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  • #1
  • First Post: Oct 18, 2022 4:48pm Oct 18, 2022 4:48pm
Hello
What useful knowledge would you like to gain from this forum?
  • #2
  • Oct 19, 2022 9:41am Oct 19, 2022 9:41am
Hi, currently I am trading with MT4, wish to find out a few stuff before I commence with MT5. Appreciate any help or clarifications given.

1) High quality MT4 backtesting is require from 3rd party, is it the same for MT5? Or can I download the data from the broker (not metaquotes)
2) If downloading from broker is good to generate 99% backtesting quality, is there any reason to download from 3rd party (tickstory)
3) MT5 is able to do simultaneous multi symbol testing in one single test? Does it show the aggregated equity, P/L?
4) What is the neural network.
5) How can I make use of the neural network.
6) Approximately what is the cost for using the MT5 network to run backtesting.
7) I have the mql4 for indicators, is it possible to code it into both MT4 and 5 EA such that it need not read from it.
  • #3
  • Nov 7, 2022 6:43pm Nov 7, 2022 6:43pm
On this forum you can meet a large number of experts in the field of trading.
  • #4
  • Nov 8, 2022 3:51am Nov 8, 2022 3:51am
hi total noob here . I have been watching and reading about forex, and nasdaq Trading. I have become more interested in Forex, however the more YT videos I see I noticed more people have moved away from Forex. But there is some who make a lot of profit. I have so many Q's .
1: which broker to use? I have only $2500 USD and willing to loose all. lol
i have signed up with Trading.com but am not sure if I still need a broker and cash account.
Another important question to me is for how long do I watch the candlesticks or patterns before i get in a trade? I have been learning about patterns Bulls/Bears. also MACd indicator and Bollinger Bands
  • #5
  • Edited Nov 9, 2022 11:55am Nov 8, 2022 1:54pm | Edited Nov 9, 2022 11:55am
Quoting apexmaster37
hi total noob here . I have been watching and reading about forex, and nasdaq Trading. I have become more interested in Forex, however the more YT videos I see I noticed more people have moved away from Forex. But there is some who make a lot of profit. I have so many Q's . 1: which broker to use? I have only $2500 USD and willing to loose all. lol i have signed up with Trading.com but am not sure if I still need a broker and cash account. Another important question to me is for how long do I watch the candlesticks or patterns before i get in a...

The first question you should ask is if what you're looking at real or not. In today's world there are faaaaar too many people looking to become influencers than actually skilled traders that post all types of stuff to catch your eye. Forex isn't the sexy buzz word right now, so it doesn't generate the clicks like it did a few years ago. Hence, people have moved away from pushing it as much. You wouldn't want to learn from those people anyway. Those people were looking to gather a following to establish some sort of brand for themselves so they can, then, actually make money off of beginners, noobs, aspiring traders and those who don't know what to look for. You'll see the MT4 "proof", the lifestyle props, etc. What you may not know is ALL OF IT CAN BE FAKED. The screenshots...fake. The cars...rented. Homes...rented. Paper money...movie set prop money (fake). Even the MT4 video recording...Super-faked!!! They use paid servers for that. Believe me when I tell you, you need to question whether or not you're being marketed to or if what you're looking at is actually legitimate. There are a lot of frauds, and the worst ones are those that have been doing it long enough to become too silver-tounged and edit savvy for beginners to notice the bs. Even on this platform. Definitely on YouTube.

Secondly, I'd say this with almost absolute certainty. You are going to lose every red cent of that $2500 deposit. Why? Because you, like I and the rest us of most likely were, are rushing into this with green in your eyes. The Forex market is not easy. It takes time to develop a keen eye for profitable trading. I know there's a billion ways to skin this cat and every system seems intriguing, but there's one thing we all are unaware of at the beginning of our trading journey...IT'S DESIGNED TO TAKE YOUR MONEY. Literally, that's why we're allowed to trade the markets. These markets aren't made to make you rich. They are made to take your money and put in the pockets of other people. I know you're giddy but trust me...you need to relax. Learn about what you're seeing...if it's strategy back-test the hell out of it in demo...if it's a concept, research the hell out of that too. Research the pros AND cons of everything you learn before you forfeit one red cent.

I could go on forever, so I'll end it by saying relax, learn as much as you can about the market you're interested in, and practice practice practice until you find what works for you...then strike. You have a ways to go. Chill, the market isn't going anywhere.
  • #6
  • Nov 8, 2022 3:25pm Nov 8, 2022 3:25pm
Quoting apexmaster37
hi total noob here . I have been watching and reading about forex, and nasdaq Trading. I have become more interested in Forex, however the more YT videos I see I noticed more people have moved away from Forex. But there is some who make a lot of profit. I have so many Q's . 1: which broker to use? I have only $2500 USD and willing to loose all. lol i have signed up with Trading.com but am not sure if I still need a broker and cash account. Another important question to me is for how long do I watch the candlesticks or patterns before i get in a...
be careful what you say.. "willing loose all"... not serious attitude.

"only 2500$" means you can trade no more than 250$. And nothing more. Never risk more than 10% of your capital on any venture. Forex is 1 venture for you.

after 1 year demo trading, split your 250$ in 10 parts and then trade with a cent account. will blow out several accounts.. then at some 5th attempt if doing serious... you maybe will start to understand something.. but that does not mean you will start to be profitable.. not so fast

maybe some day after blowing out some 8th account you finally learn to trade - and then you can trade 50$ as a signal account and earn from investors money (after 1-2 year's track record)..

but for God's sake - start this journey with 250$ and keep the rest 2250 $ out of forex venture. buy some stocks better - now all down good time to buy on discounts good companies stocks (again - allocate no more than 250$ for stocks).
  • #7
  • Nov 11, 2022 10:21am Nov 11, 2022 10:21am
Hey I'm also new in this. Few guys at my gym, keep talking about how they trade some gold and silver and other stuff.
They gave me few tips and where to trade. Lately they talked about some news coming out that made these two pump nicely.
Can someone tell a total newbie to this which news were responsible for this rocket ?
  • #8
  • Nov 22, 2022 11:14pm Nov 22, 2022 11:14pm
I am learning about forex trading and knowledge from this forum.
  • #9
  • Nov 25, 2022 1:11pm Nov 25, 2022 1:11pm
What I hope to get out this forum are answers.

YT videos and other websites are informative but when it comes down to active trading there is always a fly in the ointment. I am sure most of the questions I have will be very elementary but as with everything I have learned in the past 2-3 decades I have found that active forums are the best places to find answers.

Plus the more I learn forums give an opportunity to demonstrate your knowledge by helping other who come along after you who ask questions that you might know the answers to.

Anyways I am hopeful my account will be promoted in the next few days, (with the Holiday probably Tuesday-ish), and then I can start asking some of the questions that have been perplexing me.
  • #10
  • Nov 29, 2022 1:49pm Nov 29, 2022 1:49pm
Hi I have a question, what are the news events that consistently spike the price of US30, (only US30) and where do I find them? I know CPI report is one, but there seems to have been one Nov 29 today as well, although minor compared to CPI reports it did cause the price of US30 to retrace for a little while, so what I'm asking is, what are all the news events that move the price of US30 and where do I find them? and how much in advance are they listed?
Talking about normal news events, not Russia war or etc etc.

Thank you VERY much.
  • #11
  • Dec 21, 2022 8:14am Dec 21, 2022 8:14am
Hello All. Total Noob here and extremely stumped.....
I have one question which Im certain will shock and amuse many lol but I have broad shoulders lol and willing to take the risk of asking it anyway.... Please be gentle with me lol

First let me state that I've watched a number of Training Vids etc and I believe I understand to a certain degree the fundamental basics i.e. Pips, Lots, Leverage, Charts etc etc... I have a Tradingview account to learn what I can before I start trading.....

My Question and again Please be gentle with me lol
I have asked this of many different people who say they are Forex Traders and they all give the same answer, "You are looking at it wrong" lol but they have not been able to answer my very basic question which is:-

If you are in the UK and take a Pair like GBPUSD for instance. Now for me I understand that for every pound I will get at the moment $1.2142. So if I buy 1000 pounds of USD I will get $1214.25 (1000x1.2142). For now just forget Pips and Lots just straight forward exchange rate. Now say the Rate changes to 1.2146 and I take my $1214.25 and exchange it back then I should get back 999.67068 pounds (1214.25 / 1.2146). So I lose money.... Why then do the Candle charts and all the Training Videos say you should buy and sell when the rate goes up to make money...

I know I'm looking at it wrong lol I've been told that But I cant understand what Im looking it is wrong.... Please can someone take me gently into a dark room Beat me over the head softly and explain What Im looking at incorrectly??
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  • #12
  • Dec 21, 2022 12:30pm Dec 21, 2022 12:30pm
Hello,

Quote
Now for me I understand that for every pound I will get at the moment $1.2142. So if I buy 1000 pounds of USD I will get $1214.25 (1000x1.2142).
You are wrong here. GBP/USD means how many US Dollars are needed to buy a British Pound. So when you press a buy button you are buying 1000 pounds(GBP) when the exchange rate is 1.2142, you need 1000x1.2142=1214.20 USD. Now you have 1000 GBP. When the Rate changes to 1.2146 you take your 1000 GBP and exchange it back (sell). 1000x1.2146=1214.60 USD.
1214.60 - 1214.20 = 0.40 USD is your profit.

Feel free to ask any questions.
  • #13
  • Dec 21, 2022 2:10pm Dec 21, 2022 2:10pm
Quote
So if I buy 1000 pounds of USD I will get $1214.25 (1000x1.2142). For now just forget Pips and Lots just straight forward exchange rate. Now say the Rate changes to 1.2146 and I take my $1214.25 and exchange it back then I should get back 999.67068 pounds (1214.25 / 1.2146). So I lose money.

The reason you are losing money is because you are selling GBP for USD. When you press a sell button, you exchange 1000 GBP for 1214.20 USD. Now you have 1214.20 USD. The Rate changes to 1.2146, so GBP cost more now, that's why you are losing money.

Quote
Videos say you should buy and sell when the rate goes up to make money...
First BUY and then SELL when the rate goes up to make money.

In your example you are SELLing first and then BUYing when the rate goes up.
  • #14
  • Dec 22, 2022 2:04am Dec 22, 2022 2:04am
Thanks BlaBlaFX
So Im actually doing it back to front. Remember I'm in the UK So I first buy USD and then go to the GBPUSD and buy Pounds at the given rate. Then when the rate goes up Sell it back and get more USD.... Then Convert it back to Pounds??
Trying to figure this out in my head is making me dizzy lol. Im putting this into Excel and trying to see how I will make more GBP in my pocket lol.
  • #15
  • Edited 4:54am Dec 22, 2022 4:44am | Edited 4:54am
13 years ago i wish i did this:
Traded on a demo account.
Traded small lots so that max you loose in a day is 5-10%.
Keept a journal for your trades and write down what you where planning for and so on.
Saved information on where you entered the trade and when you closed it and why.
Traded lots of positions.
Traded every day.
Didnt wait for any "perfect setup".
Stayed away from what other people are doing and talking about tradingwise.
Did not read any trading books and test anyones system.
Traded only euro/dollar.

Regular physical training. LOTS of it. 4-12 sessions a week.
Fruit, nuts, vegetables.
Good sleep.
No stimulants except maybe SOME coffee, SOMETIMES.

And if a demo account was doubled or something like that maybe start thinking about THE SMALLEST lots availiable of real money. So we are talking 001 lots.

This is what i would have wanted FOR ME.
I dont go around passing advice to strangers i dont know, people whose experience, proffeciencies, habits and weakness i dont know.
Because that would simply be just stupid.
So this type of adviced is tailored TO ME.
Maybe some of it would apply to you, but ONLY in as much as you are like me.
If you have 100.000$ to loose in a week, insider trading information, a team of programmers and collegues i MIGHT go about it differently.

I didnt.
All i had was tenacity, a dream and a keen intellect.
And guts.

Is trading Forex a better idea then just opening up a companiy that sells light bulbs or railway consulting and what ever?
I dont know.
I guess it depends on what you are trying to do.
What kind of person you are.
With other conditions i would not have done as i did.
Maybe i would still have been running the company me and my friends ran in 2010 if things where just slightly different.
What im saying is that trading Forex is not a simple solution.
Its not a quick fix.
At least not to my experience.
But it CAN be done, by some people under SOME conditions.
But not by all people in all conditions all the time.
So its impossible to say if its a smart thing to do in general for anybody.
My signature is: "Classified".
  • #16
  • Dec 22, 2022 4:59am Dec 22, 2022 4:59am
Quoting BlaBlaFx
{quote} The reason you are losing money is because you are selling GBP for USD. When you press a sell button, you exchange 1000 GBP for 1214.20 USD. Now you have 1214.20 USD. The Rate changes to 1.2146, so GBP cost more now, that's why you are losing money. {quote} First BUY and then SELL when the rate goes up to make money. In your example you are SELLing first and then BUYing when the rate goes up.
Yes indeed.
My signature is: "Classified".
  • #17
  • Dec 22, 2022 5:03am Dec 22, 2022 5:03am
Quoting WizardOForEx
What I hope to get out this forum are answers. YT videos and other websites are informative but when it comes down to active trading there is always a fly in the ointment. I am sure most of the questions I have will be very elementary but as with everything I have learned in the past 2-3 decades I have found that active forums are the best places to find answers. Plus the more I learn forums give an opportunity to demonstrate your knowledge by helping other who come along after you who ask questions that you might know the answers to. Anyways I...
There are LOTS of trading videos where people talk and talk and TALK all day.
Its like they make money with each word, there are SOOO many words they want to say.

And yet they dont show you when to enter the trade and when to exit.
Probably because they dont know.
And probably because they dont do that.
They dont trade, they are just talking heads.
And people PAY good money for that kind of crap.
Its TOTALLY FUCKING INSANE!
Anybody can pull up a chart and talk about it endlessly.
You can take a piece of art from the 17th century and talk about it all day if you want.
Its EASY!
But its boring as FUCK!
And rather pointless if you ask me.
The only thing about is that people seem to appear to PAY for that mouth fart sounds.
My signature is: "Classified".
  • #18
  • Dec 22, 2022 6:29am Dec 22, 2022 6:29am
Quoting yaed
There are LOTS of trading videos where people talk and talk and TALK all day. Its like they make money with each word, there are SOOO many words they want to say. And yet they dont show you when to enter the trade and when to exit. Probably because they dont know. And probably because they dont do that. They dont trade, they are just talking heads. And people PAY good money for that kind of crap.
That's true. Unfortunately.

Quoting Tokoloshe
Thanks BlaBlaFX So Im actually doing it back to front. Remember I'm in the UK So I first buy USD and then go to the GBPUSD and buy Pounds at the given rate. Then when the rate goes up Sell it back and get more USD.... Then Convert it back to Pounds?? Trying to figure this out in my head is making me dizzy lol. Im putting this into Excel and trying to see how I will make more GBP in my pocket lol.
It doesn't matter where you are. Account currency matters. But the scheme is the same. The only difference between USD and GBP in your account will be the numbers you see. It should not bother you, your broker is doing all the job.
Look at your account balance as proof of solvency.
In simple words you are not converting anything. You just asking your broker to do that. Let's say you have GBP in your account. You are pressing BUY button on GBP/USD, broker buys GBP for you with USD. Then you press sell button. Broker sells it. You made 0.40 USD. Your account balance in GBP, so the broker will convert this profit into GBP. Current exchange rate is 1.2146. 0.40/1.2146=0.33 GBP. That's your profit.
  • #19
  • Dec 22, 2022 8:51am Dec 22, 2022 8:51am
I want to know how to start my OWN thread. It gives me this error.

  1. Sorry 714trader, you don't have the credentials required to access this page. If you can't post to a certain thread, you might be blocked by the thread-starter (learn more). If you believe you have reached this notice in error, please submit a contact form.

  • #20
  • Dec 22, 2022 9:15am Dec 22, 2022 9:15am
Quoting 714trader
I want to know how to start my OWN thread. It gives me this error. Sorry 714trader, you don't have the credentials required to access this page. If you can't post to a certain thread, you might be blocked by the thread-starter (learn more). If you believe you have reached this notice in error, please submit a contact form.
You are a Junior member right now. It looks like you should post more messages to become a Member, then you will be able to start a new thread.
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