At the end of one of my lessons on EMA/SMA i was instructed to go pratice. I was instructed on how to find the averages but not how to chart the averages. Secondly, I’m just getting started, was I supposed to open a demo account to practice along with the lessons or was that just a playful jab at the end of the lesson?
Its always a good idea to open a demo account and run a simple strategy or two until you are consistently profitable.
MA’s are a useful trend confirmation tool, not so good as entry signals or support/resistance level indicators.
How are things going? If you’re having issues with TA, can you be a bit more specific?
I just started the lesson on the site, i have doing a lot of reading and taking notes. In one of the lesson regarding moving averages, i was taught how to calculate the averages but not how to chart the averages. Also, at the end of the lesson it instructs me to go practice charting simple moving averages and exponential moving averages. How would I do that without an account? or without knowing how to chart averages?
All software that can take prices and draw this as a chart will also be able to draw a MA for you, all you have to do is set the duration and select whether you want this to be displayed as a Simple or Exponential MA (or one of the few other types that are less common). You will never have to draw a MA yourself.
Its a good idea to get a demo account and explore some simple strategies.
Any suggestions on who offers the best demo accounts?
I use one from IG which is as good as I need but its a good opportunity to open 2 or 3 or more so you can test what the broker’s real platform is like - they all differ a little and some will be more intuitive to use. A demo account is free without commitment so you could have as many as you want.
I apologize i’m a newby, but what is IG?
IG’s a UK-based broker offering a full range of brokering services. Their demo account platform is OK, probably no more special than anyone else’s. A demo account is a must before you risk real money.
Yes thats the plan, to trade on a demo account for at least 6 months or until I’m comfortable that I know what I’m doing.
Not sure if I missed it but which country are you from? Some brokers aren’t available in certain countries.
Sorry about that. USA
Oh okay. Should be easy then. Forex.com and IG are ok! Both of them have demo. Good luck!
Thank you so much