Forex Trading Getting Started Checklist
Do you have your forex trading getting started checklist items all setup? Not sure what they are? Well there are 5 tools that I feel you absolutely need when you get started with trading forex. It goes hand in hand with learning forex trading step by step. In this video I will break down what those are and why they are important to your trading journey. Newbie or advanced, this applies to you. Let’s go.
Here are the 5 Forex Trading Getting Started Checklist Items.
1. Metatrader 4
Metatrader 4 is where all the action takes place. You need mt4 in order to trade Forex. This is where you’re going to enter your trades. Your broker is tied in with it and you have the control in your hands with a simple tap/click of buy or sell, you’ll be entered in to your trade.
2. Account Broker
The next thing you need is a broker. Just like you can’t execute trades without Mt4, you can’t trade without having a broker. Be it for a demo account (fake money) or live account, you need to have a broker in order to trade.
To figure out which broker you’d like to go with. Simply go to google and type in “Best Forex Brokers” do your research and go with whom you feel is the best choice for your needs.
3. TradingView
If you want to view charts and mark up charts on your own, TradingView is where you make the magic happen. I love TradingView because it’s seamless integration from computer to phone. Any and every indicator you want is on there and their free version is efficient for me. They also have a paid version that unlocks way more tools.
The markups you do on your computer or tablet carry right over to the app on the phone. Every now and then a chart may be a little off, but mostly it’s spot on. Do you have a goal to be an independent trader, and be able to make money when you want from wherever you want?
If so, you gotta mark up charts, for me I do 5 per day, (no I do not take all of the setups) but it’s about getting the reps. TradingView is the place I use to make that happen.
4. Forex Alerts App
Look this right here has been a key asset to trading for me. A lot of trading is patience and waiting. So instead of looking at your phone every 5, 10 seconds or minutes lol. Use an alerts app to let you know when your trade has hit the targets you set, be it an alert for price to get in the trade, take profit, move stop loss into profit, etc.
There are many ways you can use the Alerts app. Before I started using it, I would just set a timer on my phone if I was waiting for a move to happen based on the time frame I was trading on. Don’t have to do that any more, and the name of the app is actually Forex Alerts.
5. Trading Journal
Lastly, you want to have a trading journal. A journal is important for you to be able to document your trading journey. This is important for a new person as well as a long time trader. Journaling allows you to be able to see where you made errors, what you could have done differently and more.
It also allows you to chart your success, the wins and see your account growing and compounding. Don’t you think this will help you stay focused and taking your trading more seriously? I believe it will. I know it will.
There are different types of trading journals you can use, you can create your own through excel spreadsheets, get templates offline, buy a physical hard copy, the choice is yours. Whatever you choose, make sure you keep track of your progress and journaling is how to do it.
Forex Trading Getting Started: In Closing
Of these 5 tools, only the first two are 100% necessary to have for you to trade. But the other 3 will help to determine and mold the type of trader you become. Get them all IMO, and use them every time you step foot in the market, as they all are assets to helping you to be as successful as you can be.
Hope you got value from this post, if so, leave me a comment below or share it out, I would greatly appreciate it. Talk to you next week!
Eddie
