How To Create Ideal Forex Trading Station
When you only started to learn Forex, you have, probably, come across the statement that your profit in forex depends of your investments in it. Many new traders think that it only applies to the size of account. They start feeding money to their brokers, without giving a second thought to what they could be doing wrong.
The answer can be pretty simple. It is not only the account, but also books, courses and the trading station that require some investments. In this article, I will guide you through the main elements of the personal forex trading station and tell you how they supposed to look like.
We’ll start from the heart of your currency trading station, which is your personal computer. Like the heart in your body, the PC is what makes your trading system running. And, just like with heart, the more powerful your computer is, the more productive the entire trading station will be.
However, it is not necessary to run for the most powerful computer the world has ever seen, because you don’t need to use fancy high end hardware but solid quality hardware. One thing that you have to concern about is that the graphic card needs to support at least two screens.
When choosing the computer for currency trading, you have two options. First is to buy PC from the specialized web site, where they have been created with the focus on forex trading. Second option is to construct your own system block, according to your personal preferences.
We, traders, spend a lot of time in front of the screen. So here is the first tip: don’t ruin your eyes and make sure that you use high-quality monitors, which do not flicker, and change them every two years.
On the other hand, the resolution and the respond time don’t really matter, since you are going to use them for trading, not for playing games.
As for the number of screens, I would recommend to start at least with two of them. As your forex trading skills will be growing, you will require more monitors because you will want to keep track of more information. At this point, I would consider the possibility to purchase the switch box. It would be a cost-effective alternative to a fancy graphic card. Buying the switch box with some additional slots beside those that you’re going to use, will prevent you from the future expanses every time you want to add another screen.
If you have more than tree monitors, another useful tool would be a screen stand. It allows you to put monitors in several rows one on top the other, so, you don’t have to buy 5-meters long table.
Keyboard and mouse
It is very important that you feel comfortable during the trading. Nothing should distract you from the chart. That is why using ergonomic keyboard and mouse is among the main things you have to consider, organizing the forex trading station. Make sure that you can intuitively reach all the main buttons on the keyboard. Mouse is not supposed to have plenty of the additional buttons, because one accident click can cost you serious money.
If you are using wireless devices, you have to make sure that you always have spare batteries around. Because there is nothing worse than having unresponsive mouse or keyboard while you are in the middle of trading. As the most reliable option, I’d recommend using the old-school devices with wires.
Imagine the situation when after the long and deep technical analysis, you finally figure out the perfect entry point. So you place the order, and when you were just about to set the TP and SL, the power went down. How is it feeling? Even if you were right with your forecast, you cannot know where the price will be when the electricity brings your PC back to live. That is why having a power backup is very important.
Power backup system needs to be powerful enough to keep your FX trading station running for at least 10-15 minutes after the electricity turned off. The things that need to be plugged into it are: the PC, the main screen, the modem, and the router. If you are using multiple monitors, leave only one of them connected to the power backup, otherwise, the time of the emergency power support will be decreased considerably.
One more important function of power backup block is to protect your trading station from the power surges.
Why would you need that? No, not because you can miss the trading opportunity while searching the phone all over the house to answer mama’s call. Well, it could be one of the reasons, but the most important is that you can call your broker when something goes wrong. Imagine the situation when your computer suddenly stops to work. In this case, your cell phone would be the fastest way to close all your trades.
It is good idea to have the number of the trading desk from your broker on the speed dial. Keep your phone dealing password and account number at hand (it is always good to have them written down on the piece of paper next to your computer) Make sure, that your phone is charged.
There are no specific requirements to the speakers, but the one: they have to be. Speakers will provide you with the sound alerts, incoming news, reports, etc.
Costs of your Forex Trading Station
It is very difficult to give you an exact amount that you need to spend for your trading station since the prices are very different, and there is limit on how much the components could cost. For example, monitors for 200 USD each will work for you, but there are also screens available for several thousand USD. The best what I can do is to give you rough estimation, based on the average prices from the online stores.
|Personal computer||About 500$ if you compose it by yourself
About 1000$ if you buy one that was specially designed for Forex trading
|Monitor||About 200$ each|
|Power backup||About 400$|
|Keyboard and mouse set||About 100$|
This amount is not to be considered as a maximum or minimum to spend for your FX trading station. Some traders pay twice as much for the computer only. This is just estimation for you to be aware of what the price can be.
That is how I see the ideal personal forex trading station from the wisdom of my experience. If you think that I’m missing something, let me know in the comments below.
As usually, your comments and shares are highly appreciated.