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"I am seeing my friends from the club this Saturday at ten o' clock." or "I am going to see my friends from the club this Saturday at ten o' clock."

Which phrase is more correct?

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They are both correct, dependant on circumstances.

As a rough guide, going to is used for plans, and the present participle for arrangements. For example, "I am ging to fly to Japan" would be used when it is just a plan, but you haven't bought the ticket yet, and "I am flying to Japan" when you have.

Obviously there is some overlap, such as when some but not all the arrangements are made, or the arrangements are still waiting for confirmation, or even (as in your examples, perhaps) there aren't really an arrangements to make. In this situation it will depend on how certain you feel about it.

The justification for this is that the process starts when the arrangement is made. The beginning of the flight-to-Japan process is when you buy the ticket, so once that is done it is effectively an action in progress.

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