In the long run, if you are serious about forex trading, you need a separate space and room for trading.
The surroundings bring direct effects on your mind and emotions. And they are the factors that have a great (or even strongest) impact on the transaction.
Each trader has a different living situation and economic status leading to where they conduct trading is also very different. But overall, you need to design a workplace that harmonizes two elements: high practical applicability and comfort.
In this article, I would like to share with you how to build a working “office” to yield the highest efficiency.
Support equipment for a trading room
This is clearly one of the most important. If any room in your home is comfortable, buy a large computer desk. The L-shaped table is probably the most suitable choice. Shop as many screens as possible. We may only need one computer case, but using multiple monitors is still good.
For those of you who don’t have a lot of space, you also need at least a desk where you can fit your laptop.
For those of you who don’t even have enough room for a small table, buy a laptop cooling base and use it wherever possible.
Besides a table, you will also need a chair. Regarding chairs, I recommend that you definitely spend a remarkable amount of money to buy a really good chair. Chairs should be made of soft leather on which you can recline and sit comfortably. You need to be always in a comfortable state (both physically and mentally) to get a good trade. And a chair plays a big part in this.
Important things to remember: a clean and tidy space helps cultivate a neat and focused mind. You need it for trading and learning from the market. So when considering anything in the room, always ask yourself if it’s tidy or if it distracts you. Remember that trading is a real business. We focus on working, not wandering.
Computers and laptops
Computers and laptops are getting cheaper day by day. When I was a freshman at university, I bought an HP laptop with fingerprint recognition specialized for business, for more than $900. It was a lot of money back then. Its configurations were only core 2 duo, 500gb, 2gb ram. But back then that was the best. Nowadays, you can afford a laptop that is 4 times more powerful and 3 times cheaper. So don’t be stingy, buy a healthy computer.
There are many options when you use one or more computers to conduct your transactions. However, we will also have some basic points that you should focus on.
First, we need a modern and sufficiently powerful computer in your trading room. It is easy to get frustrated if the computer hangs, freezes, or suddenly reboots, etc. We need a computer that works smoothly and safely.
When it comes to security, you need good antivirus software. You can pay a little for a license key. However, if you want to save a bit, please google. Free keys are shared a lot on the internet.
Ideally – in my opinion, you need to own 1 desktop and 1 laptop. If the power is unfortunately lost (have you ever thought about this?), you can still monitor the market and your orders using a laptop with a 4G sim card that can connect you to the internet.
The laptop helps you become very mobile and proactive in trading when you’re out of your room. You can take it wherever you want. For more carefully, you can buy a backup charger for laptops. Whether you are using Windows or Mac OS, you can easily buy a compact charger.
If you can afford more than one computer monitor, invest bravely.
With multiple monitors, you can track charts, information, etc., more easily and quickly. This is not a required option. If you don’t have enough money to invest in this, one monitor will be enough.
Be careful because too many monitors may reduce your concentration. Perhaps with a series of intricate charts, these screens may confuse your mind with the information. This leads to bad influence on trading.
Internet and TV packages
Trading depends heavily on information and data. Surely what we need is a stable and then fast internet connection.
You need to put stability first. You can not trade with an internet connection that goes offline several times a week and takes a long time to repair. Trading foreign exchange does not require you to have an internet connection which is too fast. Some people I know have also installed another network for backup. If it is affordable, you can follow it. But for me, it is not necessary.
We do not need to use paid information services. Most important information is available and free on the internet and television. You only need a television (no need too good) with some financial channels available in the room.
What you should have is a whiteboard and a marker pen that can be easily cleaned. You can write on it your trading plan, things to keep in mind, ideas that pop up in your mind, etc.
Yellow sticky notes are also things you should have. It helps you quickly write down your own ideas, record your own “trading rules”, or just some famous words, etc. I also have many sticky notes, some of which look like: “Focus”, “Let the winner RUN”, “Sniper”, etc.
Notebooks, transaction diaries, pens, etc., of course, are all necessary items for your trading room.
Creating a suitable atmosphere and style for your trading room
Most traders do not pay attention to their surroundings. In fact, it is very important. Perhaps just like me, we trade at home, and that helps us decorate and arrange things as we wish. The thing is to create a comfortable and pleasant atmosphere (which contributes greatly to our success in trading).
The trading room should be the quietest place in the house which stays away from the noisy and annoying things. You can hang in the room inspiring pictures, such as portraits of Warren Buffett, George Soros, etc., or paintings of peaceful people or scenery. These things will help you calm down and be more inspired.
You can also listen to soothing classical music if that makes you more comfortable. I don’t think dance music, hip-hop music, or house music are suitable for this.
Always remember that your health is the most important. You cannot trade effectively without sleep, substance, or inactivity.
Pay attention to resting, to meals full of nutrients, to gym sessions, or to walking and biking. If possible, invest in an exercise package at centers. There, they have a bathroom, a sauna, a full set of work-out machines and the price is not very expensive. Investing in health is always the best investment so don’t think too much.
You can’t control the market, but you can control your mind and good habits (yes, I know it’s hard to do). If you want to succeed, you need a good brain. And a good brain needs a healthy body.
Finally, Forex trading is a battle of your own. Be well prepared and work hard.
I wish you lots of luck.
P/S: For me, this is the first step of “apprenticeship”. When you have certain experiences and skills, trade in a simplified way to save your time, and improve your health.