A Trading Set Up You Will Never Need
I am often asked what set up I have for trading and my answer often surprises people. In trading, it is always best to keep things simple. Less really is more.
Do not get caught up with flashy images like the one above which are plastered all over the internet. For institutional traders, this is more than likely to be the norm as they have a mixture of charting packages and news terminals that they have to deal with day to day. We are not institutional traders and so we require a very different approach and a very different set up.
For private trades, a single, YES, A SINGLE laptop or desktop is more than enough. It is not about how much you have but what you have that is the basis of your tech set up as a trader. It is very much a case of quality over quantity.
When you break down similar images like the one above posted up by private traders, much of what you see on the multiple screens will be free software and free indicators which are readily available on the internet but serve little to no purpose for us as traders. It looks good to the untrained eye but it really does no good for your trading account.
We live in a time where much of what you see on social media on trading such as screenshots of winning trades is based on ego and the need for approval and these images of office set ups are no different.
So let’s strip away at all of that and focus on what you really need.
Above is the set up that I have. So let’s go through it and yes Steve Jobs pretty much won with me:
- A 27" iMac that I use purely for trading. I would recommend a 17" screen as the minimum. And also, you do not need an iMac. A good PC will do! I just prefer Apple. I do have another iMac that I use to browse and surf day to day but I have one dedicated purely for trading. The charting package that I use is eSignal and this is a Windows based platform which means I have had to load Windows onto my iMac through Bootcamp which is inbuilt on the iMac. This is a fairly simple process but can be a bit fiddly, so if you are not 100% tech savvy, you may want to get this done for you. The spec of the iMac is an i5 Intel processor with 32GB of RAM but 16GB of RAM will more than suffice. If you have a PC, then 8GB of RAM will do. With an iMac, you are running both OSX and Windows and so will need more RAM. Now going back to what I said earlier, it is not about how much you have but what you have that matters and what you want is a single computer loaded with cutting-edge trading tools such as scanners, trend filters and more. I have talked about this in more details in my previous post on why investing in professional software and looking away from free software is essential if you want to achieve your trading goals. And believe it or not, THAT IS IT.
- The large TV you can see in the background is just something I have set up to give me the option of a larger screen. I have the screen hooked up to an Apple TV for some fun. Well The Turtle Traders had a table tennis table to keep them occupied when the markets were quiet so I need my toys too for when the weather is not great. And that can be quite often here in London.
- The mobile phone with the broker app is purely to check trades. I never trade off my phone and I rarely have any inclination to check trades during the day anyway. I often recommend to the new members of The Dynamic Trader community to NOT download broker apps and instead get into a good habit of checking trades only when needed, which is often at the start and at the end of the day. You want to get away from getting caught up in and looking at intraday noise. It is not how you will grow an account.
- The iPad is for when I do live streaming on trading on either Periscope or Facebook Live and I have two mini tripods to help with that. The iPad has no purpose for my trading. On that note, please follow my Facebook page below as I will be commencing live streaming in the coming days.
- The Blue Yeti Mic is for when I am invited as a guest speaker on live webinars, for the live webinars I do for FX Street every Wednesday at 4pm UK time and when I do my own live market analysis which I do separately for both non-community and community members. Please keep an eye on my social media as I will also be commencing this in the coming days.
- From my days as a digital retoucher working in photography, I still have a soft spot for graphics tablets and tend to use them more than I use a mouse or a tracker pad. And so that is what that large flat grey square object is.
So in summary, ALL you need is a decent 17" PC (ideally) with an i5 processor and 8GB of RAM. You will need to spec that up if you want an iMac with 16GB of RAM minimum but then will have to go through the process of turning the Mac into a PC by purchasing Windows. You then want to get educated with how to actually trade, move away from day trading and embrace trend trading, as well as load up your computer with cutting-edge power tools that will simultaneously remove all the manual labour for you as well as highlight the best of the best opportunities. The combination of the right set up and the right knowledge to able to apply discretion to the trades you take is powerful.
What takes most hours a day will take you minutes a day and without compromising on profit.
And that’s your lot. Once again, I have said it before and I will continue to repeat, ignore the noise and bring out the business-minded trader in you.
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