Jump to content

Recommended Posts

HI All

Just want to give a quick shout out to @Caseynotes and @TrendFollower, after some suggestions on reading materials and research I have managed to develop a trading strategy that seems to be working for me on a higher probability level than what I was doing before. I am still very much trading on Demo but am confident enough to start my "migration" to the real world!

I thought a good topic to discuss (and I tried to find a thread with this info already) is a discussion around the trading desk setups that some of our more experienced traders are using. This is purely from a beginners perspective as I appreciate the setup and costs can be as unlimited as one likes.

I am currently trading on the IG online platform, I really like it due to its simplicity but it obviously has a number of limitations too. The real items I would like to discuss here is the hardware setups that traders are using or find an absolute must.

  1. Laptop vs desktop
  2. If Laptop/desktop, what brand or model
  3. Additional screens
  4. Printer
  5. White board 
  6. etc

As I mentioned above I am currently trading using the IG online platform and it works well, save that it can be jumpy if my laptop starts to catch a speed wobble (HP so nothing fancy). Also if I start operating multiple screens, would I need to open multiple windows of the trading platform and would this work? These are the questions I am currently having.

Cheers to all!

Share this post


Link to post

@AbDXB1345,

I am using the following:

1. Desktop

2. Apple iMac

3. No additional screens

I got to the printer, white board and, etc part and felt I may have misunderstood your post.

One must ask that if you want to use multiple screens, why this is? What is it in your specific trading plan / strategy that requires you to use multiple screens? I am not suggesting there is anything wrong with using multiple screens as long as there really is a requirement to do so.

As to a whiteboard then call me old fashioned but I cannot think of why a pen and paper is not sufficient. If you wanted to save paper and be environmentally friendly then maybe a small white board may satisfy your needs!

For me the most important aspect you should be concentrating on is your trading plan and more specifically your trading strategy. In my opinion when a new inexperienced trader is starting then this is the most crucial part and time and time again I see this part be neglected. 

Your checklist should be:

1. Trading Plan

2. Trading Strategy

3. Tools and Software required to execute your strategy

4. Capital that you can afford to lose - Do not start trading until you have capital you can afford to lose. If you do not have this then patiently wait until you do. 

I would strongly urge you not to even place a trade until you have these points above and I cannot stress the importance of these. 

  • Great! 1

Share this post


Link to post

@AbDXB1345, best of luck. Just to add without repetition.

Laptop or desktop doesn't really matter so long as you have enough memory to run as many charts as you need. I use 2 screens simply because if looking at small time frame charts you don't want to miss anything, not such an issue if using 4 hr and over. If using multiple screens you can drag the page across to double the work space or have multiple work spaces on multiple screens.

Plan and strategy is important but not as important as having a measuring tool to evaluate if they are working or not, so a spreadsheet that calculates win/loss ratio and risk/reward ratio is a must, so that after 50 demo trades my strategy has a 50% win rate and a R/R of 1:2.3, any plot above the red line on the graph is a profitable strategy.

 image.png.1a612b177e688e84ed04edc3cca37779.png

MT4 does all this for you automatically which is a useful feature.

Always start with the smallest bet size available (often less on MT4 than the web based platform) and work up if successful, most people start using the maximum and work down because of lack of success initially and a rapidly disappearing account.

 

Share this post


Link to post

Thanks @TrendFollower and @Caseynotes

I have a trading strategy in place that is proving to be good for me in the demo, it relies on momentum and diverging moving averages. I'm never looking for the 20% profits, more so looking for consistency and the ability to reach a target daily/weekly $ profit rate.

Thanks again for all your advice on the forum

Share this post


Link to post

That's alright @AbDXB1345,  but having daily/weekly targets doesn't work and only encourages drift away from the plan and strategy trying to meet them, let the strategy play out in it's own time.

Not sure what you mean by 'not looking for 20% profits'? A 50% win rate means of the 50 trades 25 were winners and 25 were losers, that win rate will mean the strategy is still profitable so long as the reward is at least 1.5 x the amount risked over all 50 trades. The risk is the amount of your stop loss, the amount you are willing to lose if the trade goes wrong, the reward is the amount of profit on the winning trades.

Share this post


Link to post

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
You are posting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Our picks

    • Post in Indices
      "UK retail sales at 9:30 and US durable goods at 1:30. Strong bear day yesterday though only Nikkei tested key support levels." Stay up to date on how the indices are moving and have your say.
    • Post in Successful strategy?
      Analysis of 43 million trades by DailyFX showed that 61% of trades are actually profitable (when looking at EURUSD specifically). Read more about that and check out their Podcast here. Have any questions? Ask away.
        • Thanks
        • Like
    • Brent Crude rally ends, time for the big Bear!
      "Looks to me like my question as to whether the the 25 April turn was a rally end or a simple retrace may have been answered as Brent price dropped hard through the supporting lower channel line.  I would like to see the recent lows broken to confirm but odds are that this market is now heading down.  Could this mean that Stocks have also topped out?"
      • 5 replies
    • Post in Dax & Dow
      What are your long term opinions on market movements? "As for the Dow above 26k lets rock and roll long. Below 25k time to get more aggressively short in my eyes."
        • Like
    • Post in US 500 - Potential Shorting Opportunity
      What's your trigger for opening a trade? Discuss with others on the Community, specifically about the US500: "I think there's a potential possibility of shorting S&P 500 brewing.  I want to wait to see if the 20 MA does drop beneath the 50 MA."
×
×