Module 3: Getting Ready with the Right Tools
Module 3 – Ohio Markets Gold Beginner Course
3.1 Live vs Demo Accounts
When you start trading online, you can choose between a live account and a demo account.
| Feature | Live Account | Demo Account |
|---|---|---|
| Purpose | Execute real trades | Practice trades |
| Funds | Requires deposits from bank/credit card | Comes with “virtual money” |
| Outcome | Trades impact account value | Risk-free environment to learn and test strategies |
| Use | When you’re ready to trade with real money | Ideal for beginners or testing strategies |
When to Use a Demo Account
Practice without risk: Familiarize yourself with the platform, its features, and functions.
Test strategies: Even experienced traders can experiment with new strategies.
Learn from history: Demo accounts often use historical data, helping you understand risks and probabilities before trading live.
When to Use a Live Account
Only once you have a solid understanding of trading and risks
Trades reflect real profits and losses
Always manage risk carefully—losses are your responsibility
3.2 MetaTrader 4 (MT4) and MetaTrader 5 (MT5)
MT4 and MT5 are popular trading platforms used globally.
MT4: Favoured for forex and gold trading
MT5: Supports multi-asset trading (CFDs, stocks, options, futures)
For gold trading, MT4 is recommended, but MT5 can be used if you want to trade other assets as well.
Setting Up MT4
Download Ohio Markets MT4: Demo Account Form
Run ohio4setup.exe and allow changes
Agree to the License Agreement
Choose a custom folder (optional)
Complete the installation and click Finish
Upgrade MT4 with Smart Trader Tools
Advanced one-click trading panel
Economic calendar
Account management features
Forex News Terminal
Setting Up MT5
Download Ohio Markets MT5: Demo Account Form
Run fx5setup.exe and allow changes
Agree to the License Agreement
Choose a custom folder (optional)
Complete installation and click Finish
3.3 Other Trading Platforms
WebTrader – Cloud-Based Trading
Access your MT4/MT5 account from any browser
Compatible with Windows, MacOS, Linux
Features: 30 indicators, 24 technical tools, 9 timeframes, one-click trading
ProTrader – Advanced Charting
Powered by TradingView, designed for technical traders
Features:
12 chart types (Candlesticks, Renko, Kagi, etc.)
Multiple drawing tools (Trend lines, Fibonacci, Gann, Elliott Wave)
Up to 8 timeframes on one screen
Ohio Markets App – Mobile Trading
Trade on the go with your smartphone
Features:
Access 1,000+ instruments
Deposits from SGD 50
24/5 multilingual live support
Charts, signals, technical indicators, and market news
3.4 Recommended Websites to Learn Gold Trading
Investopedia
Comprehensive resource for definitions, trading terms, and gold trading concepts
Ohio Markets Academy
Online educational platform by Ohio Markets
Offers:
Technical & fundamental analysis
Risk management
Trading psychology
Webinars and live trading sessions
Continuous learning improves your skills, strategies, and success rate in trading.
Module Recap
Demo accounts: Ideal for practice and testing strategies without risking money
Live accounts: Real trading, with real profits and losses
MT4 & MT5: Most popular trading platforms; MT4 for gold/forex, MT5 for multi-asset trading
Other platforms:
WebTrader: Cloud-based, browser access
ProTrader: Advanced charting & indicators
Ohio Markets App: Mobile trading, anytime, anywhere
Educational resources: Investopedia for concepts; Ohio Markets Academy for in-depth learning
Reference
Finance Magnates – MetaTrader 4 or 5: Link