12:03:00 PM
In this article, I'm going to talk about five things, which I think every trader - whether you trade forex, options, stocks or crypto, should own or maybe invest in for their trading journey.
Of course, you don't necessarily need to buy every single thing on this list, but I personally think it will help if you can purchase any of these things if you are looking to improve your trading.
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you can test HERE.
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Upgrade to or purchase fast internet
Number one is getting a fast internet connection. Before I upgraded my Wi-Fi, I would be in situations where I would be watching my charts and following a trade - but then, just like that, the charts would freeze.
Or I would be trading news announcement spikes and the platform would freeze. In these situations, the MetaTrader would stop working as my slow internet tries to catch up. If you are trading a large trading account, 5 seconds of not being able to close or place a trade can mean the difference between profit or loss.
If you have been in a similar situation, you definitely need to rethink your internet connection. Just invest in faster internet - whether it's fiber or LTE.
Get Tradingview Premium
Number two I'd say get the Tradingview Premium package. Tradingview Premium is mainly for back-testing. There are other trading and charting software out there, but they just do not offer what Tradingview offers in terms of usability and functionality. Feel free to disagree in the comments section below.
For example, Trandingview Premium lets you use the FX replay button. I will say you kind of need this if you want to develop and backtest a strategy if you want a strategy that actually works and has been proven over a few years of trading. You can't do that with a normal Tradingview. You can still use the pro package if the Premium package is too expensive for you.
A Journaling Software
Number three is actually a journaling software. Watch the video below about the journaling software that I use on my phone. It's free and it gets the job done. But if you want a software without annoying ads, buy a journaling software.
Journaling software helps you to track your trades so that you can understand what you are doing correctly and where you are making mistakes.
Forex Risk management software
Number four is a very simple one and this is a risk management app. I personally use an app called Stinu. I think it’s affordable and it helps you in calculating your risk. There are free alternatives as well as tools provided by forex brokers for this task. See HERE.
Multi-monitor trading setup
Well, it’s true you can trade even from your phone and many people will say you don’t need this, but I think if you can afford it get a multi-screen trading set-up.
The main benefit of having a multi-screen trading setup is that you can follow what is happening on several of your pairs and maybe even news without having to flick through windows like you do if you only have one monitor.
You can decide on how many screens you actually need - the common is usually a 3-, 4- or 6-screen setup. You can also decide on where you want it set-up, whether in your bedroom or home office or at the office.
Having the right setup might not drastically improve your P&L but it does improve your efficiency and is very convenient.
What did I leave out that you think should be on this list, leave your thoughts below.
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