Usually, I try to learn new stuff from various sources e.g., different YouTube channels, Webinar as well as various websites.
Youāre not supposed to learn new stuff after the course
Youāre supposed to get a DEMO and put what you have learned into pratice
and only when it doesnāt 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
Thanks Martin for your advice.
I have started working on Demo account to practice what I learned from Babypips.com course.
Thanks @anon81929759! I will.
Iāve also started setting up my demo account and Iāve been going through it, trying to place orders, learning the tools etc.
thatās 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 canāt 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!
Iād take note of all of these. 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
itās like asking
Do all Tyres have cars
hehe
it doesnāt 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 doesnāt care if your account is live, Demoā¦ Oompa Loompā¦ Tiger or Giraffe or Razor or whatever
it simply doesnāt 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 donāt 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 doesnāt 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.
Anyway, thank you for clearing it up Martin! All these technical stuff is really still confusing to me so Iām gonna research more about this so that Iād figure out how to properly use this.
itsā ok mate
you are a newb and thatās the nature of it
so donāt worry.
7 years ago i asked the same questions, so donāt worry
around 4 years ago i started to get it and trade successfully
so , Ask anything you want , and iām 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 donāt 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 canāt help you that much
TRUST ME ON THIS
i remember 7 years ago approx, i was like you
youāre 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 āManage your riskā
Mate, donāt 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 doesnāt workā¦ donāt use it
if it worksā¦ use it
if it confuses you when they tell you ā¦ THEY DIDNāT EXPLAIN IT CORRECTLY
OR
THEY DONāT REALLY KNOW WHAT THEY ARE TALKING ABOUT and therefore they will TALK THE TALK but will omit details that they donāt know
THIS IS WHY YOU FEEL CONFUSED AT TIMES WHEN PEOPLE TELL YOU STUFF
and itās not your fault
itās their fault
ok,
so take what newbies say with a grain of salt
happy trading
Huhuhu. Iām getting emotional here just because I really appreciate all the help!
Itās true that knowing all the steps is so much better than just knowing the big words and the umbrella terms for them. Iām trying to learn as much as I could (through BP, the forums, forex news and market commentaries, and now, my demo accounts too) and youāve been such a big help.
Thank you for this Martin! Happy Trading to you too~
Youāre welcome mate, thank you
Yes Ria
Experimenting and improving my knowledge as well as skills.
Thatās great to hear! I have an account with Oanda and itās much simpler than the previous demo account that I set up. Which broker did you choose for your demo?
Oh okay! And how is it so far? Which pair are you trading? So far, Iāve been trying out EUR/USD and GBP/USD.
Excellent. As I am trying to practice what I learned from School of Pipsology thatās why I didnāt 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 Iām not still not very familiar with it. Was there any discussion about commodity trading in the School? Huhu. I might have missed it.
But yeah! It seems like you are doing great! Iām so happy to hear that.
Hello Everyone!
My name is Wim and Iām from The Netherlands.
Found this very usefull site by accident, and happy it happened!
Iām still a newbie -although Iām retired (in age) but still partly active with my A/V and electronics webshop in The Netherlands. I can use the moneyā¦
Thatās why Iām 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 Iām 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, Iām glad and proud to be a member of this fantastic site āBabypipsā !
Hope to see and hore from you.
Thank you!