What “toys” will you use for your forex trading profession?
Write down the hardware, software, data feeds, furniture, and internet access that will comprise your currency “trading desk.”
Don’t forget backups! Make sure you have a backup plan for everything just in case your main tools fail while you’re in a trade.
What if your computer crashes and doesn’t boot back up?
What if your internet connection goes down?
What if your electricity goes out?
What if your keyboard stops working?
Finally, don’t get suckered by all the razzle-dazzle currency trading vendors (*cough* scammers! *cough*) try to lure you with.
Do you really need that $5,000 chart pattern recognition software that displays in 4D IMAX?
Probably not. Save your money and use it for trading capital instead.
Which broker platform should I use?
Where will you execute your trades? It’s not like you can call the bank and say, “I want to go long EUR/USD.”
Okay fine, you could have done this in the past (if you had a million dollars), but we’re living in the 21st century now.
Time to get up to speed and use those online trading platforms!
But it isn’t that simple.
Make sure you know the ins and outs of the broker you choose from executing orders to depositing and (hopefully) withdrawing money.
Take the time to read our “Choosing a Forex Broker” lesson. You won’t regret it!
Reprinted from Babypips, the copyright all reserved by the original author.
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