Software

Can anybody tell me the software reqired on the MT4 that shows the up trend and downtrend , I thnk their called OSMA. The other software shows different colours on the up trend and different colours on a down trend as a signal

There are quite a few trend indicators on MT4, not including the custom ones. What are you actually looking for?

Spaceage9

Thanks a lot. Can you day trade and swing trade on MT4?

Swing or day trade is just the style of trade you adopt, so you can trade those sort of strategies in any platform. Have you had a read through the school? If not, have a look. That’ll get you started off in the right path.
Let me know if you need any more help.

Spaceage9
Thanks. I’ve done the pips school, I’ve also read the dummies guide . I’m just trying
To determine which methos of trading has less risk?

At first I thought scalping was the system for me because your on it to control the risk.
How can we control the risk with swing trading when the trade could run for days and we
Can’t watch it 24/7 ?

Forex Wales

The amount of risk is usually directly proportinal to the timeframe you trade. As a rule of thumb, the higher the timeframe the bigger your stop loss needs to be.

As for controlling risk, you need to employ sound money management - don’t risk anything more than 1-2% of your capital to start with, & always have a stop loss. Never enter a trade without a Stop Loss - I really can’t stress enough it’s importance…

Why not try out a few methods on a demo account & see which you like? Try everything you can find - be it scalping or swing trading or something else & experiment with them for a few weeks - at least three I’d say. That should give you a taste of the different styles of trading, & hopefully help you to find your own.

All the best with your trading :slight_smile:

Thanks for your help. What trading do you use and are you self taught or did you do
A course?
Forex wales

You are most welcome my friend.
As for my trading, I use a variety of styles from breakout trading to swing trading, & still experimenting. & I am self-taught which is a long & hard path, & for me was also a costly one. Still learning though - perseverence, as you will find out (if you haven’t already!) is an important requirement in forex…
What about you?

Hi
Just starting out. I’ve done the pips school and the books, but I’m unsure
As to which type of trading to follow.
I’m probably going to London this week for some training as I think the secret is to
Be shown the correct path and stick to it! Once I’ve found someone to show me a goog
Risk managed path, ill trial it for 6 month and see how I get on.
I think the initial layout for the one to one training is going to be priceless just to leanr
The processes and set ups. Once I get that ill stick to it whilst doing my own research

Where are you based?

Which training course are you going for?
In principle your strategy is not a bad one. If the training is a good one, you will cut down on a lot of mistakes which you will otherwise make. But beware though, there are a lot of training courses out there which claim to be the ‘best’. Take whatever marketing information you find about a training with a pinch of salt…

I’m based in London. You I presume are from Wales (lucky guess!)?

Fx training zone - their in London. You guessed it I’m in cardiff . Have you heard of them?

Thanks a lot. Can you day trade and swing trade on MT4?

Day trading and swing trading are merely ways to describe holding time and frequency of trades.

I’m just trying To determine which methos of trading has less risk?

Risk is a concrete variable that you are able to control. There is one caveat, however. The closer you get to scalping, the more leverage you will need to make the same return per investment. In other words, grabbing $100 with a 100 pip move only requires a mini-lot position size. To grab the same amount in 10 pips, you would need a regular lot. As long as you control risk via sound financial constructs (aka money management), you will never lose more than your stated risk % in a single trade.

How can we control the risk with swing trading when the trade could run for days and we
Can’t watch it 24/7

With swing trading, you also must remember that the market does NOT make its moves as quickly as on a lower time frame. A head-and-shoulders pattern on the daily chart may take 1-2 months to come to fruition. This means, you can really just look at the chart once per day to decide what to do. It’s trading in slow motion.

What trading do you use and are you self taught or did you do
A course?

Look at the various systems in the free systems board. What you want to do is UNDERSTAND why they work. It is more than just following a system because it is seemingly a money tree. You need to understand what parts of a system seem strong and what seem weak. Mix the components of the systems that you discover on here and elsewhere together. It’s really hard to describe. The system I made is really a mixture of fundamental market theory (some of which you learn in the Babypips school), and derived strategies from systems I’ve read about in the past. As someone has said (I forget where), you want to keep your heartbeat in-tune with the market.

spageage
what problems dod you encounter? might be a good pointer for me ?

I love trading in England. I spend quite a bit of time there, really every chance I get. It sure beats needing to wake up so early here in the US to catch the London open. If it wasn’t for my family here in the US I’d move there in a second.

I’ve been to several training courses and I find they can teach you a winning system, but only one in 10 students will (can) follow that system. In the end, the best system is one you create just for yourself. One that fits you like a glove. In my opinion, that is the Holy Grail. The training courses will teach you lots of other good things though, like good money management, that will be needed for almost any system.

Lots of people say demo trade until you are winning, but I think you should migrate to a micro account as soon as you’ve had some success with demo. Demo trading can foster bad habits if you aren’t careful. Trading with real money, even 10 cents per pip, is way different. No real need to move from micro to mini until you are consistently profitable. Then wait until you are consistently profitable with the mini before you go to a standard account. That will take different amounts of time for different people, but it’s not a race, it the destination. The honest truth is, just about every successful trader I know has blown out at least one account, usually early in their career. Some have blown out several. It’s almost a rite of passage. Of course, you want to try with all your might to avoid it, but if it happens, it’s much better that be a $500 micro account than a $20,000 standard account. If you blow one out, take a month off. Study and demo trade and then hit it again. I also don’t know anyone who has made it in this game that gives up easily. They may all have very open minds and be willing to change their opinions easily given good reason, but none give up easily.

Happy Trading

graviton
what a reply with thanks. I havent got a trade platform , can you reccomend some , the softwre to use, the indicators and set up to start with.
im going around in circles a bit
HELP

OK, why the hell not? For instructional purposes only. Don’t risk any real money on this. Go to FXDD dot com and set up a demo account. We’ll demo trade the EUR/USD a bit. Their spread on eur/usd is only 2 pips, which is good and they have good execution. When you have set up the demo account, download their MT4 platform. You can get instructions on how to set it up on the internet, there are even youtube videos that will take you step by step through it. Let me know if you have any questions. You’ll want to display a chart for eur/usd. Once you get it up, let me know and I get you started with settings and a demo trade.

Happy trading

Oh, set up the demo with the smallest units possible. If they will let you set the demo up as micro, which will be 10 cents per pip, that’s best. you’ll only need about $500 play money in it to start. If it gets all fouled up, just delete and uninstall it and start over. They don’t care.

awesome , ill get onto it , ill let you know how i get on

Hi there FW. No I haven’t really heard of them. How did you come across them?

Well, mastering your emotion is one of the major difficulties you will face. But saying that, it’s one of those things you can’t learn unless you start trading. So my suggestion is to start small - but only after you have the fundamentals well within your grasp. & if you are getting a mentor (a good one hopefully) through your training, then all the better, as he can walk you through the steps.