Linux, raspberry pi, gadgets; the whole nine yards.
I confess. I’m a technology geek.
While forex trading is my passion, I’ll be sure to surround myself with all the tech to be as productive as can be. It probably shouldn’t come as a surprise that over the years, many equipment setups have been put to the test: different gear, tools, software and hardware.
The best equipment allows you to focus on what’s important to you: trading. It doesn’t get in the way, and instead helps you to achieve the best work you can. This essential gear makes the life of a forex trader easier.
The best equipment to be most productive as a forex trader.
Years of trading have allowed me to perfect what I believe is the ultimate forex trading gear and equipment list, and I’d like to share it with you. It will make you more productive. Or at least will make your life easier!
Best Forex Trading Software
These are the software packages and tools I use at the moment:
This is a no-brainer. It’s the most widely used forex trading software for a reason. It’s supported by nearly all forex brokers, easy to use and I love the expert advisor and strategy tester functionality. Find out more.
What I love about this is that you can take multiple MT4 EA test reports and combine them in StrategyQuant. You can then test for robustness (curve fitting, Monte Carlo), detect patterns and more. This makes developing expert advisors much easier. Find out more.
This is my go-to software package if I want to really dig into backtesting and forward testing a specific strategy. It’s by far the best tool if you’re serious about testing and an absolute must to test if your strategy is actually profitable or not.
When you need to step up your trading, NinjaTrader is for you. It has advanced order management (multiple TP/SL levels, etc) and compared to MT4, the charting has many more options as well. I also love NinjaScript, the C# based automated trading strategy language that is part of NinjaTrader. Find out more.
This is basically MetaTrader 4, but for your smartphone. It has a limited set of functionality, but it’s sufficient to track the trades you have going. On a tablet, it actually looks quite good! There are apps for Apple iOS and Google Android.
Essential Forex Trading Gear
First of all, this is an overview of the hardware I consider essential for forex trading. It’s what I’ve been using the past years to do all my trading:
This is simply the best laptop I’ve ever owned. It’s powerful, incredibly sturdy, has a great battery life and the high-res display is amazing. I use this for all my trading, it’s my number one essential. Find out more.
A good backup solution is indispensable. This WD disk is ultra light and has plenty of disk space to make backups of your entire disk. This disk has saved my life more than once. Find out more.
When I’m at home, I hook up my Macbook to this display. It allows me to work on something while at the same time keeping an eye on the charts. It’s stylish and is excellent quality. Find out more.
When you need to sit at a desk for multiple hours a day, it’s incredibly important that you have a decent office chair to sit on. After weeks (and I really mean weeks) of trying out various office chairs, I went with this one and couldn’t be happier. It’s the perfect balance between an ergonomic, comfortable chair and something that actually looks good. Find out more.
Ok, this might be a little self-promotion, but regardless… how cool is drinking your favourite hot beverage out of a mug that shows every forex trader’s mantra: buy low and sell high. This stylish mug, designed by myself, will always remind you to follow your trading plan and rake in those pips. Find out more.
Forex Trading on the Road
Over the years, I’ve been travelling a lot. I’ve spent a year in Australia, visited Asia, Europe and other places. I absolutely love travelling! And I love that I could just keep on trading when I was on the road, basically using the gear described below.
On the road, I can’t live without this. I have all my trading books on it, MetaTrader 4 is also there, it’s the ultimate mobile trading solution. It’s light, easy to take with you and the battery life will last you a long time. Find out more.
You never realise how important a charger is… until you run out of juice and you need to modify your trading order. This is a life-saver and I’m so glad to have it with me when I need it. It’s compact and powerful enough to charge both phones and tablets. Find out more.
Trading gear is expensive stuff. To minimise the risk of damage (and we know something about damage control!), I always pack my laptop in a protective sleeve. This sleeve has literally saved my laptop when it slid out the door of my car, onto the concrete road. Case Logic has been building accessories like this for years, they know how to deliver quality gear. Find out more.
This backpack is probably the most sturdy piece of equipment I’ve ever owned. After years of (mis-)use, this backpack still looks like new. It’s very comfortable to wear, has a special laptop compartment and has plenty of separate compartments for accessories. This is my go-to backpack for short trips, as I usually find I can make everything fit in this backpack alone. Find out more.
I know. This is hardly essential. Still, I don’t leave home without these. They have the best noise cancellation ever and that alone makes them a must-have on flights. Next to that, every time I want to watch financial news on the road, these allow me to focus without disturbing others. I honestly didn’t think I could love headphones as much as I love these. Find out more.
Obviously, these tools and equipment won’t make you profitable or even a better trader. What they can do however, is make sure that you have the best possible environment be a forex trader. Using the above forex trading gear, a good trader will be the most productive as can be. Sounds good, right?!
Do you have your own essential forex trading gear? Did I miss anything? Please share it with us in the comments!
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