Forex - Forex Trading - Currency Trading

Currency Day Trader Work Station

Written by Kenneth Cheney

Introduction

When it comes to currency day trading, make sure you have all of the tools and equipment necessary to get started properly. If you are in a trade and your computer crashes every 5 seconds, you will lose money guaranteed! What follows is my personal view on the subject.

Equipment and Tools you need to Trade Currencies Online

Computer
PC Monitor(s)
Internet Connection
Software
Firewall & Anti virus Protection

Computer

Don't spend thousands of dollars on computer equipment, just a computer that has 512MB memory and a high quality processor such as Intel or AMD is fair enough. Purchasing the most expensive and up-to-date computer won't make you more pips..

Minimum Hardware Requirements:

- 1.0 GHZ AMD or Intel processor
- 512 MB Memory
- 100GByte Hard disk
- Quality Video Card
- Keyboard and Wireless Mouse
- External Storage Device (Optional)

Nowadays, you can buy a computer with all above requirements for under a grand, also I do prefer a Desktop Computer and not just a small Lap Top.

Needed Software

- Windows XP Operating System
- Internet Explorer or Firefox Web Browser
- Your Broker's Trading Station + Forex Charting Software

Monitors

I prefer having 2 monitors (17'' or 19'' LCD) using the first monitor for charts and the second to display my broker's trading station. There is absolutely no need having 10 screens! Nowadays, the cost for 2 LCD screens is below $500.

Internet Connection

When it comes to day trading, you need a fast and stable connection to the internet because you can't allow for any time delays. Serious forex traders need a cable or DSL connection to the internet, avoid dial up connections!

Firewall & Antivirus Protection

Protect yourself against hackers and viruses! Would you like somebody to steal your login information and access your trading account? Well, I guess not.
You don't need to spend money on these tools because you can find them for free on the internet.

For example:

Free Antivirus Protection(Avast)
Free Firewall Protection (Zone Alarm)

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Risk Disclosure: Trading forex on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.