Do You Need Multiple Monitors for Forex Trading?
What’s so sexy about a desk with multiple monitors? It’s hard to beat the excitement of sitting down at our desks while charts whirr and prices jump, searching for that elusive forex trading secret that instantly makes us wealthy. It’s like we’re on a spaceship, heading for planet money.
Is it really necessary to have so many trading screens in order to maximize your chances of success as a trader? Do you think you can trade forex with just one screen? Here’s what we found:
Is there really a need for so many monitors when trading forex?
The best forex trading monitors
It’s obvious that the more markets you can watch at once, the better your market observation, the better your trading opportunities, and the more money you can make! Is that right? Because you have more screen space, you can display plenty of charts and use technical analysis tools.
Actually, no…
It is not possible for you to look at more than one thing at once, unless you are a circus freak. Having multiple monitors means you’re focusing on different computer screens and markets rather than absorbing all the important information.
In research, multitasking has been proven to be impossible. A quick toggle between each task gives your brain undivided attention, but only for a moment before switching back to the previous one. Do you ever see a little movement in the peripheral when you’re investing in a pair or different asset classes? That’s your evidence right there. Focus is really drawn away in the event of more than one monitor.
There is one thing that more monitors will do for you – make you feel more successful than you really are.
Is it possible to day trade with one screen?
There is no need for more than one forex trading screen. You can prevent distractions from unnecessary charts by focusing your eyes on one chart on a single computer screen. You can run through your trading plan and decide on a course of action if you see a trade setting up on other timeframes and correlated pairs. Depending on the situation, switch to financial reports, economic data, and breaking news. An analysis of a trade should only take 30 seconds, and trades that are less than 30 seconds are not trading.
It is important to focus on your trading if you are already trading on multiple monitors. Do you often switch between charts and monitors? Consider whether trading with multiple monitors actually improves your trading experience by taking your time, understanding what you’re seeing, and understanding the information before moving on.
Multiscreen trading usually results in traders being less efficient and more prone to overtrading. Many traders lose focus on the market when using multiple connectivity options, thereby increasing their risk. Hence, it is important to select a good monitor (preferably ergonomic), configure it so that there is enough room for as many charts as you need, and trade one to three financial instruments simultaneously.
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