What Forex Trading Software, Hardware, And Other Tools Will You Use?

What Forex Trading Software, Hardware, And Other Tools Will You Use?

What “toys” will you use for your forex trading profession?

Write down the hardware, software, data feeds, and internet access that will comprise your forex “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? (Laptop and pocket WiFi. Bam!)

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 3D IMAX? Didn’t think so. Save your money and use it for capital instead.

What forex broker/platform will you use?

Where will you execute your trades? It’s not like you can call the bank and say, “I want go long EUR/USD.” Okay fine, you could have done this in the past, but we’re living in the 21st century now – time to get up to speed and use those online platforms!

But it isn’t that simple. Make sure you know the ins and outs of broker you choose from executing orders to depositing and withdraw money (hopefully profits, right?).

Take the time to read our “Choosing a Forex Broker” lesson – you won’t regret it!

Save your progress by signing in and marking the lesson complete!

  1. What is a Trading Plan?
  2. Why Do Forex Traders Need A Trading Plan?
  3. Why Trading Discipline is the Key to Consistent Profitability
  4. How To Find A Trading Style That Suits Your Personality
  5. What is Your Motivation to Be a Forex Trader?
  6. What Is Your Risk Capital? How Much Money Can You Afford To Lose?
  7. How Much Time Can You Dedicate To Forex Trading?
  8. Which Kind Of Returns Do You Expect To Make From Forex Trading?
  9. What Is Your Daily Pre-Trading Routine?
  10. What Forex Trading Software, Hardware, And Other Tools Will You Use?
  11. Stick With Your Trading Plan
  12. Summary: Developing a Trading Plan