The Authority’ on Price Action Trading. In 2016, Nial won the Million Dollar Trader Forex profit calculator in excel. This article will teach you how to set up your trading room or office and adjust your lifestyle to achieve optimal trading results.
Every trader has a slightly different living situation and budget that has an influence on how they setup their trading room and what equipment they decide to use. Ultimately, no matter what your specific situation is, you should aim to design your Forex trading room or office with just the right combination of practicality and comfort. The furniture that you use to trade from is very important. If you have enough room in your house or apartment, you should definitely have a decent size computer desk to trade from.
L-shaped desks that you put in the corner of a room seem to work very well if you plan on having multiple monitors, or if you just need more desk space in general. Otherwise, you at least need a desk big enough for a laptop. The next major piece of trading furniture that you need to consider is your computer chair. I personally recommend investing in a high-quality computer chair. One very important point to consider is that a clutter-free work environment helps foster a clutter-free mind.
There are many options when it comes to which computer you will use to trade from. PC software so that you can run Windows on the Mac. However, Java based trading platforms typically have no troubles on a MAC, nor does web-based software. If you can afford to get multiple monitors then you should definitely consider it.
It can be helpful and more enjoyable to have one monitor for just analyzing the charts and another for placing trades and viewing quotes. However, this is by no means necessary, and it’s really just a luxury thing. You cannot afford to have a slow internet connection or an unreliable one while trading. If you can get a better connection speed from you internet service provider, you definitely should do so, I suggest getting the fastest and most robust internet connection within your budget. You can download the correct New York close charts here: Forex trading charts and many websites such as Yahoo!
MSN, and Reuters are excellent sources of news and investment information. What you do not need is a T. You are also likely to need a printer and scanner, as there will be times you may want to print out charts or account statements, you may also need to scan documents to send them into your broker, such as if you have a change of address. Some of the other random office products that you might need include things like post-it notes, a stapler, and a trading journal or perhaps a binder.
Most traders don’t give much thought to their trading environment, but the truth is that it’s very important, and considering most of us are trading from home, there’s a lot you can do to create a relaxing trading atmosphere. One important point to consider is that if you have a lot of room in your house, you should try to trade from the quietest part of your house. A room that is somewhat secluded or away from the nosiest parts of your house or apartment is most ideal. The idea is to create a focused and relaxed atmosphere where you can concentrate fully on the processes of learning to trade and analyzing the charts. You may want to hang a nice picture in your trading room, something that calms your nerves and is perhaps pleasing or motivating to look at. You need to consider your physical health as well. You cannot trade effectively if you are not getting enough sleep or are feeling physically ill.