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Why do traders use multiple screens?

The first question you ask yourself when planning your Trading-Monitor setups likely to ask is whether multiple monitors are necessary. The answer to this varies, but traders tend to use multiple monitors for a number of reasons.

Trading can be a stressful job and it is a trader’s job to convert charts, indicators and tickers into information that supports our trading objectives. This task is easier to accomplish with the right tools, and the monitors you use can create an efficient work environment where you can focus on important details and break down unpredictable trend patterns.

Here’s what you need to know about using multiple screens.

This is what awaits you in this article

5 Key Benefits of Using Multiple Screens

Traders use multiple screens because:

1. Stay up to date on current events

Macroeconomic factors can significantly affect the prices of securities. As a result, traders like to read the news to keep up to date with current events. Knowing things as they happen can give you a significant competitive advantage and help you become a more profitable trader.

Having multiple monitors allows you to keep up with relevant news while conducting trading activities. If you determine that a particular event could affect an asset positively or negatively, using different monitors allows you to react immediately and see how this information is affecting the market in real time.

It is also necessary to keep up to date with financial news from trusted sites like Bloomberg and Reuters.

2. To keep track of different markets

Some traders trade on multiple exchanges around the world. For such a trader, having multiple screens showing the trends of securities on different exchanges is critical to success.

Finding the best entry point is critical to trading success, and passively tracking stocks across multiple screens can be beneficial. Using the best trading monitors on the market enhances your trading experience and makes it easier to spot movement on a screen and determine if a profitable trade is possible.

3. Trading in multiple timeframes

Tracking multiple timeframes is crucial for day traders. You must have multiple viewpoints at all times to decide which investment in the crypto market is better. There may be a primary time frame for tracking running positions, which could be a two hour time frame showing stock movement over the past two hours.

A longer timeframe can also help you track key support and resistance points and perform other analysis. If you have multiple screens or are sharing a screen, it’s much easier to keep track of multiple time frames.

Multiple monitors allow you to look at shorter timeframes to identify suitable entry points for short-term trades.

4. To track order flow

Traders use order flow to identify buying and selling pressure in the market, which can help in price forecasting. Order flow is often used in conjunction with technical analysis to determine better entry and exit levels and the type of orders to place in the market (this could be a market order, stop order or limit order).

Day traders and scalpers use an ancient stock trading technique called reading order flow. The order flow shows the depth of market, which is the depth of supply (ask/offer) and demand (bid) in the market. In other words, the order flow shows the market’s buy and sell limit orders.

By reading order flow, a trader can identify price levels with large buy or sell orders. When a trader wants to place a market order, they can check if there is enough liquidity at the current price level to fill the order without moving the price significantly.

However, it should be noted that the order flow can only show limit orders and not stop orders. As a result, order flow is used in conjunction with other technical analysis methods to help traders make trading decisions.

5. Sentiment Analysis

You can use sentiment indices to track current market sentiment about the assets you are interested in when trading with easy access to detailed information.

Sentiment analysis can help determine the percentage of traders who have taken specific market positions. Competent traders then use this information to predict the direction of the market.

For example, sentiment analysis can help predict a price reversal. It is more useful for securities traded on standard exchanges such as stocks, futures and options where complete data is available.

Creating the ideal trading monitor setup

To create the ideal monitor setup, you will need the following:

1. A comfortable and ergonomic facility

A height-adjustable desk is essential for a healthy working environment in retail. You can adjust the height to suit your needs or even stand still when sitting becomes tiring.

This makes it easier to stay sane while trading for hours.

A comfortable chair is next to the ideal day trading-Desk essential. To capitalize on the best time to invest, you need to stay focused from the beginning to the end of the business day.

Providing adequate neck support, relieving back pain and being extremely comfortable, an ergonomic chair is therefore ideal for setting up the day trading computer.

2. The necessary trading software

To keep an eye on the markets, analyze data and place trades, you need the necessary trading software and tools. This may include risk management software, a trading platform and graphing software.

Why do traders use multiple screens?, Crypto Trading News

3. Monitors

You can choose a day trading computer monitor once you have gathered all the necessary components for your trading monitor setup. How many screens is too many?

There is no silver bullet; it is simply a situation of experimentation and observation. See what you need on the display and update as needed. However, you must consider the resolution and size.

Invest in high-resolution screens to ensure content is zoomed and displayed properly. A minimum resolution of 1080P (1920×1080) would be ideal. The size of your setup is determined by how you want it to look. You can choose between three 27-inch screens and two 32-inch screens.

Aside from that, you can give the setup a more modern look by installing additional brackets to hold your multiple monitors in place.

Monitor weapons and mounts:

Invest in desk mounts, wall mounts, monitor stands or monitor arms to save space for multi-day commercial monitors. It’s a great option for configuring multiple trading monitors. You can mount two to three monitors on your desk or on the wall.

You have a clear workspace to do business this way. That being said, a perfect day trading computer setup requires an adjustable monitor arm that can be adjusted to fit your neck.

How many monitors do traders need?

How many monitors are required for home traders to monitor the markets effectively? As monitor prices have dropped significantly and graphics cards now routinely support multiple monitor configurations, the answer has evolved over time.

Given the low cost, it makes sense to install as many monitors as you can comfortably fit in the space allotted for the function, without exceeding your budget or your ability to quickly analyze the information displayed on them.

In addition, trading style affects the use of multiple monitors. For example, a swing or position trader may need multiple monitors to have enough time to analyze the market and access different data feeds. If you use different crypto platforms to take your trades to the next level, you may also need multiple monitors.

Traders use multiple monitors for a variety of reasons, but in some cases, less is more. If you’re just starting out on a small budget, invest in a good laptop and your skills. A good laptop will allow you to run multiple tabs at the same time and work with little performance lag. You can do whatever you need with a laptop and create a setup later when the profits roll in.

Conclusion

Traders use multiple monitors for a variety of reasons, but in some cases, less is more. If you’re just starting out on a small budget, invest in a good laptop and your skills. A good laptop will allow you to run multiple tabs at the same time and work with little performance lag. You can do whatever you need with a laptop and create a setup later when the profits roll in.

Source: Crypto News Deutsch

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