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I am convinced that computer manufacturers and some Forex training course managers are in cahoots! They bang on about needing 2, 3, or 4 screens and outrageously expensive computers and associated software etc.
Well, I disagree! I trade off a 22" screen and that is my only luxury. A 12" screen is perfectly acceptable but 22" is perfect. I want to be able to see all my charts simultaneously so I do not want more that one screen. I use three small charts - believe me that's enough for the human eye to take in at one time - why do some Forex systems require so many more?
A 120 gig hard drive and 3 gig of RAM is all I started with on my desktop, which is sufficient for the job. 32 bit Windows XP is fine. An upgrade to 64 bit Windows 7 can utilise more memory but it's not essential. The hard drive can be much, much smaller at say 20 gig but the RAM must not be less that 1.5gig - depending what your system can utilise buy the most effective RAM you can afford. I use crucial.com to buy my RAM and haven't found any issues with them. Of course it's great to have a modern, expensive computer but you simply don't need one to trade Forex successfully.
The platform I use runs off JAVA so my computer is not working very hard to get accurate information.
I do spend a little money on a good internet connection. In the UK many suppliers offer cheap deals for internet connection if we're subscribing to their services such as TV, phone etc. This may be acceptable for ordinary surfing but contention rates can be 20:1 (i.e. 20 people using the same connection as us at the same time) and when I trade I want the best line I can afford. I was getting 1 mbps on my old connection - yes that's all! And I was trading OK but it was pretty slow. In a city I would be getting at least 10 mbps!
When I contacted my internet supplier they told me that by converting to a business account my contention level would reduce to a max of 5:1 and the speed would increase five fold. The total cost for this? An extra £100 a year - $160 at the time of writing. A simple call to your provider is well worth the time.
The only other products I use are an anti-virus programme, such as Norton, to give some form of protection to the computer and RegCure which I find keeps it running quickly. I also have a quality UPS (uninterrupted power supply) which I purchased from APC, just in case of a power cut - in my part of the world they are rare but they do happen and potentially could cost me a small fortune.
Don't waste your money - if you want a flash system let Forex pay for it - don't waste valuable capital up front unnecessarily. Now, let me briefly say that I day trade Forex. I trade for a maximum of 2 hours per day and I only trade once per day. I'm not looking for 100's of pips a week - just a few. This provides me with a great living and means that I have lots of "me" time to spend with my Family and pursue other ventures.
For more information about Forex training please visit FOREX Training Course - A site aimed at helping you understand Forex trading.
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