This is my trading desk and what I can say for the beginning of this article is that I am currently in the proccess of buying 5 more, 11 in total and almost each one of them is divided in to at least two charts. Yes, multiple monitors are very important for serious trading and for making entry and exit decisions and profitable trades, especialy if you’re intra-day trader. Why? At first, there is so many factors which are important for the market moves, an example such as an equity markets, bond markets, commodity 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, mosty if you trade gold spot and jpy.
And what the most important is, Forex and Commodity prices. As for the commodities, you have to follow the Gold, Silver and even 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 or colleration. As for the forex, you have to choose the several pairs for which 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 and USD/JPY. Of course, my favorable pair is XAU/USD or gold spot price and most of my analysis and trades are based on the same.
Well, that’s the second important reason why you need several monitors in front of you, if you want to be a successful trader. Because, the most important pair in wich you’re focused on, you must have on all TF’s and follow the each move based on you’re technical analysis during you’re setup and trade. I will write the article how important can be even M1 chart sometimes and how precise you can be in your setup on that TF, after which you need to follow M5, M15, M30, H1, H4, daily and even weekly or monthly in the same time. Why? Because, if you are allready in position and you follow only one or two TF’s, you will miss too many important technical levels, which are on high importance for your exit decision. Mostly because of the various trend lines and MA’s, which can return the price on beginning, or even bellow your entry. You can also miss your TP for several times because of the same reason and that’s can be frustrating for you. Ask yourself, how many times market returned in your entry level after your TP was missed!? There is a reason for that and in 99% of the time, that reasons are technical SR levels on various TF’s.
So, if you look at this way, it’s not so easy as you think it is, right!? Most of you were looking at my analysis and predictions before 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 my charts. As I always said, there is nothing easy on forex and behind every single and ‘simple’ chart and analysis is a huge job. It’s the same during the trading, when you must decide where to enter and where to close the position. You can made that decisions only based on technical levels and nothing else. Well, at least if talk about this subject, a multiple monitors and how important they are in profitable trading. They are on high importance!
When I see some traders who most of the time use smart phones and tablets for trading, I know they will fail quicker then they think they will. Let’s me say something about that. Phones are for talks and taking pictures, tablets also with a little better resolution. They are not for trading! Trading solution in your smart phone will force you to trade constantly and to make mistakes trade by trade. You can’t have a clear technical picture what you need for serious trade and all you can do with your smartphone on forex is to lose money, day by day.