What Kind Of Gear Do I Need To Trade Forex? (2024)

This is a common question we get here at Phantom Trading. “What computer, tools, software, do I need to get started in trading?” And so we figured it’d make sense to put it into a simple and easy to follow guide here for you to resort to!

Off the bat though, we need to be straight with you and let you know that it’s less about the gear you use and more so about your ability to focus and get practice hours in consistently. The gear will not be the make or break of you becoming a consistently profitable trader. Nonetheless, it can help! And so in this article we’ll be covering our favorites as far as tech, software, tools, the essentials of getting started with trading.

Forex Trading Hardware

First off, you’ll need a solid phone and laptop or desktop computer to access the charts and be able to place trades live. We highly recommend starting out with something reliable like a macbook pro or equivalent pc computer with high speed internet that can run chart data without any lag. This is where you’ll be spending the majority of your day to day as a trader and so this isn’t something you want to cheap out on. Spend the money and invest in something that you can rely on for years to come.

Most of you will already have a decent cell phone to work with as well, but for those of you that don’t, this is also somewhere you’ll want to upgrade to something that can process chart data, receive alerts and allow you to update positions and enter / exit positions as needed throughout the day.

The beauty of becoming a trader is that you can work from anywhere in the world from your phone and laptop. We know a lot of traders start out with this in mind. We certainly did! Do yourself a favor and invest in solid gear that will last and that you can trust to work for you when you need it to work regardless of where you are in the world.

If you want to be fancy you can also get yourself a Magic Keys (hardware keypad version), but if you’re not looking to spend enough, the software one is just as good in our opinion.

Forex Trading Software

Easy answer. Tradingview.com is where you’ll be doing all of your charting. It’s the most in-depth, data rich platform on the market at the moment to be doing all of your charting and analysis work. Regardless of the trading strategy you trade, Tradingview is where you’ll be doing your work. The subscription cost is small and it’s worth it.

If you’re looking for a trading strategy that consistently produces results month over month when mastered, consider further looking into what we do here at Phantom Trading. We can show you how to get started with platforms like Tradingview and how to use the plethora of tools / features available on the platform to help you follow price action and consistently execute profitable positions each month. For more on what we do, check out some of our free trading content here at our youtube channel.

Alongside Tradingview, you’ll be executing your positions through a broker using a program such as MT4, MT5 or cTrader to actually place and update / exit positions. This will vary depending on whether or not you’re trading capital through a personal account or a prop firm account provided by one of many prop firms such as FTMO, MyForexFunds, E8 funding and the like. If you have questions regarding brokers and account structure, shoot us an email at [emailprotected].

Education

Following the physical hardware and the online tools listed above, there isn’t much else to it. Getting started with trading is relatively simple and straightforward. The barrier to entry is very low and requires minimal investment to begin which is why it’s so appealing to so many people. Where you’ll want to consider investing in yourself well is in your actual trading skill set. This is understanding what to do and how to go about trading itself. This is where mentorship comes in.

The fastest way to become great at anything is to practice… and to practice under the guidance and constant correction of someone who is successfully doing that which you’re attempting to do. This is the ultimate shortcut or life hack to becoming one of the best at anything. Find yourself a mentor.

Without guidance, you’re simply a ship in the sea with no sail… being tossed around by the waves aimlessly. You need direction. You need to know where you’re going and to be held accountable along the way so you get there. It’s the fastest way to get results. Trading in particular is a very challenging career to navigate on your own. It’s hard to know what you’re doing right and wrong without having someone looking over your shoulder providing you with insights along the way. Without this support along the way you’re much more likely to become discouraged and frustrated to the point of quitting.

There’s also something to be said for being surrounded by like-minded individuals who are on the same journey that you are, pursuing the same outcomes that you are. This is where mentorship + community ties together. Find yourself a mentor and community who are proving to produce profitable traders consistently month over month… and get involved! You knowing what to do and in what order to do it is key to you becoming a consistently profitable and funded trader.

In Conclusion

In short, don’t overcomplicate getting started. Begin with the basics and then work up from there as you develop. All you need to start out as a trader is a decent computer, a tradingview account with a broker to execute positions from, and a solid mentor / community to learn with.

If you need a hand with any of the above please don’t hesitate to reach out to us here at Phantom Trading. We’d love to support you in beginning your trading journey however there is zero pressure to start with us! Feel free to shoot us a DM on instagram or send us an email at [emailprotected] and we’ll be happy to answer any questions that you have.

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Robert Castillo
@coldwaterfx
FX Trader & Analyst
Writer & Editor

Rob is a funded trader from Toronto, Canada, and has been trading currencies, commodities, stocks, and cryptocurrencies for over 7 years. Outside of trading, he enjoys making music, boxing, and riding motorcycles.