Tools of The Trade - Preparing to Trade
To trade Forex successfully you will need the basics:
A reliable, reasonably fast computer, preferably with high speed access to the internet (DSL or Cable Modem for example). An Internet dial-up account or the telephone becomes your back-up should your primary access fail.
Good foreign currencies "charting software" with a reliable, accurate data feed so that you can track currency movements in real time and perform the technical analysis necessary to trade effectively.
An on-line Forex trading account with a brokerage firm which provides a reliable Trading Platform, fair "spreads", quick execution of trades, good on-line reporting, and excellent customer service.
A subscription to at least one Forex Trading "Advisory Service" which provides market overviews at least daily. This gives you the context and overall directions of the market and will greatly assist in your own analysis and decision making.
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