If you’re looking to take your trading to the next level, you’ve got to set up a great trading station.
As a trader, your primary focus is figuring out what stocks to trade and why they’re worthy. However, it’s well worth taking the time to consider where you trade as well.
If you’re working in a messy area, don’t have the proper technology, or have uncomfortable seating, it can have a negative impact on your trading. Why contend with distractions that can make it hard to stay on task if you don’t have to?
Establishing a comfortable and well-equipped trading area in your home can have a powerful positive effect on your trading. Here, we’ll talk about how to create the ultimate trading station at home, including tips for trading computers, trading monitors, and more!
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Table of Contents
- 1 Table and Chair
- 2 Computer
- 3 Monitors
- 4 Internet
- 5 News sources
- 6 Software
- 7 Broker
- 8 Economic Calendars
- 9 Trading Journal
- 10 One Platform. One System. Every Tool
Table and Chair
Yes indeed: your work seating and surface matter. Traders log a lot of hours at a computer, so it’s important to have the proper setup.
After all, if you’re physically uncomfortable, you’ll be less likely to have the patience to sit down and devote time to analyzing charts and data on StocksToTrade.
In terms of seating and work surface, here’s what we suggest:
- Invest in an adjustable desk, so that you can alternate between sitting and standing as needed.
- Get a chair that’s going to keep your back comfortable for the long hours you’ll be spending studying!
Sure, there are probably a few traders out there who insist on executing market orders by phone. But roughly 99.999% of traders are working online these days, so it’s important to ensure that you’ve got the proper technology. Here are some pro tips:
- An Intel i7 chip or equivalent that runs at least 3 megahertz should be more than adequate for running most trading programs.
- Any computer you buy should be able to support two or more monitors. This will allow you to simultaneously and seamlessly execute trades and monitor charts.
- Have lots of RAM to keep your charts and live data feeds updating in real time.
- If you travel and trade, a laptop may be the way to go.
- Gaming laptops are usually well suited for traders because they have great visuals and tend to have larger screens.
- Have enough RAM and processor speed to run all of your programs.
- Get a laptop with a long battery life, because you don’t want your laptop going dead when you’re trying to enter or exit a position!
Check out our suggestions for the best trading computers here.
You’re going to be feasting your eyes on your screen for hours at a time as a trader, so it’s important to invest in good monitors.
Yes, you read that correctly: we’re talking in plural here.
True, you can get by with just one monitor. But if you really want to live the luxe life (and streamline your trading), consider getting three separate displays for maximum focus and comfort:
- One for analytics and charts
- One for trading software
- One for web browsing, news, and information.
In general, IPS monitors are the best suited for trading purposes. IPS panels have superior color accuracy, better image consistency, and higher resolution.
Check out our suggestions for the best trading monitors here.
Even seconds can make a big difference when you’re day trading. While an internet hiccup here and there won’t make or break you, if your connection is constantly causing problems, it could equal losses over time.
The faster the internet connection, the quicker the trade, so it’s worthwhile to invest in the best connection you possibly can.
Staying on top of the news is vital for traders because it can help them identify trending sectors and world news that can move stocks.
- Both free and paid access to business news are available on online portals.
- Traders should also pay close attention to other media such as live tv coverage.
- Tips shared in real-time on social media platforms like Twitter, by the traders you follow, could clue you in on the most current opportunities.
Sometimes, it can take hours or even days for official news media organizations to report on catalysts that could have an effect on stock prices.
Your best bet is to go with web-based trading software. Benefits include connectivity from anywhere, no manual installations of upgrades, and no maintenance costs.
StocksToTrade is a unique trading platform in that it offers amazing trading software, charting tools, and advanced features.
Now, it’s even better suited to your trading needs since it also features broker integration. This means you can use our cutting-edge tools and execute trades right from the same platform!
Large and established online brokers always offer more features, trading tools, and better customer service.
Be sure to look for brokers that offer flat fee trades, regardless of stock type, price, or the size of your order.
Economic calendars can help you conduct the most effective fundamental research, and can help you stay updated on major company events that could affect stock prices. Here are some to consider:
- Bloomberg: Monitor Bloomberg Economic Calendar for the U.S. markets
- DailyFX: If you trade outside of the U.S. market hours, you’ll want to monitor the global economic calendar, like the one available on DailyFX.
A trading journal is immensely helpful in allowing you to track what is working and what is not so that you can keep improving your methods and setups over time.
- Use apps like Evernote, Microsoft OneNote, Simplenote, Google Keep, Apple Notes, Squid, or Apple Paper to document your trades.
- Visit your journal before making new trading plans, so that you can review your past data to inform future trades.
Conclusion: A well-equipped work area can help you get into the proper mindset for trading.
By taking the time to set up a space in your home that has high-quality equipment, comfortable seating, and the right resources, you’ll be able to reduce distractions and discomfort so that you can focus on the task at hand: finding the best stocks to trade!
Do you have a totally sweet trading setup? Leave a comment and tell us about it!