Module 3: Preparing Your Trading Arsenal
Module 3 – Ohio Markets Indices Beginner Course
3.1 Live Account vs Demo Account
When you sign up with an online broker, you can choose between a demo account or a live account.
Key Differences
| Live Account | Demo Account |
|---|---|
| Used for real trades | Used for practice trades |
| Requires real money deposits | Comes with virtual funds |
| Profits and losses affect your balance | No real financial risk |
| Suitable for real trading | Ideal for learning and testing |
When Should You Use a Demo Account?
A demo account simulates real market conditions using virtual money, allowing you to practise trading without financial risk.
A demo account is ideal if you:
Are new to trading
Want to learn how the platform works
Wish to test trading strategies
Want to improve confidence before trading real money
Even experienced traders use demo accounts to test new ideas and fine-tune strategies.
Although demo accounts use historical or simulated data and cannot predict outcomes perfectly, they help you understand risk, probability, and trade execution much better.
When Should You Use a Live Account?
A live account is used for real trading with your own money. All trades are sent directly to the market, and profits or losses will affect your account balance.
You should consider using a live account only when:
You understand how trading works
You are aware of the risks involved
You are comfortable managing losses as well as profits
Remember: while profits belong to you, losses are also your responsibility.
3.2 Understanding MT4 and MT5
MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are two of the most widely used trading platforms in the world.
MT4 vs MT5 – What’s the Difference?
MT4 is traditionally popular for forex trading
MT5 is newer and supports a wider range of assets, including indices, CFDs, stocks, options, and futures
MT5 offers more advanced tools for multi-asset trading
If your focus is indices trading, MT5 is generally the more suitable option due to its broader capabilities.
How to Set Up MT4
Download Ohio Markets App
Run the installer file
Accept the licence agreement
Choose an installation folder (optional)
Complete installation and launch
Smart Trader Tools (Enhancements)
One-click trading panel
Advanced order management
Economic calendar
Forex news terminal
Account management tools
How to Set Up
Download Ohio Markets App
Run the installer file
Accept the licence agreement
Choose an installation folder (optional)
Complete installation and launch
MT5 provides a smoother experience for traders who wish to trade multiple asset classes, including indices.
3.3 Other Trading Platforms You Can Use
Besides MT4 and MT5, Ohio Markets also offers alternative platforms for different trading styles.
WebTrader – Trade from Any Browser
WebTrader is a cloud-based platform that lets you trade from any computer without installing software.
Key Features
Works on Windows, Mac, and Linux
30 indicators
24 technical tools
9 timeframes
One-click trading
ProTrader – Advanced Charting (TradingView Powered)
ProTrader is built for traders who rely heavily on technical analysis.
Key Features
12 chart types (candlestick, Renko, Kagi, etc.)
Advanced drawing tools (Fibonacci, Elliott Wave, trendlines)
View up to 8 timeframes at once
Professional-grade charting experience
Ohio Markets App – Trade on the Go
The Ohio Markets mobile app allows you to trade anytime, anywhere from your smartphone.
Key Features
Access to 1,000+ instruments
Deposits starting from USD 50
Custom watchlists and order management
Trading signals, charts, indicators
24/5 multilingual customer support
3.4 Recommended Learning Resources
Trading is a skill that improves with continuous learning. These websites can help expand your indices trading knowledge.
Investopedia
A trusted resource for learning trading and investing concepts. Ideal for understanding definitions, strategies, and financial terms.
Seeking Alpha
A popular platform offering market news, expert opinions, and investment analysis to help traders stay updated on global markets.
Ohio Markets Academy
Ohio Markets Academy provides structured learning resources, including:
Beginner to advanced trading guides
Lessons on technical and fundamental analysis
Risk management and trading psychology
Webinars and live trading sessions with experts
Module Recap
Demo accounts help traders practise without financial risk
Live accounts are used for real trading with real money
MT4 and MT5 are the most popular trading platforms, with MT5 offering broader asset support
WebTrader, ProTrader, and Ohio Markets App offer flexibility across devices
Continuous learning is essential for long-term trading success