I’m totally new…just read some articles, skimmed some books, etc.
I’d like to practice on a “dummy account” to see if Forex trading is for me. Do I have to pick a broker and register with them to get something like this?
I’ve seen a site with MetaTrader4 free download…can I just install this and point it to some data sources for past currency trading and test out some trading strategies?
I’m not at the stage where I want to pick a broker right now…I’d rather try out some free charting, dummy trading, etc. first.
Head over to one of the major broker’s sites and find the download link for MT4. It’s the easiest way to get started. If you don’t want to download anything, Oanda has a platform for trading that you can access from a web browser, no download required.
You have to register for a demo account with some info, doesn’t have to be accurate they never contact and I’ve only occasionally received an email from them.
Best way to try things out before putting some money into this.
Just don’t give your real phone number unless you want them to call you and try to pressure you to go live. This has happened to me.
The demo platform will give you access to real time data just like the live trader. This will show you how everything will be when you go live, so you can test your strategies on the real market with fake money.
Do the Babypips school in conjunction with your demo trading and you will learn a lot.
Never has a truer statement been said ! I’ve been lurking here for over a year reading forums and whatnot, and the school here is better than any other place. However, after going through it (honestly, not just skimming) and you’re still a little confused it’s normal.
What I did after that is look up some of the simpler trading strategies people are offering here and used them, then went back to the school to see why I was doing it and why they worked (or sometimes didn’t).
As for demo software, anyone is fine really. I used to use Alpari’s one because they were top of the google search I put in, now I’m using deltastock because I’m considering them as my broker.
Thanks Soul786! I’ve seen so much about MT4 that I’ve decided to start with it. There’s a metatrader4.com site that just lets you download it…but I’m thinking you don’t get historical data to play with. Perhaps I’m stuck with going to a broker first…maybe their MT4 is “tuned” to their own historical data format or something?? I’m just paranoid about signing up with people and getting on spam lists! Know what I mean??
Yes, I’ve done the Babypips school already. I’m ready to start playing!
I can get MT4 on metatrader4.com, but this looks like the software only. I would’t know how to point it to any historical data, or even live data. Do you think that would be possible?
Yes, I understand using a fake phone number. And I worry about spam, with little attached apps that infect your system…running popups every day!
As far as I’m aware, yes you do need to use a broker. I’ve got about 10 different demo accounts from 10 different brokers. I’ve blocked their emails and they luckily always come from one domain per broker so no spam gets through.
Also, when I left my real number I was getting called by them. I figured out a great way to get rid of them. Simply ask them “can I open a live account with $10 and still use MetaTrader?”. They then think you’re a waste of time and never call again. I’m even using a different broker for my meta trader on my HTC.
I think most of the brokers historical data goes back 20 years.