Multiple monitors, important or not for serious trading!?
This is my trading desk and no matter that I use some systems for proffessional traders, all I can say is yes, multiple monitors are very important for serious retail trading as well, especially intraday. For making proper entry or exit decisions. There is so many factors which are important for the market moves, an example such as an equity markets, bond markets, commoditie prices, in generally global developments in the financial sector. At first, daily data from the stock exchanges are very important and you must follow at least the most important ones: Europe > DAX30, FTSE UK100, FRA CAC40. US > S&P500, Dow30, NQ100. Asia > Nikkei225. During the years of my trading I have followed the moves in those markets and compared the same with most of the major currency exchange pairs, after wich I have learned so much about the connection, short term and long term as well.
Next important data which you must follow are Bonds, most of all EuroBund and US2, 10 and 20YR bonds. Moves in the bond market and colleration with Forex market will give you an additional data wich will be important for your entry decisions.
And what the most important is, Forex and Commoditie prices. As for the commodities, you have to follow the Gold, Silver and Oil WTI and Brent price. Compare the move on those prices with the most of the forex pairs and you will find the huge connection. As for the forex pairs, of course that you must choose the several pairs for wich you will find that is most suitable for you and for you’re type of trading. Based on my experience, I have chosen a maximum of 8 forex pairs, US dollar and Euro index, but I am focused mostly on the major pairs in between those 8 pairs, especially on the EUR/USD. Of course, my favorable pair is XAU/USD or gold price and most of my analysis and trades are based on the same. Sure, the most important pair in wich you’re focused on, you must have on various TF’s and follow the each move based on you’re technical analysis during you’re setup and trade.
But, what the most important is to use sevral monitors if you trade intraday and to follow all TF’s, from M1 to daily charts. Moving averages such as 55, 100 and 200 are of the high importance for the short term trading, what ever you trade. Check, test and you will see why I am writing this.
Well, based on this, you can see how many monitors is that you need and this is the minimum data which ‘you must follow’ if you’re serious enough. How many screens do you need for this? Ok, you can split you’re screen in 4 or 6 small ones and that’s ok, because some of those datas are only for following, some of them are for analysing. For example, I am analysing stock market indexes and commodities and must say that I find that as an very important part of my job. US dollar index and EUR index is also important to analyse and to follow all day as well. There is also a question about the important news, but you can always follow that in one of those screens in front of you.
So, if you look at this way, it’s not so easy as you think it is, right!? Most of you are looking at my analysis and comment how simple they are. Yes, that’s true. But for all this simplicity in my analysis and predictions, there is a huge background which is not visible on the chart. As I always said, there is nothing easy here and behind every single and ‘simple’ chart and analysis is a huge job. Think of that.
I see that most of the traders is using smart phones and tablets for trading. Let’s me say something about that. Phones are not for trading! They are for talks and taking pictures, tablets also. But hey, this is my view. Maybe I am wrong about that!? 😉