Every person has their own tools and devices that are needed in their professions.
Like how a doctor needs medical equipment, and how a carpenter needs tools and machines, or how a photographer needs a camera and lighting equipment.
You get the point.
Just as every profession, even we traders need our own trading gear.
But which is really necessary for you? Cheap or expensive gear?
This guide aims to help differentiate between the two.
Also showing how it affects your trading system.
Let's start with cheaper gear.
But first, let me get this point across.
Cheap equipment isn't bad.
If you are still starting out, all you need are the essentials.
A desktop/laptop, phone, notebook and home internet/mobile wifi.
Starting out, you will be learning how to trade forex mostly at home.
So I would recommend using a desktop instead.
Don't splurge your money on a laptop,
it's overrated and let's be honest,
you're not going to be trading in the beach while having iced coffee as a newbie trader.
Before you reach that level, you have to learn the basics of trading first!
So you don’t have to spend too much on your peripherals.
Still I will be giving you setups for both desktops and laptops,
so you will be able to compare which currently suits your lifestyle.
Cheap Trading Setup:
$400.00 – AMD Ryzen 5 2400G with 8GB of RAM and 1TB HDD
This is one of my recommended desktops since it saves a lot of money. The desktop features a built-in graphics chip which can easily support a multi-monitor setup and this in turn helps you avoid spending on an additional Video Graphics Card. It can also do some light gaming which may attract some young traders to help them pass the time while they wait for their trades to play out. By the way, if you ever plan on buying this then don’t buy the branded version. You can go to your local pc store and have them do a custom build instead. Again, giving you more space for spending on your other trading tools.
$90.00 x 2 – Acer SB220Q 21.5” Full HD 1080p Monitor
I’m sure you’ve seen the typical trading setup of those big shot traders on social media. Usually you can find them having more than 4 to 6 monitors on one setup. Some wonder if it’s actually helpful but let me tell you 2 to 3 monitors is enough.
One extra monitor definitely helps level up your trading game!
I personally use a 2 monitor setup. I have one monitor that handles all my charts and on the other I use for personal things like chat groups, social media for news events, and sometimes I even use it for watching the ThatFxTrader FTVC to help me solve some of my charting issues.
$600.00 – ASUS Vivobook F510UA, 15.6” Full HD Monitor,
i5 8250U, 8GB RAM, 1TB HDD
For travelling or on-the-go purposes, I recommend this ASUS Vivobook. It’s a laptop jam-packed with everything you need. I would definitely buy this if I had the money. This pc can handle mostly everything a desktop setup does except you have to manage with just one screen. You get more advantages though as you can bring this to work, a coffee shop, a restaurant or even a park. As long as you have internet where you bring this thing then you’re set to go! Heck, you can even use this as a means to join the live trainings that go on in the group sessions we have with TFXT.
$300.00 – ASUS Zenfone Max Pro (ZB602KL) 6GB RAM/ 64GB Memory
If you already have a phone then by all means use what you have right now. This ASUS Zenfone Max Pro is only a suggestion. The reason it’s on the list though makes it a good choice for those that are planning to buy a new phone. Memory wise it packs enough storage and RAM for the apps you use on a daily basis. What sets it apart from the rest though is it’s battery life. It features a 5000mAh battery which means that you can use this phone as much as you want for the whole day. Reviews of the battery life say that it took some 2 days before charging the phone back up. That would indicate this to be a great companion on your travels as well as it can save you from buying a portable power bank.
$10.00 – AmazonBasics Classic Notebook - Ruled
Of course, let’s not forget the classic notebook. This AmazonBasics notebook will help you jot down those trade setups you have for the week, or the minor adjustments you have to do on your trading system.
You can even use it for journaling what went wrong on your losing trades.
This notebook can be used in many ways, you’ll be sure to see how handy having this by your side is.
Now it’s time for what you’ve been waiting for. Expensive gear!
Before we go into it though, I just want to tell you newbie traders that this is not necessary when you’ve just entered the forex industry.
Do not spend carelessly! Some of you may have credit cards to burn but remember that as traders we try to identify which are the best investments throughout our careers. In our case, trade setups are our investments.
If you can’t manage your losses on your trading, then that newly bought,
way over the top hardware isn’t going to be helping you either.
Use this as motivation guide as motivation instead.
Once you learn how to make the pips rain from your trading strategy the profits will follow. Then, by all means go ahead and splurge on that well-deserved equipment and be humbled by your hard work.
It definitely makes it even more worth it after all those hours learning how to trade properly.
I’m not going to delay you anymore, so let’s check our list for our expensive trading gear setup.
Expensive Trading Setup:
$1,600.00 – CUK Mantis Custom Gaming PC, AMD Ryzen 7 2700x with 16GB RAM, 500GBSSD, NVIDIA RTX 2070 8GB
This is one hell of a desktop! The pc has a lot of hardware that will make your life a breeze. Multi-tasking will definitely be easier with this computer as it has 16GB of RAM and a processor that would not even break a sweat with all the applications you have open. Not to mention it having a discreet video graphics card which is the NVIDIA RTX 2070 8GB version that handles your multi-monitor setup and support hard-core gaming as well!
Don’t judge me, it helps to play some minesweeper from time to time.
$1000.00 – ASUS ROG Swift PG348Q 34” Curved Ultra-Wide 3440x1440p, IPS Monitor, with Eye Care
You might be wondering why I only recommended one monitor of this model. Since I was talking about those traders that have multiple monitors, you might have been expecting that. Although it is great to have an excess of displays, I do want to point out that 6 monitors is unnecessary.We are now in the new age of technology and the tech that come out just keeps getting better! Just like this 34 inch monitor from ASUS. This will assist you greatly while doing your charts every week.
Well, since this monitor has an aspect ratio of 21:9 it has a shape of a rectangle. Which makes it easier to see past price movement to predict which direction future price will be going.
The monitor also has an Eye-Care function that helps your eyes stay in top shape while looking at those candle charts!
A little gaming can also be done, again to pass the time.
Watching a movie or a series is also great on this monitor as it has a resolution of 3440x1440p.
$170.00 x 2 – Acer G276HL 27” Full HD Monitor with 1920 x 1080p
For additional monitors, I would go for two of these 27” Acer displays.
You can either get one or two, it depends on your preference.
The monitors can be used for your additional applications like social media, listening to music, group chats or trading softwares.
$1,750.00 – LG Gram with 15.6” FHD IPS Touchscreen Monitor, i7-8550U, 16GB RAM, 2X500GB SSD
If you’re wondering why this isn’t a MacBook, it’s mainly because I am more familiar with a Microsoft based pc. I do not have much knowledge on using Apple laptop products that why I chose this LG Gram. This laptop does not fall behind at all with the desktop setup above. It can do all the functions that can be done on what I recommended but it doesn’t have a discreet video graphics card so gaming is a no-go here. It does however comes with a lot of storage boasting two 500GB SSD’s. Again, not having an extra monitor is a downside but you’ll mostly be using this while travelling to other countries anyways or on the beaches of Hawaii while having a sip of that cold beverage that you ordered from a top rated restaurant.
Either way this pc will definitely deliver with all your trading needs no matter where you are.
$1,130.00 – Samsung Galaxy Note 9
If you prefer an IPhone, then go ahead with their top spec model.
For me though, I would rather choose Samsung Galaxy Note 9.
Needless to say this phone gets the job done.
From using weather applications, to setting your alarms for your trades.
This phone can certainly do everything you request it to do.
That S-Pen comes as a plus, since it can help you draw those trend lines on that chart of yours. The battery life also makes it an easy winner for me as it has a 4000 mAh that can get you through all day and all night.
$25.00 – Hatch Notebook – Business Project Planner and Organizer
This may not look any different as the cheaper notebook above but believe me, it is. Inside of this amazing paper creation is a planner, organizer, and journal all at the same time. When you got those profits to burn anyways then why not get a more professional notebook such as this. You will stay motivated and keep those ideas of your running forever!
As you can see your trading setup can affect the way you trade.
Be it a notebook or an extra monitor.
Your gear will help you get that extra trading edge.
I hope this guide helps you figure out which is the best investment you can currently acquire and save up for.
If you will ever plan on buying any of the items I mentioned then you can find it at your local malls, it not then on online shops like Amazon or Ebay.
I hope this helps a lot of you out there!
If it does then please share this to people you think would absolutely need it.
Again, stay tuned for more content!
I will be sharing my own trading setup in the future as well and you will be able see that on my social media accounts.
Follow me on Instagram
or send me a message on Telegram if you ever need anything
Thank you and have a great trading day!