How many times have you missed a great trading opportunity because your attention was focused on other things?
This is exactly the reason why setting up a proper trading room is almost as crucial as having a balanced trading psychology. And if you are an aspiring trader, you need to need to know how important your workspace is when it comes to focus and overall productivity.
Your peace of mind should always follow you, no matter where you are. Frustration can be high if you allow other things to distract you. Trading is a profession, not a game, and as with every other business, it needs a set of tools other than a simple trading system to help keep you relaxed and stress-free. Below is a list of essential tools you need to have within your own trading space that will surely improve your focus.
Setting up your own workspace at home is a valid option as long as you have a separate, isolated, noise-proof room. Your trading space should be optimized for performance, not for anything else. That means you should have no clutter or distractions. You may want to include physical reminders that help to put you in the zone and stay centred, such as my crystallized Tarantula that travels the world with me as I teach and trade.
If you work in an office, you need to put aside any troubles you may have at home. If you do it, your focus will be improved. The same principle applies when you work from home. The workspace should have:
A suitable desk and chair are a no-brainer, but you still want your office and room to feel uncluttered. Get a chair you can sit comfortably on for several hours a day. Remember, your focus is on trading and not on managing an uncomfortable chair or a wobbly desk.
Proper air conditioning should easily balance your home ventilation, so you don’t need to worry about the weather outside. And your windows should be open before you start your trading day too.
Having a noise-proof room will filter out the background sounds that have become a byproduct of our busy lives, and the couch will help you relax whenever nerves take hold.
A high-speed internet connection is an absolute must for traders. Don’t be cheap here. Get a backup link too, in case the first connection drops out. A lousy internet connection and ping will definitely have an impact on your trading performance.
Also, with a slow computer or connection, you will definitely get inaccurate, lagging quotes. It may also take some time to get the order executed, which translates into increased slippage on market orders.
Playing pleasant music or just the music you like can help you relax and remove boredom during quiet trading periods. Being relaxed takes your focus away from a slow-moving market, which can in-turn stem your desire to make impulsive trades for the sake of entertainment.
You need to get a good chunk of simple, effective and free information before your trading day begins. A simple look at the economic calendar or a heat map can help shape your trading decisions. And reading a technical analysis article will definitely help you choose the pair you want to trade on that particular day. My recommendations are:
When you finish setting up your trading space and hardware, you’ll need to choose a broker and platform (if you haven’t already done so). My personal choice is listed on our company’s website.
We hope that the post helps you to choose your trading room and improve your focus on trading.
it’s mutually beneficial.
Cheers and safe trading,