HELP AM STUCK IN THE SCHOOL(Totally new)

Beginner Questions
1

SORRY FOR THE LONG NOTE AM ACTUALLY NEW TO FOREX SO I WANT TO EXPLAIN

EVERYTHING SO I CAN CONTINUE with THE SCHOOL

Hello,have been looking to learn forex for long,then i found this site

and was very happy kudos to you guys,but now i am stuck and i would

like you guys to help me cause am totally a neeeeewbieeeeeee.
When i got to the stage of practicing a demo as they said in the

school,i searched on google found this site hotforex,registered a demo

account,they said a platform LINK would be sent to my box i looked

couldn’t find any,I searched on google to download a platform i

downloaded METATRADER 4 installed it on my system.
I called a friend of mine who knows about forex a little to help me

with using it.HE said i have to pay the broker for the platform which

i’ll use for the demo AND LIVE TRADING and I have to buy some

indicator for the platform which he wanted to sell to me for 120$

claiming the one that came with platform would’nt have any indicator

for technical analysis trading.

HERE IS A LIST OF MY PROBLEM:
-HOW DO I ADD THE BROKER SERVER THE PLATFORM
-DOES EACH BROKER USES ITS OWN PLATFORM
-DO I ACTUALLY BUY ANY INDICATOR(as my friend claimed)

SECONDLY the school the not explain all this before going to technical

analysis for instance;
when i saw the chart i thought it was going to give the price

relationship between EURO/USD(using this pair for example)
but i could only see a price against TIME which I think is the USD

HERE IS A LIST OF MY PROBLEM ABOUT THAT:

-WOULD I BE CHECKING ONLY THE QUOTE PRICE ONLY(USD)
for example if i just loaded 100$ i see the dollars is comimg down(the

green bar)i buy the euro,i wait for the dollars to rise up(white

bar)past the price before the original price i buy the dollars back.Is

that the way it actually works can someone pls explain this to me and

everything about it or refer me where i can get it cause am actually

confused and the school just jumped to explaining technical analysis

but not the basis of using the chart and understanding it.THANKS

CHART.jpg700×525 86 KB

2

Really, pay to use the mt4 for a demo account?! Try IBFX.com/ free mt4 and demo account and there is a ton of free indicators supplied with IBFX in addition there plenty of free indicators you can download. I’ve had several demo accts and never had to pay to use the mt4 platform. Go back to school!!

3

So from what I can pick out your friends an idiot.

Metatrader is universally the same you just need to choose the broker or better yet dl metatrader from the broker you plan on using it from they will have metatrader tweaked to their liking.

Buying an indicator? That is[U][B] litterally the stupidest thing I have ever heard.[/B][/U] I would punch that friend.

Uhh I dont quite understand what your asking for the last portion but how forex works is for example EUR/USD

If you were going long you were buying EUR so that if price moves higher you will be able to sell your position .
If you were going short you were buying USD so that if price moved down you will be able to buy your position.

4

I wouldn’t punch the friend, at least not yet. He should be ashamed of being called a friend because it seems that he is trying to scam off you. On the other hand it could just be that is a noob or a total ignorant but I doubt that.

The school did cover the candles just not MT4 as there are too many charting programs around. :slight_smile: You might want to Google “How to use MT4” and read some of the links there to give you a better understanding of MT4.

The prices are in the market watch window on the top left corner window. You can view the bid ask price there. If you think you want to go short(i.e. sell) then just press F9 and put in your order likewise if you want to go long(i.e. buy). I am not sure about indicators as there are many of them. Post your question abut indicator usage here and someone will answer them.

In terms of brokers there are many brokers that will give you a free demo account you NEVER need to pay for a demo account. You only pay when you want to open a live account. You should visit the broker thread to find out more about brokers.

Good luck!

5

Thank you guys for replying.I would go and search on how to use the platform.I think knowing how to use 1 platform would make it easy to use another.
I was actually thinking my friend wanted to take advantage of me being new to forex.
Am still confused about the chart is it only showing the quote price only with time.

6

I don’t really understand this part of your question. Do you mind reexplaining again what you wanted?

7
  1. First of all, you need to check if your broker allows you to execute orders directly from MetaTrader4. For example, I use OANDA that allows me to execute orders directly from the MT4 platform.
  2. Then, surely each broker uses its platform.
  3. You don’t need to buy any indicator, I agree with whoever wrote that this is the stupidest thing ever heard :35:

Follow the babypips school and continues to post here in the forum, there are many smart people ready to help you :wink:
Bye bye and good luck :57:

8

what i dont really understand IS opening position and closing in it forex.
what does it mean and Can somepone please explain it in detail.
This is what i dont get about the chart
there is series of number on the left going vertically in this format (1.3222).
is the number showing the price of 1 unit of the bid price (i.e take this pair for example EURO/USD which means 1.3222 USD equals to 1 EURO).
THE CHART shows the price is at 1.3222 but a window on the left shows this
EURO/USD Bid ASK
1.3222 1.3225
which means the chart is showing the bid price (price at which i sell the EURO IF I BUY THE EURO).
If the market is coming down i sell but how do i sell the euro which i dont have

9

theeta I hope you are not impatient, since its gonna take a lot time to learn forex but I like your enthusiasm… its a good thing that you thought of asking, I also trade with hotforex but before you do any live trading pls try going through forex school, its free here at babypips, you will get to understand a lot of things with regards to forex and trust me the basics will help you a lot. here is a link to download the mt4 platform for hotforex if you need it.

Online Forex Brokers - Hot Forex - Download HotForex MT4 Terminal

and don’t rush things, remember you don’t have to pay anything at all to learn here, and using demo accounts for any broker is suppose to be free. and all the best. :slight_smile:

10

I’d like to second that statement, especially when one knows that the majority of indicators are lagging ones. So the only show you how you should have reacted in the past! The don’t tell you anything about the future. But trading is all about making a price projection in the future …

11

thanks you guys for answering me.
I actually found what i was looking for at askpips.com which is how does going short on a pair works
(you borrow the base currency sell it and buy it at a lower price).
Now i would go back to learning in the school once thank you guys.
MMWAAAAAAAAAA