RULES + Welcome to the Introduce Yourself forum

Usually, I try to learn new stuff from various sources e.g., different YouTube channels, Webinar as well as various websites.

1 Like

@ria_rose
@anon58863749

Youā€™re not supposed to learn new stuff after the course
Youā€™re supposed to get a DEMO and put what you have learned into pratice

and only when it doesnā€™t work for you to you learn new stuff and research other theories

but because you will basing what you are doing from THE COURSE, Your research will therefore be more specific and catered to a SPECIFIC SUBJECT so that you can rectify as small problem

if you are done with the course
start on demo and work out your trading style , then perfect it

1 Like

@anon81929759

Thanks Martin for your advice.

I have started working on Demo account to practice what I learned from Babypips.com course.

@anon58863749
Excellent, keep up the good work mate

1 Like

Thanks @anon81929759! :slight_smile: I will.

Iā€™ve also started setting up my demo account and Iā€™ve been going through it, trying to place orders, learning the tools etc. :smiley:

thatā€™s awesome

you use you tube to get familiar with MT-4

things like
How do i backup MT-4
where does MT-4 Save my Data Files / Indicators/ Experts etc
How do i Save Profiles in MT-4
How do i Save Templates In MT-4
How do i customize charts in MT-4
how do i use Terminal in MT-4
How do i use Market Watch in MT-4
and what all the buttons mean at the top

how do i draw lines in MT-4
How do i draw Fibonacci level in MT-4
how do i draw shapes in MT-4
How do i insert text on an MT-4 Chart

as far as indicators are concerned
USE ONE AT A TIME and see if they are giving you the results you want
if not - Bin them
if they are - make a note of them and consider applying them to your strategy

also i would advice that you formulate some sort of trading flow chart that you follow religiously
nowā€¦ OVER TIME, if you find flaws in the flow chart,ā€¦ UPDATE THE CHART and make corrections

sooner or later you will come to a point where you canā€™t fault it anymore
this will give you a well defined routine for trading

hope that helps

Wow. Thank you so much for being so willing to share with us Martin! :blush:

Iā€™d take note of all of these. :slight_smile: Also, this might be a silly question but do all demo accounts have MT-4?

hehe
No Not a silly question, but definitely A FUNNY QUESTION

itā€™s like asking
Do all Tyres have cars
hehe

it doesnā€™t work like that
I meanā€¦ YOUR ANSWER (simply stated ) is YES

but, then again, some forum members would shoot me for saying that.
soā€¦ THE CORRECT ANSWER IS THISā€¦

MT-4 is a software platform
it doesnā€™t care if your account is live, Demoā€¦ Oompa Loompā€¦ Tiger or Giraffe or Razor or whatever
it simply doesnā€™t care

MT-4 just cares about this

That it has a stable internet connection to a service provider
That it can transmit and receive a data feed to an from the service provider

without a service provider (A BROKER) MT-4 is useless to you

Your question is like asking
"do all brokers have demo accounts"

and the answer is ā€¦ NO, NOT ALL OF THEM
thenā€¦ does YOUR BROKER offer a demo account ANSWER : (i donā€™t know , you need to check with them whoever they are) but they likely do

Now, you should be able to login to a central client area on their site and create a demo account
you will then be given Server details for the demo and the account number and password

Upon creating it, you will be asked to choose a balance and a leverage and a local currency

when you have all these details
YOU GO TO MT-4 and get MT-4 to logon to your account

soā€¦ the account is with the broker (Not MT-4)

Now, you can create accounts within MT-4
but, REALLYā€¦ MT-4 IS ONLY REALLY SENDING A SIGNAL TO YOUR BROKER TO CREATE AN ACCOUNT

MT-4 doesnā€™t actually create the account
IT SENDS A REQUEST TO THE BROKER

Hope that clears is up

Huhuhu. Sorry for being such a noob. The only positive side here is that I got to entertain you. (At least, I hope?) Haha. :sweat_smile:

Anyway, thank you for clearing it up Martin! All these technical stuff is really still confusing to me so Iā€™m gonna research more about this so that Iā€™d figure out how to properly use this.

itsā€™ ok mate
you are a newb and thatā€™s the nature of it
so donā€™t worry.

7 years ago i asked the same questions, so donā€™t worry
around 4 years ago i started to get it and trade successfully

so , Ask anything you want , and iā€™m happy to help
there are lots of people here that will give you advice that you should NOT listen to

Then are others that you should listen to , but they donā€™t know how to trade profitably yet, but EVERYONE HAS SOME PIECE OF INFORMATION you can derive knowledge from.
Even scammers can teach you things if you know how to look for the information

then there are people like me who know how to trade and who can guide you in the right direction

Then there are experts (institutional traders)
i doubt you will ever get help from them unless you are paying them very very good money.

i and a few others can help you the most
the other people can help to a lesser degree

but as rule of thumb, Newbies canā€™t help you that much
TRUST ME ON THIS

i remember 7 years ago approx, i was like you
youā€™re a newbie, you just want knowledge and you just want to know HOW DO I MAKE MONEY IN FOREX

and then you get a tonne of people saying stuff like ā€¦

manage your risk
Manage your risk to Reward ratio
Manage your money
Watch your margins
Watch your stops
pick a good broker

blah blah blah

MATE, ALL OF THIS ISā€¦ B.S. ok
Plain and simple

it means nothing UNLESS YOU ACTUALLY KNOW HOW TO DO IT

Example
"YOU GOTTA MANAGE YOUR RISK"

okā€¦ so , newbie goes out, Assumes how to manage risk
then, blows up account
What happened

ANSWER : newbie did not have the knowledge to manage risk.
newbie did not even understand WHAT CONSTITUTES RISK to begin with

as opposed to something like this

Newbie Understands what Account leverage is and how it works
Newbie finds out what their account leverage is
Newbie understands that having a shady broker means that any testing is pointless
Newbie gets a good broker
Newbie gets familiar with MT-4 before placing trades
Newbie trades demo for a year at least and learns how to trade and learns from mistakes
newbie Understands what Nominal margin is
Newbie Understands how much risk they should take

Newbie Understands that the amount of pips in a stop loss must be spread over the risk $$ amount

newbie understands how to convert Money Amounts to Lot sizes

newbie understand discipline
Newbie understands to not involve emotions in trading
Newbie understands basic mathematics and how to calculate all of the above

now you see how all this is more in depth

as opposed to just saying ā€œManage your riskā€

Mate, donā€™t listen to a lot of newbies because they will fill your head with crap that will waste your time for years to come

Anything that anyone tells you ā€¦TEST IT
if it doesnā€™t workā€¦ donā€™t use it
if it worksā€¦ use it
if it confuses you when they tell you ā€¦ THEY DIDNā€™T EXPLAIN IT CORRECTLY
OR
THEY DONā€™T REALLY KNOW WHAT THEY ARE TALKING ABOUT and therefore they will TALK THE TALK but will omit details that they donā€™t know

THIS IS WHY YOU FEEL CONFUSED AT TIMES WHEN PEOPLE TELL YOU STUFF
and itā€™s not your fault
itā€™s their fault

ok,
so take what newbies say with a grain of salt

happy trading

1 Like

Huhuhu. Iā€™m getting emotional here just because I really appreciate all the help! :smile:

Itā€™s true that knowing all the steps is so much better than just knowing the big words and the umbrella terms for them. Iā€™m trying to learn as much as I could (through BP, the forums, forex news and market commentaries, and now, my demo accounts too) and youā€™ve been such a big help. :blush:

Thank you for this Martin! Happy Trading to you too~

Youā€™re welcome mate, thank you

Hi @anon58863749! :slight_smile: I hope youā€™re doing great! How is your demo trading working out?

Yes Ria

Experimenting and improving my knowledge as well as skills.

Thatā€™s great to hear! I have an account with Oanda and itā€™s much simpler than the previous demo account that I set up. Which broker did you choose for your demo? :smiley:

I opened my demo account with Xmglobal.com.

Oh okay! :smiley: And how is it so far? Which pair are you trading? So far, Iā€™ve been trying out EUR/USD and GBP/USD. :slight_smile:

Excellent. As I am trying to practice what I learned from School of Pipsology thatā€™s why I didnā€™t restrict myself for any particular pair.

I have traded major as well as cross currency pairs plus Gold.

I have used the Hedging techniques and Correlated pairs strategy in my trading.

I am testing everything on my trading system.

Wow that seems interesting! I actually want to trade commodities as well but Iā€™m not still not very familiar with it. Was there any discussion about commodity trading in the School? Huhu. I might have missed it. :sweat:

But yeah! It seems like you are doing great! :smiley: Iā€™m so happy to hear that.

Hello Everyone!

My name is Wim and Iā€™m from The Netherlands.
Found this very usefull site by accident, and happy it happened!

Iā€™m still a newbie -although Iā€™m retired (in age) but still partly active with my A/V and electronics webshop in The Netherlands. I can use the moneyā€¦

Thatā€™s why Iā€™m also looking for another way to earn money, not passive like holding stocks for years (I have some), but more active like trading CfD and mainly Forex.
But to prevent to much losses I need to learn so much more!

Gladly there are many very usefull articles and tips about trading and related information.
So, I hope to learn a lot from the articles, but also from members contributions.

I also would appraciate to know or maybe to get incontact with our beginning or experienced traders from The Netherlands. Looks interesting and usefull to me.
I suppose there are members from The Netherlands?

In dutch: Als er leden/lezers uit Nederland zijn, lijkt het me wel aardig om te kijken of we contact met elkaar (ook met meerderen) kunnen hebben en informatie, nuttige tips kunnen uitwisselen. Sta ik in ieder geval voor open!

Of course Iā€™m also open for suggestions and comments from all kind of members, wherever they live and whoever they are. Always usefull to share information and to help eachother!

Anyway, Iā€™m glad and proud to be a member of this fantastic site ā€œBabypipsā€ !
Hope to see and hore from you.

Thank you!