The answer is no.
You need just one monitor for the profitable trading. You could have several monitors of course but it doesn’t help at all. Quantity of monitors can not have any influence on your success, so better don’t waste your money on that.
There are some important factors that will help you to become the successful Fx trader. I could easily name them, it’s your knowledge, experience and patience.
Each experienced trader has his/her own portfolio of indispensable features for successful trading. These features varies from trader to trader and mainly depend on a particular strategy and trading style. You can use 6+ monitors and implement some quite expensive features there, if you wish, but firstly ask yourself, whether you really need all these tools, such as:
>> Technical analysis charts (to analyze currency pairs in different time frames);
>> Economic Calendar (to get a quick rundown of the major daily, weekly and monthly economic events);
>> News heat map (to see the relative importance of each news story);
>> Research reports on equities (to buy, sell or hold ratings from research reports);
>> TV clipster (to monitor multiple financial TV channels in real time);
>> Squawk box (24hr global news squawk to covers major economic data, equities, commodities, FX, fixed income and so on);
>> Market Radar (to monitor large amounts of price information, spot trading opportunities and big movers before others);
>> Fast movers (to be the first to know which tickers are moving and get a jump on momentum trades);
>> Risk correlation tool (to see if there is a
correlation among multiple asset classes today across equities,
commodities, currencies and fixed income);
>> Unusual options tool (to see what option strikes are unusually active today, generate trade ideas);
>> Time & sales tool (to see for yourself if you were filled at the best possible price);
>> Top 20 movers tool (to get trade ideas and see what is moving the most in markets today);
>> Complete quotes (global equities, indices, options, currencies, commodity futures);>> >> Depth of market (to a depth of market);
>> Portfolio tracking (to keep on top of your investments from multiple brokerage accounts in a single place);
>> Tear Sheet (to get all key details about a ticker in one screen);
>> Streaming real time prices to Excel (to get an
elegant simple state of the art Excel add-in with access to real time
and historical data);
>> Time & Sales monitor. And so on.
Me, personally, use just a few of them. More over, almost all trading
platforms can handle several charts on one screen. You could easily
combine different time frame charts, economic calendar, market depth
tool on your monitor. You can maximize it, zoom in and out, and then
minimize it and check another chart.
If you want to make some profit, first of all you have to follow the
right way. Unfortunately, no expensive computers as well as other
equipment with “magic” tools would not help you to catch dame fortune
golden smile.
But what do help you? The answer is so simple. Work hard, become a
knowledgeable and disciplined trader, gain a lot of experience in Fx
trading, study charts and patterns of different pairs. Everyone heard
some simple rules for successful trading, such as: follow the trends,
apply money management techniques to your trading, do not overtrade,
calculate the risk, and so on. There are much more of them but I am not
going to bother you with that. Of course it’s extremely important to
know all these rules, however, the most important thing is to work up
your own strategy and rules how to use it.
When you become experienced enough you will be able to do that. It means
that you will create very strict rules when to enter Fx market and when
to close your trade. More over, you will know for sure, why you are
entering a market, and why you are leaving it precisely now, at this
particular moment, not earlier and not later. You could believe me, it’s
a really hard to do. It took for me at least four years.
Remember, that according to FX trading experts the one could become experienced trader after 5 years of trading but just in case the person spends 4-6 hours a day in front of his/her monitor. Ask yourself, how many time you spent on that. Can you treat yourself as an experienced trader or not yet? There is no easy way to make huge profits. Never believe people who say that it’s just some piece of cake. And one last thing, don’t forget the words of wisdom: experienced traders control risk, inexperienced traders chase gains.
