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Essential Tech Every Forex Trader Needs

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Essential Tech Every Forex Trader Needs

As a forex trader, you want to set up your space for maximum efficiency. This means a trading room or just a trading desk, depending on how serious and active a trader you are. You will also need certain technological items as well. We provide you with the information you need to get started. 

Your Broker

When getting started with forex trading in Kenya, you will want to make sure that your broker is best equipped to provide you with the support that you need. Look at reviews and choose your broker carefully. Ideally, this professional will provide you with advice and access to research and analysis on markets. This will cost more than working with a trader who only takes and follows your instructions, but it will provide you with far greater peace of mind.

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Setting Up Your Trading Space

Initially, you will rely on your broker and their setup to handle everything for you. However, you will not go far as a trader unless you start to equip yourself properly for success. As you become more proficient at trading, you will find that you need certain items on hand to conduct your trading.

When you start, you can get by with a smartphone and operate out of your lounge, bedroom, or even basement. As time goes by, you will need to acquire a proper desk and chair and a

dedicated office. Make sure your desk is large enough for all your equipment, or place two tables at right angles. You will need a swivel chair with wheels to move easily between multiple screens.

Make sure your office has natural or sufficient good-quality lighting. Protect your time and space by setting rules for family and friends to respect your working hours.

Internet and Computer Requirements

You will need a stable internet connection that does not lag. Pair this with a high-speed ethernet cable. This will prevent delays in executing your trading moves. 

Obtain a laptop with a solid-state drive and a five-core processor as the least requirement. The perfect number of monitors is four, although you may get by with two. Get monitors with a good screen resolution that are flicker-free and 27 inches or larger so that they can display several graphs at the same time. 

Keeping Informed 

Keeping informed is crucial. It is recommended that you install a minimum of two television sets. Have these mounted and set to different channels that provide up-to-the-minute financial news and a decent analysis of what is happening in your markets. 

 

Other Requirements

As you advance your trading knowledge, you will likely accumulate a fair-sized stack of books with trading tips. An organised bookshelf is a must so that everything is at your fingertips as you need it. Remember that time is of the essence. 

Air conditioning will help you maintain a comfortable temperature in your workspace. You will also want access to fresh or purified air. A small refrigerator or water cooler will enable you to prevent dehydration. A treadmill can allow you to stretch and exercise while you work.

Being a day trader is a stressful occupation. Maximise your environment to take care of all your needs.

 

Feature image by TheInvestorPost from Pixabay 

 

DISCLAIMER: This article is a sponsored article and does not substitute for professional advice or help. Any action you take upon the information presented in this article is strictly at your own risk and responsibility.

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