Questions from a three week beginner- MT4 advice

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Hello all.

Just landed in the big world of forex trading and remeber when all you lot started out I have a ton of questions

Have tested a few demo brokers made some profits made some huge losses but picked up loads of information along the dayabout forex some Ive digested some doesnt make sense

Have a few questions- using MT4

1. Ok so have to work out my profit/loss based on PIP movement- im using MT4 has anyone used Plus500- it lets you drag the profit and loss lines vertically and tells you have much you will lose or profit from in money terms (no need to sit and calculate pips etc) - is there a "robot or ea" that does this before I place the order?

2. Im using a ECN broker- FXTrader- based on commissions- anyone recommend or advise about them and who do people use/recommend as a broker. Im thinking of going live in a few weeks with them and they are offering 6USD per trade. Thinking of focusing on the EUR/USD major most of the time. Would you recommend a UK Based FCA ECN broker or spread based (ive heard market makers trade against you and have dealing desks whereas ECN brokers give you the price stated?) £1500 deposit.

3. Signals - which one is the best one? Ive base my trades on reading news and watching the chart (M1-M30 only)

4. Ive not even started to look at inserting chart indicators as im still working this all out (this is the area that doesnt make sense) can anyone recommend if i should be using these and if so which ones.

Thats all folks, cheers

Waqar

 
waqarshah:

Hello all.

Just landed in the big world of forex trading and remeber when all you lot started out I have a ton of questions

Have tested a few demo brokers made some profits made some huge losses but picked up loads of information along the dayabout forex some Ive digested some doesnt make sense

Have a few questions- using MT4

1. Ok so have to work out my profit/loss based on PIP movement- im using MT4 has anyone used Plus500- it lets you drag the profit and loss lines vertically and tells you have much you will lose or profit from in money terms (no need to sit and calculate pips etc) - is there a "robot or ea" that does this before I place the order?

2. Im using a ECN broker- FXTrader- based on commissions- anyone recommend or advise about them and who do people use/recommend as a broker. Im thinking of going live in a few weeks with them and they are offering 6USD per trade. Thinking of focusing on the EUR/USD major most of the time. Would you recommend a UK Based FCA ECN broker or spread based (ive heard market makers trade against you and have dealing desks whereas ECN brokers give you the price stated?) £1500 deposit.

3. Signals - which one is the best one? Ive base my trades on reading news and watching the chart (M1-M30 only)

4. Ive not even started to look at inserting chart indicators as im still working this all out (this is the area that doesnt make sense) can anyone recommend if i should be using these and if so which ones.

Thats all folks, cheers

Waqar

We don't discuss Brokers on this forum, please do not attempt to.

We don't discuss specific signals, it could be deemed as advertising, please don't attempt to.

 

My advice to you, is do not even think about opening a live account until you have answered all those questions.

If you must, only open a micro account. Just know that it is almost certain that you will totally lose that first account.

Don't believe all the rubbish that you read about how easy it is to get rich by trading.

Take it slow and maintain realistic expectations.

 

dont use any indicators untill you know exactly what they do when working with live prices. 99% of mt4 indicators are a clever con trick known as repainting.

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