With the rise of online trading platform apps and an increasing number of people looking for flexibility, at-home trading has never been so popular. If you’re not careful though, it can look like easy money but you’ll quickly lose your funds with the wrong approach. In fact, traders are just like entrepreneurs setting up a business. You’ll need a strategy, a niche as well as the willingness to learn and adapt. Clearly, you’ll also need the right tools and equipment, including a 6 monitor setup. Click here to view the best in the industry to meet all your trading needs and help you stand out from the crowd.
Overwhelmed by their 6 Monitor Setup
We all get excited by equipment. A trading computer is an awesome device. Although, we can lose ourselves in getting the right setup rather than focusing on the overall trading business. Some common mistakes traders make when working with their multi-monitor setup are as follows:
- Getting the right equipment
- Organizing workflow according to strategy
- Assumptions
Getting the right equipment
Most traders agree that two, three, or even 6 monitors can up your game. Naturally, you’ll need a laptop or desktop that can actually support all those monitors. That means checking processing power as well as the specification of your integrated graphics card. A good approach is to have at least 16GB or 32GB of RAM if you can afford it. Then you’ll probably have to choose between an Intel or AMD processor with around 3GHz or more, for your 6 monitor setup.
It’s worth noting that your graphics card, or video card, is one of the most important pieces within your computer. You can actually also buy an external graphics card if you prefer. Top brands include, for example, Radeon or NVIDIA as these are recognized as the best in the market.
This piece of hardware, usually between 4GB and 6GB, lies within your motherboard and is the processing power for all your graphs and charts. Regardless of what resolution you have, graphics cards refresh your charts. As you can imagine, the timing can be critical if you’re following your securities in 5-minute intervals or even across seconds.
Last but not least, you’ll also need to make sure that you have the right cables for your display port outputs and inputs. Usually, these come in HDMI, VGA, DVI, or USB formats. As you layout your new equipment, you might also want to check how far your ports are from your power supply and get extensions accordingly. The more you plan, the less likely you’ll buy the wrong equipment and waste money on your setup. Finally, the choice of Windows 10 versus Mac is completely yours because both are equally good for trading.
Organizing workflow according to strategy
Many people jump into trading because it looks deceivingly easy. If you do that though then you’re essentially gambling. On the other hand, develop a strong trading system with a solid strategy based on numbers and you’ll be successful. Once you know your timeframe, which securities, and your risk appetite then you can develop your workflow for your display screens.
It’s worth bearing in mind that some traders build up from two or three monitors before they get their 6 monitor setup. Having said that, you can also list the charts you’ll need to track based on your strategy. You can then calculate how many monitors you need based on the fact that each display can comfortably hold 6 charts.
From that, you can design your ideal workflow for your 6 monitor setup. Although, don’t forget that you’ll also need to view your trading platform, messages, and other news sources. Some traders like to have dedicated monitors for all that information. Either way, it’s easy to send your name, email address to get information and start exploring the various platforms.
Assumptions
Once you’ve learned about the markets and how to track your numbers then the challenge is to manage your emotions. Those who fail to make assumptions and start falling into the trap of guesswork. Never move away from your trading strategy and don’t assume that things will be different for you. This is particularly hard when in the middle of a losing streak. Nevertheless, you need to find techniques to keep your emotions in check so that you know when to pull out and cut your losses.
How Successful Traders work with their 6 Monitor Setup
Now that you know some of the pitfalls of trading with a multi-monitor setup, let’s see how you can be successful:
- Use Technology with your setup
- Apply the 1% Rule
- Manage your risk
Use Technology with your 6 Monitor Setup
Of course, you should track your charts and numbers but don’t forget the technology that’s been designed to help you. Backtesting is a great way to check that your strategy will actually be successful when working at your multi-monitor setup. Clearly, you’ll need a good internet connection. Moreover, you can get alerts sent to your phone screen to keep up with your trades. That’s not to say that you won’t appreciate working on your setup with your 32-inch screen display outputs. Nevertheless, sometimes you’ll want to step out and take a break with your mobile device instead.
Apply the 1% Rule with Stop-Loss Orders
As mentioned, you should never trade more than you can afford to lose. If you do, you’ll be amazed at how quickly your capital can disappear. Then, suddenly your setup becomes obsolete. Most traders, therefore, trade such that their maximum loss on each trade is no more than 1% of their overall account. If you have a higher risk appetite then you can go up to 2%. It’s also a good idea to combine this with stop-loss orders that most brokers offer. That means that you tell them the trigger to cut your losses on your behalf.
Learn and evolve
The tips above will help you manage your risk when working at your multi-monitor setup. It’s still important to note that you should never assume you know everything. The industry is evolving and you need to keep learning and adapting your strategy accordingly. Make your 6 monitor setup work for you.
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Final Thoughts for Successful Trading with a 6 Monitor Setup
Trading can be a very fun and lucrative business. Approach it as an entrepreneur by managing your risk, letting facts dictate your decisions, and getting the right tools. Choose the right trading platform and a 6 monitor setup that will work for you. The rest should follow naturally and you’ll be able to enjoy a healthy yearly income all thanks to your awesome strategy and multiple monitor setups.
