Jai Patel

Author Archives: Jai Patel

How to open a demo account in MetaTrader 4

Demo accounts are a great way to get started with Forex trading, especially if you’re looking to test trading strategies without risking any capital.

Thankfully, the MetaTrader 4 platform makes it very easy to open a new demo account, and you can typically open as many as you want.

To get open a demo account, follow these step-by-step instructions:

1. If you already have the MetaTrader 4 platform, open it. If not, download it from any reputable Forex broker, or from the MetaQuotes website.

2. At the top menu bar, click on ‘File’, then ‘Open an Account’. Your MT4 platform will then pull up a list of servers provided by your broker.

3. Select the demo server you wish to open a demo account in, and click ‘Next’.

4. In the next window, select ‘New demo account’ and click ‘Next’.

5. You will then be prompted to fill in a few details, including the Account Type, Deposit currency, Leverage, and (demo) Deposit amount. Finally, select the ‘I agree to subscribe to your newsletters’ radio button and click ‘Next’.

6. Wait a few seconds and your demo account should be immediately set up. Note down your account login number, as well as the account password and investor password.

7. Click ‘Finish’.

Congratulations, you have opened a demo account in MeaTrader 4!

Read more…

The Awesome Oscillator: Awesome or Awful?

The Awesome Oscillator measures the difference between a 5 simple moving average and a 34 simple moving average, which basically allows one to visualise the strength of a market trend.

It is represented by a two-color histogram (usually red and green), and performs a similar function to the MACD.

However, there are two crucial differences between this indicator and the MACD, which is something I'll explain in this article.

So read on.


Is Forex trading legal in South Africa?

With a growing number of successful Forex traders in South Africa, more and more people are considering to get into the business of trading for a living.

However, unlike the running of a traditional business where the proper licenses and certifications are generally well known, many people are still unsure of the legality of retail Forex trading.

When it comes to conducting financial transactions in South Africa - especially when it involves the regular exchange of foreign currencies​ - the wise and prudent thing to do is to first find out the government's stance on the matter.


What is the best Forex trading platform?

Choosing a Forex trading platform is one of the most personal and important decisions a trader can make.

After all, once you get used to a trading platform, it gets increasingly difficult to switch to a different one later on. With learning to trade being as challenging as it is, you don't want to be spending more time and energy getting used to a whole new platform.

So before you decide on one, it pays to take some time now to consider the features that are most important for you.


Where is my investor password in MT4?

The MetaTrader 4 (MT4) platform utilises two passwords: a master password and an investor password.

The master password is the one you use to login to the platform and trade with. For most intents and purposes, this is the MT4 password that most traders remember.

The investor password however is not commonly used so people tend to ignore and forget about it.

However, there may be some occasions where you’ll need to retrieve the investor password.


How to set a trailing stop loss in MT4

A trailing stop loss is a great way for trend traders to manage their positions by protecting an increasing amount of profits.

In the past, traders had to manually shift the stop loss order over time as the market trends in their favour, but these days most trading platforms (including MT4) has the built-in ability to set automatic trailing stop loss orders.


How to add indicators to MT4 using Wine Bottler

As an Mac user, I use Wine Bottler to run my MT4 (MetaTrader 4) platform.

While there are other options to run MT4 on OS X (via Parallels software or VirtualBox), Wine Bottler is by far my favourite option.

However, it’s not immediately clear how to add indicators to MT4 because the file structure in OS X is different from that in Windows.

So I spent some time exploring Wine Bottler, and finally found a way to do that.

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