THE NEW FOREX TRADERS TOOLKIT

 If you are a new trader, this post is for you. 

Read carefully.

You must have seen many articles online like;

How to make money online with Forex trading

Flip $10 to $10,000

How to trade Forex

Forex trading for newbies

Forex profitability guide

Best forex broker in the world

and so much more.

While these headlines or articles might lead to great videos, articles or starting point for any newbie on Forex trading, most content out there do not really show you as a newbie the complete starter kit required to jump into the trading ocean.

Many people jump into forex without adequately equipped and end up losing their lifetime savings or hard earned money.

Do not let this be you.

This is why I am sharing with you the complete toolkit you need as a beginner forex trader and I will break this into 3 major sections.

1. The Mindset/ Character starter Kit

a. Discipline : You need to be tough on yourself to do exactly what you need to do when you need to do it. It will require discipline every  day to follow your own rules in trading 

b. Strong Emotions: You must have a strong, balanced and clear emotions that gives you control over the strong emotions of greed and fear that plague many traders.

c. The Knowledge: You will need  relevant and precise trading knowledge and out of which your trading career will be built. First you need the knowledge of the financial markets, foreign exchange rates, currency pairs, fundamental analysis , technical analysis and sentimental analysis. All these will form the foundation for successful trading 

d. Working Strategy:  You need in your tool kit a battle-tested and working strategy. This is your entry and exit point into the market, your strategy is at the heart of your trading plan and trading rules and it is your exact and peculiar approach to the market.

2. The Tools and  Applications

1. Market Analysis Tool: You need a charting tool for market data and analysis market behavior so you can make informed decision , many of these applications have both the mobile and desktop versions. examples of this is Tradingview, Go chart etc.

2. Market Execution tool:  These are the tools that will help you with placing your trades, via market orders or limit orders, examples of these are Metatrader4 (MT4) and Metatrader5 (MT5).

3. Market Calendars: These are tools that help with fundamental analysis share global news and market trends and red or yellow label {priority global events] examples are Myfxbook , Forex factory, investing.com. daily forex etc.

4. Forex brokerage account:  Everyone requires access into the market through the broker, you need to do your own research and confirm that you are in agreement with the terms and conditions of the brokers, there alot out there but here are some of the brokers I have tried personally, Exness with minimum capital deposit of $12 to $100,000  and Headway with minimum $1 deposit.

4. Capital : at the bottom of this ladder is a very important rung which is your equity. You definitely require money to trade and your minimum deposit will vary depending on the broker, your risk appetite and your plan. Remember that trading is risky and you can lose some or all of your trading capital, it is therefore important to risk only what you can afford to risk.

$12, to $100 is a good start for a beginner to fund and never risk more than 1% to 3% of your capital per trade.

Recommendations

I recorded a small video where I shared, top 5 apps you can use in trading watch here https://youtu.be/OpsDYTW3t38?si=mMtmF3J-stHU5WtH 

#Course/ Mentorship

If you require a trading course that is detailed and also has a communtiy , you can check out my friend's course below; 

Forex Course for Beginners to Advanced

Brokers.... #Headway Open a Trading account with just $1.40, Headway allows you to start trading with just N2000 minimum deposit. Click my link below to get started https://headway.partners/user/signup?... #Exness Begin your journey to profitable trading, open a free trading account with the best and reliable broker, Exness using this link and chat me up for link to a crash course on Forex. https://one.exnesstrack.net/a/9r4mdy1for #Course/ Mentorship if you need a robust course with fx community, check out the Bank secrets Course by Frank Forex Course for Beginners to Advanced