The Unlimited Days offering will now be applied to our prop traders’ current and future assessments. There is no need to worry about time constraints anymore, so you can fully focus on achieving your trading goals without limitations.

We want every single one of our prop traders to benefit from this change. With the ‘Unlimited Days’ offering included for free in all your upcoming challenges, nothing can hold you back.

Join FXIFY and trade with no time limits!

Start your funded trading journey today with FXIFY and enjoy ‘Unlimited Days’ as a standard on all our One Phase, Two Phase, or Three Phase evaluation programs. We have the perfect account size for every trader, ranging from $15,000 to $400,000. Prove your skills, get funded, and request your first payout on demand with up to 90% Performance Split.

Safeguard Your Funded Trading Gains – Introducing FXIFY Performance Protect

Posted on 27/12/202328/10/2024 by fxify

Prop trading can bring you life-changing gains, but let’s face it: the market can also be unpredictable. We’ve all been there.

Despite our relentless efforts, we’ve all felt the frustration of the markets seemingly working against us. It can be incredibly disheartening when we’ve worked tirelessly to accumulate trading gains in our live-funded prop accounts. Breaching a drawdown rule and forfeiting all trading gains made up to that point only adds to the frustration. It’s a harsh reality that funded traders face. However, today, we have some exciting news to share with you!

Introducing FXIFY Performance Protect – a new feature designed to safeguard your hard-earned trading gains in the face of unexpected drawdown breaches. In this blog post, we’ll provide an overview of Performance Protect. So, buckle up and get ready to learn about this game-changing feature!

How FXIFY Performance Protect Work:

FXIFY Performance Protect is a unique feature designed to safeguard our funded traders’ accounts in the event of a drawdown breach. This prop trading addon offers account protection. It allows our funded traders to preserve their remaining trading gains and request a payout based on the agreed performance split, even if a drawdown breach occurs.

This innovative solution is especially beneficial for traders looking to protect substantial gains from potential drawdown breaches. With FXIFY Performance Protect, traders can confidently navigate the market, knowing their gains are safeguarded, and they can continue to benefit from their success despite setbacks.

Calculation Example of FXIFY Performance Protect:

To illustrate how FXIFY’s Performance Protect add-on works, let’s consider a hypothetical scenario. Here’s what you need to know:

Starting Balance: $100,000
Highest Equity Reached: $130,000
Daily Drawdown (DD): -$6,500 (5% DD breached)
Ending Balance: $123,500

Without Performance Protect, the trader’s funded account would be closed, and all existing gains would be forfeited. This is not the case with FXIFY Performance Protect.

With the Performance Protect add-on, the trader can request a payout of the remaining gains, in this case, $23,500, which will be distributed based on the agreed-upon performance split. This saves the trader from losing all their hard-earned profits and provides a safety net in the event of adverse market conditions.

How to Purchase FXIFY Performance Protect:

Prop traders at FXIFY can enhance their trading security with the FXIFY Performance Protect addon. Simply select the add-on at checkout, priced at just an additional 15% of the evaluation fee. Remember, the add-on must be purchased during checkout; it cannot be acquired separately upon advancing to the funded stage. By making a thoughtful decision from the start, you can safeguard your trading gains and benefit from them in your funded stage.

Secure Your Funded Trading Gains Today with FXIFY Performance Protect!

Setbacks are inevitable. Volatility and drawdown breaches can sometimes overwhelm even experienced traders. FXIFY Performance Protect acts as a protective shield in this regard, ensuring the security of your trading gains even in challenging times. Whether you’re a novice trader trying to navigate the markets or a seasoned trader looking to safeguard your hard-earned gains, consider the FXIFY Performance Protect as an account power-up.