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Forex newbie questions - Pls help

  • Post #1
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  • First Post: Sep 6, 2017 11:34pm Sep 6, 2017 11:34pm
Forex newbie here. I will keep a demo account for at least couple mo. to see if I can survive. I have some basic questions so pls help me

1. MT4 - I went to the MT4 website and clicked "MT4" to download it but I see "5" on the icon and all files in the indicator folder have ex5 & mq5 extensions.
Does that mean this is MT5 not MT4? If so, would this be a problem if I need to use a custom indicator from this forum?

2. Indicator alert (sound & push notification) - this wouldn't work if my computer is off right? Is there any delay until you actually get the alert?

3. Standard VS ECN - if I keep my position for less than an hour, it's better to go for ECN because tighter spreads?

THANK YOU!
Quoting groobi
Forex newbie here. I will keep a demo account for at least couple mo. to see if I can survive. I have some basic questions so pls help me 1. MT4 - I went to the MT4 website and clicked "MT4" to download it but I see "5" on the icon and all files in the indicator folder have ex5 & mq5 extensions. Does that mean this is MT5 not MT4? If so, would this be a problem if I need to use a custom indicator from this forum? 2. Indicator alert (sound & push notification) - this wouldn't work if my computer is off right? Is there any delay until you actually...
1. You need download MT from your broker. Once you open your demo account usual broker provide a link for MT4 with some broker's presetting.
2. Correct, some trading system requires 24/7. You can use VPS for EA
3. Be careful about small spreads normal it means commissions.
Quoting Datatrading
{quote} 1. You need download MT from your broker. Once you open your demo account usual broker provide a link for MT4 with some broker's presetting. 2. Correct, some trading system requires 24/7. You can use VPS for EA 3. Be careful about small spreads normal it means commissions.

Thank you data for your nice advice and solution that I have fixed for sharing. Great
Quoting Datatrading
{quote} 1. You need download MT from your broker. Once you open your demo account usual broker provide a link for MT4 with some broker's presetting. 2. Correct, some trading system requires 24/7. You can use VPS for EA 3. Be careful about small spreads normal it means commissions.
Thank you Datatrading. Btw, what is VPS? With VPS, I can still get alerts when offline??
Quoting groobi
{quote} Thank you Datatrading. Btw, what is VPS? With VPS, I can still get alerts when offline??
A virtual private server (VPS) , so you can run EA (expert advisor ) 24/7 somewhere, not your home PC
There a lot of hosting and special for Forex, normally brokers also provides VPS service
Quoting groobi
{quote} I can still get alerts when offline??
if Indicator or EA support email notification - yes you can set up email in MT to send notifications
Quoting Datatrading
{quote} if Indicator or EA support email notification - yes you can set up email in MT to send notifications
Thank you Datatrading.
One quick question about leverage.

If I stick to same lot size, I should choose highest leverage when I open my account so my margin level is higher?
Anything else I should be aware of when I choose high leverage?

Thank you
Quoting groobi
One quick question about leverage. If I stick to same lot size, I should choose highest leverage when I open my account so my margin level is higher?
Yes that's correct, you should choose the highest leverage your brokers offers, that way the margin required is lower. This will allow you to keep most of your money at the bank and only a small part deposited in your trading account.
Quoting calamardo
{quote} Yes that's correct, you should choose the highest leverage your brokers offers, that way the margin required is lower. This will allow you to keep most of your money at the bank and only a small part deposited in your trading account.
Thank you calamardo~
Quoting calamardo
{quote} Yes that's correct, you should choose the highest leverage your brokers offers, that way the margin required is lower. This will allow you to keep most of your money at the bank and only a small part deposited in your trading account.
There are brokers offering 1:1000 leverage, I am not sure that picking that is the most prudent idea.
Today I was checking spreads and saw 1,250 point spread for USDZAR and 800 for USDMXN.
Is it plain simple that I should just ignore these risky pairs? Is there any reason to trade them?
Quoting mlawson71
{quote} There are brokers offering 1:1000 leverage, I am not sure that picking that is the most prudent idea.
I don't really see any problem with that. When a new trader sees that there is room for more trades because he is using high leverage, he tries to increase lot size to get more profit, that is where the risk is. High leverage in itself is not bad in anyway. High trade volume is the problem.
A tighter spread is always better ... spread should be considered as a cost to your open and closing out of a transaction. Plus at that spread you had better have large take profits / stop losses. On the other hand if you have a strategy that works with those pairs and takes the spread into account then go for it ...
Quoting Fxqu
A tighter spread is always better ... spread should be considered as a cost to your open and closing out of a transaction. Plus at that spread you had better have large take profits / stop losses. On the other hand if you have a strategy that works with those pairs and takes the spread into account then go for it ...
I see. Thank you
You don’t need to download Mt4 trading platform manually, mostly brokers offer mt4 trading (few broker offers mt5 and others platform), so download your brokers platform (mt4). By the way, mt4 is the most popular trading platform in Forex industry.
Quoting Fxqu
A tighter spread is always better ... spread should be considered as a cost to your open and closing out of a transaction. Plus at that spread you had better have large take profits / stop losses. On the other hand if you have a strategy that works with those pairs and takes the spread into account then go for it ...
It depends on which trading techniques you are using right now , if you doing scalping of course tighter spreads can causes a great trouble when using scalping. Because , success on scalping always depends on most lowest trading spreads.
Quoting PFvicky
{quote} I don't really see any problem with that. When a new trader sees that there is room for more trades because he is using high leverage, he tries to increase lot size to get more profit, that is where the risk is. High leverage in itself is not bad in anyway. High trade volume is the problem.
I agree, actually. My point was, high leverage can be a double-edged blade if you take exactly the kind of risks you're describing. Some people do that, unfortunately. What I meant was what you said, I should have clarified, my apologies.
  • Post #19
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  • Last Post: Oct 18, 2017 1:56pm Oct 18, 2017 1:56pm
Hello. What would happend with the price of, for example, EUR/USD if anyone buy 10 000 000 of EUR? I dont know how big the number have to be to actually affect the price. (You said newbie questions)
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