5 Tips to Become A More Efficient Trader
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5 Tips to Become A More Efficient Trader

by Eric
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There are so many opinions about trading and you’ll often hear phrases like “make the best trades; money is secondary”. What does that really mean? Moreover, how do you set up for successful trading? Do you upgrade your trading station to a 6 monitor setup straight away or do you build up slowly, one monitor at a time? All these questions raise good points although, at the end of the day, you’ll have to decide what’s right for you and your trading style.

5 Tips for Trading Efficiently with your 6 Monitor Setup:

When trading successfully, it’s not just about your multi-monitor setup but it’s also about your overall approach and mindset, as explained below:

1- Have a Trading Plan and a Stop Loss

Everything always starts with a plan regardless of which style of trading you want to follow and what kind of multiple monitor setup you have. In fact, there are four key trading styles: position, swing, day, and scalp trading. For each one, you’ll follow a different timeframe and review various graphs and charts across your multi-monitor setup. The good news is that you can test out your strategy on platforms without risking any money, known as backtesting.

Once you’re happy with your strategy, you should list out all the charts and graphs you want to follow. This will give you an idea of whether you need a 6 monitor setup or if two or three monitor screens are enough. A good rule of thumb is to assume that you can easily fit 4 charts on your monitor display. So, for example, if you want to track 12 charts then three monitors could work for you. Then again, you might also want to have your trading platforms and news sources on other display screens. Suddenly, a 6 monitor setup doesn’t seem so big.

2- Approach Trading like a P&L

Trading is a business and not a hobby. Like any business, you’ll have money coming in and going out with a Profit & Loss account. The sooner you accept that there will be losses then the easier it will be to manage your emotions and to stay motivated. Although, you should also have equipment that feels good as great tools make a difference to our motivation levels. In terms of Mac versus Windows 10 though, you’ll find that you can access most key trading software on both.

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3- Analyze your Performance and Get a Mentor

Like any business, there are tough patches to go through. That’s when you should sit back, take stock and evaluate why your strategy isn’t working anymore. Perhaps the markets have changed? By this stage, we’ll assume you have the right 6 monitor setup and that you’re organized enough to follow all the information to make the right trades. So, what else could be going on? That’s when you might consider reaching out to a mentor through any of the trading chat platforms.

4- Review the Basics and Keep Learning

Learning never stops with trading. There are always courses, webinars, and articles you can read about fine-tuning your strategy. In fact, you should never assume that you’ve worked everything out. Keep evolving and you’ll stay on top of your game more easily. That includes constantly evolving your 6 monitors and any apps to access your software tools more quickly.

In terms of the basics, you also need discipline to trade successfully. This means looking after yourself and getting the right balance of work, exercise and time off. Even your ergonomics and making sure that you’re not straining when using your 6 monitor setup are important.

5- Leverage the Technology

Optimizing your 6 monitor setup means getting the layout of your charts just right. You’ll also need a computer that can cope with all your different display screens and refresh your charts and graphs effectively. That means having a powerful integrated graphics card. This video card is what powers your charts although you’ll find that trading computers have this covered. To give you an idea though, the top brands you can expect are Radeon and NVIDIA. Don’t forget to also check you have the right power supply unit, usually recommended at 450 watts.

Clearly, another aspect of your technology is the resolution across your 6 monitor setup. A good approach though is to go for a 23 or 24-inch screen with a resolution of 1920 x 1080p at the very least.  Again, that’s where your graphics cards become very useful in actually supporting that resolution.

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Parting Words on using your 6 Monitor Setup to be an Efficient Trader:

Being a successful trader is about monitoring and evolving your trading strategy, keeping up to date with learning, and ensuring you look after yourself to keep a positive mindset. Naturally, you also need to make sure you have the right tools. These include making sure that your graphics card can keep up with all the charts and graphs you need to track. Then, with the right tools and an open-minded approach, you can only expect to drive a successful trading business.

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