What forex trading software, hardware, and other tools will you use?
What “toys” will you use for your trading profession?
Write down the hardware, software, data feeds, and internet access that will comprise your “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 aircard. Bam!) What if the Taylor Swift CD you always listen to while trading keeps skipping? (Oh nooo! Not that!)
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 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!