3. Assembling Your Trading Essentials | Ohio Markets

Assembling Your Trading Essentials | Ohio Markets

Module 3 – Stock & Forex Trading Basics

3.1 Live Account vs Demo Account

When you open an account with an online broker like Ohio Markets, you’ll typically have two options: a live trading account or a demo account. Each serves a different purpose in your trading journey.

Key Differences at a Glance

Live Account	Demo Account
Used for real market trading	Used for practice and learning
Requires real money deposits	Uses virtual funds
Profits and losses affect your capital	No financial risk involved
Suitable for confident traders	Ideal for beginners and strategy testing

When Should You Use a Demo Account?

A demo account is designed to replicate real market conditions without risking actual money. You trade using virtual funds while accessing the same platform features as a live account.

A demo account is highly recommended if you:

Are new to trading
Want to understand how the platform works
Wish to test trading strategies
Want to improve discipline and execution

Even experienced traders use demo accounts to test new ideas or adjust strategies in changing market conditions.

Keep in mind: demo trading uses historical and simulated data. While it builds confidence and skill, real markets involve emotions and slippage that cannot be fully replicated.

When Should You Use a Live Account?

A live account is used for real trading, where all profits and losses directly impact your account balance.

You should only trade live when:

You understand basic trading concepts
You are familiar with the trading platform
You have a risk management plan
You are emotionally prepared for losses

Trading live brings responsibility—profits belong to you, but losses do too. This is why preparation is essential.

3.2 Understanding MT4 and MT5

MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are two of the most widely used trading platforms globally.

MT4 – A Forex-Focused Platform

Primarily designed for forex trading
Simple, lightweight, and reliable
Popular among traders who focus on currencies

MT5 – A Multi-Asset Platform

Supports forex, stocks, CFDs, indices, and futures
Offers more timeframes and indicators
Suitable for traders seeking diversification

If you plan to trade multiple asset classes, MT5 is generally the better choice. If your focus is mainly forex, MT4 remains a strong option.

How to Set Up MetaTrader with Ohio Markets

MT4 Setup Steps

Download MetaTrader 4 from the Ohio Markets trading platform page
Run the installation file
Accept the licence agreement
Choose your installation preferences
Complete setup and launch MT4
Log in using your demo or live account credentials

MT5 Setup Steps

Download MetaTrader 5 from the Ohio Markets website
Open the installer
Accept the licence agreement
Select installation settings if needed
Complete installation
Launch MT5 and log in to your account

Enhancing Your Trading Platform

Ohio Markets provides access to advanced tools that can enhance your trading experience, such as:

One-click trading panels
Economic calendars
Market news feeds
Trade management features

These tools help improve execution speed, decision-making, and overall efficiency.

3.3 Other Trading Platforms to Consider

WebTrader – Trade from Any Browser

WebTrader allows you to trade directly from your browser without installing software.

Key Features:

Works on Windows, macOS, and Linux
Access MT4 or MT5 accounts online
Real-time charts and order execution
One-click trading functionality

ProTrader – Advanced Charting & Analysis

Highlights:

Multiple chart types (candlestick, Renko, Kagi, etc.)
Advanced drawing tools (trendlines, Fibonacci, Elliott Wave)
Multiple timeframes and layouts
Precision-focused market analysis

Ohio Markets Mobile App – Trade on the Go

The Ohio Markets mobile app gives you full market access from your smartphone.

Key Benefits:

Trade global markets anytime, anywhere
Advanced charts and indicators
Order management and watchlists
Market news and alerts
Multilingual customer support

3.4 Stock Screeners

Stock screeners are powerful tools that help traders filter stocks based on specific criteria, such as:

Market capitalisation
Industry or sector
Price-to-earnings ratio
Dividend yield
Technical indicators

For beginners, stock screeners reduce confusion by narrowing thousands of stocks into manageable opportunities.
For experienced traders, they provide data-driven insights and trend analysis to refine strategies.

Popular screeners like TradingView’s Stock Screener offer real-time data and advanced filtering options, making them invaluable for informed decision-making.