Basic Forex education course is a must nowadays, otherwise, the risk of losing money is huge.
Hello, dear traders, this is Petko Aleksandrov and today I am going to answer the 10 most frequently asked questions that I receive for the Basic Forex education course. We have already thousands of students that joined Forex Academy, which makes me of course, very happy, and most of the time we get one and the same question.
So I have decided to make this series of frequently asked questions for all my courses which will be very helpful for everybody who has questions and wants to learn details about the course. I will answer them one by one.
1. “Why is it that my trading screen with Heiken Ashi does not look the same as yours on the Basic Forex education course?”
Heiken Ashi indicator normally is not a Meta Trader indicator that comes with the installation on Meta Trader. Some brokers put it additionally. You can put it by yourself, you can download it from the internet for free or you can find it from somewhere very easily actually.
And when you place it, it will come with different default colors which you can change. So it should not be the same as mine. Of course, you should find the color inputs or change the colors that you feel comfortable with when looking at a trading screen.
In the Basic Forex education course, you will see how to change the colors in the Meta Trader platform.
So it will always give you the same signals, it doesn’t matter what colours you will use.
2. “Is Forex trading shown in the Basic Forex education course gambling like in the casino?”
You will see this written in so many places over the internet, people who lost money with Forex say that this is like the casino. But I could tell you that 99%, probably 99.9% of them did not go through any education when they started.
And they are simply buying and selling without an idea, or after seeing something on the news, or after a friend told them something, which is totally different from what we are doing and what I am teaching in the course.
Even if I have no idea and I close my eyes and I go in one asset to just buy or sell, I will have a 50/50 chance to go with the market. Something nobody has in the casino.
It’s never 50/50 there. There you have no chances, it’s all on the side of the casino. That’s why you will never see me in the casino.
However, Forex trading is much more logical. And especially when you go through education, when you build a strategy, or when you learn the strategy like the one I’m teaching in the Basic Forex education course.
You have bigger chances on the market than someone who is gambling, someone who has no idea, who is lazy to go through an education and goes trading just without an idea.
3. “The Forex profit Supreme meter indicator does not display properly. What might be the issue?”
The number one thing is that you might not have all the assets in the Market Watch. So just right-click on any of the currency pairs and select Show all. Normally when you install the Meta Trader you will not see all the assets.
You just need to display them all and then once again put the indicator over the chart. So it has the information from the Market Watch. Second thing, I had a couple of reports from the students who didn’t fit the indicator and it was not showing the complete numbers.
I suggested for them to change the resolution and it worked fine. So it’s one of the two things.
Last, the Forex profit supreme meter works for MetaTrader 4 and it won’t work on MetaTrader 5.
4. “Why is it that with some currencies there are three numbers after the decimal and with some five?”
Three numbers after the decimal comma, this is with the Yen currencies. Simply, all the Yen currencies have three numbers after the decimal comma. All the rest have 5.
This is because the Yen is quite a cheap currency compared to the others. And the price normally is one hundred and something which is 3 digits and then we have 3 more left after the decimal comma. But in total, we have 6 digits like the other currency pairs.
5. “What leverage would you recommend trading with?”
I really avoid recommending brokers, starting amounts. And I always avoid these questions, I can say. But with the leverage, it’s not really important.
The most important thing is to keep good money management into the account and keep in mind that the leverage has nothing to do with the performance of the strategy.
It is up to you how much you are willing to risk from your account, what leverage you are using. If you have good money management the leverage is really not important.
The bigger the leverage gives you the chance to trade with bigger amounts than what you have in your account. But it is again connected to money management.
So even if you trade with huge leverage, keep smart money management into your account.
6. “The system in the Basic Forex education course is very interesting. Can it be automated?”
Well, I can say that nearly all the trading systems can be automated. But this is a manual course. And I have even more algorithmic courses but this is a purely manual course.
That’s why I didn’t automate the system and that’s why I explained it with manual trading. I also like sometimes to trade manually.
It makes me feel energetic and more of a trader because when we’re using Expert Advisors, sometimes I have the feeling that I manage them, but I’m not personally trading. And when I’m trading manually I feel really great and it makes me really happy when I’m trading manually.
That’s why this system is purely manual and it’s for the people who are interested in manual trading and not in algorithmic trading.
7. “When we do CFD trading, do we actually benefit the trade or not?”
This question is not really clear the first time, but I receive it frequently. When we are having CFD trading, we benefit the difference between the moment we enter or the price we enter until the price we exit. So yes, we can say that if we are on a profit, we benefit the trade because we benefit the profit if we are on a profit.
But we do not benefit the asset itself, it should be clear. So when we are buying, for example, gold with CFD trading, we’re not buying actual gold. We are trading on the price.
If we buy at 1200 and we close the trade at 1,300, we will benefit from this $100 of a profit. We don’t benefit $100 gold or something like that. We benefit from the difference.
That’s why it is called Contract For Difference, CFD trading. And obviously, if we’re in a loss we will lose the difference. So it’s always about the price where we enter and the price where we exit.
8. “Is the Basic Forex education course system applicable only to Meta Trader or not?”
Now, actually this system, as I said, is a manual system for trading. You can use it with any other platform. I have selected the Meta Trader simply because I’m using a lot of Meta Trader in the algorithmic trading.
But if you have the indicators on the other platforms, you can use the other platforms. What is good with Meta Trader is that you can easily separate a couple of charts, a couple of windows, and you can monitor the different time frames.
This is what I like in Meta Trader. It’s very easy to do that but in some platforms it’s not. With some actually, it’s not possible at all, to monitor one and the same asset with different time frames, on different windows. You need to switch between each one which makes it difficult for this system.
9. “Can we add the other time frames to confirm the trend direction?”
This question is regarding the strategy itself. And yes, you can add the other time frames to confirm the direction of the trend. But the more time frames you add, the more you will limit your entries. Keep that in mind.
If you place, for example, all the time frames and you want the Heiken Ashi to confirm the direction, sometimes probably you will wait for days or weeks to open a single trade.
That’s not the idea of trading. Basically, we don’t want to sit in front of the computer and wait for hours only to execute one trade or none. Simply, we will lose our time. That’s why I have selected these 2 time frames to filter. I think they’re enough, I have tested it a lot.
Already hundreds of students tested it as well and it works just fine. No need to make it more complicated or more engaging or more time-consuming.
10. “I understand the usage of the indicator but can we trade only one currency pair always?”
I will say the same thing as with the last question, if you trade only one currency pair, you will wait sometimes for hours or days to open a single trade because it will happen over a long time that you don’t have the confirmation. And we have so many currency pairs with the Forex market, this is the idea of trading the Forex market.
We should take the opportunity on different currency pairs at different moments. And there comes the Forex profit supreme meter which I have included to help you choose the currency pair.
But if you are stuck with one currency pair, yes, there will be trades but you will need to wait a long time to execute single trades. Because you will just look at one currency pair and you will have to wait for it.
Take the chances you have from the Forex market at every moment because there are many chances all day long.
Thank you guys for reading, if you have any other questions for the Basic Forex education course drop them in our trading forum at EA Forex Academy. And if you liked the video click on Subscribe and you will get all the new videos that I upload nearly every day.
I wish you always safe trading.