If you think that the forex market is some place where you can make millions without any affords, then you are terribly wrong.
It is very fast-moving and competitive market where your profit depends upon your knowledge of the instruments you apply be that forex robots, portfolio trading method or algorithmic trading, add to that-hard work and intelligence. From some point, it might even look like a battlefield. However, if Forex is the battlefield, your forex trading station is your castle.
In this post, I will provide you with a couple of tips of how to turn your personal FX trading place into the effective fortress in the war for profit.
Your personal computer is your weapon. First of all, you need to be sure, that you don’t fight with swords and longbows against the tanks. In other words, your PC supposed to be powerful enough to handle trading with several platforms at the same time, as well as using at least two screens.
On the other hand, there are no reasons to throw around the nuclear bombs if you fight against the army of 100 people. By this, I mean, that you don’t need to buy super-fancy-extra-powerful computer for trading only.
The average price for trading computer would be around 750-800$, depends on whether you buy it in regular store or go for the specially designed forex trading system. Actually, the cost can be as high as 5k. However, let’s leave those to the forex geeks like me.
The monitors are your spies and scout’s network. It provides with all possible information for planning the battle. And once again the bigger your war is, the more details you have to consider, but if you have 10 enemies, there is no reason to spy on each of them. So when you only start trading with small amounts on one or two currency pairs, it is enough to use two monitors.
The longer you will be trading, the more information you’ll need to have at the same time. Do not hesitate to buy a switch box and monitor stand to develop your “spy network”. As for the price of screens, I can say that everything will work, so you can use the simplest ones that cost 130-150$ USD. There is also an option to buy a set of monitors with the stand from the special forex tool’s web-sites. The system of four screens on the stand will cost you starting about 950$.
Uninterruptable Power Supplies (UPS)
If you ask any successful commander, they will tell you that starting the war without any backup is a suicidal idea. You need to make sure that, in case of a power break off. You will always have time to set SL and TP or at least close the trades. To prolong the time of emergency power supply, make sure that your UPS is not overloaded.
One more reason to buy UPS is to prevent the forex trading station from burn-out in case of the power surge.
The price for power supply starts at 100$. However, I’d recommend you get something more expensive since it’s going to keep your system alive for a longer time, and you know that in forex trading, every extra minute can be critical.
If, for some reasons, nothing works anymore, you can always call to the trader’s dealing desk and tell him to close your trades.
As you can see, even though forex market can be compared to a battlefield, you can be well armed for every battle. However, remember, the most powerful and lethal weapon is your own mind, so make sure that it is sharp at all times.