Trading for home start-up

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zuidie

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Hi

I am looking to start trading from home in the UK. I will be swing trading the FX market using technical analysis. I would appreciate advice on the following

1) Mulitple screen set-up as well as best supplier ie could this be done myself or do I need to buy a custom-made set-up
2) Best charting package with the most reliable data feed, initially used to trade FX
3) Not sure if charting package gives me order execution capabilities, if not, the best broker to use for trading FX. I hear Oanda has a 1.5 pip spread on EUR/USD, whilst some companies wash you out of the market by spiking their prices even though the market does not move.
4) How much it will cost to get set-up

Apologies for all the questions, but I want to get this right from the out-set

Thank you for your help

Zuidie
 
zuidie said:
Hi

I am looking to start trading from home in the UK. I will be swing trading the FX market using technical analysis. I would appreciate advice on the following

1) Mulitple screen set-up as well as best supplier ie could this be done myself or do I need to buy a custom-made set-up
2) Best charting package with the most reliable data feed, initially used to trade FX
3) Not sure if charting package gives me order execution capabilities, if not, the best broker to use for trading FX. I hear Oanda has a 1.5 pip spread on EUR/USD, whilst some companies wash you out of the market by spiking their prices even though the market does not move.
4) How much it will cost to get set-up

Apologies for all the questions, but I want to get this right from the out-set

Thank you for your help

Zuidie
Click to expand...
Try out CMS-Forex good trading platform and free charting, if you have more funds to trade
Trade-Station but for forex futures.
 
1) Mulitple screen set-up as well as best supplier ie could this be done myself or do I need to buy a custom-made set-up
Click to expand...
I wouldn't waste my money looking for any specialist outlet for this, multiple screens aside, decide on what sort of spec PC you want to shell out for, if you have knowledge of computer hardware you can add the multi-monitor cards yourself, if your computer thick like me, then find a good local computer shop and go deal with them, and get them to do the whole thing for you.
 
zuidie said:
I want to get this right from the out-set

Thank you for your help

Zuidie
Click to expand...

Hi Zuidie

Welcome to the uncertain world of trading!

Your post suggests another lamb for the slaughter...
How to stay out on those green hillsides and survive the winter?

Self sufficiency is the name of the game and advice is cheap.
Mr. Black kindly offered CMC as a suggestion
A quick bit of research would suggest that for some this was an unwise choice
http://www.trade2win.com/knowledge/brokers/cmc-markets//reviewOnly
More opinions here
http://www.trade2win.com/boards/showthread.php?t=19593

Would you go up to a complete stranger in the street and ask them where to invest your hard earned lolly?

Lurk around these boards and try all the platforms (most have free demo accounts). If anything sounds too easy or too good to be true then it probably is. The cynical empiricalist rules here I'm afraid.
Asking how much is it going to cost is a fair question. Statistically most of your account if not a lot more.
http://www.elitetrader.com/vb/showthread.php?threadid=70105

Still wanna go ahead? If so, then be prepared for a long and bumpy ride.

In that direction," the Cat said, " lives a Hatter and in that direction lives a March Hare. . . . They're both mad."
"But I don't want to go among mad people," Alice remarked.
"Oh, you can't help that," said the Cat: "we're all mad here. I'm mad. You're mad."
"How do you know I'm mad?" said Alice.
"You must be," said the Cat, "or you wouldn't have come here."
Alice didn't think that proved it at all.
 
Last edited:
zuidie said:
Hi

I am looking to start trading from home in the UK. I will be swing trading the FX market using technical analysis. I would appreciate advice on the following

1) Mulitple screen set-up as well as best supplier ie could this be done myself or do I need to buy a custom-made set-up
2) Best charting package with the most reliable data feed, initially used to trade FX
3) Not sure if charting package gives me order execution capabilities, if not, the best broker to use for trading FX. I hear Oanda has a 1.5 pip spread on EUR/USD, whilst some companies wash you out of the market by spiking their prices even though the market does not move.
4) How much it will cost to get set-up

Apologies for all the questions, but I want to get this right from the out-set

Thank you for your help

Zuidie
Click to expand...

For starters there is a multi whatsit on offer see post 1731 on Dow 2006 thread.
( Can't see whats wrong with the jolly old dartboard but there you go LOL )
 
rols said:
Hi Zuidie

Welcome to the uncertain world of trading!

Your post suggests another lamb for the slaughter...
How to stay out on those green hillsides and survive the winter?

Self sufficiency is the name of the game and advice is cheap.
Mr. Black kindly offered CMC as a suggestion
A quick bit of research would suggest that for some this was an unwise choice
http://www.trade2win.com/knowledge/brokers/cmc-markets//reviewOnly
More opinions here
http://www.trade2win.com/boards/showthread.php?t=19593

Would you go up to a complete stranger in the street and ask them where to invest your hard earned lolly?

Lurk around these boards and try all the platforms (most have free demo accounts). If anything sounds too easy or too good to be true then it probably is. The cynical empiricalist rules here I'm afraid.
Asking how much is it going to cost is a fair question. Statistically most of your account if not a lot more.
http://www.elitetrader.com/vb/showthread.php?threadid=70105

Still wanna go ahead? If so, then be prepared for a long and bumpy ride.

In that direction," the Cat said, " lives a Hatter and in that direction lives a March Hare. . . . They're both mad."
"But I don't want to go among mad people," Alice remarked.
"Oh, you can't help that," said the Cat: "we're all mad here. I'm mad. You're mad."
"How do you know I'm mad?" said Alice.
"You must be," said the Cat, "or you wouldn't have come here."
Alice didn't think that proved it at all.
Click to expand...
I sugges CMS-forex(Visual Trader) not CMC :LOL: :LOL: :LOL:
 
Last edited:
Mr.Black said:
I sugges CMS-forex(Visual Trader) not CMC :LOL: :LOL: :LOL:
Click to expand...

Exactly! You see I've already given misleading advice....

I tried this platform some time ago and found it very unstable but full of bells and whistles for the technically orientated.

Zuidie - are you by any chance related to the Zuidie on the other thread?
 
zuidie said:
Hi

I am looking to start trading from home in the UK. I will be swing trading the FX market using technical analysis. I would appreciate advice on the following

1) Mulitple screen set-up as well as best supplier ie could this be done myself or do I need to buy a custom-made set-up
2) Best charting package with the most reliable data feed, initially used to trade FX
3) Not sure if charting package gives me order execution capabilities, if not, the best broker to use for trading FX. I hear Oanda has a 1.5 pip spread on EUR/USD, whilst some companies wash you out of the market by spiking their prices even though the market does not move.
4) How much it will cost to get set-up

Apologies for all the questions, but I want to get this right from the out-set

Thank you for your help

Zuidie
Click to expand...
All you need is a single screen, someone like metatrader for charts (www.metaquotes.net) and I'd go with Interactive brokers (www.interactivebrokers.com), or OANDA (IMO)....

Its not what you've got, its what you do with it :cheesy: ... If you can't swing trade FX profitably with this, why do you think going the whole hog will help?
 
Hi All

Thank you for the replies thus far

Rols the other zuidie thread is me as well. Thank you for all your comments. All the choices are so overwhelming, it is nice to narrow it down through your comments. I will certainly have a go at this.
I am hoping to take 10pips a day out of the market on $10/pip.

Any more suggestions is more than welcome
 
Zuidie - what are you basing your return on? A financial target is antithetical to success in so many ways. I don't know your strategy, but based on whatever criteria you select you should be able to target the number of pips captured, as that is only way you can judge success. The amount of money you make out of every pip is a secondary consideration, and is not linked at all to the success. I would say if you are looking at making 10 pips a day, that points to a lack of confidence and, if you are trading a full $100k lot to make $100 dollars, points to a massively imbalanced risk/reward ratio. As this reward/risk ratio is so very high, you will at some stage lose a lot of money.

Keep it conservative.
 
just make sure you keep your Windows updated all the time, im sure you dont want any virus or spyware lurking your trading desk.

to check for updates, click Start --> All Programs --> Windows Updates.

hope this helps :)
 
zuidie said:
Hi

I am looking to start trading from home in the UK. I will be swing trading the FX market using technical analysis. I would appreciate advice on the following

1) Mulitple screen set-up as well as best supplier ie could this be done myself or do I need to buy a custom-made set-up
2) Best charting package with the most reliable data feed, initially used to trade FX
3) Not sure if charting package gives me order execution capabilities, if not, the best broker to use for trading FX. I hear Oanda has a 1.5 pip spread on EUR/USD, whilst some companies wash you out of the market by spiking their prices even though the market does not move.
4) How much it will cost to get set-up

Apologies for all the questions, but I want to get this right from the out-set

Thank you for your help

Zuidie
Click to expand...

All you need is a computer that can take more than one graphics card. Even with just one slot you can get nvidia nvs440 which supports 4 monitors.

Reuters forex feed is reliable. Just need to keep in mind that forex feed that are composite which is common are not very good on lower time frames. Better using direct feed from your broker.

Portals are better than market makers. Reuters, Currenex and Interactive Brokers. 0.5/1.0 pips during liquid periods.

You dont really need a charting package that has trading built in.

Cost as much or little you want.

If you are interested you can see my setup by sending me private message and i send you the link.

Regards

Baldur
 
I use a simple Windows XP laptop. There is this "tabbed browsing". You can have several tabs open at once. While you cannot view multiple screens simutaneously...it is extremely quick to click through mulitple screens. I have thought about the multiple screen thing...do not think that it is any big advantage. Could someone convince me otherwise?
 
I agree - start off with a single screen. Like chrisw said, beginners fall into the trap of thinking that spending a lot of money is going to help them make a profit. A cheap PC with free Metatrader is all you need to make good money. If, and it's a big if, you start making serious money then think about splashing the cash to get a better setup.

If a newbie can't discipline himself to do this, then he's probably living in dreamland and that's where the profits will remain.
 
If you know what you're doing you can get a three-monitor setup with a very decent-specced PC for about £600. If you're looking at swing trading it's probably not as important, but the advantages are still huge.

Look out for offices closing down in your area, and try and buy monitors/equipment from them. Failing that look for job lots of them, usually in classified ads.
 
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