Succeeding in the Forex market is not given to just anyone. It requires, above all, good preparation. This preliminary step will allow you to be more efficient and approach the market comfortably. At every trader’s trading journey, the preoperational phase should comprise learning trading basics, setting up a trading workspace, and carefully scrutinizing Forex brokers by reading broker review to choose the right one for your needs.
Importance of education- understanding the market
The first rule to follow when entering the trading and financial markets world is to understand how the particular market works. Forex is quite easy to understand and could be your stepping stone to figure out other investment options.
Therefore, to grasp all its specificity and relations with other markets, dedicate some time in learning from various online sources. To avoid switching from one source to another, check what Forex brokers have in store regarding free education.
Find a dedicated and calm place for trading
It is preferable to practice trading in a calm and quiet workspace at your home. If, on the contrary, you are exposed to a place where every 10 minutes you are distracted by other people (conversations, children, outside noise,. ..) you are then likely to not practising trading correctly by making certain mistakes or missing out on profitable trading opportunities.
As you will understand, you should choose a time slot and a place of work carefully. If you are ever one of the traders living with a large family, then the best solution would be to isolate yourself in an office outside your home.
Some private traders who live off their investments do not hesitate to rent a studio or an office alone or with other traders to create a pleasant, calm atmosphere suitable for this activity. Another option is to trade in the Forex market when your family is resting, in other words, at night or very early in the morning.
The security of a trader (personal data, money deposits and withdrawals)
Many Forex brokers offer their traders to fund and withdraw their earnings through bank cards or electronic wallets. These are methods of fund transfer particularly popular with traders as they allow easy and quick access.
Traders also have the option of depositing and withdrawing their money through the traditional bank transfer. However, it is an equally reliable method that is a little longer, the transfers can take up to several days. If you choose this means of payment, you will then provide IBAN of your bank account to the broker.
Regarding protecting your data, the broker will send you an email containing your username and password. It is necessary to protect this information. For this, do not hesitate to write it down on paper or copy them directly to a USB storage device (key, external hard drive).
Technical configuration of your PC
Before you start speculating and making money on the Forex market with a Forex broker, you will need to set up your workspace like a real trader. First of all, having a good computer (technical parameters) is necessary.
The capacities of your computer are not to be neglected. They are an important aspect for the trader. Suppose your computer is not powerful enough and your trading platform freezes or freezes at the wrong time. In that case, it could make you lose unacceptable sums of money under certain conditions of high volatility.
To give you some small indications, the MetaTrader4 trading platform, which is the platform most used by retail traders globally and which is therefore available from almost all Forex brokers, requires minimum technical characteristics such as a 1Ghz processor, 512Mb of ram, 500Mb of hard disk space. We advise traders to have a computer with double these minimum characteristics for the most pleasant and fluid use.
Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.
