So, you got a good job, managed to reach the point in which you have a lot of disposable income to spend, and you are finally ready to break into the forex market and make some serious money. However, logging on your old laptop and launching trades left and right while sitting on your bed is not quite ideal. As a day trader, you will be spending a lot of time in front of the screen, so you will need to build a proper setup that supports long hours of staring at charts and anylizing graphs. Here is how to set up your trading office at home.
General Criteria for a Good Trading Setup
Efficient day or home trading is dependent on two important factors:
- Internet speed, meaning latency and bandwidth. Latency is very important is if you are living in one place and the orders are sent into the opposite side of the country. Obviously, internet speed is essential here. Not to mention the fact that the last thing you would want is your internet dying in the middle of a risky transaction, so you will also need a reliable connection.
- Computing speed – we are not lying, you will need a pretty powerful rig because in most cases, you will be launching several trades at one time while having dozens of charts open. Furthermore, to take advantage from fleeting anomalies and price shifts, you want a system that is capable of rendering up to the second information. You will need a good processor for that, as well as a lot of RAM.
This might sound unrelated to forex trading, but if you want to be efficient, you can’t resort to working into a damp, dimly lit room like some kind of 80’s hacker movie protagonist. Before choosing a room in your house (or renting a space, if you have the money) for trading, you should opt for spaces with as many windows as possible. Natural light will boost your efficiency, self-esteem and mood.
Ideally, if the house layout supports this, you can position your monitors along the south wall, with windows on the north and east. By positioning your desk this way, the sun will not be shining directly in your monitor during the morning. The last thing you want is picking an ideal spot for your trading office, only to close the blinds due to annoying glares.
Useful Forex Tools
Next up, even before you start building your rig, you will have to think about which tools to use. Here are some of the most common and useful forex tools:
- MetaTrader 4. A sleek, multipurpose trading platform designed to aid trading, analysis and comprehensive research. Think about this soft as ‘’the most useful forex tools combined into one’’. It requires minimal resources to run at an optimal rate and is compatible with most operating systems. Furthermore, if you are up to some outdoor trading, you can download the metatrader4 android version.
- MetaStock Pro is a tool for the quant and analytical traders who prefer technical over fundamental analysis. It features advanced forecasting options, as well as tons of indicators, pattern overlays and oscillators.
- Economic news calendar. It will keep you up to date with all the events that affect the forex market directly, from rising inflation, unemployment rates, investments and policy changes.
Ideal Trading Desk and Chair
Now that you have picked a prime location for your trading activities, it is time to think about your desk. And no, you do not have to pay an arm and a leg for a decent desk. Consider the following factors:
- Picking a desk wide enough to support multiple monitors.
- Choose a tiered desk that raises the monitor to eye level. In this way, you will have more space for notebooks and such.
- The chair should be, obviously, comfortable and ergonomic. We recommend the Herman Miller Embody chair, a comfortable and well-designed chair which offers adequate back support and encourages circulation.
Now this is where you will be spending a lot of money, even more so than on the desk or the chair. Fast and qualitative trading costs money, and by going for a powerful rig right from the get-go, you will actually save more money than buying a cheap rig. So, here are the components that we suggest for a powerful rig:
- Processor (CUP). Since the processor is the ‘’brain’’ of the computer and the efficiency of your trading activities will depend on it, we recommend getting a Quad Core 2.8 GHz (either Intel i5 or i7)
- If you are planning to use multiple displays (as you should), you will need a powerful graphics card. For a dual or triple monitor setup, we recommend a graphics cards with at least 2 GB of memory. You can opt for two NVIDIA GTX 980, with 4 GB each.
- While trading you will be running many processes simultaneously, which makes RAM extremely important. And if you want to do something else while trading (like playing a browser game, browsing Facebook, listening to music, whatever) you will need at least 8 GB of RAM, preferably 16.
- The component which will cost you the least is arguably the hard drive. Because storage is relatively cheap nowadays, a 1 TB SSD will not cost you an arm and a leg (compared to the other components, of course). The reason why we recommend SSD in favor of HDD’s is the booting speed – booting your computer with a SSD takes 10 seconds, whereas a HDD can increase the time by at least 30 seconds.
Admittedly, you can just as easily use an old laptop for trading, but if you want to truly perform, you will need a dedicated, powerful rig and the right setup. If you are planning to start day trading and need some advice in terms of setup, make sure to read through our tips and you will know what to do.
(This is a Promoted Post Newsmboile editor’s haven’t edited this )
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