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scientist

Software for Beginners

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Dear forum,

 

I have researched theory and traded a simulator on investopedia on and off for about 2 years now. I traded forex only and was profitable over a long period of time but am now looking to transition into some more grown-up software. I am interested in Forex and indecies and I trade in a very simple way. I am willing to give anything a shot and look at some new products too.

 

I am hoping to trade for real this summer once my uni exams are over so transitioning into a demo software for the brokerage I intend to use would be ideal right? I have a spread-betting account with Barclays with £0 in it but I was thinking of using IG instead as I heard they have tighter spreads/better platform. I am from England.

 

Any reccommondations would be greatly appreciated.

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First off, welcome to Traderslaboratory !

 

A commercial Backtesting program I have been using for a number of years is called

"Forextester". The simulated trading function works very similar to MT4, a popular Forex trading platform.

 

It allows you to Backtest many pairs, most of the Majors and Crosses. The features are too many to list here, you can Google them.

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What do you want from more 'grown up' software? If you are profitable on simulator I would try and find something that lets you carry on doing what you are already doing with the minimum of disruption.

 

Many FX 'brokers' (actually they are not real brokers, they are more like spread betting companies) offer a platform called MT4 (Metatrader 4). It's not bad at all for charting and you can program your own stuff for it fairly simply) Personally I find it miserable for order entry and management but there are 'addons' that can help there. It's decent.

 

Most of the UK spread betters have there own web based java order entry and offer a version of prorealtime charts. Prrealtime is OK but clunky compared to MT4 imho. (its a java in the browser affair). A couple of the spread betters have there own standalone platforms I have used CMC's and tried out touch too. They get the job done.

 

Really you are probably better off writing a check list of what you really need and what would be nice to have. It is perfectly possible to trade FX with a free MT4 demo account for charts and a separate spread bet/FX 'bookies' account. Depending on what you are doing you might want to investigate real (DMA) direct market access brokers. If you search around you will find out what the difference is.

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What do you want from more 'grown up' software? If you are profitable on simulator I would try and find something that lets you carry on doing what you are already doing with the minimum of disruption.

 

Many FX 'brokers' (actually they are not real brokers, they are more like spread betting companies) offer a platform called MT4 (Metatrader 4). It's not bad at all for charting and you can program your own stuff for it fairly simply) Personally I find it miserable for order entry and management but there are 'addons' that can help there. It's decent.

 

Most of the UK spread betters have there own web based java order entry and offer a version of prorealtime charts. Prrealtime is OK but clunky compared to MT4 imho. (its a java in the browser affair). A couple of the spread betters have there own standalone platforms I have used CMC's and tried out touch too. They get the job done.

 

Really you are probably better off writing a check list of what you really need and what would be nice to have. It is perfectly possible to trade FX with a free MT4 demo account for charts and a separate spread bet/FX 'bookies' account. Depending on what you are doing you might want to investigate real (DMA) direct market access brokers. If you search around you will find out what the difference is.

 

I probably should have been more specific but what I meant was the simulator I used was just in a browser and it froze up alot and didn't load the charts sometimes. What you have said was very helpful and I guess I am looking for a good place to analyse and then an easy platform to manage my trades on. I am really just looking for something without any frills that I can use intuitively. Is there not a good platform that I can both analyse and execute on?

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I probably should have been more specific but what I meant was the simulator I used was just in a browser and it froze up alot and didn't load the charts sometimes. What you have said was very helpful and I guess I am looking for a good place to analyse and then an easy platform to manage my trades on. I am really just looking for something without any frills that I can use intuitively. Is there not a good platform that I can both analyse and execute on?

 

You could grab an MT4 demo and sim account from any one of a hundred bookie/brokers. Alpari are a sponsor here so maybe go with them. I don't like them much for managing trades but if you are not scalping you can get the job done OK. Ninja is great for trade management but very limited choice of broker for spot FX. If you where to go with FX futures things open up much more.

 

As Tams says loads of trials available, but if you are already profitable on sim maybe don't allow yourself to get too distracted. (hence the suggestion above).

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You could grab an MT4 demo and sim account from any one of a hundred bookie/brokers. Alpari are a sponsor here so maybe go with them. I don't like them much for managing trades but if you are not scalping you can get the job done OK. Ninja is great for trade management but very limited choice of broker for spot FX. If you where to go with FX futures things open up much more.

 

As Tams says loads of trials available, but if you are already profitable on sim maybe don't allow yourself to get too distracted. (hence the suggestion above).

 

I tried opening a ninja account and then I thought I had to sign up to their brokerage because they wanted login details. Does that mean I can just use the simulator details from any brokerage? Also when I go on Alpari MT4 I can't see any capital and the data seems to be historical.. did I get the wrong version like a backtester or something?

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I tried opening a ninja account and then I thought I had to sign up to their brokerage because they wanted login details. Does that mean I can just use the simulator details from any brokerage? Also when I go on Alpari MT4 I can't see any capital and the data seems to be historical.. did I get the wrong version like a backtester or something?

 

If memory serves you need to sign up with gain capital for spot FX on Ninja. Ninja don't do brokerage themselves. Not sure what's up with Alpari, I have a demo account with them I think you select virtual funds when you create it and also whether it is mini or full lots. Maybe shoot them a line.

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Dear forum,

 

I have researched theory and traded a simulator on investopedia on and off for about 2 years now. I traded forex only and was profitable over a long period of time but am now looking to transition into some more grown-up software. I am interested in Forex and indecies and I trade in a very simple way. I am willing to give anything a shot and look at some new products too.

 

 

Any reccommondations would be greatly appreciated.

 

Dear Scientist,

 

You seem to have a methodology that is working for you. This is more than the group in the 90% loser statistic I see bandied about.

 

Personally, I use MT4. I don't need too much stuff for the way I trade, and MT4 has plenty of features to keep me happy without becoming overwhelming. My personal attitude is that if I have too much information, I'll never pull the trigger, as I'll second-guess my system.

 

Ask any two traders what software is "best," and you'll get five different opinions. There is so much stuff out there, and so much promotional noise, that as John Lennon fameously said when he saw the Rheeperbhan in Hamberg: "We didnt know whether to shit or go blind." I prefer less complicated. If you like lots of bells and whistles (and overhead), you might like TradeStation.

 

I mentioned in a prior post that I don't care to learn how to program various setups, run back testing, and so forth. You need to look about and determine the level of complexity you're after and comfortable with. Remember there will be a learning curve to contend with, as you adapt your methodology to whichevr platform you choose. Only a fool tests the water with both feet.

 

Best advice I can offer:

 

1. Look around. Look some more.

2, No ones' opinion is Gospel

3. TAKE YOUR TIME - It's not a contest, really.

4.When eating an elephant, take one bite at a time.

 

Best of luck!

 

Jerry

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Ask any two traders what software is "best," and you'll get five different opinions. There is so much stuff out there, and so much promotional noise, that as John Lennon fameously said when he saw the Rheeperbhan in Hamberg: "We didnt know whether to shit or go blind." I prefer less complicated. If you like lots of bells and whistles (and overhead), you might like TradeStation.

You seem to be the only one that has that quote for Lennon, care to document it?

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Ask any two traders what software is "best," and you'll get five different opinions. There is so much stuff out there, and so much promotional noise, that as John Lennon fameously said when he saw the Rheeperbhan in Hamberg: "We didnt know whether to shit or go blind." I prefer less complicated. If you like lots of bells and whistles (and overhead), you might like TradeStation.

You seem to be the only one that has that quote for Lennon, care to document it?

 

It's been a while, but I'm almost certain I read it in "Shout!; The Beatles in Their Generation."

 

I also believe I saw the same quote in a earlier book, but there have been too many trips to Amsterdam to recall the exact name. Seems that one was more of a McCartney-oriented book.

 

Do you fact check everything someone posts just to keep busy or what?

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Thanks Jerry, I'll check them out. I liked the quote but like to double check the sources.

 

Wm-

 

Well hell. Your coment got me wondering, so I looked about on the web, and found a searchable copy of Shout!", but didn't find it there, so it must have been the other book I read in the early 90's. I tried looking at a bunch of book covers to jog my memory, and searched several different books. :crap: Also no joy.

 

While I'd love to appear terminally hip and just say "Well, I was there...," I'm not quite old enough to claim that. But I have been to the Reeperbahn in the mid-70's. While it didn't quite meet the description of "Shit or go blind," (I'd been to Amsterdam, afer all), it was still pretty impressive. I am certain I read it in some book on the Beatles or McCartney written by some crony or other of theirs.

 

It amazes me that in all these little compendiums of Lennon quotes, they all missed that one. It's certainly a common enough Brit-ism, and I remember that when I read it, the phrase struck a chord as being something John would definitely have said. Sorry I couldn't be more specific. I tried, but I have a pretty short attention span.

 

We return you to your regularly scheduled forum. Apologies for the deviation.

 

JH

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