Print
Pinterest
Gmail
Email App
Pinterest
Pinterest
Pinterest
Log in or register to download unlimited Forex robots!
Seeking Tips & Starter Currency Pair Advice!
Hey there, forum fam! It's liamj here, fresh on the scene and ready to get into the forex trading. Got a couple of quick questions to kick things off:
What's the absolute must-know tip for a newbie starting on MT4? Looking for that golden nugget of wisdom to start off on the right foot.
Is there a particular currency pair that's great for beginners to start trading with? Something not too wild, but with enough action to get the real feel of the market.
Thanks in advance, folks! Really excited to hear what you all have to say.
Hey Liam! Welcome to the Forex family!
For MT4, here's the golden nugget: Keep it simple! Start with the basic indicators like moving averages and RSI. Don't overload your charts with too many tools. It's all about reading the market, not the fancy stuff.
Currency pair for starters? EUR/USD is your friend. It's the most traded pair, so it's kinda like the 'mainstream' track of Forex. Good volatility but not too crazy. Perfect for getting your feet wet!
Cheers and happy trading!
Hey Liam! Welcome to the Forex family!
For MT4, here's the golden nugget: Keep it simple! Start with the basic indicators like moving averages and RSI. Don't overload your charts with too many tools. It's all about reading the market, not the fancy stuff.
Currency pair for starters? EUR/USD is your friend. It's the most traded pair, so it's kinda like the 'mainstream' track of Forex. Good volatility but not too crazy. Perfect for getting your feet wet!
Cheers and happy trading!
Hey there, ForexTradingTips&Tricks! Thanks a bunch for the welcome and the tips, they're like little nuggets of gold!
I'm all about keeping it simple (KISS, right?). But I've gotta admit, I'm still scratching my head a bit about these 'basic indicators' you mentioned, moving averages and RSI. Mind helping a buddy out with a quick rundown on what these are and how they work?
And about the EUR/USD pair, that sounds like a solid starting point. I'm curious, though, what makes it a good choice for beginners specifically? Is it because of its popularity or something else?
Really appreciate the help!
Hey Liam, no worries, happy to break it down for you!
Moving Averages (MA): It's like your GPS in Forex. It shows you the average price over a set period. You'll see lines smoothing out the price movements. The most common ones are the Simple Moving Average (SMA) and the Exponential Moving Average (EMA). SMA gives equal weight to all prices, while EMA gives more weight to recent prices. It's great for spotting trends.
RSI (Relative Strength Index): Think of it as your market 'mood ring.' It measures how fast and how much the prices change. RSI ranges from 0 to 100. Generally, above 70 means a currency might be overbought (too many buyers), and below 30 might mean oversold (too many sellers). Helps you guess if a trend might reverse.
As for EUR/USD, it's a great pair for beginners mainly because it's so popular. High trading volume means more stable prices and less unpredictability compared to less popular pairs. Plus, there's a ton of info and analysis out there on EUR/USD to learn from. It's like learning to drive in a popular car model, easier to handle and lots of guides available.
Hope this helps!
Profit posts by forum members!
Why don't many people post their daily winning results?
MT4talk PRO members can Turn off MT4talk daily winning result post requirements for $49.99 / month. More info...
Latest profit posts from the Trade Executor EA users.
By using the MT4talk website, you automatically agree to the Forum Rules & Terms of Use, as well as the terms below.
Everything you see on the MT4talk website is created by its users, mainly the members of the MT4talk forum.
What is MT4talk?
MT4talk is an online Forex forum with over 5000 Forex robots and over 3000 Forex indicators uploaded by forum members in the last 10 years, available to download from forum posts. The Uploaded file does not come with support.
The website doesn't sell Forex robots and doesn't provide support for the ones you download. MT4talk offers a PRO membership, allowing you to download unlimited files from forum posts. Even though the site usually doesn't provide support for downloaded Forex robots, if you're new to Forex and need help, you can buy the MT4talk dedicated support membership from the MT4talk forum. The MT4talk Dedicated support subscription is only available for purchase for MT4talk PRO members.
The MT4talk Team also provides an Artificial Intelligence Forex robot called "MT4talk Forex AI Signal - Trade Executor EA" to PRO members. However, this Forex robot is only a bonus and is not included in the original PRO membership.
Updates for the Forex robots may be limited or nonexistent, depending on the creator. If you choose to download any Forex robot or setting file from the forum, you acknowledge that you are using it at your own risk. MT4talk PRO membership is a digital product. Therefore, after you complete the PRO membership purchase, there is no refund available!
We are conducting real-life tests on Forex robots to assess their performance. For certain robots, we may use a demo account to conduct tests, and for other Forex robots, we may use a real Forex account. It's essential to recognize that we are not financial advisors and cannot provide investment guidance. Our objective is to discover effective market analysis solutions through testing various strategies, which could be beneficial to our community.
CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS, IN GENERAL, ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.
Disclaimer - No representation is being made that any Forex account will or is likely to achieve profits or losses similar to those shown on backtests in this forum. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. Hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. All information on this forum is for educational purposes only and is not intended to provide financial advice. Any statements posted by forum members or the MT4talk EA Tester Team about profits or income expressed or implied, do not represent a guarantee. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your actions, trades, profit or loss, and agree to hold the MT4talk team and forum members of this information harmless in any and all ways.
Affiliates Disclaimer - The website may have links to partner websites, and if you sign up and trade through these links, we will receive a commission. Our affiliate partners are FXOpen, FBS, LQDFX, and MyForexVPS.
Copyright MT4talk.com Forum Rules - Privacy Policy.