Smartphones are a potential solution too, but given that their screens are small ish and are power reduced devices, using them may be awkward and uncomfortable. Phones have yet to be developed to support this, or MetaQuotes might find some solution for their platform.

The advantage of having MT4 or MT5 on your phone is of course mobility so you can manage positions on the go, but know that advanced technical analysis with indicators not included in the platform is not possible.

So the best way to use it for alerts, emergency adjustments, and monitoring. Some traders even say that having forex in your pocket is not always a good idea especially if you become too attached to trading. People of less developed countries can have a go on Forex trading too, they just have to have a laptop. The beauty of Forex is that it is not bound to one place, you just need a laptop, you can be anywhere in the world and it will work.

How many professions can be attributed to that? Freedom from desk, monitors, and keyboards, office cubical… To summarize, most of you are already equipped enough. Save my name, email, and website in this browser for the next time I comment. About Us Advertise With Us Contact Us.

Forex Academy. Home Forex Education Beginners Forex Education What Equipment Do I Need to Trade Forex? RELATED ARTICLES MORE FROM AUTHOR. Why Forex Traders Must Value Their Time. Determining the Strength of the Market by Analyzing the VSA. LEAVE A REPLY Cancel reply. Please enter your comment! Please enter your name here. You have entered an incorrect email address! Popular Articles. Forex Chart Patterns Might Be an Illusion 4 September, Advanced Dashboard for Currency Strength and Speed Review 7 May, After years of mis- use, this backpack still looks like new.

This is my go-to backpack for short trips, as I usually find I can make everything fit in this backpack alone. I know.

This is hardly essential. They have the best noise cancellation ever and that alone makes them a must-have on flights. Next to that, every time I want to watch financial news on the road, these allow me to focus without disturbing others. What they can do however, is make sure that you have the best possible environment be a forex trader. Using the above forex trading gear, a good trader will be the most productive as can be. Sounds good, right?! Do you have your own essential forex trading gear?

Did I miss anything? Please share it with us in the comments! Note: This article contains some affiliate links. If you click one of these links and then purchase something, I may receive a commission.

This income goes towards the costs of hosting and running this website and does not affect you in any way at all. FX and futures trader, using price action, market profile and order flow to trade markets.

I also have an interest in trading psychology and algorithmic trading. Follow me on Twitter: GhostwireTrader. I confess. The best equipment to be most productive as a forex trader. Best Forex Trading Software These are the software packages and tools I use at the moment: Best trading software: MetaTrader 4 This is a no-brainer. Best Strategy Analytics software: StrategyQuant What I love about this is that you can take multiple MT4 EA test reports and combine them in StrategyQuant.

Best advanced trading software: NinjaTrader When you need to step up your trading, NinjaTrader is for you. Best mobile trading: MetaTrader 4 This is basically MetaTrader 4, but for your smartphone. Essential Forex Trading Gear First of all, this is an overview of the hardware I consider essential for forex trading. Best backup: WD 1TB Black My Passport External HD A good backup solution is indispensable. Best external monitor: Acer GHQL Best portable charger: Anker mAh PowerCore You never realise how important a charger is… until you run out of juice and you need to modify your trading order.

Best headphones: Bose QC35 I know.

Benzinga readers love FOREX. com for all their trading needs! The forex market is unique in many ways, so knowing what the best forex trading tools are for this particular market could significantly improve your bottom line. Keep reading to find out which tools work best for trading currencies. When starting off as a forex trader, you will want to invest in the best forex trading software you can afford and get all the forex trading tools necessary to operate your trading business with.

Most advanced forex trading platforms provide real time charting services, although you can also obtain charting software elsewhere. An economic calendar lists the time and date of important economic data that can affect currency pairs when released.

The data includes employment and inflation numbers, gross domestic product GDP and central bank meeting dates. News can significantly affect the direction of exchange rates. A premium financial news wire gives traders timely access to information that might affect the forex market. Keeping a trade journal gives you valuable insight into both your losing and winning trades.

Some companies provide software designed just for this purpose. Copy trading involves selecting an experienced trader to duplicate their trades in your account. Some brokers like eToro offer this service. A set of correlations comprise a currency correlation matrix, which lets you visualize the interconnectedness of currency pair exchange rate movements.

Certain trading sessions and times are better than others for trading specific currency pairs with respect to liquidity, volatility and trading volume, so knowing what those times are in your local time zone can be extremely important to forex traders.

A volatility calculator takes a currency pair's historical exchange rate data and determines the historical volatility in real time for various different time frames.

The historical volatility of a currency pair gives a trader an idea of the risk involved in trading that particular currency pair. MetaTrader4 and 5 trading platforms on desktop and mobile devices. Source: MetaTrader. Trading in the forex market begins in Wellington, New Zealand at 5 p.

EST on Sunday and ends in New York on Friday at 5 p. ET, so the market trades for 24 hours each day throughout the trading week. Trading in the forex market involves the simultaneous buying of one currency and the selling of another. All currency trades involve a currency pair and when taking a forex position, you simultaneously go long 1 currency and short another. The base currency is the 1st currency in a currency pair, while the 2nd currency is the quote or counter currency.

The exchange rate of the currency pair is the amount of quote currency needed to buy one unit of the base currency. The most active currency pairs have the U. dollar as a component and are known as the majors. They are:. Currency pairs that do not include the U.

dollar are known as crosses, and they often have considerably less liquid markets than the majors. Other less liquid pairs that do include the U. dollar consist of the minor and exotic currency pairs.

Brokers and market makers operating in the forex market make their money largely from the dealing spread instead of charging a commission.

The dealing spread consists of the difference between the bid and offer price for a particular currency pair. The bid is the exchange rate where the market maker will buy a currency pair, while the offer is the exchange rate where the market maker will sell it. Most active currency pairs are quoted to the 4th decimal place 0.

The width of the dealing spread is an important cost to a trader and can add up considerably for those who trade actively. Spreads can also vary depending on market conditions. The forex market has various benefits compared to other financial markets like the stock, bond and commodities markets. Here are several key benefits of forex trading:. Charting software generally features a slew of technical indicators that can provide trading signals.

Some forex trading software even lets you program and back test your strategies to determine how they performed historically. In addition, you can buy or subscribe to trading signal generators that are typically offered as a monthly service.

In normal markets, you can expect a high degree of accuracy from your forex tools as long as the exchange rate feeds they use are of a high quality. When the market heats up with increased trading volume and exchange rate swings, the accuracy of your software may be adversely affected.

In addition to signals and indicators, many 3rd party services provide educational and research resources. The cost for 3rd party services can vary significantly.

The cost for a service typically increases depending on the extra features provided. Market Scalper Algo MS Algo is a tool that currently works only within TradingView to overlay your financial charts with signals to buy and sell. It also provides independent exit signals for each. The tools can be used on equities, futures, forex and cryptocurrency. It uses proprietary technology and strategies to provide the most accurate signatures.

You can setup automated alerts for your phone, email and Webhooks. TraderSync features user-friendly design and a sleek interface to provide you with the tracking and reporting data to take your trading to the next level. You can import your trades with just a few mouse clicks. The journal is straightforward. Asia Forex Mentor is led by Ezekiel Chew and provides a range of trading resources and a proprietary training course for forex investors.

What started as a simple course helping a few friends turned into a massive enterprise. Prospective students can visit the Asia Forex Mentor website, read the blog, check out of the vlog and register for the One Core program.

If you want to know how it works, there is a video on the home page explaining the program in greater detail. Additionally, there is a video on the Who Is Asia Forex Mentor page with further details. The One Core program is more than a simple trading course. You learn how to go from a trader with no experience to a professional who may wish to change careers. Aside from the trading course, Asia Forex Mentor keeps testimonials from successful students, allowing you to read comments from people just like you.

With a focus on return on investment over all else, you can more easily turn profits and learn how to monitor the market for your next opportunity to make money. The best online forex broker for you depends on your needs as a trader. In general, you want to select a broker you can trust with your money that meets your trading requirements and will accept you as a client.

You can try a platform like Tickmill , which allows you to invest in a wide range of assets, including forex. For instance, Tickmill is an excellent option for traders because it helps you invest with low minimums, use MT4 and MT5 and makes it easy to build a complete portfolio. Take a look at our other picks for the best online forex brokers to enhance your forex trading tools:. Claim Exclusive Offers. CedarFX is not regulated by any major financial agency. The brokerage is owned by Cedar LLC and based in St.

Vincent and the Grenadines. If you have the patience to learn how the forex market works and the incentive to develop an easy to follow and successful trading plan, then you might be able to make a career trading in the forex market. Yes, although profitable trading generally involves developing and implementing a trading plan with a successful strategy. Getting rich depends in large part on how disciplined you are in your trading, how much risk capital you have to trade with and the successful implementation of a proven trading plan.

Trading forex online may not seem difficult, but trading successfully requires a good trading plan and strategy, as well as time, discipline and perseverance. Starting off with a small sum of money makes perfect sense to practice and determine if you have what it takes to be successful trading forex.

com , registered with the Commodity Futures Trading Commission CFTC , lets you trade a wide range of forex markets plus spot metals with low pricing and fast, quality execution on every trade. Learn more about FOREX. My Account. Benzinga Plus. Log In. Our Services. News Earnings. Retail Sales. Insider Trades. Markets Pre-Market. After Hours. Binary Options. CME Group. Global Economics.

Penny Stocks. Digital Securities. Ratings Analyst Color. Price Target.

How to Buy Cryptocurrency? I also have an interest in trading psychology and algorithmic trading. Trading in the forex market begins in Wellington, New Zealand at 5 p. The data includes employment and inflation numbers, gross domestic product GDP and central bank meeting dates. Duration, frequency and mechanics are key differences separating the approaches. Get Started securely through Forex.

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