Who can help me with MT4 / installation of indicators ...
Who can help me with MT4 / installation of indicators ...
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People with Forex mentors. How has it helped you?
Good evening/morning depending on from where you're from. I've gone through baby pips and the udemy course. Watched and obscene amount of you tube videos. I feel as though I have and okay grasp on the technical aspect, I can tell I've only got a minimal grasp of it but definitely enough to lose my all my money. So far my demo account is in the negative but, I only just decided on a system that fits my personality. I'm currently using the ichimoku cloud 1hr candles and checking 30min and 4hr time frames to finalize and fine tune my entry. So, what I would like to know is. I've only heard mentors mentioned on reddit. But it seems mentors are something that people use judging by the communities of gurus who get people together to call out trades. Is it usually recommended to have a mentor? I've been considering trying to get a forex discord channel started maybe separate channels into trading systems? Are there any open groups to join or discord channels to get into? It's the weekend now and i find myself biting at the bit for forex stuff and of course no trading on the weekends. I feel like I've run out of relevant info I can get off of "sell your training course people". What should I do while I wait for Australia to open on Sunday? BTW you people are awesome and I enjoy going through the posts and getting fresh perspectives on my new found joy of testing strategies and throwing fake money away.
ECN. Used most by professional traders. Difficult platform for beginners
Minimum deposit $10000 (or $3,000 if under 25yo) * Well diversified -Oanda
Market maker. Second largest retail FX brokerage in the US. Easy platform for beginners.
No minimum deposit
Not well diversified, but well capitalized -Gain Capital (whitelabel forex.com) *Market Maker *Fair spreads *Minimum deposit $250 *Well diversified -FXCM Inc
ECN. Largest retail FX brokerage in the US
Minimum deposit $2000
Not well diversified. CAUTION: FXCM nearly went bankrupt in Jan-2015 due to a lack of diversification and low capitalisation. As a result FXCM LLC was bailed out with a large loan which may prove difficult to pay back. Be warned that their business may not be sustainable in the long term. -MBTrading
ECN. Mid-sized retail FX brokerage
Minimum deposit $400
International Only- -LMAX (whitelabel DarwinEx) *DMA broker based in the UK. Note that as a DMA broker LMAX eliminates the ability for LPs to last-look transactions. This may result in reduced liquidity during volatile times as liquidity providers would be likely not to risk posting liquidity to LMAX's pool. *Tight spreads *Minimum deposit $10,000 *Fairly well diversified -Dukascopy *ECN based in Switzerland, but available elsewhere depending on local regulations. *Tight spreads *Minimum deposit $100 *Fairly well diversified -IC Markets *ECN based in Australia *Fair spreads on standard account, tight spreads on professional accounts. *Minimum deposit $200 *Fairly well diversified -Pepperstone *ECN broker based in Australia. *Fair spreads on standard account, tight spreads on professional accounts. *Minimum deposit $200 *Not well diversified Software / Apps: Desktop/mobile
Apps are typically broker dependent. Some brokers have their own proprietary software, while others lease common software like Metatrader or NinjaTrader. Some software has a large development community for indicators and EAs.
Terminology/Acronyms: www.forexlive.com/ForexJargon - Common terms and acronyms FAQ: I need to exchange money, how do I do it? This isn’t what this sub is for. Your best bet is using your bank or an online exchange service. Be prepared to pay a hefty fee. I have money in one currency and need to exchange it into another sometime in the future, should I wait? Don’t ask us this. We speculate intraday in FX and shouldn’t be relied on to tell you what’s best for you. Exchange the money when you need it. I have an FX account, should I start trading demo or live? This is highly debatable. You should definitely demo trade until you have mastered how to use the trading platform on desktop and mobile. After that it’s up to you. Many think that the psychology of trading live vs demo trading is massively different. So it may pay to learn to trade live. Just be warned that most FX traders lose almost their entire first account so start with a low affordable balance. What’s money management? Money management is a form of risk management and is arguably the most important aspect of your trading when it comes to long term survival. You should always enter trades with a stop loss - the distance of the stop allows you to calculate how large of a percent of your account balance will be lost if your trade stops out. You can run a monte carlo simulation to figure out the risk of having a number of trades go against you in a row to drain your account. The general rule is that you should only risk losing 1-4% of your account per trade entered. More on this here: www.investopedia.com/articles/forex/06/fxmoneymgmt.asp www.swing-trade-stocks.com/money-management.html What about automated trading? Retail FX traders have been known to program “Expert Advisors” (EAs) to automate trading. It’s generally advisable to stay away from that until you’re very experienced. Never buy an EA from a developer because the vast majority of them are scams. What indicators are best? That’s up to you to test and find out. Many in this forum dislike oscillating indicators since they fail to capture the essence of what moves price. With experience you will discover what works best for you. In my experience indicators that are most popular with professional traders are those that provide trading “levels” such as pivot points, fibonacci, moving averages, trendlines, etc. What timeframe should I trade? Price action can vary in different timeframes. In longer term timeframes the price action and fundamentals are much more clear. Unfortunately it would take a very long time to figure out whether or not what you’re doing is successful on longer timeframes. In shorter timeframes you can often tell very quickly if what you’re doing is profitable. Unfortunately there’s a lot more “noise” on these levels which can prove deceptive for those trying to learn. Therefore the best bet is to use a multi-timeframe analysis, working from top-down to come up with trades. Should I trade using fundamental analysis (FA) of technical analysis (TA)? This is a long standing argument in these forums and elsewhere. I’ll settle it here - you should have an understanding of both. Yes there are traders who blindly ignore one of the other but a truly well rounded trader should understand and implement both into the analysis. The market is driven in the longer term through FA. But TA is necessary to give traders a place to enter and exit trades from a psychological risk/reward standpoint. I’ve heard trading Binary Options is an easy way to make money? The general advice is to stay away from binaries. The structure of binary options is so that when you lose the broker wins. This incentive has created a very scammy industry where there are few legitimate binary options brokers. In addition in order to be profitable in binaries you have to win 55-65% of the time. That’s a much higher premium over spot FX. Am I actually exchanging currencies? Yes and no. Your broker handles spot FX is currency pairs. Although they make an exchange at the settlement date they treat your position in your account as a virtual currency pair. Think of it like a contract where you can only buy or sell it as a pair. In this sense you are always long one currency while short another. You are merely speculating that one currency will appreciate or depreciate vs another. Why didn't my order fill? Even if price appears to cross over a line on your chart it does not guarantee a fill. Different charting platforms chart different prices - some chart the bid price, some the ask price and some the midpoint price. To fill a limit order price needs to cross your limit's price plus the spread at the time that it is crossing. If it does not equal or exceed the spread then it will not fill. Be wary that in general spreads are not fixed. So what may fill at one time may not at another.
DEMO ACCOUNT REVIEWS Great forum guys! I am looking at either a SAXO BANK demo account (Sydney based) or an Interactivebrokers demo account (US based) I almost fell into the arms of Plus500 demo account but recieved timely advice to stay clear As a total naive trader newbie (in real life a retired and slow moving pensioner bored mad with day time TV) I would appreciate any views, advice ... Our demo trading accounts mirror the precise trading conditions on our live accounts. From trade execution to pricing, the conditions are the same, allowing you to develop and test your trading strategies in a risk-free demo environment and then transfer these to your live trading. Our demo accounts use the award-winning MetaTrader 4. When you open the account, your account and balance is displayed in cents so if you enter 100 when you’re opening a demo cent account, it’s a 100 cent not dollar account. Subsequently, your lot size in MT4 is from 1 lot, which is actually 0.01 lots, to 0.01 which is 0.0001 lots. You can open a nano lot demo account here. Forex demo accounts are free practice accounts for new traders. Think of them like flight simulators for new pilots. Like a flight simulator, you can make all kinds of mistakes without any consequences – except for maybe a bruised ego and the realisation that you have a lot to learn.. Demo accounts are always free, but some are better than others. Free demo account for forex and CFD trading Forex and CFD trading is in its nature risky and only a small number of people can make money on this market. Most traders who fail jump on real account trading too soon, unprepared and they a get off to a bad start in their trading venture right from the beginning. Hello, I changed the server from Australia to the USA for the demo account and it fixed the bug, the indicators appear as expected. Thank you TraderPaulW and pakeha for your attention to my problem. Forex DEMO contests 2020 - newest demo contests from Forex brokers. Only ACTIVE demo contests and demo competitions 2020. Try a demo trading account. Demo Account . Client Trust Account. Funds held in a client segregated bank account at National Australia Bank Sydney. ASIC regulated Australian based Forex Broker. Open a live trading account. Live Account. Try a demo trading account. Demo Account. NO. Minimum deposit. 0.0. Pip spreads. 1:500. Leverage up to. ECN. Broker. 6. Funding options. ASIC. Regulated ... Before investing real money in forex trading, traders are advised to open demo accounts. Available for free in most brokers, forex demo accounts possess multiple benefits that help prepare traders to deal with possible challenges in the live markets. In addition, the above accounts, the website offers a 30-day Go Markets forex demo account for clients who wish to first test the trading platform before actually depositing any money. The Go Markets demo account charges no initial fee for operating an account. The Go Markets Pro Account was formally one of the account offered by the giant broker.
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