The Best Set Up for Trading
The best set up for trading should not be taken lightly. There are several factors that should be taken into consideration. Take a look at the factors below.
If you are new to trading you probably don’t have a clue to what you need to get started. As it is with any business you obviously will need some money to get started. How much depends on the amounts that you will put at risk. The larger the better because you will have drawdowns and a larger account will allow you to weather mistakes and inevitable losing trades until your trading is consistently successful. The is a very broad topic in itself and should be discussed with your broker.
Your trading location should be set up in a place that minimizes distractions. A dedicated home office is a good place to trade. A desk setup that is comfortable with ample light is ideal. You should have a phone nearby to talk to you broker is needed. A headset for your phone is a useful tool. The location should be adequate for doing your market analysis and actual trading. Some people like to have a TV nearby but I find TV is distracting. It’s a personal choice.
Trading Personal Computer
You can trade adequately on some older PC’s but I think you put yourself at a disadvantage by using older technology. You have to keep in mind that you are competing with traders from all over the world and that you are trading in real time when moments can make the difference in a trade. You need every edge you can get so let’s get rid of any discriminators that you directly control. Set yourself up with an ideal trading rig.
Requirements for the ideal trading computer:
- Physical Memory: 2-4 GB
- Hard Drive: RAID controller, Hot Swappable, 3 X 120 GB
- Monitor: 17 inches or greater
- Internet connection: Broadband cable or DSL
- Data Feed: Reliability and speed must be key characteristics
- Charting: Should have a good selection of indicators. Back testing capability on historical data is an optional feature.
Best set up for trading is a factor in your success. Put some thought and planning into it.