The success of any business depends on the right preparation and organization. Preliminary steps make the work more comfortable, and therefore more effective Forex training itself. Before the very beginning of trading in the Forex market a future trader should make several preparatory steps and arrange his workspace.
The first things to research are whether your computer has necessary technical parameters, choosing the time and place of your work, and clarifying questions related with deposit/withdraw issues.
It’s quite an important point in Forex trading. If your trading terminal freezes at the wrong time, you can lose quite a decent amount, or, in some situations, you can even lose your entire deposit.
Each terminal has its own trading system requirements, which should be obtained from your broker.
As for Metatrader 4 - its minimum requirements are: 1000 MHz processor, 512 MB of RAM, 0.5 GB of the disk space. It is desirable for you that these parameters were at least twice as many.
When and where?
If you have a silent place in your home, then no problem. But if during every five minutes of work you will be distracted by questions and conversations, you are unlikely to be focused properly on Forex trading.
Therefore, choose the time and place of work carefully. If you live with a big family, the best option will be to leave the house for your trading affairs. This will create a working mental attitude to you, but unfortunately not everyone has the second apartment or opportunities to rent one.
The second option could be the time when all your loved ones are resting - the night or early morning; the latter is preferable.
Deposit and withdraw.
If you have a bank credit (debit) card or e-wallet, there are no questions. Otherwise you will have to open a bank account and get a plastic card.
You can deposit and withdraw profit by bank transfer, but this method is rather time consuming and expensive, so it is best to use the above mentioned options.
After registration, brokers, usually, send out a letter with a set of passwords, and the necessary data. It is necessary to take care where you will keep this confidential information.
A protected flash drive is best suited for such purposes, or in extreme cases, you can repack the files in the archive and copy it to a normal USB flash drive.
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USDJPY – October 23rd 2014
GBPUSD – October 24th 2014