Just because you can log in here doesn't mean you have an account.
Another thing....
Make sure in your eqhosts.txt file it reads...
[LoginServer]
host=newlogin1.eqemulator.net:5994
If you don't have an account with eqemulator(your forum account will not do), go to
http://www.eqemulator.net/eqaccount.php
and activate it. The registration code is in your profile.
Your best friend is the search feature of the forums, and the HOWTO section. Its there for a reason. ^.^