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  1. #1
    Active Member unclbill's Avatar

    Know of a reputable FOREX broker? Needing to find MT$ software !!!

    Hi, I was reading an article on MT4. I understand that I need to open an account with a FOREX broker, and download the free MT4 software.
    Will a FOREX broker require a deposit for me to sign up for his demo account? Thanks.

    That's MT4, not MT$. Sorry.`
    Last edited by unclbill; 09-12-2015 at 11:52 PM. Reason: correcting spelling MT4

  2. #2
    Legendry Member Okane's Avatar
    No, they don't require deposits! You will sign up a demo account but get live feed.
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  3. #3
    Active Member unclbill's Avatar
    Thanks, Okane. I went to Forex.com and opened a free demo account there, and downloaded MT4.
    Last edited by unclbill; 09-13-2015 at 11:28 PM.

  4. #4
    Oto
    Oto is offline
    Rookie Member Oto's Avatar
    Different forex brokers also stream different quality price feed. Which means that some brokers price feed has more errors and gaps.

  5. #5
    Legendry Member Okane's Avatar
    Quote Originally Posted by unclbill View Post
    Thanks, Okane. I went to Forex.com and opened a free demo account there, and downloaded MT4.
    Great! Make sure that you first compare the charts with your brokers.
    1-2 pips of difference is OK. Too much delays on the other hand are not OK.
    It will be pretty obvious if there is a big lag, just look at the MT4 chart and
    brokers at the same time.
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  6. #6
    Rookie Member riverdweller's Avatar
    This is an interested thread. After a week of searching on how to use my FXCM demo-Metatrader4, I have noticed the importance of having a true stock pricing server. For the members who use NetDania, look up this google search/link I recently found " Live Streaming Forex Charts by FXstreet.com ".
    On a side note, can any of the members help me with a strategy of how to use the settings in metatrader4. Some of the youtube videos on how to use Metatrader4 are confusing/conflicting.
    Thanks.
    Last edited by riverdweller; 09-14-2015 at 08:05 PM.

  7. #7
    Rookie Member riverdweller's Avatar
    Here is some more info from a video I seen about forex charts vs commodity charts.
    Forex charts only show the bid price, this is different than other markets
    which show the last price traded. So, if you look at a stock chart or a
    commodity chart, typically the price that they show on the chart is the
    last trade that went through. Whereas in the forex it’s a bit different, we
    have a lot of different brokers all over the world.
    So, that price, they’ll simply show the current bid price that they are
    offering. And there are always two prices. There’s a bid price and an ask
    price, which is what people are willing to buy and sell that currency at.
    So the bid price is what people are currently willing to buy it at.
    So I guess this is how we get a 2-3 pip difference like what Okane said.
    Last edited by riverdweller; 09-14-2015 at 09:44 PM.

  8. #8
    Active Member unclbill's Avatar
    I need to register with one of the two brokers I've decided upon, if I'm going to be able to compare prices with the MT4 feed I downloaded from Forex.com.

  9. #9
    Legendry Member willyw's Avatar
    Quote Originally Posted by riverdweller View Post
    Here is some more info from a video I seen about forex charts vs commodity charts.
    Forex charts only show the bid price, this is different than other markets
    which show the last price traded. So, if you look at a stock chart or a
    commodity chart, typically the price that they show on the chart is the
    last trade that went through. Whereas in the forex it’s a bit different, we
    have a lot of different brokers all over the world.
    So, that price, they’ll simply show the current bid price that they are
    offering. And there are always two prices. There’s a bid price and an ask
    price, which is what people are willing to buy and sell that currency at.
    So the bid price is what people are currently willing to buy it at.
    So I guess this is how we get a 2-3 pip difference like what Okane said.
    For most of the forex charts the default settings is they usually use the bid price unless you change the default setting. As for commodity and stock, they are instruments traded in the exchange which is centralised and the clearing house to clear and offset orders to determine the last traded price at the particuliar time. As forex is a spot market which is traded OTC (over-the-counter) which is not centralised and all over the world and does not have a clearing house to determine the last traded price at that time.

  10. #10
    Legendry Member willyw's Avatar
    Quote Originally Posted by riverdweller View Post
    This is an interested thread. After a week of searching on how to use my FXCM demo-Metatrader4, I have noticed the importance of having a true stock pricing server. For the members who use NetDania, look up this google search/link I recently found " Live Streaming Forex Charts by FXstreet.com ".
    On a side note, can any of the members help me with a strategy of how to use the settings in metatrader4. Some of the youtube videos on how to use Metatrader4 are confusing/conflicting.
    Thanks.
    If you have any questions on MT4, please post your questions here and we will help you

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