Maybe you’ve watched a live tutorial or got to see forex traders in action firsthand, and the first thing that caught your attention was the sheer number of monitors the trader had to use. You can see a single trader using as many as six monitors as they work, and now you are wondering, ‘why do traders use multiple monitors to make trades?
While it is possible to trade from your phone or laptop, traders favor multiple screens for different reasons, and it is one of the key elements needed to increase your chance of making successful trades.
After reading this guide, make sure you go shopping for the best monitors that traders use today. There’s no point paying overpricing or using poor-quality screens.
Here’s what you need to know about using multiple screens for trading activities.
Table of Contents
- Benefits Of Using Multiple Monitors
- How Many Monitors Do I Need For Trading?
- What To Look Out For When Buying A Monitor?
Benefits Of Using Multiple Monitors
Traders love using multiple monitors because:
1. It Increases Trading Efficiency
Imagine having to monitor different charts, watching the price of assets rise and fall, and attempting to process all that information at once. Sounds like a lot to do at once. You can go back and forth on your phone or laptop but doing this makes it easy to miss signals and can affect how fast you make trading decisions.
With multiple monitors, you can see the movement of different assets at once and easily plot entry and exit points on those charts. It also makes it easier to see which asset is most profitable at a particular time and how to take advantage of that.
In addition, you can spot the buying and selling pressure in a market and use it to determine which direction the market is going to take and make quick trading decisions based on that.
Using different monitors makes it possible to effectively monitor different timeframes in order to identify the current trend direction, find the best entry levels, and determine the major support and resistance levels for any given asset.
2. Improves Technical Analysis
You can take advantage of having multiple monitors by using different technical indicators to monitor the movements of assets in a financial market. For instance, you can use oscillator indicators on different charts and combine them with other technical indicators to show you the best time to buy or sell an asset.
When working with different asset classes and using large amounts to conduct trading activities, you will need multiple monitors to make a proper analysis of the different markets, execute profitable trades, and avoid certain mistakes that can be costly.
3. Great For Multitasking
High-quality monitors can make your trading experience better as you can juggle different things with ease. You can look at different indexes, order flows, market charts, technical charts, and time frames and take note of them since each screen has a different function.
The best part is you can do these things with reduced risk of making costly mistakes, and you can adjust your monitor setup to meet your trading needs.
4. Improves Performance And Profitable Outcomes
There is a lot of pressure when trading in any financial market, especially as a beginner. If you are trading with large amounts, there is always going to be the possibility of making high returns and big losses at the same time, and using multiple screens increases the possibility of good outcomes.
It reduces the confusion that can come from having to check different windows, and since you get to see all the necessary data at a single glance, it helps you to better coordinate your actions. Plus, it minimizes the strain placed on your eyes and body in general, allowing you to trade for longer and remain comfortable while doing so.
How Many Monitors Do I Need For Trading?
When you have decided to take your trading experience to the next level by getting monitors, the next big question is, how many monitors do you actually need?
Some will tell you that you need eight or six monitors, while others will tell you that having four or six is enough for trading. From this, it is easy to tell that your monitor setup solely depends on your needs and what you are looking for.
If you like seeing every application or chart you use for trading and want to reduce clicking, you can have as many as eight or six monitors depending on your budget.
Having three or four monitors at most may be the sweet spot for you because you still get to see a lot of information at once without being uncomfortable or overwhelmed by the data in front of you.
The only downside to this is that having multiple monitors in front of you is that it is possible to waste valuable screen space by showing unnecessary information. Also, for a trader who is trying to understand the market better, using a lot of monitors for trading can be a bit overwhelming because they don’t have the best foundation yet.
Your monitor setup should allow for effective visual analysis of data by supporting market observation and proper management of your trading positions. In essence, go with a monitor setup that helps you to break down real-time market data into digestible pieces because that helps you make the best trading decisions.
Regardless of the number of monitors you are using, it is important to choose the best monitors available, and there are some essential features you need to look out for when buying your monitors.
What To Look Out For When Buying A Monitor?
The trading monitors you use should come with these features:
High Screen Resolution
Screen resolution refers to the number of pixels your monitor can show, and it is the first thing you need to figure out before buying a monitor for trading. Why? Because you are most likely going to be sitting in front of the monitor all day and it will be better if you can see all the little details on your screen clearly without having to strain your eyes.
You want to go for a monitor with a resolution of 1920 × 1080p or higher since you want the best picture quality possible. Before you make the purchase, do a little research on your own to discover the best monitors so that you go into a store knowing what you want.
Blue Light Filter
This is a good feature for your trading monitor to have because the blue light emitted from screens can strain your eyes and affect your sleep quality. Imagine having to use multiple monitors without any blue light filter?
If this happens continuously, it can start impacting your overall health, and using a monitor that reduces the effect of blue light on your eyes can make all the difference.
VESA is a standard for mounting TVs and monitors to monitor or TV mounts. If you plan on using more than one monitor, VESA is going to make the task of setting up your workspace easier.
To see if your monitor is VESA-compatible, check the hole pattern at the back of the monitor the pattern may vary depending on the size of your monitor. For instance, the common VESA hole dimensions for monitors weighing around 30lbs are 75mm × 75mm and 100mm × 100mm.
Ergonomic monitors can be adjusted to your sitting position in order to make you more productive and comfortable as you work. These monitors have features that allow you to tilt, swivel, and adjust the height of the trading monitors.
This way, you can see the work in front of you without hunching over or straining your neck.
Whether you are a part-time trader or someone who does it full-time, investing in good monitors is something you’ll never regret.
The tricky part of it is taking the time to choose the best monitors for your setup because you want to get your money’s worth and have something that increases your efficiency. That’s why you should take your time when buying trading monitors and settle on what setup suits your trading style and experience level.