i need help trying to get my account up properly
i have some trading experience but this forex is making it more difficult than it needs to be i need help going live properly
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Forum on trading, automated trading systems and testing trading strategies
Questions from Beginners MQL4 MT4 MetaTrader 4
Fernando Carreiro, 2022.08.07 15:30
That is the wrong question to ask. First invest in learning to trade properly by educating yourself and practising with a demo account (paper trading). If you do that first, you will no longer need to ask that question.
Forum on trading, automated trading systems and testing trading strategies
Fernando Carreiro, 2022.07.31 14:17
Before trading anything, please first learn the basics of trading and about risk management by paper trading (i.e. "demo account").
What happened was that you placed your trades based only on the required margin, but did not calculate your required risk of price movements into loss (i.e. stop-loss risk).
So when the trade went into the red, it reduced your free margin and got stopped out. All brokers have a call out and a stop out limit. If you violate stop out limit, all trades are closed.
You lost all your money, not because it "sucks", but because you did not invest in your trading education first.
On a side note, please also read the following ...
Forum on trading, automated trading systems and testing trading strategies
Fernando Carreiro, 2022.06.07 14:40
Be it by fake agents, brokers, signals, or EAs, there is one weapon to beat them all — knowledge! Your knowledge is the key to prevent you from being scammed.
Invest and take time to improve your knowledge, to gain experience and improve your skills. Learn to do things for yourself and not to rely on others so much. You don’t have to be a master or even be very good at it, but the more you know and understand, the easier it will be for you to detect when something is not what it seems to be.
Learn how brokers work and how they are licensed and regulated. Learn about the different markets, trading conditions, types of accounts, leverage, and when you don’t understand something, ask first about it and get answers from different sources. Don’t just blindly accept things.
Learn to trade manually, even if you intend to use signals or EAs. You don’t have to be very good at it, but you need to understand all the different concepts of how orders are placed, how they are triggered, how to manage them, how to calculate and manage your risk, and all those pesky little details required to trade manually. Only then can you better evaluate the signals you wish to follow or the EAs you wish to use.
If you are going to hire someone to code your EA for you, then take some time to understand how coding works and some basic knowledge about it. Again, you don’t have to be good at it, but the more you understand, the easier it will be for you to communicate with the developer and provide valid, realistic requirement specifications and to understand how much work is involved as well as its value and how much to budget.
Also, learn to use the Strategy Tester properly and how to interpret the results. The better you understand it, and the more you use it, the easier it will be for you to evaluate the results from EAs you are considering.
So, in conclusion, don’t be a greedy idiot quick to jump onto anything “shiny”. Instead, be wise. Take your time. Invest in your knowledge and skills. Choose carefully.
Foreign Exchange (FX) market opens 5 PM New York (NY)/Eastern Time (ET) Sunday and ends 5 PM NY Friday. Some brokers start after (6 PM is common) and end before (up to 15 minutes) due to low volatility.
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