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Tongs

Hold it true, or drop it hot.

Hold it, or lose it

Tongs are the difference between forging and chasing hot metal across the floor. They should grip the stock like they grew there, and you'll end up making a pair for every size you work.

What to have

flat      for bar and flat stock
V-bit     for round stock, won't slip
wolf-jaw  one pair that holds most things
pickup    light, for small work

Make your own

Buy one pair, then forge the rest. Tongs are the classic first real project — you need them, they teach drawing and riveting, and a bad pair still works better than no pair.