The Best Computer Setup For a Day Trader

Technology plays such a huge role in today's markets whether you are trading Forex, Futures, Contracts for variation (Cfds), stocks or options. You just have to take a look colse to at some of the fantastic software that is ready to understand how staggering the opportunities are. Today we'll take a look at the best computer set up is for a Day Trader and what you might need to think to get yourself started.

0,000 first prize to the winner

Several years ago there was a Cfd trading contest with 0,000 first prize and incredibly the winner, Dave Limburg, was able to make over 400% in 9 weeks of trading. Eva Diaz then profiled 7 of the top 10 place getters to find out what made them tick and how they were able to accomplish such an astounding feat. Some really consuming points stuck out in Eva's research in her book Real Traders 2 and that was that some used fundamental diagnosis in their research and as far as computer set ups were involved many used just the one monitor and in some cases just a laptop.

Doesn't every person have multiple monitors to trade?

Ironically many would be traders first view is that every full time trader must have multiple monitors and perhaps 2 or more Pc's and this is perpetrated from brokerage houses colse to the world with many brokers using 3-6 screens at a time. No doubt it looks good but is it really needed?

Access to data Fast

Speed of data is by far the most valuable component for day traders in their quest to conquer the markets on a daily basis. Having said that the number 1 way to get that data is via a multi-monitor set up. The best computer setup for day traders in my mind is at least dual monitor and for some serious day traders they may want to think a 4 monitor setup.

Real time scanning is a must have

Real time scanning at a click of a button is vital and it would be ideal to have this running on a stand alone Pc so as not to interfere with all things else going on. You also need your broker screen that is one click away from executing a trade directly into the market. Delay can be precious here so a fast internet connection and one click dealing is a must.

Charting software needs to be feeding you data on each of your key markets so a screen dedicated to that is a must. You might divide your screen into 4 charts to ensure the data is flowing and you can make use of that data quickly. No point having to Alt-Tab each time you need to check a chart as a day trader as its just not efficient.

The Best Computer Setup For a Day Trader

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The Mindset Of The successful Forex Trader

Forex trading can be learned by anyone, yet 95% lose all their money so what makes forex trading so hard? It's not learning the right facts - it's doing so and executing it with the right mindset.

Let's look at the traits of the nothing else but flourishing traders and what you can learn.

Forex Tipps

1. Acceptance of Responsibility

All flourishing traders rely on themselves and don't believe whatever else can give it to them - so if you're the type of guy who wants to try and result a so called guru or buying an e-book and think you will win, then you're going to lose.

If you accept responsibility and learn what you need to then this will give you the next vital character trait that you need to succeed.

2. Confidence

If you want to succeed, then you need to have to have confidence.

While this may sound obvious, many traders never collect this trait. They result gurus or mentors, and think that they can have confidence in them. However, this confidence soon evaporates when losses are encountered.

You won't result any recipe unless you have confidence and confidence is nothing else but a key to acquiring the next character trait:

3. Discipline. The key To Success

If you read any of the interviews with the world's top traders, then you will find the word discipline mentioned all the time.

Discipline is vital to your forex trading success.

Lack of discipline is probably the major intuit most forex traders fail to succeed.

You need to have the discipline to result your recipe through losing periods, which will lead you to longer term success. Discipline is built on confidence, and without it you won't succeed.

Keep in mind, that if you don't have the discipline to result your method, then you have no recipe at all!

If you have the above traits you will also be able to collect to more which will lead you to currency trading success.

4. The capability To detach Yourself

You must be able to rely only on yourself.

Don't be tempted to discuss your trading with anyone, or give whatever else advice.

You will simply allow your emotions to get involved, and you need to keep them out of your trading to succeed.

5. Patience

Patience is a must in forex trading.

You need to not only have, the patience to wait for the right forex signals to come and not try and rush profits.

You must also have the patience to execute your trading system, through periods of certain losses.

The above 5 factors are key traits of all flourishing forex traders and give them the mindset to accept short term losses and stay disciplined to accomplish wide currency trading success.

Confronting the Truth

The forex shop forces you to confront truth.

Your concept counts for nothing; the truth is the shop price, no matter what you or whatever else thinks. The shop is all remarkable and always right and only you can be wrong.

This is why you have to create a framework or set of rules, that allows you to keep your emotions or weaknesses under operate and allows you to deal with an unpredictable shop and come out a winner.

This is why you cannot find shop success through man else. Traders need to find their own truth and work out how to confront the shop - this is why you must do their own research and trust yourself.

If you cant do this and you believe all the habitancy who tell you about how easy forex trading is you will lose your equity and lose it quickly.

The Mindset Of The successful Forex Trader

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