Saying Hello. :-)

[dwrights]

Hi,

My first post here. I'm new to FX and have been playing with the FXCM demo for a month and have opened a $500 mini account with them.

Very happy that I have found this site. Will surely learn alot from it.

I have done the FXCM power course but I'm still fiding it very hard. Have had a few margin calls and managed to resue my original stake a few times too.

I have been using the technical Intraday signals on Dailyfx plus, but I'm not having much luck with them. Is it best to ignore these and work out your own strategy?

I know I have a long learning curve ahead.

Thanks,

David.

[kagein]

Hey David, first off welcome, theres many helpful members in this forum.

It seems that you dont have a definable money management strategy otherwise it would be impossible you to get so many margin calls. The point of the demo account is not to 'play around' but form a definable strategy. Its always better to form your own template, putting your hard earned money on the line just because someone said so isnt really a good idea. Read the babypips school if you havent done so already and then try and form your own strategy. If you need help there are loads of free ones for you to look at in the holy grail section.

[4xStar]

Hi & welcome ... please also read the Rate My Broker section on this forum for information on the various brokers, and IMO $500 is not really enough for a mini account. You might want to consider the brokers who allow micro accounts, $500 is enough for that & you can learn to trade with real money & more safety.
Use your demo account to test all new ideas or strategies, the object of the game at first is to preserve your account balance

[greywolf238]

You have a demo account for only a month and your already trading with real money that seems a bit dangerous. It's best to know what your trading and MM plan is and demo that for awhile before going live.
Thats my noob opinion..

[dwrights]

Thanks for the warm welcome Gents. I will take a look at the Babypips school and study hard.

[MakeMoneyorDIE]

I took the FXCM course...didnt undertand it either...i went through BABYPIPS school a few times, now i apply what i learn.. for me the technical aspect is hard to grab, its a tool to help you see the trends and people are successful with it...i find trading by the world ecomomy and daily news to be very effect for me...take for example the other day Bernake talked about the economy and kinda of hinted things aren't that bad....what i did right when he talked was watched a couple pairs EUR/USD GBP/USD...if you go back to that day, which i believe it was tuesday you will see a GIANT spike DOWN as the dollar started gaining ground ...i got on that train and rode it for 125PIPS ...not bad

For me personally i am more successful on trading NEWS, the indicators are a good starting point. One thing i suggest...you need to open a live account with at least 1000.00 if you are starting small...but i would definatly demo for a month and i think FXCM's platform is good along with there charts,
just start taking everything in...read the newspaper more...follow the world economys daily, you will deveolp your own style, it will take time...good luck, when you find the secret to this and make millions...let me know don't forget about the little people that helped you start out

[dwrights]

Thanks for the reply. I agree, I have found the Babypips school easier to learn than the FXCM power course.

I shall sit the Babypips school a few times so I'm sure it sinks in.

One question that you might be able to answer. I would like to use MT4 as a charting tool alongside my FXCM demo account.

Does the MT4 software cost anything to download? I have downloaded the software but it is asking me to fund the account? I'm not sure that I have got the correct link to the MT4 software I need.

If anybody has a link they could post that would be great, if the forum rules allow it?

Thanks,

David.

[greywolf238]

Originally Posted by dwrights

Thanks for the reply. I agree, I have found the Babypips school easier to learn than the FXCM power course.

I shall sit the Babypips school a few times so I'm sure it sinks in.

One question that you might be able to answer. I would like to use MT4 as a charting tool alongside my FXCM demo account.

Does the MT4 software cost anything to download? I have downloaded the software but it is asking me to fund the account? I'm not sure that I have got the correct link to the MT4 software I need.

If anybody has a link they could post that would be great, if the forum rules allow it?

Thanks,

David.

It doesn't cost anything to download and use MT4, you can download it from many broker websites like, Alpari,North Finance, Interbank there are many more also..
You can't post links

[4xStar]

There are numerous brokers that let you use MT4 demo account for free, Interbank FX, Alpari, ODL, many others.

If you are startiing with a small account, please be careful in your choice of broker .. check out info in the Rate My Broker section of this site, also forex peace army has a lot of broker reviews. I recently closed my FXCM account.

[dwrights]

Originally Posted by 4xStar

There are numerous brokers that let you use MT4 demo account for free, Interbank FX, Alpari, ODL, many others.

If you are startiing with a small account, please be careful in your choice of broker .. check out info in the Rate My Broker section of this site, also forex peace army has a lot of broker reviews. I recently closed my FXCM account.

Thanks for the info. If you don't mind me asking but which broker did you choose to go with?