Now it is time to work on something more practical, the last 2 lessons has all been about theory, from here on, things might get a bit difficult, it is okay to take a break if need, but always remember to continue the lesson.
What do You Need to Trade Forex
Apart from your skill set as a trader, which we are working on with this course, you would need the following in order to trade Forex.
- Computer with internet connection
- A broker
- Trading Software
Do not worry, we would go through all these one by one for your learning pleasure.
A Forex Broker
The Forex broker provides you the platform on which to trade, the broker connects you to the international Forex market, where there is liquidity for you to trade.
Without a Forex broker, it would be close to impossible for you to trade Forex. This is a list of broker’s we recommend, you can proceed and register with one of them now.
The Trading Software
The most popular trading software is the Meta trader, there is the meta trader 4, and meta trader 5, most brokers provide all two. There are other trading software’s as well such as the C – trader, but it’s availability depends largely on the broker you chose.
If you have registered with one of the recommended brokers, you would now be able to download meta trader and log into your trading software.
But before you begin to trade with real money, consider practicing with a demo account for a while.
Computer with Internet Connection
You do not need a super computer before you can trade Forex. The act of buying and selling on your trading software is fairly simple.
Any modern day laptop should be enough, as you become a professional trader, you can look at other professional alternatives available.
What you need though, is good internet, try and use the best data service provider you can find in order for your order’s not to delay.
A decent 3G or 4G network is enough for your trading business.
You would need to make time to learn, and then to trade yourself. If you do not have the discipline to do seemingly boring repetitive acts, Forex might not be your thing.
The only good thing that makes Forex exciting are;
- You become aware of global happenings
- It is the best business there is in terms of money making.
Before you begin, make sure you have the discipline to spend hours each day trading.