I’m new to the whole forex scene, about 6 weeks new to be exact. Thank god I found this place…AWESOME SITE !!!
I was about to throw away $3K on a 2 day crash Forex course until the voice inside my head said no, try and learn by other means and voil� I found you guys.
I’m still going through the School of pipsology, grade 7 as we speak. I’ve been demo trading for the past 3-4 weeks. I actually made +$1700 this week in demo trading.
3 morning sessions (I worked NS), including 13 trades, 2 went south, the rest all went up. I was applying my Grade 5 skills, armed with nothing more then the Bollinger bands and Fibonacci lines. These were 3-5 x 10K lot trades with small 25-35 pip limits and believe it or not " NO STOPS ".
I know not the correct way but I’m playing so no harm done,
I really want to go Live trading soon and was wondering about which software was best…
I’m using FXCM trading station but I see a lot of folks like Metatrader4. The broker I intend to use has different account setups for either?
Is there any massive pro or con about either platform that I should know about or is it just a personal taste thing ?
I have seen that Metatrader4 can import custom indicators and EA’s but is this really necessary for beginners or not ??
Anyhow pleasure to be here and happy learning-trading to all…
Ever watch austrailian football, or the NFL? Ever wonder why they practice so much exactly the way they are going to play in the real games? I know what you are saying, it was just food for thought.
What’s the rush? You will hear two sides to this arguement. First, demo for an extended period of time then go live. Second, open a micro account and trade for pennies to learn the emotional and psychological aspects while only losing pennies. I believe a good mix of the two is best. IMO learn every aspect of the chosen platform and all about their ordering system, MM and R/R (Money Management , Risk/Reward), leverage, Margin and basic Technical Analysis and then trade for pennies while LEARNING ABOUT YOURSELF via the emotional and psychological aspects.
Why not open up demo accounts with different brokers and use both GFT Dealbook and MT4 and see which one you like best. If you like GFT get in touch with Tymen1 and he may still be able to get you an extension on the 30 day demo, don’t know but does not hurt to ask.
Other than the fact that most people use MT4 and the gazillions of already created EA’s and Custom Indicators, GFT Dealbook has voice recognition built into the platform, ITX Inter-Trader Exchange 2 and Depth 360. I now believe Dealbook 360 is a more advanced platform.
It goes something like this. Newbies start out with all kinds of indicators and EA’s on their charts as well as starting with to small a time frame, then after awhile they drop most if not all of this stuff then go back to what they call naked trading using Support & Resistance Lines, Trendlines, Fibs, Pivot Points and maybe, just maybe 1 or 2 indicators at most, and use the 4h and above charts for longer term trading. The 4 hour and above time frames are the suggested time frames for us newbies, and appear to be the most profitable for us newbies.
My thoughts are that you perhaps should learn as indicated in the prior post and emphasize the practise…
Professional football players do practise for about 30 hours weekly and then play for three… and they make a lot of dollars for perfect execution… there is a lesson to learn from that.
basically as you get going you will find that your charting platform and your trading station/broker will more than likely be 2 different entities.
In my opionion really you should use metatrader for your charts as most people to do so you want to see the samething everyone else is seeing, and then is many different brokers offering metatrader.
then you just have to choose a broker to place your trades with.
Thanks for the feedback guys. I clearly have a mountain to climb but I’m enjoying the learning curve which is important. Despite being extremely raw I’m continuing to trade positively in my demo. +2.2K in a little over a week which is encouraging for my intuition.
I think opening a small $300-500 account will be a good experience in the real world of trading. Even if it leads to being a donation I believe you need real life exposure to the market which the demo can’t give. I.E. risking real money, watching trades close or not close according to volatility. I’ll continue to Demo but I think it’s important to actually dive in and check out the real thing, being a former hobby gambler you need to win or lose some real dollars for a reality check.
Dealbook and metaquotes are different platforms and you would need to have the specific code. From what I remember of dealbook they already have plenty of indicators though.
what you need is the best trading strategy and guidelines from people with experience because demo trading is a whole different ball game from going live…
If we will start to use a trading system that is good and that is giving us income then we can reply on it. What is more important is that using the system we must be able to trade in any currency pairs.
Hello and welcome to our forex community! Glad to know you’re learning in the School of Pipsology and I do hope you’re able to graduate soon. When it comes to choosing between the web trading station or the MT4 platform, it depends on what kind of trading strategy you plan to implement. If you’re inclined to use an expert advisor, you might wanna start familiarizing yourself with Metatrader. If you prefer accessing your trading platform from any device or location, you might be better off with the web platform. Just my two cents! Keep it up with your progress!
