For a newbie, how to start with a Demo acct and MT4? | Forex Factory

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For a newbie, how to start with a Demo acct and MT4?

  • #1
  • First Post: Mar 26, 2013 6:35am Mar 26, 2013 6:35am
After reading a lot of forum posts and comments nothing I found technically easy for the newbie to begin with a Demo A/c and MT4 because all of us will do agree that first we must have this two things installed.

The purpose of this thread is to seek help how a newbie should set up his/her computer to start the practice (assume that he/she got education on Forex or know a bit and now want to practice trading)

For setting up my computer for practicing the trade, first I have opened a free demo account with a broker. I can access the practice platform offered by the broker but next question is that we must know the use of MT4 since everybody will talk about it and we will not understand anything unless we start using it.

So I have downloaded the MT4 platform and installed it!

Now my question is if I can start trading using the MT4 ( as I can buy/sell here for practice!) then what is the use of Demo account? That is where I have been stopped and confused!
  • #2
  • Mar 26, 2013 6:55am Mar 26, 2013 6:55am
Quoting Red Herring
After reading a lot of forum posts and comments nothing I found technically easy for the newbie to begin with a Demo A/c and MT4 because all of us will do agree that first we must have this two things installed.

The purpose of this thread is to seek help how a newbie should set up his/her computer to start the practice (assume that he/she got education on Forex or know a bit and now want to practice trading)

For setting up my computer for practicing the trade, first I have opened a free demo account with a broker. I can access the practice...
You are putting the cart before the horse. First choose a broker, they will give you a demo account, and a choice of trading platforms, frankly MT4 is not very good for manual trading, but good for automated or semi automated trading.
Stop or target...
  • #3
  • Mar 26, 2013 6:56am Mar 26, 2013 6:56am
Quoting Red Herring
After reading a lot of forum posts and comments nothing I found technically easy for the newbie to begin with a Demo A/c and MT4 because all of us will do agree that first we must have this two things installed.

The purpose of this thread is to seek help how a newbie should set up his/her computer to start the practice (assume that he/she got education on Forex or know a bit and now want to practice trading)

For setting up my computer for practicing the trade, first I have opened a free demo account with a broker. I can access the practice platform...

If i were you .. dont even start ... If you can trade whole day , or be near pc whole day (yes , if you want to succeed it's not enough to put a trade and then leave , you also have to follow news , it's a harder that you can possible imagine...) , have dedication and extra money to blow , the go ahead .
  • #4
  • Mar 26, 2013 6:59am Mar 26, 2013 6:59am
Quoting LeanLowFx
If i were you .. dont even start ... If you can trade whole day , or be near pc whole day (yes , if you want to succeed it's not enough to put a trade and then leave , you also have to follow news , it's a harder that you can possible imagine...) , have dedication and extra money to blow , the go ahead .
Truth in what you day, but if you can program in MQL4 you can reduce your burden significantly...
Stop or target...
  • #5
  • Mar 26, 2013 7:26am Mar 26, 2013 7:26am
Quoting Red Herring
Now my question is if I can start trading using the MT4 ( as I can buy/sell here for practice!) then what is the use of Demo account? That is where I have been stopped and confused!
Demo account allow you to loose all the money you want without investing a penny.

Trade on demo until you found your way of trading (method/system) and you are consistent enough month after month ... then and only then, you can start trading Live with small (real) funds.
MT4/MT5 EAs/Indicators/Alerts coder
  • #6
  • Mar 26, 2013 7:28am Mar 26, 2013 7:28am
Quoting FerruFx
Demo account allow you to loose all the money you want without investing a penny.

Trade on demo until you found your way of trading (method/system) and you are consistent enough month after month ... then and only then, you can start trading Live with small (real) funds.

Very wise, but I truly wonder if any of the few that make it actually started that way...
Stop or target...
  • #7
  • Mar 26, 2013 9:28am Mar 26, 2013 9:28am
Since you already have downloaded and installed the MT4 and set up the demo account, check the help files. The MT4 platform should come loaded with help files which you can access to get a better idea on how the platform works..
hope that helps..
  • #8
  • Mar 26, 2013 9:39am Mar 26, 2013 9:39am
Quoting MoralAtheist
You are putting the cart before the horse. First choose a broker, they will give you a demo account, and a choice of trading platforms, frankly MT4 is not very good for manual trading, but good for automated or semi automated trading.
I do not think so! I definitely opened a demo and then got "Fx Trade Practice" from that broker. This 'Fx Trade Practice' is my platform there! So clearly this is not MT4! My question is, if I want to use MT4 with my Demo account then how?
  • #9
  • Mar 26, 2013 9:44am Mar 26, 2013 9:44am
Quoting LeanLowFx
If i were you .. dont even start ... If you can trade whole day , or be near pc whole day (yes , if you want to succeed it's not enough to put a trade and then leave , you also have to follow news , it's a harder that you can possible imagine...) , have dedication and extra money to blow , the go ahead .
I understand what you said. But for that we have to take trading our profession (staying all the time on computer) and this is also not possible for all!
  • #10
  • Mar 26, 2013 9:55am Mar 26, 2013 9:55am
Quoting FerruFx
Demo account allow you to loose all the money you want without investing a penny.

Trade on demo until you found your way of trading (method/system) and you are consistent enough month after month ... then and only then, you can start trading Live with small (real) funds.
Is that mean that MT4 is not for Demo user? Yas or not!
  • #11
  • Mar 26, 2013 9:57am Mar 26, 2013 9:57am
Quoting Forexnuts
Since you already have downloaded and installed the MT4 and set up the demo account, check the help files. The MT4 platform should come loaded with help files which you can access to get a better idea on how the platform works..
hope that helps..
Good advise, thanks.
  • #12
  • Mar 26, 2013 11:00am Mar 26, 2013 11:00am
Quoting Red Herring
Is that mean that MT4 is not for Demo user? Yas or not!
You can open as many Demo accounts as you want with MT4.

File > Open an account > then fill the requested infos > Next > Next > Finish

10 times a day if you need ...
MT4/MT5 EAs/Indicators/Alerts coder
  • #13
  • Mar 26, 2013 11:54am Mar 26, 2013 11:54am
My suggestion is that you start with a demo account....Mt4 is not necessary...anything will do...find your way...when successful on demo then try with a real account...follow the same procedure as before and you should be good.
  • #14
  • Mar 27, 2013 2:12am Mar 27, 2013 2:12am
Quoting Red Herring
Good advise, thanks.
You're welcome, glad to have been of help
  • #15
  • Mar 27, 2013 2:27am Mar 27, 2013 2:27am
Quoting Red Herring
I do not think so! I definitely opened a demo and then got "Fx Trade Practice" from that broker. This 'Fx Trade Practice' is my platform there! So clearly this is not MT4! My question is, if I want to use MT4 with my Demo account then how?
Speak to your broker... Do they support MT4?
Stop or target...
  • #16
  • Mar 27, 2013 2:31am Mar 27, 2013 2:31am
Quoting MoralAtheist
Speak to your broker... Do they support MT4?
Anyway, if he wants to use MT4 demo, there's no need to have an account (Live) on any broker.

Just download the platform anywhere and use it.
MT4/MT5 EAs/Indicators/Alerts coder
  • #17
  • Mar 27, 2013 2:35am Mar 27, 2013 2:35am
Quoting FerruFx
Anyway, if he wants to use MT4 demo, there's no need to have an account (Live) on any broker.

Just download the platform anywhere and use it.

ah ha! I did not know that, have you got a link to show him how to do it?
Stop or target...
  • #18
  • Mar 27, 2013 2:47am Mar 27, 2013 2:47am
Quoting MoralAtheist
ah ha! I did not know that, have you got a link to show him how to do it?
Any broker providing MT4 has a download link for the MT4 demo platform.
MT4/MT5 EAs/Indicators/Alerts coder
  • #19
  • Mar 27, 2013 3:05am Mar 27, 2013 3:05am
Quoting FerruFx
Any broker providing MT4 has a download link for the MT4 demo platform.
Duh! That is what I have been saying, choose a broker then do what ever they say to setup a demo MT4 account!
Stop or target...
  • #20
  • Mar 27, 2013 3:13am Mar 27, 2013 3:13am
Quoting MoralAtheist
Duh! That is what I have been saying, choose a broker then do what ever they say to setup a demo MT4 account!
Setup a demo account is done directly in the platform itself (see my post #12). The broker doesn't intervene in any maner with the use of a demo. Once you downloaded the platform, the only thing you have to do is to open demo account (see my post #12) and use the platform. When you blowed the account, open a new one in the same platform and so on ...

It takes less than a minute to open a demo ...
MT4/MT5 EAs/Indicators/Alerts coder
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