If you’re considering becoming a Forex trader, then you’re in for a wild and exciting ride. Forex trading is one of the most fast-paced professions one could possibly encounter; what works and what doesn’t changes on a daily basis, so you’ll need to keep up with all the latest trends and developments in exchange rates and values as they happen.
If you’re going to do this, then you’ll need the most up-to-the-minute tech you can get your hands on. Some of this stuff might stretch the wallet a little bit, but you’ll be glad you didn’t spare the expense once the going gets tough and the pace really starts setting in. Here’s a list of all the essentials a home Forex trader will need to do their job efficiently.
A fast, powerful PC
The most important thing you can possibly own as a Forex trader is a powerful desktop PC. You can do your trading on laptops and even smartphones if you want to, but those machines will never reach the power and efficiency of a tricked-out desktop tower. You’ll have a lot of web browser tabs open simultaneously, all of which will be displaying constantly updating information. As a result, your PC is going to struggle if it isn’t up to the task.
Some Forex platforms are designed to be more user-friendly than others, for example, XM is a popular choice providing a good interface, see the review here; forextradingexpert.net/reviews/xm-com.
You’ll want to look for a PC that has at least 8GB of RAM, but 16GB is the ideal. RAM is the component of the PC which controls multitasking, so the more web browser tabs you have open the more RAM you’ll need for a smooth experience. Look for an Intel Core i5 or higher as your processor so that your computer’s startup procedure is slick and programs open without a hitch. A good graphics card is essential – look for the latest ATI Radeon or Nvidia cards for maximum quality. Once you’ve put this setup together (or purchased a premade version), you’ll be astounded at how fast and capable your computer is.
Dual monitors (at least)
Different Forex traders favour different monitor setups. Some are able to work on a single display, while others require upwards of 6 monitors to accurately keep track of the rapidly fluctuating foreign exchange market. Your mileage will vary on this one, but we reckon you’re going to want at least a dual monitor setup – keeping track of supply, demand and the exchange rate is much easier with two displays across which to spread that information.
Try to aim for a widescreen monitor (you’ll struggle to get a non-widescreen display these days) with at least a 1920×1080 resolution and a 60Hz refresh rate. Realistically, you won’t need to go any higher than this for Forex trading purposes, but if you’re able to splash out then a 4K display will look a little sharper and crisper, especially if you’re sitting close to your monitors.
A powerful smartphone
Even if you’re basing your business at home, you’ll still need a good smartphone. What happens if your PC suddenly dies, for example, or if you’re not in your main office and need to make a quick checkup? A fast, powerful smartphone is essential for a home Forex trader because you want to avoid hangs and crashes in a business which depends so heavily on a constant flow of information.
We don’t want to throw our oar in with specific brands, but both iPhone and Android devices are great for Forex traders. A wide range of Forex apps is available for both devices, so it really comes down to which one you prefer. The iPhone interface is cleaner and more out-of-the-box friendly, so if you don’t want to fiddle too much with your device then that’s our recommendation. By contrast, Android devices offer flexibility and customisation, so opt for Samsung or a similar brand if you’re into tweaking settings and options – check out the new Samsung Note 9.
A smart TV
Okay, we technically cheated when we said you’d want a dual monitor setup. A smart TV won’t act as a third monitor for your PC, but it’s still an essential item to own for any home Forex trader. You’ll want to keep up with the latest developments on social media as well as following the news as it happens, and you’re better off allocating dedicated screen real estate to these procedures.
You can also access YouTube on most smart TVs, which is a great way to learn more about your profession during downtime; many excellent YouTube channels offer fantastic tutorials on Forex, as well as tips and tricks to help you excel.
A good tablet (optional)
You might hear people telling you that tablets are dead, and that the tablet market is over. The truth couldn’t be further from this assumption. Tablets are still fulfilling many niches all around the world, not least of which is that of the Forex trader. You could use your tablet as an extra PC display of sorts, for example, tracking extra information on it if you don’t want to devote monitor space to certain graphs and charts.
Tablets are the best of both the smartphone and laptop worlds. They’re less cumbersome than a laptop and don’t feature the massive keyboard taking up space, but their screens are bigger and their processors (often) more powerful than those of smartphones. Apple, Samsung, Microsoft and many other companies make excellent tablets, all of which would be more than suitable for a Forex trader.