Figure 1: the Internet. No longer TRADE on the phone. I need fast connection to the Internet to enter orders on-line and send them to your broker to get stock quotes from exchanges could World Wide web, and so on. Further more, depending on your style transactions may need a backup connection, wireless, or perhaps by satellite. Markets to move quickly and if you need to exit a position immediately, or you can insert a protective device, these backup connections can come handy.
Figure 2: a good machine, maybe two, with multiple monitors. Some merchants use and eight screens so that they can track multiple stocks and several markets simultaneously. But again depends on your trading method if you need that many or not.
Figure 3: accomodation in day trader friendly jurisdictions. If you live in USA, consider yourself lucky. Not so if for example is a Canadian. Canadians cannot open an account with the American brokers and depend on their own. Canadian brokers in turn often charge higher Commission, and may not provide an adequate service, there are simply too few of them; so if a suitable broker is not made available to you which can significantly reduce your trading strategies and approaches.
Figure 4: charting software. Many traders use technical analysis time entries and exist. Usually technical analyses is facilitated by Special graphing, that require installation on your computer or online charting tools that you can simply use it in a browser. Other software and/or online services that you may have is: spreadsheets, statistical packages and inventory scanner.
Figure 5: negotiation chapter. Well, this is the last on our list, but not the least. A trader if it wants to succeed must be properly capitalized. But the good news is: If your just starting may not need money instantly. It is a good idea to try to practice trading using a trading Simulator. The process is known as paper trading, and recommended for any beginner trader as a method of learning.
This list is not exhausting; There may be other things that need a trader. If things go well and you start Money will have to pay taxes. So get yourself acquainted with a good tax accountant who understands details for a trading day and give a good tip. Perhaps you also want to consider getting an advanced smart phone. Smartphones are very powerful. come now with software and their ability to trade off if your Forex broker will only support charting. Could be quite cool to leave a coffee break and be able to monitor your positions. Could also be used as a backup Internet connection. The possibilities are endless ...
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