Just like any new activity we take up, there are mistakes that come from inexperience. Whether it’s going to the gym and buying all the gizmos that tell you when you’re tired (in a visually pleasing and fancy way), or if you want to have a home brewery and you assemble a small factory in your basement. The same goes for setting up your trading station.
Many new traders buy additional monitors because they see them on YouTube courses and webinars, or they end up paying for software that promises “regular returns” in the pursuit of those elusive pips.
We think you don’t need any of these to be a success on the markets. Our approach to trading stations has three parts:
1. Trusting the essentials
A computer (laptop or PC, doesn’t matter) that has enough memory to manage the most popular browsers right now and a solid internet connection come first. There’s really no need for a second monitor.
It would also be wise to have a second back up connection already set up, so that if your main provider has issues, you can quickly switch. Traders now have their phones almost constantly with them so they quickly go to the trading app or create a hotspot with the phone acting as a router.
The second part of the essentials is the trading platform you use. Read some reviews in advance to find out which platforms tend to crash most often, or have slippage, or any other issue that might affect the actual trading.
2. Investing wisely
We’re not completely against spending some money where it counts.
From the desk, chair and lighting to a platform that offers good charts and tools for technical analysis (you can draw Elliott Waves on some platforms), these are things that might be worth spending a buck.
Actually ewminteractive.com and our premium analysis would also fall in this category, as they could provide an edge in the competitive markets.
3. Minimizing distractions
Now this is going to be a hard one. But trading does require attention. Even if you’re not a daytrader.
Discipline and focus are two of the requirements for making money. So not only your trading station’s surroundings should lack distractions like tv’s, game consoles, etc, but also your phone should be muted with its screen facing down.
Intense focus and hour after hour of looking at something provide accumulations in the thought process and lead to insights and sharpness. To a point of course, then rest becomes vital.