if your server is not using the default port number (like for apache is 80) then you need to mention the port number also with localhost (like [localhost]:[port number])
and you need to create the database with same name(as you have given magento in the db name field) before this step
and you need to give your database username (example : default for phpmyadmin is root) and password (example : default for phpmyadmin is null, means you need not write anything)
Im a complete newbie to this, but Im having the exact same problem as nnix. I have uploaded everything to my FTP, I have done everything in the installation guides (permission checks, innoDB checks etc, etc) and I have written in the correct Hostname, Database Name, Username and Password as sent to me by my hosting provider, and its still not working. I am really confused now as to what is causing this problem.
Any new ideas how to fix this, or a nudge in the right direction would be much appreciated.
Im getting exactly the same error message as the screenshot nnix has posted. I’ve entered all of the correct database connection details, but still receiving the “Database Connection Error”. I’m out of ideas.