When starting a new hobby or endeavor, it’s easy to get sucked into buying things you think you need but eventually find that you don’t, at least not at first.
Jake, for example, has bought the most luxurious treadmill, Peloton bike, and at least three Nut milk makers Having decided to adopt a healthy lifestyle at the beginning of the year. Ditto for his friend, Ian, who bought half of the electronics store when he decided to take over Twitch broadcasting.
Both of them could have furthered their goals with much less investment, but they chose to buy non-essential items anyway because it’s what they see in YouTube tutorials and makes them feel more comfortable and more confident in taking on their new projects.
This happens a lot in forex trading.
It is not unusual to hear about new traders who end up buying new computers, huge screens, fancy software and EAs because they think it will help them get points.
Fortunately, you don’t necessarily need all of these things to be a consistently profitable trader.
Here are three tips to consider when setting up your trading station:
1. Stick to the basics
Start with a good laptop or PC and a strong internet connection. Then choose a good trading platform and install it on your unit.
Mobile devices can work for checking your open trades, but they are hardly useful if you want to check news, charts, your trading journal, and your trades all at once.
No need for multiple monitors yet, unless you already have some experience and know you’ll need it.
2. Invest where necessary
Sticking to the basics does not mean cutting back on your investment.
Just like a chef or engineer invests in the right set of equipment, forex traders should also invest in the best tools available to sharpen their trading skills.
Investing in a sturdy desk and comfortable chair, for example, helps you stay in the zone for longer periods of time.
Choosing a good charting software and trading platform can help you identify easier settings, back-test trading systems, and faster order execution.
Likewise, subscribing to reputable forex related magazines and newsletters can give you economic insights and an edge that other traders do not have. In a powerful market like forex, you will need all the features you can get.
3. Minimize distractions
There’s no point in spending money on a good trading software if you’re using your laptop to look at your friends’ tweets and viral TikTok trends half the time.
Remember that trading is a business and it takes focus, discipline and consistency in order to make money from it.
You can start by placing your trading station in a corner where there is the least amount of distraction. It could be in your basement, your second bedroom, or even a large closet. Try not to face the PS5 or your cat.
Use your television only to catch up on the news and avoid bringing non-trading stuff to your station.
That means no Nerf guns, mini blasters or the new VIDEO SO machine!
There are many ways to distract yourself from your trading endeavors, but you need to remember to treat it like work – don’t distract until you’re done!
If you find you need help with this, I have four tips that may help.
Although it also requires focus, discipline and consistency, forex trading is not just a hobby.
Unless you are into beautiful charts or the thrill of risking real money (in which case you are a gambler, not a trader), then you should treat trading as a business. This means ensuring that you get the best set of tools to sharpen your trading skills.
What about you? What does your trading station look like?
Feel free to share a description or a screenshot of your little corner!