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Chapter 29, Part II. Starting With Trading Plan Creation. Page 5

Discussion in 'Complete Trading Education- Forex Military School' started by Sive Morten, Dec 27, 2013.

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  1. Sive Morten

    Sive Morten Special Consultant to the FPA

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    Every step in education has its own significant role. That’s why you do not ever try to break the link between challenge and reward on each step. Trying to bypass and overleap two steps at once could lead to disaster. There is no fast way to profit – success demands hard work, responsibility, commitment and other well-known stuff.

    That’s why, speaking about time be ready for some “live on a credit” since trading will “eat” your money from other sources until some breakeven moment when you will start to see a return.


    4.1 Hardware, Software and Office


    - The first tool is a charting program, of course. Depending of your trading system, you may apply software of different providers. For instance, if you use the DiNapoli approach to markets, you may choose CQG data provider, since it has the Full DiNapoli trading pack. As long, as you are a user of CQG you'll have unlimited free access to the DiNapoli private forum. The major disadvantage of this is that CQG is rather expensive, so you may initially use free software such as MT4 or some other cheaper exemplars. The primary task is that software is 100% match to your trading style and the system that you apply, it should have all the necessary indicators, tools and applications, calculated properly.

    - Computer system and other hardware – monitor (maybe even multiple monitors), software, internet access, telephone equipment, copy/fax machine. Probably, the one major demand here is for stability of internet connection. From that perspective it is better to have two independent ways – stationary access and mobile. Also some UPS is absolutely necessary.

    - Brokerage/commission costs.

    - Data providers for charting packages. For instance, you need to purchase some software that has the necessary trading tools for technical analysis. Say, Metastock or Trade station. But where you will get data to upload? If this is your way, then you will have to pay for data also. If you need real-time data – it will cost much more. Still, honestly speaking, currently this is not so important as some time before due to improved software development.
     
    #1 Sive Morten, Dec 27, 2013
    Lasted edited by : Oct 8, 2016
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