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Trading forex is an amazing career. And it’s a path that leads to financial (and lifestyle) freedom…
However, it’s not one you can undertake unprepared. Competition is global, tough, and you need lots of vigilance.
But no worries. Today, we’ll cut your journey short. We’ll brief you on the 5 setups you need to trade on Forex.
Check out the list, and get started!
#1 – An Office.
Trading has the lifestyle advantages of mobility and travelling. But you can always use an office…
It gives your business an “official feel” that helps you take it seriously. Plus, it’s amazing for your focus.
Having your own office means less distractions. It means you get quietness as you explore the markets and pick your positions.
There’s less distraction, whether it be from news, or from noise!
We highly recommend an apartment (or room) that’s in a business area.
If you can’t afford that, then setup shop elsewhere. That might be in a co-working space, your car, or even a garage!
The point is, find a place that’s peace and quiet for your trading needs!
#2 – Excellent Internet.
This matters a lot, especially for a day trading strategy.
As a day trader, your profit depends on accurate timing, and within the span of minutes or seconds…
So you can’t afford any lags in execution. Nor can you afford “sudden downtime” from unseen circumstances.
Make sure you get a powerful connection. At minimum, you need 4G internet. And it has to be high-speed, plus unlimited.
And if you can, try to get internet that you don’t need to share with anyone else.
Sharing internet can cause ups and downs in bandwidth that destabilize trading – and that’s not something you can risk!
#3 – Multiple Trading Devices.
You don’t have to trade on a single computer. You can sign-up for apps that let you trade on multiple devices!
Technology makes forex trading on android phone a possibility. You now don’t have to worry about packing a laptop and finding a stable location!
How to Trade by Phone.
Let’s make one thing clear.
You shouldn’t trade on phone all the time. Primarily, phone is a way of keeping tabs on your position away from office.
It’s like taking work with you – but in pocket.
And it does serve you well. After all, since you can check positions by phone, you stay ahead of competition.
You gain a “vigilance advantage” over them. And that increases your likelihood of better profiting from your positions!
#4 – Reliable Trading Apps.
Those apps are everywhere, and they perform a variety of functions.
For starters, you’ve got brokerage apps. This is what your broker gives you to help you place positions quickly.
The process is automated, and orders are executed clearly – without fuss or chances of error.
Another is technical analysis apps.
You need an app that helps you download and use charts and different indicators – especially for long-term analysis!
#5 – News Sources.
If you’re going the long-term position approach – then this is a must.
News sources help you analyze trends. You can better gauge the market direction, which helps you take profitable positions.
You get to enjoy more success (even with short positions) with news directing you to long-term trends of stock trading vs options trading.
And you need sources to collect political news. You also need them to collect information, currency policy changes, etc.
Time to Get Started.
You now know the basics needed to begin a forex trading career.
All that’s left is the execution. Be sure to find a trusted broker, and start your trading career!