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Simon Mugo

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  1. Simon Mugo


    Hello Ariff, thanks for reaching out to us. I don't think astrocoin.cash is a legitimate Forex broker. They do not seem to be regulated by any of regulator as they do not specify the same on their website. Regulated brokers usually state the regulators that have licensed them on their home page in order to attract discerning clients.
  2. Hi Peter, I think that the recent rally in the crude oil markets is likely to experience a slight pullback given before it can continue. Remember that the rally was largely triggered by the expectation that OPEC and its allies will agree to a substantial cut in oil production at their emergency meeting on Monday. Crude oil prices could crash if the countries do not agree to cut their current high production levels. I'm trading oil at the moment and I'm expecting a pullback before the next phase of the rally begins. However, nobody has a crystal ball of the markets, but that's my current view of the oil markets.
  3. Hi Lillian, the recent sale of GE's biopharma unit is great news for the conglomerate as it unlocks significant cashflow that the company can use to reduce its debilitating debt pile. The company has a debt load of about $121 billion and could use up to $20 billion of the $21 billion generated by the sale to pay off some of its outstanding debt. However, GE's problems are far from over given that the company still has ling-term care insurance liabilities from its failed GE Capital business and these will take a while to play out. Some of its core businesses such as GE Power have experienced issues such as the mismanagement of orders and operations that are yet to be fixed. Therefore, I'd advice you to be cautious with GE shares, you could buy a small amount to see how they play out, but the conglomerates future remains in the balance. It will take time for GE to recover its lost glory and you should be aware of this when buying the stock.
  4. Hi Nigel, the halving of mining rewards for Bitcoin on May 6th is likely to trigger a major rally by the top cryptocurrency as it would significantly reduce the future supply of new Bitcoins. Other cryptocurrencies may also benefit from Bitcoin's rally given that many altcoins have lower much lower valuations and could witness much bigger percentage gains than Bitcoin.
  5. Hi Peter, there are two ways to trade the US ETFs, one is to open a stock trading account with a US broker and trade the ETFs directly from the US exchanges on which they are listed. However, there's another option if you are based outside the US and cannot access a US broker, or if you cannot afford the significant account balances needed to trade such assets directly. You can open an account with a Forex broker who offers trading the US markets in the form of CFDs (contracts-for-differences). You will not be trading the ETFs directly, but you will be trading an instrument whose value is linked to the ETF, that is a derivative. Trading US ETFs via a Forex broker is a great option as such brokers allow traders to trade fractions of such ETFs instead of trading multiple units of the ETF as they would via a stock broker. You can use price action strategies combined with a bit of fundamental news to trade such ETFs.
  6. Hi Monika, I'm glad that you were not planning to send the scammers any more money. I wish you all the best in your efforts to recover the funds you lost. You should definitely report the spam Instagram profiles so that they can be taken down to protect others from being scammed. As for your new broker, we recommend several brokers on our site and the best one for you largely depends on your personal situation and in some cases your location. Kindly explore the website to see our reviews and recommendations.
  7. Hi Monika, kindly do not give anybody associated with this firm any more money. Do not open any new accounts with them as you will end up losing more money in addition to what you have already lost. I would cut all contact with the firm at this point because there's a high likelihood that they will convince you to give them more money, DO NOT SEND THEM ANY MORE MONEY! Any seasoned investor will tell you not to throw good money after bad money. You made a mistake opening an account with BitWorldFX, it happens all the time in trading and investing. Many fund managers including Warren Buffett have lost billions on bad business deals, its just the nature of our industry. Successful investors usually cut their losses, learn from their mistakes and move on to better deals. There are many reputable brokers out there Monika, use that $350 to open a new account with another broker and keep trading. Then, it will only be a matter of time before you are making profits and you will have forgotten about the money you lost with BitWorldFX. The same thing happened to me when I started trading, but I licked my wounds picked myself up, and moved on with a legitimate broker. I have never had problems processing my withdrawals since I started trading with licensed, reputable brokers.
  8. Hi James, yes you can trade silver instead of gold if you have a very small account. However, you should check out some of the brokers reviewed on our site as they offer cent and mini accounts, which allow you to trade 0.01 lots of gold. You can actually trade gold with a Forex trading account balance as low as $50 with many of the brokers on our site. The downside to trading silver is that the same move in gold would have more pips and more profit given the higher price at which gold CFDs trade. Silver is a great commodity in its own right and I have no issues with you trading it if that's what you want. I just wanted you to know that you can trade gold even with a small account if that's what you want. The two commodities actually have very similar price patterns, therefore, I'm not saying that you should not trade silver at all.
  9. Well, today marks the first Monday in several weeks when the markets have not experienced a limit-down soon after opening in reaction to events that happened over the weekend, which is a good thing for most investors. However, short-term professional traders at many hedge funds and proprietary trading desks have been making a killing during the current period of heightened market volatility. I would not advise you to focus on creating a stock trading strategy specifically for trading limit-down scenarios given that these setups rarely occur. Instead, you should commit most of your resources to creating and successfully trading a strategy that takes advantage of common setups in the market. Its impossible to generate regular income trading a setup that occurs once every few years. We have trading guides on the website that should help you formulate a more reliable trading strategy. However, if you still want to trade limit downs, you can easily do this by modifying a reversal, or other appropriate price action trading strategy.
  10. Hi Monika, unfortunately there are no good sample complaint letters for Forex scams online. Regardless, the major regulators such as Australia's ASIC, the UK's FCA, and the US CFTC have guidelines on their websites on how to file a complaint about fraudulent activities by firms. However, since you are not a native English speaker, the next best option is to file an official complaint with the authorities in your country. You could approach your local police or the financial services regulator in your country who could launch an official investigation into BitWorldFX. However, it is usually very difficult to recover money from such fraudulent companies because they typically ask their victims to send funds via wire transfers, online wallets, or even as crypto. Such transactions are hard to trace as the scammers usually have bank accounts in offshore jurisdictions under shell corporations. I'm sorry that you fell victim to a fraudulent Forex company. I'd advise you to do thorough research of any broker online before opening an account and funding it. If only you had found our website much earlier, I'm sure you'd have a different story. Regards, Simon.
  11. Hi Lawrence, the truth is that Bitcoin could have hit rock bottom at the $5,200 level that it recently fell to before rallying higher past the $6,500 level and it could be headed much higher. However, the fact that it broke below the $5,500 level, which was its 200-week low means that the top crypto could suffer deeper pullbacks in future. The next major support level is near the $3,000 level and since nobody knows what could happen in future, this level could come into play if the crypto entered another bearish trend. However, crypto traders are in luck because they can profit from both bullish and bearish Bitcoin trends and most would be taking profits at the current price levels. I would advise you to take some of your profits off the table if you rode the recent rally and look for other opportunities to take new bullish or bearish trades.
  12. Hi Lawrence, yes there are a few stocks that are performing slightly better than the rest in the current market where most stocks are down due to the COVID-19 pandemic. Some of these stocks are Walmart Inc (NYSE:WMT), Nike Inc (NYSE:NKE) and Netflix (NASDAQ:NFLX), which have recently rallied from their lows. These are companies whose products and services are still in high demand despite the government restrictions on their citizens' movement in most countries. Companies such as Netflix have witnessed high demand for their services as people stay home and stream movies, while Walmart has seen a rise in demand for food and hygiene products stocked by the retailer. There is no guarantee that these companies will keep rallying higher but you can be sure that they will not have gone bankrupt by the time the COVID-19 pandemic is over.
  13. Hi Monika, a broker should never ask you to pay commissions or fees on your withdrawal as they usually deduct such fees from the amount that you have withdrawn. There is a high likelihood that BitworldFx is fraudulent broker and you should definitely consider reporting them to the relevant regulator. You should keep a record of your communications with them maybe by taking screenshots of the emails you have exchanged with them and your withdrawal request. You should then make a formal complaint to the regulatory authority that has licensed the firm, which they strangely do not specify on their website, but I can see that they are registered in various financial centers. You could follow up with the State of Washington if you are in the US, the Virgin Islands, or Saint Vincent and Grenadines, but the US is your best bet. The fact that they have not revealed their license numbers indicates that they are likely not regulated in any of the countries in which they claim to operate. It will be difficult to recover your funds if they are not a regulated firm.
  14. Hi Lillian, thanks for this great question. The truth is nobody knows how the crypto industry is going to look after the COVID-19 pandemic is finally contained as there is no timeline for when this will happen. Hopefully, the COVID-19 virus will be contained over the next few months so that people all across the globe can resume their normal daily activities. Based on the current state of the crypto markets where we have seen sell-offs similar to those in the stock markets, its clear that there may be more wild price swings in the future. However, there are clear signs of rising demand for cryptocurrencies among the masses as more people are now quite familiar with the major cryptos such as Bitcoin and Ethereum. There are many other smaller cryptocurrencies that are likely to soar due to their specific use cases and shifting consumer preferences. Events such as the scheduled halving of Bitcoin mining rewards on 6th May are likely to trigger major rallies in the crypto sector. Based on the current market fundamentals, I can confidently state that the future for the crypto markets looks very promising.
  15. Hi Peter, based on the company's crazy ride over the past few weeks, I'd say that Slack's immediate future looks promising as the company has seen a massive increase in demand for its products due to COVID-19 pandemic. The company recently announced that it had crossed the 10 million mark in terms of simultaneously connected users. Six days later, the company hit the 11.5 million mark and crossed the 12.5 million mark a day later. It's clear that the lockdown measures in the US and in other countries have unlocked an avalanche of demand for Slack's business instant messaging product. The high demand for Slack's product is likely to last as long as government's maintain the current lockdown measures that have forced many employees to work from home. Slack shares have since rallied from a low of about $15 to a high of $30, which is quite an impressive rally. The stock has previously traded at a high of $41 and there's a chance that it could rally to these levels. I believe Slack is a solid company, though its share price might be a bit extended for now, I'd buy the stock on any significant pullbacks.
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