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
