Trading has become one of the popular career options for people nowadays. Be a school going student or a retired personal, everyone wants to mint money from trading. To pursue this goal, many even spend a hefty amount of money on buying expensive trading screen setup but often get confused in candlestick pattern.Often you might see people having very expensive setups, but still trading in pennies which are not even the best penny stocks. But is that even necessary at all? In this blog post, today we’ll discuss about which trading screen setup would be useful for you from a technological viewpoint ad not stock market viewpoint!
Why is a trading screen setup important?
A trading screen setup is very important gadget for a trader, after mastering technical analysis. For a trader, the clearer are their charts, the better the analysis they could derive. A lag in chart data every time could even make you losses instead of a profit, especially when it comes to scalping. Also, trading becomes frustrating if your order fails to get executed the moment you place it. It’s your cockpit for making informed decisions, and it is important that you start on the right foot.
Thus, to propel yourself in trading, you would need the right vehicle, which here is your trading screen setup. Now it all boils down to one thing- should you build your trading screen setup from scratch, or should you buy expensive PC/laptops? Would a normal PC/laptop not be enough? What would be the right hardware for a trading screen setup?
Before answering it first we would like to explain you the essential and recommended components of a trading screen setup!
Choosing the Right Hardware:
- So, the first thing is a trading screen setup needs is a processer. Any i3 X generation or AMD Ryzen 3 XXXX series processor would do the job for you. If you’re assembling it manually, the cost of it would fall anywhere between Rs 10-12k.
- Motherboard of a PC/laptop comes preinstalled and works aptly with the processor you choose. But if you’re assembling your trading screen setup it would cost you around Rs 7-10k.
- The next component which is essential for the setup is RAM. Any DDR4 RAM with a capacity 8 GB or above would do the job and provide you with the speed you require for trading. It would cost you anywhere between Rs 3-5k if you’re assembling it.
- Another essential component for speed of a trading screen setup is astore drive. There are two types of storage drives available in the market- hard disk and solid-state drive. While a 500 GB hard drive would do the job for you, but we would recommend you go with SSD. Since SSD provides you with a faster operating speed while you’re opening any chart or trading software, it certainly overpowers a conventional hard disk. If you have a budget you can go with a 120 GB SSD and 500GB hard disk for storing all your things like movies, software, everything. An SSD makes a trader and their trading screen setup much more efficient at the bargain of a little high cost. The 120 GB SSD would cost anywhere around Rs 1-3k while 500 GB hard disk would cost you Rs 1-1.5K.
- PC/laptops come preassembled in casing, but if you’re building a PC from scratch, it would cost you Rs 2k.
- Laptops have an inbuilt battery, so an additional power supply is not needed for them. But in case of PC or assembled PC, a power supply of 500 watts would be recommended. It would cost you around Rs 3k.
- Keyboard and Mouse: While a laptop comes with a touchpad and a keyboard, if you purchase it additionally, it will cost around Rs 1-2k combined. These additional ones also need to be changed after every 2-3 yrs.
- At last, we would talk about graphic cards. While an integrated graphics card is measly sufficient to run and open charts on a laptop screen, you would need a higher graphics card if you’re looking to make your trading screen setup a multi-screen setup. To put up to four monitors, a graphics card of 4GB capacity is capable. Laptops come with inbuilt graphics card and can’t be replaced, so a caution needs to be taken. While assembling a PC, such a card would cost you around Rs 10-30K, depending upon the capacity and brand you choose.
Monitors and Screen Setup: An expert and experienced trader from a stock market training institute would consider multiple monitors for enhanced visibility. With the help of multiple monitors, a trader could arrange them logically by tiling or rotating them, with the primary screen for trading, and order placement and others for research and analysis. For a beginner all these tasks could be done on a single screen and thus a monitor is sufficient for the same. But, if you’re a professional trader, you can use 4/8 screens and arrange them using monitor stands. A 4-monitor stand would cost around Rs 5k, whereas a decent monitor would range anywhere between Rs 5-6k.
Internet Connection: One the most overlooked aspects of a trading screen setup are a stable and fast internet connection. It is crucial for real-time data updates. Ethernet connections are preferable to Wi-Fi for reliability, where it is accessible.
When should you assemble you own PC?
So, the cost of assembling a trading screen setup with around 4 monitors would clock just over Rs 1 Lakh. Therefore, if you’re planning to build such a professional trading screen setup for yourself, make sure you tick off these two points.
- Skill and Knowledge: Remember that your skill and knowledge is primary in stock markets. A trading screen setup is just a tool to leverage that skill and get better results. But if you lack these skills, sufficient experience, and knowledge, so building such an expensive and extensive trading screen setup will be of absolutely no use. You’ll be spending money for absolutely nothing. Instead, start your learning from stock market free webinar or invest your money into learning from top 5 Online Stock Market Courses in India. That would prove to be a better and more rewarding bet than shelling your money in building trading screen setup. If you’ve no money, you can even go for stock market courses online free with certificate.
- Build with your profits: Even if you have the required amount to build such a setup, you must assemble it from your own profits. It should not be like that I want to become a trader so I’ve to build this PC only. You surely would be having a smartphone, even if you do not have a PC or laptop or a tablet. You can start with that device as it is also good enough in the start. The best stock market courses in Delhi would tell you that any tool/subscription/gadget that you purchase should be giving you a positive return on investment apart from power of compounding.
The goal of any trading screen setup is to mint you more money after you have polished your skills, with your knowledge and experience. If one has little to low knowledge, even if they will leverage this trading screen setup, the difference won’t be much in their profit and loss.
What if I’m a beginner? What trading screen setup should I use?
If you’re just starting off, whatever you have- a simple mobile, or PC, or laptop is more than enough. You don’t need anything more than that, especially gadgets with those fancy components. Even Warren Buffet doesn’t own a PC till date. His room, the main office he sits in, that even doesn’t have a PC. Now let’s see what is best for you!
The first thing is getting that required knowledge, skill, and psychology. You could achieve all of that by enrolling into best stock market programmes from best stock market courses in Delhi.
If you’re a complete beginner and know nothing about stock markets, the smartphone, or a small PC, is more than enough to start off with. You don’t need to purchase a trading screen setup.
If you are making decent profits and you are starting off and it’s been some time that you are trading or investing, we will recommend sticking to your current PC or a laptop manufactured after 2015. It can drive two screens. All you would have to do is just buy one more monitor costing you around Rs 5-6K. You could easily extend your display with an HDMI cable. Two monitors are more than sufficient to develop it into a trading screen setup. If you don’t have a laptop, you can buy a laptop with the above recommended configuration and a monitor which would cost you around Rs 50-60K. Again, this trading screen setup is to be purchased by the profits only, if you’re thinking to make trading as a career.
By following this comprehensive guide, beginners and experienced personnel can set up their trading screens with confidence. It is to be ensured that you have the knowledge tools necessary to navigate the exciting world of financial markets or you can search for stock market institute near me to get access to those tools.