How to Use Technology to Your Advantage in Trading
In the old days, trading involved buying the newspaper or going down to the trading floor to get the latest on market movements. These days, you can do everything from the comfort of your home thanks to multiple monitor setups. You still go through a broker but they all have online trading platforms that are either free or discounted as long as you keep a funded trading account. Nevertheless, there’s more to it than just finding a trading platform. You’ll also need to make sure you have the right tools and equipment such as a 6 monitor setup. If you want to be at the top of the game, click on Trading Computers to view the types of devices that are the best and latest in the market for traders.
Your Perfect 6 Monitor Setup
It all starts with the right tools. Not everyone gets a 6 monitor setup immediately though and many people prefer to build up from two or three monitors. Either way, traders have a lot of information to track constantly so having more than one screen avoids wasting time flicking through charts. Regardless, you’ll still need a powerful device and some accessories as detailed below:
- Processing power
- Integrated graphics card or video card
- Monitor display screen (resolution and layout
- Cables and power supply
You’ll essentially need a laptop or desktop with at least 16GB of RAM, or ideally 32GB. Alongside that, you’ll find that the best processors are Intel and AMD. Your 6 monitor setup will be in good stead with those and at least 3GHz of CPU. Although, you might want to note that both Windows 10 and Mac are perfectly good for trading with your multi-monitor setup.
Integrated graphics cards or video card
It’s important to check your GPU or graphics processing unit power. This is what enables your charts and graphs to update and refresh quickly and accurately. Again, top brands include Radeon and NVIDIA and you can expect 4GB or 6GB to suit your needs when trading with a 6 monitor setup.
Monitor display screen
Going for a new two, three, or 6 monitors is completely your choice. You can also check out second-hand or simply start with two monitors and build up from there as you get used to the equipment. Either way, it’s good to make sure you have an appropriate resolution. That’s why most traders go for a 26 inch or 32-inch screen display for their multiple monitor system.
Cables and power supply
Clearly, you’ll need cables to connect everything together. Most Display port outputs and inputs come in HDMI, VGA, DVI, or USB formats. Then, if you have a laptop you might want to consider your power supply output. No trader wants to suddenly be facing a black screen just in the middle of a trade. A backup device can be useful to set yourself a timer to check your laptop’s battery status. With a desktop, this naturally becomes less of a concern. Although, you won’t be able to easily disconnect from your 6 monitor setup for trips abroad or another remote working.
Coding and AI for your 6 Monitor Setup
Once you know your equipment for your multiple monitor setup, you’ll need to investigate the digital software technology. There are now several companies offering Artificial Intelligence solutions to keep on top of the markets. Although, some traders even learn coding to develop their own algorithms to monitor market fluctuations. Regardless, here are key examples to investigate with your 6 monitor setup:
- Trends and price forecasting
- Market insights
- Compliance risk
- Trading apps and platforms
Trends and price forecasting
Some companies offer daily trading recommendations based on their AI solutions that can run predictive models from pattern recognition. You’ll get stock ratings and a price forecast. Although, even AI can’t predict things 100% accurately. You’ll therefore need to stick to your risk management strategies when running your trades with your multi-monitor setup.
Another option is to look for companies that use AI technology to go through vast amounts of data and access market insights in real-time. This can save you a huge amount of time. You can then focus on the numbers and the trades you want to make with your multi-monitor setup.
Let’s not forget that trading is a regulated market. Of course, your broker will advise you. Nevertheless, if you’re working with several brokers and across global markets then it’s not always easy to keep track. Furthermore, the fines and risk of being barred from trading are high. That’s why some companies use AI technology to review complex trading patterns on a global scale and advise you accordingly.
Trading apps and platforms
Last but not least, regardless of which technology you choose to use, you’ll still need to work through a trading platform. It’s the only way to deal with your broker and conduct your trades through your multi-monitor setup. Deciding which software platform to go for depends on which markets, what time frame, and level of sophistication you want to follow. You’ll then decide which trading app works well for you based on your trading platform and strategy.
Final Thoughts for Using Technology with your 6 Monitor Setup to be a Successful Trader
Digital technology has made trading accessible to everyone. It’s also a way to differentiate yourself and to trade faster and more effectively. So, make sure you start with the multi-monitor that has the right specifications and monitor layout for your workflow and trading style. From there, you can choose your trading platform and apps. Stick to your trading strategy, let the numbers guide you rather than your emotions, and keep learning the technology. That way, you’re bound to be a successful trader.