As with any job in life, the place that you are going to be working, or in this scenario, the place where you are going to be trading, needs to be set up in a particular way. We can’t tell you exactly how it should be done as it will be different for everyone, but there are some considerations that you should take into account no matter who you are and no matter how experienced you are at trading.
So while Bob may want to have the world’s most high tech office, all the latest gadgets and equipment, Sarah may want a simple pen and paper and a nice potted plant in the corner of the room. Each person will have different preferences, so if yours is looking different to someone else’s, then there is no need to fret, just remember that your room is right for you and theirs is right for them.
So what are the sorts of things that you need to think about? We are going to be looking at what you need to consider before you set up your trading office and workstation.
This may not be possible for everyone, but being able to separate your workstation and trading area from the rest of your hour and personal spaces can be a regal benefit Not only does it help you to separate your work and home life, but it also helps to remove some of the distractions that could potentially take your focus away from your trading. This also helps you to get into trading or work mode as soon as you step into the office, rather than having to be constantly reminding yourself that you are working and not simply using the computer at home.
Keep Things Simple
This one can come down to personal preference, for the majority, keeping things simple is vital. Do you need 3 screens if you are only needing one? Do you need that extra pad of paper, or that rather distracting little ornament or picture on the wall? Start with what you need, and only what you need. As you begging to become more successful you can start to add little things to help with your trading or as a reminder of what you have achieved, but when starting out, you only need to have what you actually need to trade, keep things simple to keep the distractions away, especially when you are just starting out.
We touched on this earlier, but being able to remove distractions from your trading environment and workstation is vital, especially during the early stages of your trading career. Anything that could cause a distraction should be removed. This does not just could for your environment, think about your actual computer too, there is nothing more distracting than looking for a trade, doing the analysis, and in the middle, you get a Facebook notification that is designed to grab our attention so you lose all focus on your trading. Use a clean and fresh computer, only for trading so it does not have any distractions on it.
In terms of your environment, there is no point in trying to trade with the tv on in the background, something will inevitably come up that will take your attention away, this goes for anything that has the potential to grab your attention, bright and abrasive pictures should be removed, little toys, if you have children, their toys should not be there either. Remember, this is a workplace, not a playroom, keep the distractions for your personal life, not your working one.
Invest in What Matters
We mentioned that you should be keeping things to a minimum, to begin with, but this does not mean that you cannot invest in having some decent equipment or things that will benefit you, what we meant is that you do not go out spending your money on things that will simply clutter up the room. There are certain things that are vital, a good strong desk, a supporting chair, and a decent computer for trading, those are some of the most vital things that you should be worried about spending a little bit of cash on.
There are other things that could be worth the money, things like a subscription to a high-quality forex or trading journal, pen, and paper, anything that could help to give you an edge over the markets. Remember, having a clean and simple trading environment does not mean that it needs to be empty, it just means that the things in it need to be relevant to what you are doing and not just there for the sake of being there.
Declutter Your Trading Terminal
Something that we often see which baffles us a bit is the amount of clutter that people have on their trading terminal. We aren’t talking about the games or social media on the computers that are being used, but the actual trading terminal. When you first load up a chart, it is often nice and clean and clear, then you add an indicator to it, it’s a little less clean now, then another and then another. At some point, the chart can get very busy, so busy that it can actually be quite hard to see what it is that you are actually looking at.
How are you meant to trade like this? The simple answer is that you can’t. You need to be able to keep your charts and your terminal clear. Look at the indicators that you have, which ones are actually relevant to your strategy, if you require more than 3 or 4, then your strategy is probably far more complicated than it needs to be. Try to keep 3 or 4 indicators maximum, this way there is plenty of information on the charts, but it is never overly complicated and does not distract you from your actual analysis and trading.
A Clean Computer
This goes in line with the above point about the trading terminal, so you have cleared up your terminal, but what of the actual computer. We mentioned the games and social media on the computer, are they relevant to your trading? Do they actually serve a purpose? Probably not the only notifications that you should have coming up should be related to your trading notifications or from your mentor or tutor, you should not have any other. We do not need to mention why it is not a good idea to have games installed, they will only be a distraction and should not be on the computer at al.
A Trading Schedule
Setting yourself a proper schedule is also important, this is not just for you but for the people who live with you too. There needs to be an understanding that between certain hours it is your trading and working time, not a time for someone to come in and start making conversation with you. Get one set up and stick it on your office door, this way people will know whether they should be coming in or not. It also helps you to plan your day, so you aren’t halfway through another task before you trade which will only lead you to think of that instead. When you are in your trading time, you know what you are meant to be concentrating on your trading.
So those are some of the things that you can do to help stop your trading environment ready to trade. It will be different for everyone, some people will need some things that others may not and some will have far more space than others. What is important is that you are able to get things set up the best you can with the resources and tools that you have available for you Once it is all set up correctly, your trading productivity and ultimately results will see the benefit.