Not all CFD traders can stay at home and dedicate all of their time to watch the screen and monitor the movement of the market. Most of the time, traders also have real, corporate jobs away from their homes. The only way they can access the financial market is through small-sized smartphones. No worries, you can still keep your corporate jobs while trading CFDs. These screen saving tips will help you.
Screen Saving Tips When Trading CFD
There are fortunate folks who sit at home, trading, and watching the market all day while there are other traders who remotely watch the market and trade when opportunity knocks as they do other jobs away from home.
Do you have many monitors at home? How many do you need to monitor the movement of the market? The answer to this continues to change over the years. Some traders are capable of investing as much monitor they need to stay updated given the current price of monitors nowadays. This can be alright as long as it won’t exceed your current budget.
Capturing Three Types of Information
There are 3 types of information that a visual analysis needs to capture – the incubator, the market observation, and position management. Take note that every square space in your screen containing unnecessary chats will cause you an incomplete view which can be costly especially if you are in an active trading style. Most traders make this very common mistake, to load up too many charts on their monitors instead of tickers.
If you have limited space, you may add a time frame to some charts. These settings can offer a good alternative for you.
- Swing Traders: 15-minute, daily and hourly charts
- Scalpers: 5-minute, hourly charts, 15-minute
- Market Timers: daily, hourly, weekly charts
Is it advisable to use a real-time news ticker? Some traders tend to like this strategy especially those who rely on the news with regards to the financial market whenever they execute a trading position.
A screen that’s well-organized easily sums up the overall market action. By breaking it up in small pieces, you can speed up decision-making, especially for complex trading decisions. Make sure to carefully construct your screens to mark your edge on trading that can last for a long period.
Traders need to view a lot of different markets so they can execute the right trade and obtain the right value. Also, if you are interested in trading more than one securities, you may want to see the whole thing at the same time. Therefore, you need more than one monitor to see these multiple charts. You may also want to check real-time news as well as data feeds to be able to cope with the fast-moving financial market.
But too much is nothing good when trading CFDs. This is also applicable to the number of monitors you have at home. More than three monitors are already too noisy and distracted. You cannot effectively perform your 100% best with 10 monitors in front of you. It might make you look cool but over time, you will realize its unnecessary use.