Hi everyone
I’m a new Forex trader and have joined the MetaTrader4 platform as suggested in the Instant Forex Profit System by Stephen Wilson. It is possible to open a demo account however it suggests going through a broker to open a real account. Can anyone suggest a good broker???
Is MetaTrader4 only useful for virtual trading?
Thanks a million
Fergal
MT4 can be used for demo and live trading. Many brokers offer demo MT4 accounts, including Interbank FX, ODL, FXDD and others. Many of us have 2 or more demo accounts with MT4 but trade with a different broker. Also see the Rate My Broker thread for more info on brokers.
It is a good idea to have at least one MT4 demo account (which can be opened instantly) because much of the discussion in here & elsewhere is based on that platform.
Thanks for the great reply.
I started forex trading following the strategy laid out by Stephen Wilson in the Instant Forex Profit System. Has anyone heard of him or how successful his strategy is? Appreciate any thoughts…
Fergal:) 
When selecting a broker, its mainly a personal preference. Of course you want them to have a good charting package.
Go with one of the main brokers, preferably one in the country which you live in. Or at the minimum a country thats primary language matches your own. Unless you live somewhere that doesn’t have any of the major brokers.
I personally use GFT, because they have a great charting package and their alarms can send you cell phone text alerts.
If you want a MT4 broker I would choose Alpari, they are highly rated on the forums and they are registered, EFX is also great but it has a very professional platform which is not very beginner-friendly, Oanda is also good.
I googled the IFPS and it looks like a spinoff of Forex Killer which is discussed under Rate My Software thread. The usual $97 "special price’. In my experience, none of this “decision making” software makes any money long term. This one seems to make decisions for you, which means YOU never learn how to trade. Not good.
If I invented software that got me a 80% return every month by punching in a few numbers, you can bet your sweet booty I would not be selling it to anyone at ANY price 
Think about it!
If you want to learn to trade Forex, then LEARN to trade using the vast free resources available here & elsewhere. Learn to fish & you’ll always have food.
Also check out the Training thread in Newbie Island for more discussion on training.
In many cases the various courses of trading (See BabyPips School) states that many of our indicators (ex Fibonacci levels0 work because they are self-fulfilling prophesies.
If [B][U]everyone [/U][/B]traded your system (provided their signals were generated slightly later than in your own copy of the system 
) then the self-fulfilling prophesy would always move the markets to make you money.
I have always wondered about traders that have disappeared. (For example, many years ago I saw a TV news show about a group of mathematicians and physicists – with lots of resources – brought together to beat the market. I have not heard of them since. Could it be:
- They were profitable, and went off to quietly get rich?
or - Did their system stink and they disbanded?
Barry
You have a point there, if I invented a ‘no-fail’ system I probably would [B]give [/B]it away on forums all over the place … making sure that my copy generated signals a few minutes before the others … that could be lucrative.
But I wouldn’t go to all the effort of selling it … IF it worked … I either trade it myself OR share it with as many as possible to help with the self-fulfilling part.
Hey guys. I have never told you this, but that is actually my secret. I trade with a highly successful ea that I would never share. Right now it is telling me to short the euro big time. So now, everybody go in with sell orders with as much as you can. Please go do it now. You won’t be sorry.
Hehehe, just in case you don’t get it. It’s a joke, don’t do it.
We all need to realize and accept that the successful
traders ARE NOT selling their knowledge. Pure and
simple. There are a handful of brilliantly created
EAs as well being utilized but the authors of those
EAs ARE NOT selling their babies to anyone. So keep
that in mind when you see something being hawked on
eBay, ClickBank, or some reserve your spot nonsense
SPAM regarding some incredible product that only
2000 copies will be sold or some ridiculous ad of
$495 value cut to $95 for this month only crap. If
it was that easy to earn a fortune in FX or even
stock options trading; they wouldn’t have time to
sell crap on lowly ClickBank. Yes, ClickBank is lowly
in my opinion. If these people want to make money
by fooling people with their ClickBank products, fine.
We all know it is crap.
True True…
Now my ea says go long on Elvis memorabilia and hold for the rest of 08.