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 forex desk big enough for a laptop. If you have absolutely no room for a desk, you can buy a small platform to set your laptop on so that you can comfortably work with your computer on your lap without it getting too hot.
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. If you are crunched for space you may simply elect to get a bean bag chair and throw it in the corner of your room or dorm, but whatever you do make sure you have a comfortable place to sit while trading and studying the markets.
One very important point to consider is that a clutter-free work environment helps foster a clutter-free mind. So, when deciding on your trading desk and the area you will trade in; make sure you arrange it to be as clutter-free and clean as possible. There are many options when it comes to which computer you will use to trade from. However, there are some basic guidelines that you should follow when considering the computer s you will use to trade the Forex market.
The last thing you want is for your computer to freeze up as you are trying to enter or exit a trade. Basically, you want to make sure your computer is in a good running state before you start trading from it, you definitely do not want to skimp out on quality when it comes to your main trading computer. Newer and faster is definitely better when it comes to computer hardware, you can get a trading machine with plenty of memory, hard drive space, and processor power for relatively little money these days.
As far as how many computers you need to trade with; you at least need one reliable computer, and if you only have one it should ideally be a laptop. Ideally, you will have at least two computers; one desktop and one laptop with a good battery life, if the power goes out you are going to be really glad you have a laptop with a good battery, it may be the only way to get out of a trade if your house or office loses power. A laptop also provides you with mobility, you can trade from anywhere with an internet connection and a laptop.
I personally prefer PCs, as I have heard traders sometimes have problems running trading software on a Mac; this often involves having to install virtual 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.
Trading is all about data; you need a fast internet connection for incoming live data feed and fast trade execution. 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. Some traders chose to have a back-up forex connection; however this is unnecessary as long room your primary provider is robust.
There is no need to rush out and spend money on premium charting platforms or data feeds; most of what you will need is available online for free. You can download the correct New York close charts here: Forex trading charts and many setup such as Yahoo! What you do not need is a T. First off, it never hurts to have a dry erase board; you can record your forex trading plan on room dry erase board and hang it on the wall your trading desk so that you are forced to read it every day prior to trading.
Dry erase boards are also convenient for jotting down any number of important notes or ideas you may have while trading and learning to trade. 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.
You can eventually keep track of your trades in a spreadsheet, but you may want to get a 3-ring binder to print the charts of trades you take while learning, this will give you a tangible trading record that you can use to learn from. 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. It is important to forex rest, eat a healthy diet, and get some exercise, trading is not the easiest profession to excel in, so we really need to put the odds in our favor as much as we can. This means controlling things that we can control, like diet, exercise, and trading.
You cannot control the market, but you can control your own mind, and part of maintaining a mindset conducive to profitable trading is taking care of your body, because the body affects the mind. Finally, forex trading is a lonely endeavor. For the sake of your mental health you might want join an online trading community, because you might not have anyone else in your daily life that you can discuss your trading activities with.
Check out my price action forex trading forum and price action forex course for more information. Thanks for setup your thoughts about creating a relaxing atmosphere. Although this clearly is very important, I think it is overlooked by many. Nice and needed article. Seeing your trading room; I can see how a serenity condition can help trader more successful.
Fantastic view of a personal dream office! Just remember to have your brokers number to hand. Great tips, I like PC because keeps me in one area and not mobile where I can be easily distracted.
Thanks much Nial, very insightful lesson as usual, i do hope to someday have that exact trading room, then i would have arrived. Appreciate very much your advise on setting up a comfortable Forex trading room.
Somehow, I wish you can also give us some tips on how to protect our eyesight after watching long hours on a bright forex trading screen. Because I find myself getting more room blind and poor eye sight as time goes by. Needs some info for us on eyecare please!
Your in the wrong part of the world. Australia you can get a coastal apartment with ocean views from to k at present time. You have done it again Nial. Perfect article, perfect timing. I have returned last month from Sydney, studying trading psychology. The children are grown up and I have a blank canvas bedroom ready for Trading Office conversion.
I will be using all your advice from this article. I joined this year and now realize I should have joined a long time ago. You seriously have my attention.
But this picture does show just how relaxing a room should be. Nice view or pictures, something relaxing. Multiple monitors look nice but are not essential. Hope you are well. More great common sense, what I like about what you teach is, keeping it simple realy works.
Thanks for all the mail,my trading is not the best,so I think its time for a change. I will be signing up next monday. I am signing up for your members area and course this weekend, I really enjoy your lessons and I look forward to your training materials and trading commentary etc. Nial I am a member of your group, you are totally great, I have learned tonnes from your course and I am really enjoying your commentary for members. Thanks for everything and thanks for this cool article on setting up a trading room.
A different style of explanation about the Trading ambience which i have been thinking 4 quite a long time. Your email address will not be published. Notify me of follow-up comments by email. Notify me of new posts by email. Any Advice or information on this website is General Advice Only - It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By Viewing any material or using the information within this site you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by Learn To Trade The Market Pty Ltd, it's employees, directors or fellow members.
Futures, options, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website.
The past performance of any trading system or methodology is not necessarily indicative of future results. Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in forex, futures, and options and be willing to accept them in order to trade in these markets.
Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose.
Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results. Setting Up A Forex Trading Room To Improve Trading Results By Nial Fuller in Forex Trading Tutorials 37 Comments. Related Trading Lessons Forex Trading Success Comes From Within Cure Emotional Trading Problems with Price Action Trading.
Now I want to hear from you! January 12, at January 2, at 4: November trading, at November 13, at November 21, at November 19, at 1: September 9, at 1: June 27, at April 15, at 3: April 12, at 6: April 12, at 8: April 10, at 1: April 10, at April 9, at April 9, at 5: April 9, at 9: April setup, at 2: April 8, at April 8, at 9: April 8, at 8: April 8, at 7: April 8, at 6: April 8, at 5: April 8, at 4: April 8, at 2: Leave a Comment Cancel reply Your email address will not be published.
Why You Should Take the Profits and Run! What I Learned After Taking Three Months Off From Trading Why Trading Against the Trend Will Destroy Your Account Why You Should Have a Favorite Market to Trade What Your Future Trading Self Would Tell You 10 Years From Now Let The Market Take You Out Of Your Trade The Psychology of Trade Profit Targets 10 Reasons Traders Fail to Make Money Trading A Simple Plan To Exit Your Trades Successfully 3 Ideas That Transformed My Trading Career The Power of The Pull Back Trading Strategy How To Anticipate Your Next Trade.
Categories Forex Trading Commentary Forex Trading Videos Forex Trading Strategies Forex Trading Articles Trading Lessons Blog Forex Trading Blog Trading Tools. Recent Posts Why You Should Take the Profits and Run! Nial Fuller Learn To Trade Forex Price Action Trading Nial Fuller Reviews Beginners Forex Trading New York Close Charts Forex Broker.
Copyright Learn To Trade The Market.