mt 4 trader start up

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mt 4 trader start up

Postby amarinko » Sat Sep 05, 2009 11:28 am

hi
im new to this fantastic site and think its by far the best i have seen so far. i have heard much about mt4 trader and would like to know where to start i am based in the uk can anyone recommend a uk broker for mt4 trader ?
also out of interest i would like to know if anyone on the site feels they can make a regular income trading .what i mean by this is trading full time and not having to work full time does anyone do this??
thanks
al
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Re: mt 4 trader start up

Postby Edward Revy » Sat Sep 05, 2009 11:57 am

Thank you and welcome!

Among UK MT4 brokers try Alpari UK and ActivTrades.

Yes, there are traders who trade for a living; although among those who claim to trade professionally full time, only few really do, and do it really professionally.

I trade live, but I don't trade for a living. The difference is - I earn money, but I don't treat Forex as my first source of income. As I mentioned before somewhere on this website, I run my own business and come to trade Forex only as a serious medium investor, but never as a full time trader.

Regards,
Edward
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Re: mt 4 trader start up

Postby amarinko » Sat Sep 05, 2009 4:31 pm

thank-you for the speedy reply most impressed!
i agree with your comments entirely many claim to be trading full time but very doubtful in most cases!
i have heard of alpari uk and have even contacted them i was just seeing if someone else suggested them really so thanks for that, i have been battered and bruised in my very short trading career less than a year to be exact. the main problem seems to be spending hours buiding an account up scalping taking small profits and thinking evrything is rosey then ONE trade goes against me and bang almost the whole account is wiped out in an hour!
i have heard much about mt4 trader and will get onto alpari to set the platform up- will i be able to get some good ea s from this site - i feel using mt4 will probably help make better trading decisions for me personally as i work shifts and its difficult to monitor the markets most of the time at work.so when a trade goes against me i can do little to stop it.i would love to hear your general thoughts on this.
al
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Re: mt 4 trader start up

Postby Edward Revy » Sat Sep 05, 2009 4:53 pm

I see,
Obviously the problem is in protecting your trades. Are you placing any stops at all?
One of the biggest challenges in scalping is to find that "magic" stop level which will protect, but won't interfere prematurely canceling winning trades.
Without such stop no scalping will survive in the long run, unfortunately.
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Re: mt 4 trader start up

Postby amarinko » Sat Sep 05, 2009 6:18 pm

hi there again and thanks again for replying so soon
in answer to your q initially no i did not have a stop in placei simply used the whole account thinking the trade will eventually turn around in my favour and carried rolling trades which were at a loss into the next day this tactic DID at times work but not in the long run then i started using stops based between 20-30 pips but it just felt like every trade was going against me. i then subscribed to a so called FULL TIME home daily trader who was selling strategies to many people and not knowing any better i subscribed only to find many of them FREE on your fantastic site. One strategy which i would love you to examine if you have time sold to me as his site subscriber is based on the eur/jpy 15 min charts midnight candle and macd settings SIMILAR to some strategies on this site.it works this way-
1 wait for the midnight candle on 15 min chart to form
2 take the highest and lowest figure from the midnight candle and add 10 pips onto the highest figure from that candle or -10 pips from the lowest figure of the midnight candle
3 wait for the 00:15 candle to finish forming and place a trade order based on the macd being green or red emphasising a buy or sell order based on the midnight candle figures (plus 10 or minus 10 pips with a target profit of 10 pips.)the macd indicator was therefore determining the direction of the trade.
i hope this makes some sense
i have lost a considerable amount of money on this strategy and would like your thoughts on it generally if you can make sense of what im trying to explain?
usual stop loss 20-30 pips.
i really like YOUR midnight strategy based on gbp/usd daily candle on this site and am interested to know if you still use this strategy because i really do like the look of it and i would like to try this if you still recommend it?
thanks again for listening and taking the time to listen to me.
al
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Re: mt 4 trader start up

Postby Edward Revy » Fri Sep 11, 2009 12:00 pm

Hoping that a trade will eventually turn around in your favor is a true "recipe for disaster" (everyone likes this expression today ;) )

The strategy you've described makes sense in terms of setup and also creates some interest too as a general idea (for digging deeper and possibly discovering a new scalping method).
In terms of application, I'd add the rule that the entry should be maid withing the next 3 candles (means withing the next 45 minutes), otherwise cancel the order.

Also, the histogram I used while checking this strategy was not a default MT4 MACD histogram, but a custom one. The file is attached.
Also see the screenshot for the strategy attached.

My Midnight Forex strategy is really good during trends, but would cause troubles during range bound periods. Plus its stop loss levels are quite distant since we're dealing with daily candlesticks, so you have to get used to risk 100 pips on average, plus you need to keep your lot size managed according to the size of your account balance, otherwise you'll soon get in trouble should the market decide to move against you claiming -100 pips for several days in a row.

Best regards,
Edward
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15min_eurjpyMACD.png
MACD 2 Colour HISTOGRAM.mq4
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Re: mt 4 trader start up

Postby amarinko » Fri Sep 11, 2009 6:34 pm

hi ed
thanks very much for your reply ivebeen away for a few days and back now- thanks also for taking the time to look at this strategy and giving me some very good advice. i will def look at this strategy and also your daily midnight method ,but as you suggest in a managed way. can you advise me on any other straight forward strategies and any other set and forget type systems these are good for me as i work shifts.
hope your well and thanks again
al
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Re: mt 4 trader start up

Postby Edward Revy » Sat Sep 12, 2009 5:30 am

You're welcome :)

Among straight forward set-and-forget strategies you can have a look at:
Simple trading with daily range
Early bird breakout system
and semi-set-and-forget :) system - Trend lines breakout system

Best regards,
Edward
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Re: mt 4 trader start up

Postby amarinko » Sat Sep 12, 2009 7:31 am

thanks ed
i will study and read these over the weekend and look forward to applying them .
have you any good strategies /or come up with any for trading the ftse 100 uk which is another market i like?
thanks
al
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Re: mt 4 trader start up

Postby Edward Revy » Sat Sep 12, 2009 12:57 pm

No, I don't have anything for UK FTSE 100.

Regards,
Edward
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