As a newbie trader who day trades (not scalping or high freq trading), what is the recommended minimum number of computer screens that I would need to monitor the markets effectively? I do not want to overspend on the infrastructure and prefers to scale up gradually when necessary.
Trading indicators are best used along with money management and good risk control, using trading indicators alone will not enable you to be a successful trader, even if you learn everything about day trading the market is just too random and unless risk is controlled, over time your account will slowly get wiped out, regardless how good a “trader” you think you are.
This question was about day trading and there have been some pretty good answers that should help in your trading, and especially in relation to day trading, the answer has been posted in the categories listed below:
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i use two…cause thts all you need really.
It depends. I started out with two but if you’re not thinking about scalping, you can always start off with one and see whether it suits your needs.
As a newbie, I’d be more concerned with keeping costs as low as possible at first while I’m still learning.
The answer depends on what you are trading. If you are trading futures, speed is important so one computer with 2 screens and another computer on laptop with one or 2 screens works great. All the social functions like email, webinars and chat rooms or research is done on the 2nd computer, so the first computer is fast.
If you trade slower moving instruments and your trades last longer than a few minutes 2 screens are fine, although I would consider a back up system just in case windows acts up or the power goes out.
I really don’t need more than one. I have a 5-button mouse – one of the buttons is Close Window, one is Minimize All, and one is Alt-Tab. And I have a Microsoft Digital Media Pro keyboard with lots of hotkeys, so it’s quite fast to switch between windows, and easier on my eyes.
I think 2 sounds like an acceptable minimal number of screens to have for daytrading. You can quite obviously do fine with one, but 3 is better. You could have one for your chat rooms, one for your news/research, and two more for stock screens. But you can do it all with one and gradually keep adding from there. A good place to go for all sorts of newbie info is http://www.timothysykes.com