Why do day traders use multiple displays
How to create your own trading desk
How many screens are optimal for your trading? What should you pay attention to and where can you find good and inexpensive equipment?
These and other important questions about your first trading desk will be answered here.
It looks crazy when you look into the trading floor of a large investment bank. Sometimes there are several hundred traders sitting in this room and each of them is equipped with 4-10 screens that have to be operated and, above all, mastered.
This is still feasible with just one keyboard, but when two or even three keyboards and the associated mice are lined up next to each other, then things get sporty. Especially when things get hectic and a quick response is required.
Most of us do not sit in the trading floor of a large bank but rather trade in our home office.
Is it even necessary for us private traders to have an elaborately designed trading desk?
In order to investigate this question, we will summarize the advantages of the multi-monitor system here.
What is important in trading?
Well. This question can be answered in all directions, but I would like to hear the following answer:
"To calm, concentrated and unemotional trading!"
In my early days as a trader, I only worked with a laptop, so only with a 14 ″ screen, if you will.
This brings us to the first advantage of a multi-monitor system:
In day trading, we usually trade with a short-term investment horizon.
In order to be able to enter into a trade meaningfully, we have to consider various time units in the decision-making process and also the correlation of the individual markets. Because the question of the overarching trend is absolutely essential. Depending on the setup, it makes no sense to trade a short movement in the 10-min chart when the 1-hour chart screams "long".
If you only have one monitor and want to trade several markets at the same time, you can quickly lose track of things, which in turn can lead to quick wrong decisions.
With the help of several monitors, you can prevent sheer actionism.
If you only have one monitor, you click back and forth between the time units and other websites like crazy. So you miss entry signals because you simply didn't have them on your screen. Depending on your mental state, you tend to do pointless trades that do not match your setup at all, but you don't want to miss another entry after all.
Thanks to a multi-monitor system, you have an overview of the market situation and don't have to keep clicking back and forth. You can concentrate on the essentials and work concentrated and calm. With this you have created a good basis for calm and unemotional trading - the rest is mainly up to you!
We have now summarized the advantages of a trading desk with multiple screens.
In the next step, I'll show you what to look out for when buying.
There are a few important points to keep in mind when purchasing the monitors. For one, you should make sure that the inch size is between 21 ″ and 27 ″ lies. Under no circumstances should your monitors be of different sizes and resolutions. That would be suboptimal for your health (eyes) and the clarity.
Furthermore are angular monitors to prefer. Make sure that they have a narrow edge and that they can be placed very close to each other.
The monitor bracket should be variably adjustable. The arms should be able to assume several positions and ideally the set is expandable.
You will find a good and at the same time inexpensive monitor mount at the end of the article.
If you are aiming for a multi-monitor solution, you should make the following arrangement:
Above: Primary (passive) information
Charts (Dax, Dow, FX, etc.) - The display should show a longer period of time in order not to have to scroll unnecessarily.
Bottom: Primary (active) information
Account / order system, information, possibly secondary charts
Bottom: secondary information
Webinars, videos, non-market relevant things
This gives you an initial orientation for the start. Little by little you will adapt the combinations and divisions to your trading style.
Whether you want to buy 4, 6 or 8 monitors depends primarily on your trading setup, i.e. your trading system. I use 4 monitors for my trading and get along very well with them.
Which chart software is suitable for your trading desk?
As soon as you have your equipment together and know how you want to fill your trading screens, you need the right chart software and, if necessary, a professional news feed.
I am now introducing you to three free tools. All can be expanded with additional packages for a fee.
The Metatrader is a very frequently used chart software that can now also be used as a web browser (e.g. at GKFX).
Many brokers offer trading using Metatrader 4 or 5 as well as downloading the software on the respective broker homepage.
Guidants offers you the option of creating your own desktop on which charts, portfolios, watchlists, newsfeeds and much more can be displayed using widgets. Integration of the broker is also potentially possible (depending on the broker).
The Traderfox software also offers the possibility of various visual representations. Real-time prices, news and charting tools can already be used in full in the free version.
The main advantages of a trading desk with a multi-monitor system are peace and quiet for daily trading.
With a clever arrangement you have created the basis for anti-actionism. Of course, such a trading desk does not make you a profitable trader, but it definitely helps you to concentrate on the essentials and to get a little closer to the final goal of "duplicability and consistency in trading".
Finally, I would like to show you which screens and which monitor mounts I work with every day.
These screens have a great resolution, have an extremely narrow edge and are also in an inexpensive framework!
The monitor holder is available in different versions, I opted for a 4-arm solution (also here at a very affordable price).
When choosing your computer, you should make sure that there are various connections for the multi-monitor solution (DVI, HDMI, etc.) so that the screens can be connected at all! Another note from a friend: Even if many graphics cards now have 3 connections, the cards can often "render" on a maximum of 2 connections at the same time. This means that not all 3 outputs also provide an image.
Good luck with construction and everyday trading!
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