I wand to trade oil

Beginner Questions Trading Psychology
1

I’m new to forex trading and I want to ask what is the best platform that I can use demo account to train myself?
I been a three months reading and studying about the concept of trading and sometimes when I look to the oil price as for example, I asked myself can I trade now? Even I’m new in this things.

2

Good day, ZAID1979. In terms of a trading platform, MT4 is one of the most popular used. I’ve been using it for almost 3 years now, and you’ll notice that most professional traders use that platform or a very similar one.

Most companies who offer trading allow you to have a demo account. I’ve been using CM Trading, but there are many across the world. Definitely have a look at the spreads the companies have on their markets and what extra content/information/webinars/news etc. they offer. Forexanalytix have free-to-attend webinars 5 days a week, CM trading post daily market updates and so do MarketLife Trading.

With regards to the trading oil, I am currently not a big fan due to it’s volatility, but you should definitely have a look. Trading USDCAD instead of oil could actually be less volatile as it usually moves when oil moves.

3

You can trade oil with a CFD broker - although if your from US I don’t think that’s possible

I trade with FXCM who do CFDs and forex all from one account - however I think many CFD brokers do Forex CFDs not forex - to be honest you won’t really notice the difference.

4

Thanks Tiaanjfourie,
how about MT5?. I been using Etoro for almost a year but what makes me hesitate to invest a real money is that the way of showing the price is not matching with the real market and also has no access to my local bank account. i will look for MT4.

Regards

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6

I considered Etoro and they seem legit. Forestparkfx is a company that also helps to find the right platform for you. You can do a live chat with one of their agents and they’ll try and set you up based on your goals, finances and trading strategy.

There could be a variety of reasons why the quotes where different on Etoro vs for example googling the price. Yesterday the May contract for oil futures dipped to $5 but the June futures were still above 20$. The most important thing is to get the right strategy and mindset.

7

Also trading WTI requires lots of $$$ vs forex. :open_mouth:

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8

Thanks Tiannjfourie

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9

I am not sure it’s really a good position to trade it actually, you may invest a lot in it right now and all will be fine totally and completely out there. Cause for now it’s costs nothing cause have really no value at all cause of COVID-19

10

its a good post , um agree with you.

11

Have you had any success in trading with oil for now? The oil industry was hit hard at the start of the year and it is not easy to be in that business now. There are places where you can still learn about it online and Economist is a great one. I have managed to find all the necessary information about the oil stock market and after reading about it, I felt much more confident about trading with oil. It is starting to be normal again and I think that it is a good time to be in that business now. Wish me luck people, I will need it.

12

Yes, I agree with you. Thank you so much for posting this important information.

14

You can use mt4 trading platform because it is easy to understand and operate.

15

As you are newbie it is preferred to start trading with most common pairs like EUR/USD in my opinion.