When I first started trading FOREX I envisioned myself surrounded by computer monitors painted with charts and that this would somehow give me the knowledge to trade successfully.
Now I realize that in order to be successful, it is just better to keep things simple.
HARDWARE
I use a Dell XPS desktop gaming computer for my charting and trade execution. The video card in this computer can handle up to 4 monitors at once, but I only use 2, a 24 inch HP monitor and a 22 inch Dell monitor (the one that came with the computer.)
I do have an HP notebook computer which can act as a backup for me if anything failed with my desktop machine, and I use this notebook computer for non-trading work that I may want to do during the trading day.
SOFTWARE
For my trading decisions and trade management, I use Ninjatrader (http://www.ninjatrader.com). Ninjatrader allows me to quickly and easily enter and adjust my entry, profit and stop loss targets for getting into and out of trades, much better than any of the trading platforms that come for free with your broker.
Ninjatrader is FREE when you are using a demo account with select brokers, and costs $999 when you are ready to go live with your trades. The advantage of NinjaTrader is that once you have paid for the software you will get the data free from your broker if they support Ninjatrader.
Not every broker works with Ninjatrader, so check the Ninjatrader web site to find out if your broker is listed as a partner. If you do not see your broker listed, call them to find out
if they work with Ninjatrader. If they don’t, switch brokers! I trade with PFG Best. When you open an account with PFG you will get access to both FOREX and FUTURES realtime data, with no monthly fee.
NinjaTrader is very customizable and there are many free as well as premium indicators you can install. If you are interested in some of the custom indicators I use, please let me know.
THE BRAIN
The most important trading tool that I use is my brain. Sometimes I will get a trading signal and I will have to make a subjective decision to either take the trade or pass on the trade. As a trader, I want to trade, and it is very difficult to sit on my hands and stay on the sidelines. However, sometimes my brain will see a pattern on the charts that does not fit with the trade signal direction, and I will wait to get a better signal. Sometimes I miss out on a trade or two, but most of the time my brain saves me from more than a few bad trades.
