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My Trading Room

After you've selected a retail platform, consider setting up a place in your home to trade from. A quiet spot in the house where you can shut the door is optimal. You will require an Internet connection that is fast and reliable. This will be your connection to the market and the world, and you don't want a weak rope. It will also be helpful to have a television set with access to 24-hour news channels as well as business channels.

Although you should not trade on the news you get from TV, because even a few minutes of delay will leave you behind the market, the news will help clarify any major event and give you a better understanding of price changes in the market. Most Forex platforms provide charting software and a news stream as a courtesy, but it is in an investor's best interest to find an independent source of quotes. This is because the prices reflect only the single FCM's or market maker's view of the market, which at times might not be in synch with other market makers. Having multiple price streams gives you a better idea of what you are trading against.


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