Think about it. Would you ask someone to come renovate your kitchen if they didn’t have the proper tools needed to get the job done? Absolutely not. And the same goes for your binary options trading. You shouldn’t undertake it unless you have the right equipment to be a success. It really falls into just two separate categories: hardware and software. Let’s take a quick look.
Most of this stuff is obvious. You need a computer to trade from. You need an internet connection to keep tabs on things. That’s the bare minimum, though. There are tons of other things that you should have at your disposal in order to maximize your chances of success. You’ll want a smartphone so you can look at the markets and make trades if necessary while you’re on the go. You will also want a nice desk and office area to work from so that you can be comfortable and have any references that you require organized and close at hand.
Many traders like having more equipment, but it’s not absolutely necessary. For example, some people find that trading is a lot easier if they have two or three screens hooked up to their computer. They can use one screen for charts, one for trading, and one for last minute research. This is a great method, but don’t feel compelled to use it. Extra monitors can be costly, and there’s no point in pouring too much money into this in the early stages of your career.
You will need an internet browser at the very least. This will give you access to most binary options brokers as the majority are completely web based in nature. It will also allow you to research your trades and look at basic charts. Also, look and see if there are any trading sites or forums on the web that you can join to help you become more knowledgeable. Talking with other traders is an easy way to increase your skills and get better at this. Most of these are web based, again.
This isn’t enough if you want to be successful, though. You will most likely want a streaming news service that pertains to the assets that you will be trading. You want to know as much as possible about what’s going on with the U.S. dollar if you will be trading it. Also, you will want a real time charting package that applies to your assets. If you work with currencies, then MetaTrader 4 is the current industry standard here. Other types of assets will require other charting packages, although most are not as cutting edge as MT4 unless you want to purchase them.
You may also want to get a few apps for your cell phone. There are tons of these out there. First, start with your broker. If they have a trading app, it is most likely going to be much better and easier to use from a phone than logging onto their mobile page will be.
Finally, find a good calendar program that you trust, preferably one that you can access equally from your computer and your phone. This will let you put economic events into it so that you always will have at your fingertips when the release of information that could affect the prices of the assets that you use will occur. Things like meetings of the Federal Reserve, jobs and employment reports, corporations’ earnings releases, and so on all have impacts on the price action of an asset. If you know when things like these that will affect you are going to occur, you will never be caught off guard.