If you’re serious about learning how to trade successfully, then Market Traders Institute has a great resource to help you to understand how to use all the best tools we offer traders.
The Ignite Trading Room is free to join for active SmartTrader users and features live training webinars led by experienced Forex pros. Each of these sessions is one hour long and they are held from 1:00 to 2:00 p.m. Eastern on Wednesdays and Thursdays.
We asked MTI’s Tad DeVan, a Senior Forex Analyst and host of the Ignite Trading Room, to discuss why his trading room is such a valuable asset for traders.
Describe Ignite and the content featured.
DeVan: The Ignite Trading Room actually takes place two times a week and we talk about two different topics on Wednesdays versus on Thursdays. The Wednesday session is all about learning how to use Expert Advisor. An Expert Advisor (EA) is an automated trading system or robot that’s exclusive to MetaTrader 4.
What we do is we teach students how to get an EA set up, how to make sure their MetaTrader 4 account works correctly and how to download, install and apply an EA. We focus on not only setting it up on an EA, but we also talk about how to do that on a VPS, which stands for virtual private server.
On Wednesdays, we discuss how to do all this on a VPS and the importance of using one if you are serious about auto trading. It’s important to have a VPS because they are always turned on. It’s always running 24/7, 365 days a year. It doesn’t shut down like a regular computer does for Windows updates.
A VPS is not subjected to a loss of Internet. It’s also not subjected to your power going out. Just two hours ago I lost my power here at home for about two minutes during a big storm. So that’s a good reason why we have a VPS. It does not shut your computer down during those events.
We cover all that information during our Wednesday session. I also show students how to use MTI’s VPS.
What types of traders is the trading room best suited for?
DeVan: The Wednesday session is intended for traders that are new to the automated trading environment. The Thursday session is geared for traders of all levels, because Wednesday is all about MetaTrader 4 while the Thursday one focuses on SmartTrader.
The Wednesday session is a one-week session. So every Wednesday we repeat that same class, which is important to note. Thursdays are dedicated to “SmartTrader Best Practices.” That’s the name of the course that we have in the Thursday room and the Wednesday course is called “EA Best Practices.”
Can you give us some examples of those best practices?
DeVan: On Thursdays, we cover SmartTrader best practices and we have broken it down into a four-week cycle because there are so many different things to talk about there. The first week is held the first Thursday of the month, so we always start over on the first Thursday of the month for week one. And then we proceed to the fourth Thursday each month.
The first session is all about getting familiar with SmartTrader. So that’s where we teach traders how to log in, how to set up a trading account, how to navigate the chart and how to access the trading ideas.
The first week is essential for new traders. If you’re brand new to SmartTrader, you want to make sure you attend the week one session when we go over all the essential “getting started” features like a quick access guide that you’d get with a new technology product.
And then as the weeks progress, we cover how to analyze the market using SmartTrader charts. We also talk about our proprietary Smart Tools, how they work and how to use those to our advantage.
In the third week, we explain indicators and how they work on the charts and we discuss trailing stops, which is always a very popular class. The session covers how indicators work and how trailing stops and templates work. These are all interactive classes so students can ask questions as I’m going along.
What kind of feedback have you gotten from students who participate?
DeVan: Our students love the trading room. They think it’s great. They learn something new every time. We have plenty of clients that keep on coming back month after month. Even though we’re generally going over the same content, I teach it in a different way almost every time.
We cover all aspects of the learning environment. Some people learn better by being told how it’s done. Others learn better by being shown how it’s done. So we address both styles of learning. No matter what type of style you learn best as a student, you’re going to pick up helpful information from that class.
How can students join the Ignite Trading Room sessions?
DeVan: They can open the Learn More link on the top right corner of the SmartTrader home page, find where it says “Trading Rooms” and click on Ignite Trading Room to access the class. We also send out an email each week letting students know that the session is about to begin, along with a link to attend that session.
We record all the sessions and every class is unique. We currently have about 100 videos archived of past content available for students to access.
For more information, log into https://live.smarttrader.com/tradingrooms/ignite.