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

  • #21
  • Mar 27, 2013 3:22am Mar 27, 2013 3:22am
Quoting FerruFx
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 ...

That being the case, I'm not sure why this thread was even required
Stop or target...
  • #22
  • Mar 27, 2013 3:32am Mar 27, 2013 3:32am
Quoting MoralAtheist
That being the case, I'm not sure why this thread was even required
We all here started by asking questions ... and we had responses from experienced members ...

There's no stupid question ... there's only stupid answer

PS: MoralAtheist, of course the above is absolutely not related to your answer
MT4/MT5 EAs/Indicators/Alerts coder
  • #23
  • Mar 27, 2013 3:43am Mar 27, 2013 3:43am
Quoting FerruFx
We all here started by asking questions ... and we had responses from experienced members ...

There's no stupid question ... there's only stupid answer

PS: MoralAtheist, of course the above is absolutely not related to your answer
Yeah I agree with you ) This site is a great resource for getting into the space...
Stop or target...
  • #24
  • Mar 27, 2013 7:47am Mar 27, 2013 7:47am
Quoting MoralAtheist
Speak to your broker... Do they support MT4?
Thanks for understanding what I want to know!
  • #25
  • Mar 27, 2013 7:55am Mar 27, 2013 7:55am
Quoting Red Herring
Thanks for understanding what I want to know!
Stop or target...
  • #26
  • Mar 27, 2013 8:01am Mar 27, 2013 8:01am
Quoting MoralAtheist
That being the case, I'm not sure why this thread was even required
The information you know mat be unknown to a newbie. That is why this thread have been started. So many discussion about demo (for suggesting newbie) and MT4 here and there but no one to clear the two thing! You see, even you do not know if a broker by default offering a demo platform called: "fxTrade Practice" then how the user (e.g. me) can use MT4 since most of the traders are talking about this MT4 and at the same time suggesting newbies to open a demo with any broker! No body is telling to download the MT4 to the newbies!!!

I hope you have got your answer.
  • #27
  • Mar 27, 2013 8:05am Mar 27, 2013 8:05am
Quoting Red Herring
The information you know mat be unknown to a newbie. That is why this thread have been started. So many discussion about demo (for suggesting newbie) and MT4 here and there but no one to clear the two thing! You see, even you do not know if a broker by default offering a demo platform called: [size=2]"fxTrade Practice" then how the user (e.g. me) can use MT4 since most of the traders are talking about this MT4 and at the same time suggesting newbies to open a demo with any broker! No body is telling to download the MT4 to the newbies!!!

I...
Yeah stuff can be confusing to the uninitiated.. I was probably a bit unfair with that comment. I really don't think MT4 is a good starting point anyway, it is terrible to trade with manually. So unless you're going to run EAs I would recommend, FXCM's Trading Station, but there are many, every broker has their own angle on this... Bon Chance!
Stop or target...
  • #28
  • Mar 27, 2013 8:22am Mar 27, 2013 8:22am
Quoting FerruFx
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 ...

Thanks for answering.

What I have understood from your reply to me is:

1. I do not need to open any demo with any broker to practice the trade since MT4 itself offers demo account and is connected to market, right? As your showing path, it is not asking me to which broker I want to use as a channel to make the trades.
2. Since my broker (let say Oanda) is offering me "fx trade practice" as default for users there is no way I can use MT4 using their connection!
3. The outcome of our practice on MT4 is to use on our live account! No matter what platform our broker is offering. This means, I will learn what action should I take using MT4 (through observation/practice) and then I will log in to my live account (with any broker I have opened) and will order for buy or sell. Is it like this?

I hope I have made clear what actually I want to know. Please correct me if still I am wrong.
  • #29
  • Mar 27, 2013 8:28am Mar 27, 2013 8:28am
Quoting Red Herring
Thanks for answering.

What I have understood from your reply to me is:

1. I do not need to open any demo with any broker to practice the trade since MT4 itself offers demo account and is connected to market, right? As your showing path, it is not asking me to which broker I want to use as a channel to make the trades.
2. Since my broker (let say Oanda) is offering me "fx trade practice" as default for users there is no way I can use MT4 using their connection!
3. The outcome of our practice on MT4 is to use on our live account! No matter what...
The MT4 platform is linked to the broker feed where you downloaded it.
MT4/MT5 EAs/Indicators/Alerts coder
  • #30
  • Mar 28, 2013 12:20pm Mar 28, 2013 12:20pm
Quoting MoralAtheist
That being the case, I'm not sure why this thread was even required
That did get me grinning, yes the purpose of the thread and subsequent posts did make the point amply clear - not sure why the confusion persists, and as regards the price feed, you need the broker's link to get the feed. You can download and install the mt4 but you would still require a broker demo account to get the feed. A better option would be to download and install the mt4 directly from the broker after setting up the demo..makes it less confusing,
  • #31
  • Mar 28, 2013 12:40pm Mar 28, 2013 12:40pm
Quoting Forexnuts
That did get me grinning, yes the purpose of the thread and subsequent posts did make the point amply clear - not sure why the confusion persists, and as regards the price feed, you need the broker's link to get the feed. You can download and install the mt4 but you would still require a broker demo account to get the feed. A better option would be to download and install the mt4 directly from the broker after setting up the demo..makes it less confusing,
Yep that was my first response, in fact it was the first response in the thread But hey we all have to learn ))
Stop or target...
  • #32
  • Mar 29, 2013 12:06pm Mar 29, 2013 12:06pm
Quoting Forexnuts
That did get me grinning, yes the purpose of the thread and subsequent posts did make the point amply clear - not sure why the confusion persists, and as regards the price feed, you need the broker's link to get the feed. You can download and install the mt4 but you would still require a broker demo account to get the feed. A better option would be to download and install the mt4 directly from the broker after setting up the demo..makes it less confusing,
You will be happy to know that another thread will be started where there will be steps for newbies for starting with technical points upto starting the trade. I had/have some confusions and trying to get those answers through this thread since I have not seen any such threads that clearly show the steps. There is a lot of theoretical and advanced user's thread that is not understandable by the newbies. I want to show them (also myself) how to get there. Thank you guys for reading this thread to rich me on that.
  • #33
  • Mar 29, 2013 9:37pm Mar 29, 2013 9:37pm
Hi Forexnuts

Thanks for making me less confused! In fact you ultimately understood what I wanted to know: 'download the MT4 demo from the broker', this is where I was stopped. I did it. Thanks again.
  • #34
  • Mar 29, 2013 11:04pm Mar 29, 2013 11:04pm
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.

Quoting MoralAtheist
Very wise, but I truly wonder if any of the few that make it actually started that way...
There is no way of knowing for sure how many successful traders started with a demo account.

But it is almost certain that many newbie traders, eager to earn their first million, bypassed the demo stage and suffered badly. Trading a live account without knowing how to trade will usually lead to a lot of pain with blown or seriously depleted accounts.
Please Do Not PM Me With Coding Enquiries
  • #35
  • Mar 29, 2013 11:26pm Mar 29, 2013 11:26pm
don't waste your time with demo open a live account with oanda or agea .any broker that offer a one unit trade size so you will trade as little as one eur or one dollar or one pound and enjoy learning the right way .
start with a blank chart and draw lines where price have stayed for a longer time they call it support and resistance read in the same time john murphy book .place a trade depending in your self echo it is important to start growing your self skills and echo inside you to see things more clear and wise gain confidence in your self and you also will be able to train your self to be patent and patient using proper money management from start what is most important .displince is something that grow like a tree so better to start early training on it .
it will also show your mistakes in your personality from start better than finding them in a real big account so you can correct it in a real early time .
you can fund with one dollar only and still learn in a real account have all the real emotions from start .it is like learning swimming for the first time the best coach will leave you in the middle of the pool and say to you save you ass boy
i never traded demo i just use demo accounts for charting and my loos is not big actually i have gained a lot from such a long experience and believe me one day you will be believe that no one in this market will love to give you the truth if it is profitable unless he is trading demo or a small account
focus while relaxed to see better
  • #36
  • Mar 29, 2013 11:30pm Mar 29, 2013 11:30pm
Quoting Gumrai
But it is almost certain that many newbie traders, eager to earn their first million, bypassed the demo stage and suffered badly. Trading a live account without knowing how to trade will usually lead to a lot of pain with blown or seriously depleted accounts.
Well said
MT4/MT5 EAs/Indicators/Alerts coder
  • #37
  • Mar 29, 2013 11:34pm Mar 29, 2013 11:34pm
Quoting orabi
you can fund with one dollar only and still learn in a real account have all the real emotions from start .
I doubt that many traders have the same "emotions" by trading $1 or $10k+ ... both on real account.

It should be of course if you are in control of the emotional part ...
MT4/MT5 EAs/Indicators/Alerts coder
  • #38
  • Mar 30, 2013 12:17pm Mar 30, 2013 12:17pm
Quoting orabi
don't waste your time with demo open a live account with oanda or agea .any broker that offer a one unit trade size so you will trade as little as one eur or one dollar or one pound and enjoy learning the right way .
start with a blank chart and draw lines where price have stayed for a longer time they call it support and resistance read in the same time john murphy book .place a trade depending in your self echo it is important to start growing your self skills and echo inside you to see things more clear and wise gain confidence in your self...
I can understand what you are trying to say, you have some logic. But the problem is, we can not remain happy only starting with $1, after loosing it quickly, more and more $ will be invested to lose...Newbies should at least know what button is for what in the platform ( lol...).. before going live...
  • #39
  • Mar 30, 2013 1:00pm Mar 30, 2013 1:00pm
Quoting Red Herring
I can understand what you are trying to say, you have some logic. But the problem is, we can not remain happy only starting with $1, after loosing it quickly, more and more $ will be invested to lose...Newbies should at least know what button is for what in the platform ( lol...).. before going live...
Enjoy your journey... I recommend "Trading in the Zone" by Mark Douglas.. Emotions are going to be your biggest problem... Also you could do worse than to learn something about probability theory, expected value, standard deviation, and of course Kelly Criterion which is all about not falling foul of a concept called "gamblers ruin" 1. Emotions 2. Money Management 3. Strategy Probably you won't believe what I just wrote about priority of skills
Stop or target...
  • #40
  • Mar 30, 2013 5:26pm Mar 30, 2013 5:26pm
Quoting FerruFx
I doubt that many traders have the same "emotions" by trading $1 or $10k+ ... both on real account. It should be of course if you are in control of the emotional part ...
you are right 100% .there is big difference because it is really different if you have a one dollar in your pocket than having 1000$ for sure so what we get from that rule number one any money you place with a broker is not your money actually that why you put only money you offer to lose this is so important .
second if you feel that you are so happy with gaining that you can not control your trades no more lower your risk to gain more little easy comes easy goes that is a rule for sure .
dont think that you will be a millioner in one day or one month or even one year but put a target to gain your first million in a 5 - 20 years span time this is more logically and will be reflected in your trading and make your performance better .and remmber you will gain a lot by preserving you capitial or making small gains than rushing things out and losing all your guts every time you trade and make some profit.
when trading big amount you should adjust your risk always thats why i told him to use one dollar as a deposit from start .
having money it self is a skill that you need to grow ,no one can have money as he wish thats why some gain and some lose so having money is in it self is a skill you should work on .
the rule of having money is to value every cent you have and value every gain even if it is small and try not to lose it what ever happen this is rule number oneand it is the most important .
all have a nice day
focus while relaxed to see better
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