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How To Set Up a Good Forex Trading Station


If you are just getting started out with Forex trading you are going to want to make sure that you set yourself up a good Forex trading station. This is the place in which you will be spending most of your time when you are doing your trading. So you need to have everything that you need set and ready to go when you are ready to start your trading.

The very first thing you need to do is to open up your brokerage account. There are just hundreds of different options that are available so it's up to you to do your homework. Whatever company you finally do pick to go with you should make sure that they are registered with the FC or the Futures Commission Merchant as well as with the CFTC or Commodity Futures Trading Commission. Another one they should be a member of is the NFA or National Futures Association.

As soon as you are signed up you will need to download as well as install the brokerage software. Almost all the brokers will have the program called MetaTrader 4. This is a good charting software that will allow you to be able to analyze markets by using hundreds of different indicators and to also make your trades right from the charts.

You also need to find a trading system that is going to fit the goals that you have as well as your personality. So, it's important that you do your research. You do good research by going to several different sites like elitetrader.com, ForexPeaceArmy.com or Trade2W.com. These places have members who are both professional and amateur traders and they have no problems with offering their reviews on different software, different trading systems, different trading newsletters as well as their opinions on different courses and brokers. These are great places to help you get your trading station in order.

Before you go and invest your real money make sure that you take advantage of the virtual demos that most brokerage sites offer. These are risk free and you won't be using real money. This is where you can test out different trading systems and be able to see which one feels better for you and once you feel comfortable with it you can move onto investing with your own money.

Make sure that you have a good computer with a lot of RAM you might want to consider a minimum of one terabyte and you should also have two monitors. It's a lot easier to keep up with all the trading and the charting if you have two monitors hooked. Make sure you have a comfortable chair and plenty of room on your desk. Then jump in and get started.



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