#firstdealofthenewyearAKEEL Forex trading can be approached as a serious business venture rather than just speculation or a hobby. Like any business, it requires capital, strategy, risk management, and discipline to generate consistent profits. 1. Setting Up a Forex Trading Business a) Business Plan & Goals Define your trading objectives (e.g., full-time income, long-term wealth, passive income). Set monthly/quarterly profit targets based on realistic expectations. Identify trading style (scalping, day trading, swing trading, position trading). b) Initial Capital & Budgeting A well-capitalized forex trader minimizes risks and ensures sustainability. Recommended starting capital: Retail traders: $500–$5,000 (small account growth) Serious business traders: $10,000+ (for professional trading) Allocate funds for: ✅ Trading capital ✅ Education & training ✅ Trading software & tools ✅ Internet & workstation setup c) Choosing the Right Trading Infrastructure Broker Selection – Choose a regulated broker with low spreads and fast execution. Trading Platform – Use MetaTrader 4/5, TradingView, cTrader, or proprietary broker platforms. VPS (Virtual Private Server) – Essential for automated trading and stability. 2. Developing a Trading Strategy a) Selecting a Trading Style ✔ Scalping (short-term trades, fast profits, high stress) ✔ Day Trading (multiple trades in a day, no overnight risk) ✔ Swing Trading (holding trades for days/weeks, more relaxed) ✔ Position Trading (long-term trading, based on economic trends) b) Risk Management Rules Risk only 1-2% per trade to protect capital. #firstdealofthenewyearAKEEL