As traders, we tend to overcomplicate things. The more indicators the better. The more monitors the better. But does more really mean the best? Or shall we all as traders strive for a more minimal setup.
What does your setup look like as a minimalist who trades?
I’ve been asked this question countless times, and although my setup may be extreme for some of you reading this, it might help inspire you to simplify your workspace.
As traders we tend to overcompliacte things. Add another indicator here, another monitor there. Unfortunately, in trading more doesn’t always necessarily mean best.Tweet
Much like other aspects of life, minimalism has let me get rid of the unnecessary and keep it essential. And trading is no different.
As an automated trader, all I need is a computer (preferably a laptop. After all as traders we should strive for freedom), trading software, VPS, journal/and or notepad and an internet connection. A cup of coffee or glass of water is optional.
My Minimal Trading Setup
- Laptop. I’m using a Dell XPS 15 Laptop. I contemplated getting an Apple Macbook Pro, but the Windows Operating System seemed to come out trumps over Mac OS. For trading, I needed a laptop which was fast and my god I am glad I chose the XPS. It’s an absolute BEAST, and I love it!
- Trading Software. I code (C#) and trade all of my strategies using cTrader.
- VPS. I feel that having a VPS is a must for automated traders. I have tried many VPS companies, however ForexVPS.net is the one I use. Others I have tried include TradingFX VPS and FXVM
- Journal. I have tried many journals out there, but I have found the Your Best Self’s SELF Journal to be the best. Go check them out and let me know what you think.
Eliminate the unnecessary
I used to think I needed so much more in order to “succeed” as a trader. I used to think that I needed double the amount of monitors, bookshelves brimming with books showcasing all the books I’ve read gathering dust, and a desk calendar, and many, many other things.
The truth is, half of the stuff that you think is necessarily probably is not.
So the question you need to ask yourself is are these really essential?
A clear and minimal setup provides me with more focus, peace of mind and productivity; which can only be a good thing for your trading.Tweet
For me, a clear and minimal setup provides me with more focus, peace of mind and productivity; which can only be a good thing for your trading.
Try the minimal experiment
As an experiment, why not minimalise your trading setup. Give this a shot: get rid of your indicators, that extra monitor, and slowly reintroduce your indicators and items back into your trading plan and workspace as needed over the next few days.
Then get rid of everything you don’t reintroduce after a week.
What will you minimise? What’s your trading setup like? Let me know in the comments below.