2.
Trading Tools and Platforms
Best Platforms
Platform Features Recommended For
Advanced charts, forex-focused, automated
MetaTrader 4/5 Forex traders
trading
TradingView Web-based platform, excellent for analysis Beginners and professionals
Binance Best for crypto trading Cryptocurrency traders
eToro Social and copy trading Beginners
Interactive Stock and commodity
Best for stocks and ETFs
Brokers traders
Essential Tools
Tool Purpose Recommendation
Economic Calendar Tracks major economic events ForexFactory
Charting Software Analyze price movements TradingView
Risk Calculator Manage trade size Myfxbook
Suggested Budget for Trading
Item Details Estimated Cost (BDT)
Initial Capital Minimum investment amount ৳50,000–৳100,000
Software Subscription Advanced analysis tools ৳1,000–৳3,000/month
Education Online courses and books ৳5,000–৳10,000
1. Start with the Basics
Learn Key Concepts:
1. Markets:
o Stocks: Shares of companies (e.g., Dhaka Stock Exchange).
o Forex: Currency trading (e.g., USD/BDT).
o Cryptocurrencies: Digital currencies like Bitcoin and Ethereum.
o Commodities: Gold, oil, or agricultural products.
2. Trading Styles:
o Day Trading: Buy and sell within a single day.
o Swing Trading: Hold positions for days/weeks.
o Scalping: Make small profits on frequent trades.
3. Risk Management:
o Never risk more than 1–2% of your trading capital on a single trade.
o Use stop-loss orders to limit potential losses.
2. Choose Your Market
Recommended Based on Initial Capital:
৳50,000–৳100,000: Start with forex or crypto trading due to lower entry barriers.
৳100,000+: Explore stock trading and commodities.
3. Tools and Platforms
1. Trading Platforms:
o Forex: MetaTrader 4/5.
o Stocks: Interactive Brokers or TradingView.
o Crypto: Binance or KuCoin.
2. Charting Tools:
o Use TradingView for technical analysis.
o Focus on indicators like moving averages, RSI, and MACD.
3. Economic Calendar:
o Use ForexFactory or Investing.com to track economic news and events.
4. Develop a Strategy
Beginner-Friendly Strategies:
1. Support and Resistance Trading:
o Identify key levels where prices tend to reverse.
o Tip: Buy near support and sell near resistance.
2. Trend Following:
o Use moving averages (e.g., 50-day and 200-day) to identify trends.
o Tip: Enter trades in the direction of the trend.
3. Breakout Trading:
o Trade when the price breaks above resistance or below support.
o Tip: Confirm breakouts with volume.
Advanced Strategies:
1. Fibonacci Retracements:
o Use Fibonacci levels (e.g., 38.2%, 61.8%) to identify potential reversal points.
2. RSI Divergence:
o Look for divergences between price and RSI for early trend reversal signals.
5. Practice with a Demo Account
Use platforms like MetaTrader or TradingView for simulated trading.
Focus on executing your strategy without risking real money.
6. Start Live Trading (with Real Money)
1. Capital Allocation:
o Start small (e.g., ৳50,000) to minimize risk.
o Diversify across multiple trades.
2. Execution:
o Trade only when your strategy’s conditions are met.
o Avoid emotional trading (stick to your plan).
7. Monitor and Improve
Track Performance:
o Maintain a trading journal to record entry/exit points, strategies used, and
outcomes.
Review Mistakes:
o Analyze losses to identify errors and refine strategies.
Example: A Simple Forex Strategy
1. Instrument: EUR/USD (or USD/BDT if available).
2. Indicators:
o 50-period Moving Average.
o RSI (14-period).
3. Rules:
o Buy when:
Price is above the 50 MA.
RSI is above 50.
o Sell when:
Price is below the 50 MA.
RSI is below 50.
4. Risk Management:
o Set a stop-loss 20 pips below entry for buys or above for sells.
o Take profit at 1:2 risk/reward ratio.
8. Scale Up Gradually
1. Increase Capital:
o Reinvest profits to grow your trading account.
2. Diversify:
o Add more instruments (stocks, crypto, etc.) to your portfolio.
9. Learn Continuously
1. Take Courses:
o Investopedia Academy for trading fundamentals.
o Babypips for forex trading.
2. Read Books:
o Technical Analysis of the Financial Markets by John J. Murphy.
o The Disciplined Trader by Mark Douglas.
