Here is a video I made about forging a broadhead arrow.
The memory of my camera was only about 4 minutes so I could not film the whole process.
I started from a piece of mild steel about the same thickness as the arrow shaft. Then I start to flatten the end of the piece and proceed to draw it out. When im satisfied with the shape I start to roll it so it will accept the arrow shaft. I then use a tool to make the hole simmetrical. I then turn the piece arround and cut of the excess material. Then it is heated again and I start forging the tip.
When the tip is forged I cool the head in water and grind a bevel on it. After it's nice and sharp I heat it up once more and quench it in water. After hardening I leave it by the forge and let it soften to a nice golden color.