how to set up a trading desk? | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

What do you think about a standing trading desk? 26 replies

NICE Pak's Trading Desk! 27 replies

Dealing Desk vs No Dealing Desk 0 replies

MB trading - no dealing desk? 40 replies

Dealer Desk Vs Non Dealer Desk 9 replies

how to set up a trading desk?

  • #1
  • First Post: Sep 21, 2006 11:59am Sep 21, 2006 11:59am
hi to all!

am seeking kind soul(s) out there willing to give precious advices as to how to set up a trading desk! as far as my newbie's knowledge can carry, as follows are the essentials:

1) workstation with high speed internet connection (ie. this one's ok)
2) dual monitor (ie. any recommendations? costs?) + laptop?
3) reliable honest broker (ie. currenex got high ratings but am 'lost' in searching their demo to try on...)
4) real-time charts + charting tools (ie. any recommendations? costs?)

am staying in asia so any suggestions regarding money wiring to selected US broker or any SEA brokers recommendations?

would very much appreciate your help & time to my questions (or direct me to thread postings concerning above)!

thanks a million!
  • #2
  • Sep 21, 2006 12:11pm Sep 21, 2006 12:11pm
Quoting tuasbird
hi to all!

am seeking kind soul(s) out there willing to give precious advices as to how to set up a trading desk! as far as my newbie's knowledge can carry, as follows are the essentials:

1) workstation with high speed internet connection (ie. this one's ok)
2) dual monitor (ie. any recommendations? costs?) + laptop?
3) reliable honest broker (ie. currenex got high ratings but am 'lost' in searching their demo to try on...)
4) real-time charts + charting tools (ie. any recommendations? costs?)

am staying in asia so any suggestions regarding money wiring to selected US broker or any SEA brokers recommendations?

would very much appreciate your help & time to my questions (or direct me to thread postings concerning above)!

thanks a million!
1. important, you cannot do without it.
2. not necessary.
3. oanda.com has an ok demo platform, allows for good denominations, has ok spreads, is reliable for a beginner with little money.
4. depends on what you like. To most, it won't be necessary.
  • #3
  • Sep 21, 2006 12:43pm Sep 21, 2006 12:43pm
How long are you going to be in Asia?

That would really determine how much to invest into peripherials.

Short term...GOOD laptop...dual core if you can afford with with MINIMUM 1 Gb memory.

Long term...crap..sky's the limit there....two monitors sure does help. The wider the better.

If you're fairly new to intermediate...there is no need for a seperate charting package. Try a broker that offers a charting package for free with the account...like FXsol.com

If you go with a desktop....(IMPORTANT)...Buy UPS battery backups for your PC, cable modem and router (if you have one).

The PC should be on a dedicated UPS, but the modem and router can share one. Minimum of 550VA. Trust me on this.
Capital Preservation is key to long term wealth accumulation
  • #4
  • Sep 21, 2006 12:49pm Sep 21, 2006 12:49pm
Oh, one more thing...DO NOT plug your monitors into the UPS supporting the PC. If you can afford it...buy additional UPS' for the monitors...one for each.

Monitors have a high inrush current and will drain a UPS in minutes.

Now, of you go with a good quality laptop...you can disregard the UPS thing.

But try out a charting package included with a brokers services first before you invest into external packages. You may find you do just fine with the brokers.
Capital Preservation is key to long term wealth accumulation
  • #5
  • Sep 21, 2006 1:09pm Sep 21, 2006 1:09pm
Software wise u need to have MS Office package or at least the viewers. A utility to snap pictures of your charts is handy. Virus and Spyware is a must. Go w/ XP PRO - not the XP Home version.
If u go w/ a desktop everything MuddBudda said + a minimum 450W powersupply.
In trading, there is no bullshit. You either make money or you don't.
  • #6
  • Sep 23, 2006 12:19pm Sep 23, 2006 12:19pm
hi folks out there who responsed!

...loads of thanks to you guys! will take special note on these which you had advised!!!

cheers & many successful trades
  • #7
  • Sep 23, 2006 12:40pm Sep 23, 2006 12:40pm
You might also want to consider a dialup as backup.
When my cable net went dead, It took techs 4 days to get it back up and running. I was very happy; I still had my 10y old, rusty and dusty, 9600 modem...
I'm now considering getting a DSL as a backup.

Quoting tuasbird
hi folks out there who responsed!

...loads of thanks to you guys! will take special note on these which you had advised!!!

cheers & many successful trades
  • #8
  • Sep 23, 2006 1:00pm Sep 23, 2006 1:00pm
Another solution to MS Office is Open Office. Unless MS Office comes bundled, Open Office will do, and for a 100% discount. I use on my machines and I can use the documents created on Open office at work and vice Versa.

If you are hooking up a UPS, see if it comes with decent software. It should be able to power down components and the PC depending on the situation. Do not forget your Modem and Router if you have one, otherwise the UPS is useless. Also You can plug one of 2 monitors into the UPS, but use the plugs not dedicated to backup power. Make sure you use the correct Plugs, not all will be Backup power.

If you need 99.9% guaranteed uptime for EA's look into a Hosting service. to run MT4 remotely. Also make sure you record all live trades on PAPER, and your broker's Hotline for orders, along with your account info. You can not close what you do not know about. A cell phone that runs MT4 mobile might do in a pinch.

Labrat407


Quoting mrgreen
Software wise u need to have MS Office package or at least the viewers. A utility to snap pictures of your charts is handy. Virus and Spyware is a must. Go w/ XP PRO - not the XP Home version.
If u go w/ a desktop everything MuddBudda said + a minimum 450W powersupply.
  • #9
  • Sep 23, 2006 11:03pm Sep 23, 2006 11:03pm
Also, I am not sure what is up with Mrgreen's OS suggestion. He suggest XP pro over home, why? Also, there is nothing wrong with a flavor of Linux/GNU. Nor is there anything wrong with Mac OS X. Most brokers have a Java based platform so compatablilty issues are solved. Not sure if there are any non Java Linux/GNU platforms out there.

Also, the subject line for this thread is confusing. At first glance I thought he ment dealing desk...
  • #10
  • Sep 24, 2006 1:06am Sep 24, 2006 1:06am
XP Pro has fuller networking capabilities. U can set it up as a server if u ever intended to do so. Openoffice is a good substitute for MS Office.

For the most part people are not PC savvy enough to have anything other than a default MicroSoft everything. U start talking Linux/GNU and u'll see eyes glassing over. Macs are great, if u have a Windows card to run your MT4 chart service. (I supported Mac in a prev life so this is not a slam on macs, just Bill does a better marketing job than Steve).

Quoting nathan
Also, I am not sure what is up with Mrgreen's OS suggestion. He suggest XP pro over home, why? Also, there is nothing wrong with a flavor of Linux/GNU. Nor is there anything wrong with Mac OS X. Most brokers have a Java based platform so compatablilty issues are solved. Not sure if there are any non Java Linux/GNU platforms out there.

Also, the subject line for this thread is confusing. At first glance I thought he ment dealing desk...
In trading, there is no bullshit. You either make money or you don't.
  • #11
  • Sep 24, 2006 1:56pm Sep 24, 2006 1:56pm
I would make sure you laptop is also only used for trading... (emails ok too)... but no unecessary software (winamp, movie players, file sharing, games, etc.)... and of course, no norton antivirus!
  • #12
  • Last Post: Sep 24, 2006 6:22pm Sep 24, 2006 6:22pm
Quoting ycomp
... and of course, no norton antivirus!
Pity isn't it? That something that has become almost necessary to have, slows a PC down the most and in some cases causes more problems than it fixes!

I would never tell a newbie to go without an Anti-Virus program, but at the same time I'd be telling them how this necessary evil they have to subscribe to is turning their brand new 300000000Ghz pc into a calculator and how they should hunt down the little shits on ego trips that write viruses.

Sorry ...rant! LOL
Bundy's status today: "Waiting..."
0 traders viewing now