You only need an Internet connection and your phone/PC to trade in the financial market. Trading setup will also help you organize your tools before, during, and after trading. However, Some factors make the trader more comfortable, affecting his decisions, whether good or bad.
How to build a trading setup
Choosing the Right Hardware for Your Trading Setup
You can trade with the lowest-cost Trading Setup because trading doesn’t need a high-value PC or laptop. If your Setup is at the lowest, you still can open and close the orders as a high-cost device because MT4 and MT5 use low-CPU and memory cards, and the minimum Device you can get is
Find out the Difference between MT4 and MT5
(Core 2 Duo – 2 Gigabyte Ram – 250 Graphics Cards)
I do not recommend getting a device below these specifications.
Internet Connection
make sure to get high-speed internet To follow the Real-time price in the chart and open/close the orders quickly without any delays
>>>Understanding the 5 Roles of Expert Advisors to Success in Forex
Multi-Monitor
this is optional; some traders want to analyze the market using a multi-monitor to collect too many Candles on the screen to analyze the market better, that’s Good Trading Setup too, but you don’t have to get multiple screens to analyze the market. Only one screen is enough
multi-monitor
Workplace
You can work in your office, at home, or anywhere with your phone as long as you have an internet connection and a device to open the platform, but is this place suitable for work?
The most important thing in trading setup is not the workplace, but it’s YOU; you are the one who will analyze the market and open the Trades, and if you are not comfortable in the place you working in, just leave and try to find a more comfortable place that is suitable for work, Some traders work in cafes and restaurants because it is quiet, The purpose of the workplace is to make you comfortable; even if you go to a garden, it’s totally okay, As long as you making money why Not!
Organize Your Trading Setup
Is your room clean?
Let’s say your trading setup is at Home like me. (or even in the office) You need to make your room clean to Relax and better analyze the market; anyway, the cleanliness of your place is extremely important. We work in the financial market, so you must keep your mind focused and aware of what is happening because any mistake will lead to losing your money.
The first thing after waking up
Let’s say you wake up at 8 AM, and the London Session starts at 10 AM. You have 2 Hours to do anything you want before the London Session opens. You can take a shower, wash your teeth, and make breakfast. You still have time before the strong momentum comes to the market. You can analyze the market and find opportunities to trade when London opens. Don’t forget to look at the Forex Calendar Here. To wake up early, you should sleep Early too, Right?
Organizing Your Desktop & Chart
the best way to organize your trading setup is through Organizing your Desktop and Chart The same thing happens in the workplace; you have to organize your Desktop and Chart for better analysis; many of us save images, download files, and use many shortcuts on the Desktop. It’s messy, right? How many times have you said I will clean up my desktop tomorrow and nothing happened, Now let’s Make some progress and clean your Desktop and keep only the important files & Shortcuts that you need on a daily basis.
Now you want to start Analyzing the market, and you have so much Knowledge you want to put all this knowledge into the chart to get the best result of what is going on in the market and enter the Fantastic trade; before doing that, Organize your Tools like indicators, Trendlines, Calender, Patterns,, etc. if you using Tradingview there is favorite Tools (Option) you can add all your tools in this Menu and Choose it when needed.
Tradingview Favorite
Trading Tools
There are many tools that will help you in your Trading journey. Now, let’s find out the most important Tools and how to Organize them
indicators
you will find many indicators in Tradingview. Just use what is suitable for you and your strategy because using too many indicators will make the chart messy with a lot of information, and That will make you confused and can’t make the Right decision
Lines
There are a lot of lines in Tradingview, but the most popular lines are (Trend Line, Ray, Horizontal Line and Ray) if you want to discover the other lines, you are free to do so, but try to keep it simple, don’t complicate things.
Tradingview Lines
Patterns
You will find many amazing patterns on the sidebar, such as (Head and shoulders, Triangle, ABCD, etc.) and also Elliot waves.
Tradingview Patterns
Calendar
A calendar is one of the most important things in Trading Setup. Whether you can analyze the News or not, you have to know when Strong Events come into the market and whether you want to avoid the news or trade with the news because if you already have an opening trade on EURUSD, for example, and there is strong news coming about CPI, it’s better to get out of the market and close your trade before the news Released because if you decide to stay in the market and you don’t know what CPI is, you may Lose all your account In this Careless Attitude.
