6 Best Trading Monitors for Forex Traders in 2024

Why do traders have 4 screens? How many monitors should I have?

The ability to focus in a busy, chaotic environment is a prerequisite for traders who favor the trend, range, breakout, reversal, gap, momentum, pairs, and arbitrage trading strategies. Then, they require research and analytical skills to keep track of important economic factors and frequently occurring chart patterns that affect financial markets.

Because they believe they must simultaneously view market movements from various angles to succeed, many traders use four screens when they are trading. With at least three monitors, professional traders can view 12 charts at once. If there are sixteen charts, four trading monitors are your best bet.

However, a large monitor in the center, with two medium-sized screens on either side, should suffice. You can save time and learn more about how prices change over time and the most recent market information by using additional monitors.

If you have additional monitors, you can view crucial indicators like the MACD, RSI, and OBV all at once. You can access breaking financial news, find out more about pricing trends, track price changes in more detail, and so on.

How much does a trading monitor cost?

A trading monitor can cost anywhere from just over $100 to well over $2000, with the majority falling between $200 and $500. Yes, you can buy 1-2 monitors with exceptional features in that price range.

If you are new to trading, you may want to begin with low-priced monitors. As your trading career progresses, you can upgrade these monitors by investing in top-notch monitors. The best trading monitor, which has a great configuration and costs between $500 and $800, is something you might want to consider.

Laptop vs Trading monitor - what should I choose for day trading?

There are two basic options for day trading devices: a laptop or a trading monitor. Each offers pros and downsides, so it's critical to carefully weigh your options before making a selection.

Laptop

One particularly useful aspect of laptops for Forex traders is portability. Being able to travel with your trading setup is quite useful, especially for day traders who want constant connection to the currency market.

Another big advantage of utilizing a laptop is that it saves space. Laptops are small devices that combine a screen and processing capability in a single device. This feature is great for traders who have limited room in their home offices or like a clean, uncluttered working environment.

Another good incentive to go with a laptop is its affordability. In comparison to monitors, laptops are typically more affordable, especially for new trade

Trading Monitor

The capacity to use several displays is a notable feature of monitors for trading. This is a game-changer for traders who need to access a lot of information at once. You can choose one screen for your trading platform, another for technical analysis and charts, and still another for news feeds if you have multiple displays.

Trading monitors provide the major advantage of improved visualization. Big monitors for trading provide greater visualization than larger screens and make it simpler to examine market data and identify trading opportunities.

Using trading monitors also has the added benefit of reducing distractions. You can keep trading-related duties apart from other computer activity by using multiple screens. This makes it easier for you to stay focused and disciplined during trade hours by reducing the temptation to browse the internet or partake in non-trading activities.

How to choose the best day trading computers?

Before you learn about the best trading monitor, the computer machine that is at the heart of this procedure is a factor you must consider. You need the best laptop or desktop in terms of functionality to get optimal performance using the monitor.

Because you need data in real time, a processing system that is not up to par will result in missed trades. Therefore, even minor delays could lead to the loss of a trading opportunity, which is why the following system requirements are necessary for a successful trading experience.

1. RAM

Your computer's RAM capacity plays a role in the speed and adaptability of the information you receive in real time. Your computer needs at least 8 GB of RAM to process all the data. Then, if you are going to be running multiple programs, you should purchase a system unit with 16 GB of RAM. For trading, experts recommend computers with at least twice the amount of RAM as top-tier.

2. Processor Speed

A quad-core 2.8GHz processor (Intel i5 or i9 are top choices) is preferred, even though dual-core processors are the minimum specifications. Hence, purchasing systems with processors up to four to six cores (like the i5) is best for systems to execute operations quickly.

3. Hard Drive

You will need a 250GB SSD hard drive for data storage. For swift information retrieval, the primary hard drive is more dependable. It is advantageous to use the SSD drive solely for trading.

4. Battery Life

You need a system with long battery life if you are in an area where power might be a problem or if you want to be ready for emergencies. At least eight hours of battery life are ideal for top trading computers.

5. Display

The monitor also needs to be of high caliber if you expect clear images. There are a lot of monitors available, but not all of them are top-notch. Here are things to think about when choosing screens for trading.

How many monitors do you need for Forex trading?

The best setup for your monitors will rely on your budget and your requirements. For some people, a single large high-resolution monitor can be plenty, while for others, twin or triple screens may be necessary for optimal performance.

While using a single monitor saves money, multitasking is limited. By balancing price and usefulness, two monitors improve multitasking and organization. Although they demand more desk space and have a higher initial cost, triple or more monitors provide unmatched organizing and multitasking capabilities.

Best Forex brokers 2024

1

9.4/10

Go to broker

eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest.

Minimum deposit:

$50

Bonus for deposit:

0%

Regulation:

CySEC, FCA, ASIC

Review

The eToro broker was founded in 2007. The company promotes itself as a social trading platform working with traders from over 140 countries. The broker has several divisions operating under different jurisdictions and licensed by different regulators. For example, eToro (Europe) is licensed by the Cypriot regulator CySEC (109/10) and eToro (UK) is licensed by the British regulator FCA (583263). The broker also has a representative office in Australia and the USA. eToro Profile Details

Pros/Cons

•the minimum transaction amount for copying is $1;

•handy functionality for passive investing;

•regulated by independent monitors;

•it is possible to purchase contracts for fractional shares (that is, to invest amounts less than the cost of one share);

•it is possible to buy shares at once (not CFDs) on the US stock exchanges.

•high spreads;

•periodic technical failures in order execution;

•lack of the most popular platforms such as MetaTrader 4 and MetaTrader 5 in Europe and the CIS;

•no access to ECN systems, orders are processed only according to the STP (straight-through processing) scheme with access to specific liquidity providers;

•there is a commission for withdrawing funds;

•impolite support staff;

•inconvenient website.

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2

9.2/10

Go to broker

Your capital is at risk.

Minimum deposit:

No minimum

Bonus for deposit:

0%

Regulation:

FSC (BVI), ASIC, IIROC, FCA, CFTC, NFA

Review

The name OANDA is an acronym for “Olsen & Associates” or “Olsen AND Associates”. It is registered in the United States and provides its clients with a wide range of financial services in most countries of the world. The company was founded in 1996 and is currently regulated in four jurisdictions. The main regulator of the broker is the UK Financial Conduct Authority (FCA). Oanda Canada is licensed by IIROC. The company has several significant awards to its credit, including a victory in the category "Best Forex Trading Technologies" from the UK Forex Awards, "Best Trading Platform" from FX Week, as well as "Best Customer Service" from the US Foreign Exchange Report.

Pros/Cons

•Minimum deposit from 1 dollar.

•A large selection of the most popular trading instruments.

•Several reliable and reputable financial regulators.

•Inconvenient and poorly functioning site.

•Lack of cent accounts.

•Lack of bonus programs.

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3

9.1/10

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Minimum deposit:

$1

Bonus for deposit:

0%

Regulation:

FCA, BaFin, ASIC, MAS, CySec, FINMA, BMA, CFTC, NFA

Review

IG Markets has been providing brokerage services for retail traders since 2014. It was established in 1974 in London to work with professional traders. It is a part of the IG Group with representative offices in 17 countries. IG Markets stocks are traded on the London Stock Exchange as a part of the FTSE 250 index. The broker is regulated by FCA (Financial Conduct Authority | the UK), CySec (Cyprus Securities and Exchange Commission), ASIC (Australian Securities and Investments Commission), BaFin (the Federal Financial Supervisory Authority | Germany), FINMA (Swiss Financial Market Supervisory Authority), and NFA (National Futures Association). The IG Group global representative office is supervised by BMA (the Bermuda Monetary Authority). The broker provides services of trading Forex and different CFDs through MetaTrader 4 and its in-house platforms for retail and professional traders.

Pros/Cons

•Regulated activities and participation in compensation funds;

•No minimum deposit requirements when opening an account with the international division;

•Leverage is available for trading currencies and CFDs;

•Wide range of trading assets and markets;

•Fee rebates for new and active existing clients with large trading volumes;

•Floating spreads from 0.6 pips for retail Forex traders;

•Bonuses for new clients and partnership programs for different client categories.

•The broker can reject opening accounts to traders with low capital or insufficient knowledge of derivatives trading;

•Deposits and withdrawals can’t be made with e-wallets, electronic payment systems, or cryptocurrencies;

•Trading conditions differ for various countries, so you have to look for the broker’s website in your country.

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