In one blog post (and on one podcast episode), I will save you thousands of dollars.
As always, you can listen to the podcast here, or continue reading on…
Forex Q&A Podcast Episode 7’s question is our second one from Florida…
“What equipment do I need before I start Forex trading? I don’t want get started, then find out I’m missing something.”
Raj — Gainsville, FL
Good question, and I think now is also a good time to dispel some myths about what trading is really about.
What does a successful Forex trader look like to you?
Does he look like this?
Does he look like this?
Is he even a “he”?
Or do they look like this?
Hint: It’s definitely not the last one.
But when we first start out especially, we seem to have these grandiose images of what the people who have really succeeded in this industry look like, and what they actually do for a living.
Now Hiring: Company Men
Go to indeed.com and type in “Forex Trader”. Prepare to be disappointed.
Most jobs in the Forex industry have little to do with trading at all. Even analyst jobs are hard to come by. More often than not, you’ll see job responsibilities such as
“Promoting Forex-related products and services to our customers”
“Assisting our trade desk” (you’re a secretary)
“A bunch of other tasks you’ve never heard of before”
More often than not, you have to have years of experience, and a college degree just to be able to do entry-level stuff like this.
None of it is actually trading. But there are jobs out there. And you don’t even have to be good at trading at all, or even really know how to!
Moral of the blog up until right now — most people in the industry aren’t even traders. Don’t be fooled by job titles and nice suits. And don’t get scammed by Marco and his cool sunglasses.
Most traders resemble the picture of the girl. Regular folks like you and I. This is actually refreshing, no? It should be. The road to the top doesn’t have to involve climbing any ladders. You don’t even have to deal with people if you don’t want to. (Score!)
So What Do They Use to Trade?
Depends on who you mean by “they”.
People in the “industry” usually have cubicles and use whatever the company gives them.
Crazy day-traders, who take lots of drugs and can’t function outdoors? Their set-up looks like this typically.
Pretty cool, right? It’s like a cockpit!
Maybe, until you consider how much it costs, and how you can’t really take it anywhere, and how it sucks up all of your time.
The good news is, our tatted-up beauty had it right the whole time.
All you need is a cheap laptop. I would argue that you wouldn’t even need the smart phone if you didn’t have one.
Most of you have a laptop/tablet, or have access to this. It’s all you need. And it’s all you’re gonna want too.
Maybe you had stars in your eyes when it came to equipment and what your lifestyle was going to be like — parading around in a suit, crazy 10-monitor set-up, being important, etc.
Success, at least in this industry (thank God), is not measured this way.
The reason I strived to become a professional Forex trader is because I wanted to travel the world and not have to worry about affording it. That was really it.
Now how would you propose I do that if I had to always have my 10-monitor set-up by my side?
“But how do you stay on top of your trading?”
You haven’t read the blog for Episode 3, have you?
I’m not wealthy, but I do have agility, which I will trade for wealth any day if that means I can be uninhibited and go where I want and do what I like without having to worry about money. My tastes are not extravagant, so it’s always feasible no matter where I am.
I feel bad for those get to be in the exciting Forex industry, but have to do it chained to a location and wear what they’re told to wear. It’s not winning, to me.
All I need to trade at a high level is 10-15 minutes a day, a laptop, and internet connection. And on weekends I can go without all of those things.
By staying with this blog, the podcast, and the No Nonsense Forex YouTube channel, you can take what you probably have already, buy nothing else, and get there too.