subject: Setting Up Your Forex Trading Area [print this page] Gone are the days of the movie Wallstreet where people were running across a large room full of traders to check figures or use special phone lines. Today it's easy to have your own trading area. Thanks to modern technology the average Joe now has access to faster, smaller, and more powerful trading tools and materials available at their own homes. Here are a few guidelines I suggest when creating your own personal forex trading area.
Make sure the room you chose in your home is a peaceful and quiet area. This means away from family distractions if possible and far away from pets, especially large ones such as dogs. Keep the room organized and clean to enforce structure as it will help in your trading. The size of the room really doesn't matter you just need to make sure you can sit comfortably in it with a desk and computer.
Your computer is very important because it is your main tool. With this being so important you need to make sure you have a decent computer so you don't end up crashing it in the middle of a trade. Most trading platforms work on any computer and if yours doesn't, call them and find out if there is another version that fits your OS. Along the lines of a computer you can't trade without internet access. These days you need high-speed internet, dial up just doesn't cut it in forex trading. You don't want to miss a great trade because your internet is lagging behind and you wanted to save $20/month.
Keep a trading journal by your side at all times. This can be in the form of an excel spreadsheet or an actual journal. In your exclusive trade area you need to have access to your trading history with information like your previous wins/losses, how you responded under pressure, where there any new announcements, etc so you know how to better proceed in different circumstances to increase your trading consistency.
Though not a necessity, you may want to get a comfortable chair to sit in since you don't want to be uncomfortable while trading. The wrong posture or being cramped can lead to feeling anxious and to the extreme getting physically sore. You want to have a tension free environment.
Setting up the ideal area isn't just a physical thing; it's also a mental thing. At time you may want to play relaxing and soothing music to calm you nerves and prepare you for the trading day. The ultimate Forex trading area can help you gain confidence, the proper mindset and help you on your path to making consistent profits.
