We present to you a Forex trader Checklist: 7 things you need to make sure you have at your Forex Trader’s Home Office. Are you fully equipped?
Xtrade - If you’ve decided to make Forex trading your career, you’ll need to set up a home office. Moreover, a good work station will improve your focus, efficiency, and trading results. In this article, we’ll discuss 7 must-haves for your home office.
Forex trader Checklist:
1. A Good Desk
Yes, mobile apps will allow you to trade when you’re away from your desk, but most Forex traders trade from their desks. Thus, invest in a good desk, one that will accommodate your monitors (see below) and workflow. You’ll be spending your days seated at this desk—make sure you like it.
2. An Ergonomic Chair
First of all, find a high quality ergonomic chair. Ergonomic chairs are not only good for your back, they increase productivity. As a Forex trader, you’ll be spending hours in front of your computer. An ergonomic chair will keep you focused and relaxed.
3. A Good Computer
The big-ticket item for any Forex trader is a fast computer. Specifically, your computer should have, at the very least, a dual core processor, good RAM, and a fast-processing hard drive. If you prefer to work with a laptop, choose one with a long battery life.
Tip: when shopping for a computer, ask the salesperson to show you computers that are popular among gamers, as these usually include the best hardware.
4. A Fast Internet Connection
If your internet connection is slow, get a faster one right now. Also, you will not succeed as a retail Forex trader without as fast internet connection. Forex quotes change within seconds, and a slow internet connection will prevent you from getting the quotes you want. If your pages are slow to load or if your videos are slow to stream, call up your internet provider and discuss a better plan.
5. Two or More Monitors
As a Forex trader, you’ll need to digest an enormous amount of information. Investing in an extra monitor or two will help you track and display crucial trading data: news streams, charts, messaging apps, etc. Additionally, one monitor cannot accommodate all this information, at least not in a way that will optimize your trading results.
6. Backup System & Software
Furthermore, prepare for the unexpected—power outages, for example—by investing in a backup system for your home office. Set up a backup system that will keep your computers running in the event of a power outage. An APC Back-UPS or a Cyberpower 1350, although more expensive options, come with excellent surge protectors. Just as important, copy and transfer—every day—all of your files to an external hard drive or an online storage system.
7. Forex Journal
Your Forex broker will keep track of your trades, but keeping a detailed daily journal should be your job. Jotting down the basics of every trade you executed during the day is a great way to grow as a Forex trader. Moreover, at the start of each trading day, review your journal entries from the previous day and commit to rectifying any mistakes.
Xtrade is an award-winning provider of desktop and mobile trading services, featuring CFD trading on stocks, national stock indices, commodities, and currencies. The brokerage’s financial technology includes five digital trading platforms, all of which are available in over 40 languages to traders from Europe, Asia, and the Pacific. Other prominent services include an award-winning trading education center, breaking financial news in real time, and pioneering trading tools. Xtrade’s Global Ambassador is Cristiano Ronaldo of Real Madrid. The brokerage is regulated by the EU’s Cyprus Securities and Exchange Commissions, the EU’s Markets in Financial Instruments Directive, and the Australian Securities and Investment Commission.
What do you think about this Forex trader Checklist? Do you have all the things needed for professional trade? Think we missed something? Let us know in the comments section below.