Getting Started

MetaTrader 4

New to Forex Trading? Lets bring you up to speed.

Firstly The Forex Monster is an EA. Ea stands for Expert Adviser. Not actualy a real guy sitting around giving you secret whispers. It is a software script which has the postulations and permutations programmed into it. So basically when you buy The Forex Monster you get a script which is packaged into a piece of software that you can attach onto your Forex Trading Software. Now before you break into a cold sweat, it you don’t have trading software read on…

Forex Trading Software.

There are hundreds of these software packages, from your free ones, subscription do da’s to your paid for systems. They all basically do the same thing. They are a piece of software that lets you enter parameters to trade automatically or you can manually trade live. Like the majority of traders out there, setting parameters and trading on automated will do you fine. Of course you can attach an EA or multiple EA’s, run historical tests and run ‘dummy’ or test trades.

A good place to start.

There is no finer place to start than MetaTrader 4. Version 5 is anticipated in autumn 2009 so be on the lookout. Just Google it.  If I provide a link it might be outdated when the new version is released. Oh and it’s free. It has been around for a while so there is absolutely oodles of information and sprinklings of blogs and a plethora forums about it if you get stuck. Ive been using it since 2006 and since then there have been plenty of other programs promoted with heaps of bells and whistles and I have not felt an the slightest inclination to change. Of course if you don’t want to take my word for it you can go ahead and look yourself. Use some discretion when choosing, be sure that you get the latest release and that the software has been running for at least a few years.

What to do next.

Download the Forex trading software and take it for a drive around the block, give it a bit of throttle, sink your teeth into the historical testing. It is pretty straight forward. Info on how to use it is hardly necessary as you can set up the dummy account and learn from trying it out. When you get through testing it I strongly recommend you invest in The Forex Monster EA and simply plug it in. Test it as much as you can before you go live, and happy sailing!