newbie MT4i question

[Mandolin Bee]

Hey, I am completely new to trading, and I just have a question based on some things I have read here and elsewhere.

First, I gather it is useful in some way to have an mt4i account and track my trades. So I have gone to the website, opened an account, and downloaded MT4i Publisher for EA.

I'm learning to trade via Apiary, and just started -today-. I downloaded their MetaTrader software and have been assigned a demo (fake) trader account for learning and practice.

Now, my question(s): Is it possible for me to track my -fake- trades, and is it a good idea for me to do so? Will setting up the publisher in my software add things to the interface that could interfere with me -learning- the software?

What, exactly, does the MT4i do for me that my trading software doesn't? I -have- read the website at mt4i, but to be honest it uses jargon that assumes a level of knowledge I don't possess (yet). Just in layman's terms: does MT4i tell me how well I am doing? Doesn't MetaTrader track that itself? Etc.

Thanks!

--Manda

 

[Mandolin Bee]

OK nevermind about this, I guess. I just fiddled around with things and hoped I didn't break them and have it up and running I am pretty sure. At least, the website is getting reports on my fake-trades. Yay me... I think. ^_^Y It IS okay that I generate reports on a demo account, right? Like it's not going to throw off some kind of website statistics for MT4i or something?

I fake-made money on 2 trades.... and now I am down a whole fake-bunch because I fake-bought USDCHF with 10% of my fake-starting balance. -.-

I suppose most people aren't out there buying/selling and then closing in less than an hour though... This is just practice with the software. Sorry to waste the time of anyone who read this.

 

[Pharaoh]

Those MT4 stats sites are there for people to use as they see fit. If you want to show your learning curve and demo trades, I can't see how anyone could complain.

BTW - A lot of people open and close in less than 1 minute. Short term trading is called scalping. It requires a fast internet connection, a broker that will honor the trades and not give too much slippage, and something of a "Wow! Cool video game!" mentality.

Personally, I prefer longer term trading, but some people like to scalp all day.

 

[Mandolin Bee]

Hi, Pharaoh. I appreciate the response. I'm surprised to hear trading like that is fairly common.

I'm still working through my lessons at Apiary, but maybe you can answer this... as far as brokers that don't give too much slippage, when I am using the MetaTrader program, is it like.. connected to a bunch of different brokers? Or am I using a broker that Apiary works with, is Apiary my broker, or what exactly is happening there? (Or rather, what will be happening when I am no longer fake-trading)

 

[Rambo35]

Personally, I prefer longer term trading, but some people like to scalp all day.

As long as a trader will achieve their desired results, any strategy is good. Nobody has to agree with it. All those stat sites are worthless in my opinion and truly successful traders dont talk about their performance.

 

[Mandolin Bee]

As long as a trader will achieve their desired results, any strategy is good. Nobody has to agree with it. All those stat sites are worthless in my opinion and truly successful traders dont talk about their performance.

I don't know if you're getting offended on my behalf or what... if you are, the gesture is appreciated but unnecessary. I didn't feel criticized by his opinion on preferring long term trading, and I certainly wasn't looking for agreement or validation from him or anyone else. ^_^

In any case, I figure the stat site is used around -here- anyway to gauge progress for newbies (like me) so we can get say, help from more experienced traders. It also appears to function as a tool to ferret out potential scams somehow.

I plan to use the site to my own advantage, so I think that means a stat site has value particularly for me. Perhaps when I can no longer learn anything from my own trading history, it may become worthless to me at that point... it just doesn't really make sense to just decide that something is objectively worthless.

 

[Rambo35]

I don't know if you're getting offended on my behalf or what... if you are, the gesture is appreciated but unnecessary. I didn't feel criticized by his opinion on preferring long term trading, and I certainly wasn't looking for agreement or validation from him or anyone else. ^_^

In any case, I figure the stat site is used around -here- anyway to gauge progress for newbies (like me) so we can get say, help from more experienced traders. It also appears to function as a tool to ferret out potential scams somehow.

I plan to use the site to my own advantage, so I think that means a stat site has value particularly for me. Perhaps when I can no longer learn anything from my own trading history, it may become worthless to me at that point... it just doesn't really make sense to just decide that something is objectively worthless.

No, I was not. I meant those sites where you can share your performance are worthless, not this forum. Sorry for the confusion.

 

[brendyfx]

Those MT4 stats sites are there for people to use as they see fit. If you want to show your learning curve and demo trades, I can't see how anyone could complain.

BTW - A lot of people open and close in less than 1 minute. Short term trading is called scalping. It requires a fast internet connection, a broker that will honor the trades and not give too much slippage, and something of a "Wow! Cool video game!" mentality.

Personally, I prefer longer term trading, but some people like to scalp all day.

Totally agree with you Pharaoh. In my newbie days I also tried scalping but never achieved success with it. Yep it is like a video game to me and I was addicted to it.
Luckily now I am doing long term trading. Long term trading allows me to focus on high probability trades.

 

[Mandolin Bee]

No, I was not. I meant those sites where you can share your performance are worthless, not this forum. Sorry for the confusion.

Naw, I was talking about the stat site, too... I plan to use it to track my performance and get feedback (hopefully). I can see how a professional might have no use for one... I still don't think that makes it worthless.

 

[Red Herring]

Hey, I am completely new to trading, and I just have a question based on some things I have read here and elsewhere.

First, I gather it is useful in some way to have an mt4i account and track my trades. So I have gone to the website, opened an account, and downloaded MT4i Publisher for EA.

I'm learning to trade via Apiary, and just started -today-. I downloaded their MetaTrader software and have been assigned a demo (fake) trader account for learning and practice.

Now, my question(s): Is it possible for me to track my -fake- trades, and is it a good idea for me to do so? Will setting up the publisher in my software add things to the interface that could interfere with me -learning- the software?

What, exactly, does the MT4i do for me that my trading software doesn't? I -have- read the website at mt4i, but to be honest it uses jargon that assumes a level of knowledge I don't possess (yet). Just in layman's terms: does MT4i tell me how well I am doing? Doesn't MetaTrader track that itself? Etc.

Thanks!

--Manda

I do not know what your software do but MT4 have some advantages that why it is so popular. The SL/TP, the charts etc.! But it is not necessary to use MT4 for trading as long as you understand the market and price action by any means you like!