Statistic from Bank for International Settlements (BIS) shows that the amount of Forex Trading daily turnover was at least $5 Trillion in the year 2023. Forex trading is the best investment for generating revenue in the currency market fxcm-markets.com/.
Forex offers a good return on investment, even though it comes with high risk. Forex trading is a complex business that requires good skill, knowledge and experience.
In order to get started in Forex trading, you will need the following materials.
M = minimum; U = upwards; O = optional; N = novice; E = expert; I = intermediate; ** = must
1. Fund**
Since this is a business that involves currency trading, funds are vital. Forex requires more than just trading money. Additional money is needed for the purchase of other materials such as the following.
2. Laptop ** (Laptop) A laptop is preferred due to its mobility.
It is recommended that you have a minimum of 1.7GHz CPU speed ( ,_) and 2.0GB RAM.
Forex demands a high level of computer processing to manage multiple charts, as well as other everyday tasks. Ample hard disk space will be needed not only to accommodate the trading platform itself, but for all other Forex-related materials, such as trading video files in audio or document format, forex history files and tutorials. Computer resources may be the reason for a slow trading platform, platform crashes or freezing.
Forex Trading requires only one computer. It is best to have multiple monitors and computers if you wish to view several accounts simultaneously, or use advanced chartsing tools.
3. Internet **
You will need this material to be able to trade Forex online. In regions that have poor connectivity or unstable internet, a single internet provider may not be adequate. It is better to have wireless internet access due to the mobility and options.
Internet LANs do have their drawbacks. But the speeds are much better than those of wireless internet. The main issues for LANs within a company network are proxy configurations, and firewalls. Proxy Connections can be problematic for most Forex signal services, EAs and other automated trading systems.
4. Forex Trading Resources **
The tools are more advanced than those you will find in the MT4, MT5, TradeStation, or MT4 trading platforms. Here are some categories for Forex trading tools.
Forex Analyzing Software – needed to analyze results & trade setups. e.g. spreadsheet apps.
Forex Charting Software – required for analyzing trade setups as well as pre and Post trade events.
Forex Simulation Tool – Very important to design trading strategies, improve trading strategies. Analyze past trades. Test trading systems. e.g. Forex EA Analyzer, Strategy Tester, e.t.c.
Forex Utility Tools is what they are called. They will help you to trade more efficiently. Timers, World clock, e.t.c.
Forex Trading Tools. Custom indicators, scripts. supplementary charts, EAs. news tickers.