Hi all! I am sure this question was asked before but I just couldn't find the thread. I am new to day trading and I was wonderring what is the ideal monitor setup for a day trader. More specifically I would like to know how many monitors should be used, and what should each monitor be showing while trading to help maximize efficiency. I plan to be very active in day trading, and I trade nazdaq, nyse and options. Thanks for helping me out and good luck to all of you.
I suppose it all depends what kind of software you are using. But I'll tell you a little about my current set up. I filter trade NYSE and trade the SPDR (SPY) ETF on the side. I've got four 15 inch LCD monitors. From my left to right....The monitor to my left is equally partitioned into four charts. 1) a daily candlestick, 2) 15 min intraday candlestick showing 3 days, 3) 5 min intraday candlestick showing 1.5 days, 4) 2 min intraday candlestick showing 0.5 of a day. All four charts have volume and a 8 period EMA.... The next monitor has a tick chart, a large time and sales window, a smaller time and sales window that filters for block prints. A position watch box to monitor my current positions and set price and stop alerts. Then I have three small charts accross the bottom of the screen. Chart 1 is an e mini 1 min bar covering the last 2 hours or so, it gives me market direction and is a leading indicator. Beside it I have a tick of e mini that is zoomed right in, it gives me a sense of how active the e mini is trading and what size prints are hitting the tape...again I use the e mini as a leading indicator and consider it essential (as do the other professional traders that I know). Beside it I have a the NYSE $TICK charted out and use it it primarily as an overbought /oversold indicator that helps me feel when is ripe for a turn or retracement. Next monitor I have my order entry system (2 seperate windows) one is linked to the charts etc and is set up to trade NYSE, and the other is always set to the SPY and directs trades to ARCA and ISLD. Also on this monitor I have my filter, boxes where symbols that meet my programmed criteria stream in in real time...8 boxes all together...4 bull and 4 bear filters. Another box shows the vital stats for the stock that I have zoned in on (up on my charts..etc) , another window has my P n L and number volume traded stats. Another has my order management/exections. Then I have a small chart of the $TRIN to gauge the health of the market in real time...a small window to monitor bullet fills and a window showing a digital clock. Finally, my fourth monitor is divided into 3 charts, 2 on top of the monitor automatically cycle through charts streaming into my filters. And the 1 on the bottom is a 2 min candlestick of the SPY covering 4 days so I can keep an eye on the overall market picture...levels, patterns, direction etc. Hope that this helps. Let me know if you have any questions. Peace....
Where is you e-mini sqawk box and you chatroom? or are you one of those profitable traders? Michael B.
Make sure you get a good UPS to back yourself up for a possible multi-hour failure... This one would've gotten you right through the New York outage last week... ~The Scientist
Good point about back up............ My quiet 4-stroke Gasoline powered Yamaha Generator runs 1k watts....enough for my desklight, 3 computers, router, cable modem, and fridge in the kitchen. The portablility of this hand held generator is wonderful for traveling too. http://www.yamahagenerators.com Michael B.
Nice stuff, ElectricSavant. Excuse my naiivity, but how can you run a desklight (75W?), 3 computers (1200+W?), 3 monitors (200W?), router & cable modem (25W?), and fridge (600W) off a 1,000W generator? As you can see, we're long over 2kW there. Maybe I'm wrong, but i.e. my workstations run 400W each, just the box. Also, how do you implement it? Do you have a short-term UPS in between to bridge the power-out phase and deal with alternating voltage, and then switch on the generator, which is plugged between your UPS and computer? This is a really interesting subject. I'll apreciate your input. All the Best, ~Scientist