A lot of new traders ask me:

“What is the best computer for trading Forex?”

That can be a tough question to answer because technology is constantly changing and any specific recommendations that I make today are probably going to be outdated by the end of the year.

The best computer for you will also depend on your individual needs.

So in this post, I'll give you the top 4 things to focus on when purchasing a trading computer. These characteristics will apply to all computers for the foreseeable future, so this guide will not go out of date any time soon.

I was in Information Technology (IT) for many years and I have worked on hundreds of desktop computers, laptops, mobile devices and servers from many different manufacturers.

Some of the companies that I worked for were very budget conscious, so I understand how to get the most value for every dollar spent on a computer.

What Will You Use Your Trading Computer For?

This is the first question that you have to ask yourself. When it comes to choosing the best computer for trading, there are two basic categories of trader.

1. Normal trader
2. Hardcore algorithmic trader

“Normal trader” refers to anyone who takes their trades manually or uses very simple trading robots. Most traders will fall into this category.

If you want to get into 100% automated trading, then you are in the second category. In my experience, only a very small proportion of traders (probably less than 1%) will be doing this type of trading.

Just dabbling in algo trading?

Then you should start in the normal trader category and take it from there because there's a very good chance that you won't continue with algo trading.

I'm not saying that you aren't smart enough to do it, you probably are. It's just that algo trading takes a much different mindset and most traders aren't comfortable with that type of trading.

The Short Answer

If you don't want to get into all of the specifics, then here's what to look for in a trading computer.

Algorithmic traders need a ton of horsepower because they need to backtest their trading strategies and they also need to be sure that their trades execute quickly.

So if you are absolutely sure that you will be doing 100% automated trading, then you should buy the most powerful computer you can afford. 

Companies like Falcon make trading optimized computers for brokerages and hedge funds. If you are a little more adventurous, you can also build your own to save some money and get everything you want.

For the rest of us, this is all we really need:

• A computer made within the last 5 years
• At least 8GB of RAM
• Screen size is big enough to fit your charts, or the ability to attach a large external monitor(s)
• A hard drive that is large enough for your needs, 500GB is a good start. Get a SSD whenever possible.

This includes desktops, laptops and tablets.

If you need specifics, keep reading. The rest of this post is for normal traders, not hardcore algo traders. Here are the specs that you should look for, in order of importance.

1. Memory (RAM)

Assuming that you have a computer that was made in the last 5 years or so, the best way to speed up your computer is to max out the memory.

This upgrade is fairly inexpensive, so you should also consider doing it on your existing computer, instead of buying a new one.

When buying a new computer, look for at least 8GB of memory, but anything over 16GB is overkill.  

Many manufacturers give you a ton of options that you can choose from and that's great. But if you are on a budget, then prioritize memory over everything else.

2. Storage (Hard Drive) Size and Type

Next, make sure that your hard drive is going to be large enough for your needs. If you are going to use your next computer only for trading and you are on a budget, then you can probably get away with a 250GB hard drive, as a bare minimum.

Of course, this depends on the trading programs that you run. Check the requirements of the software that you use.

However, if this will also be your primary personal computer or you don't want to stress about running out of hard drive space, then you will want to look for at least 500GB…the more, the better. You want to be sure that you have enough room to store your music, pictures and files.

More and more computers are coming with Solid State Drive (SSD) hard drives standard and all computers will eventually have them as the only option. But if you are faced with the choice between a SSD or a regular hard drive, choose the SDD.

It will probably be more expensive, but it's worth the extra cost. This is because old school hard drives have a lot of mechanical parts, which are naturally much slower. SSDs basically store information in chips and therefore it takes much less time to access your data.

The difference is quite noticeable. Everything from startup to your normal programs will be much snappier.

3. Screen Size

After considering your hard drive space and type, I would consider screen size.

Is it going to be big enough for your needs? If you only look at one chart at a time, then a 10″ screen or a tablet might be good enough for you.

You can also consider adding additional monitors, if you will be mostly trading at home. Just be sure that your graphics card can handle the extra monitors, or get an external graphics card to handle the extra load.

But if you only want to use one screen, then you should consider getting at least a 13″ screen on a laptop and a 24″ screen on a desktop. If you can, I would suggest at least a 32″ screen on your desktop.

The best way to figure out what is best for you is to go to the store and look at the different options. If possible, pull up Metatrader Web or TradingView to get an idea of how your charts will look on that monitor size and resolution.

Also make sure that the screen is bright enough and looks sharp. There is probably nothing more irritating than a blurry screen.

Here's my monitor setup.

4. Processor Power

Some people put this at the top of the list when choosing a computer, but in reality, it doesn't make that much of a difference. Computers with processors made in the last 5 years are going to be fast enough for almost all trading applications.

You don't need to get a top of the line processor, but get something that is near the top, for the device you are looking at. This will be different for desktops/laptops and mobile devices, so get familiar with the options.

The Gigahertz or GHz is essentially the speed of the processor. Higher is better, so get the larger GHz chip, if possible.

Same goes for the number of cores on a chip. The more cores, the better.

But again, if you are on a budget, prioritize memory, hard drive and screen size over processor power.

You can see the current list of Intel Core processors here.

Mac or PC?

This is a personal preference. However, as I have mentioned before, Macs are superior computers.

It all comes down to the Mac operating system, that is what makes Macs lower maintenance and easier to use. Microsoft is one of the only companies still in existence, that makes new software that is actually worse than the previous version.

I have saved countless hours in troubleshooting, since moving from Windows to Mac. 

Some argue that Windows computers are cheaper and therefore a better value.

I would strongly disagree.

Yes, you might save quite a bit of money on the initial purchase of a PC versus a Mac. However, in the long run, you will waste a ton of time and possibly money, on repairs, virus issues, WiFi connectivity issues, finding drivers and other dumb stuff that comes standard with Windows ownership and hasn't really changed much since 2001.

So it's becomes a matter of how much your time (and sanity) is worth to you.

See my favorite trading computer here.

That being said, many trading software developers are slow to move away from Windows based software. So if you do want to go the Mac route, you will need to be aware that you may have to install some workarounds to run these Windows only programs.

You can read this blog post to learn how to run your favorite Windows-based trading software on a Mac.

What are Good PC Brands to Buy?

If you still want to go with a Windows computer, even after reading what I said above, then I would recommend buying a Dell.

In my opinion, they are the best value for the money.

There will be a few faulty models here and there, but that happens to any company. Overall, I've been very satisfied with the performance of Dell computers.

At one of my IT jobs, we used to buy used Dells by the dozens and they were great.

I currently own a Dell Venue 11 as my backup Windows computer.

Of all the major PC brands out there, I would suggest staying away from HP. Their hardware designs aren't as practical and they tend to break down more often than other brands. This may change at some point, but that has been my experience.

Android or iOS?

Here's where there's much less difference, at least in my opinion.

If you want to use a tablet as your primary trading computer, then I don't think that you can go wrong with either Android or iOS. 

I personally like the simplicity of iOS, but Android is much more customizable, so I can certainly see the appeal in that. Try out both and see which one works best for you.

New or Used?

Another question that comes up is:

“Should I buy new or used?”

Well, that really depends on your budget. I prefer to buy my primary computers new. However, I buy all of my secondary computers used.

You can get some really good deals on used computers, if you take some time to look around. Sites like Craigslist or eBay are excellent places to find computers that are way under market value.

I once bought a used MacBook Pro 15 at a garage sale for $1.

Yeah, serious.

It needed a new hard drive and was a little banged up on the outside, but it still worked and could have been a great primary computer. I just want to show you that the deals are out there, even if you are on a very tight budget.

My only issue with used computers is you never know what is broken until you actually start using it. This is fine if it's my secondary computer, but it really slows me down if a major issue comes up on my primary computer.

So again, it's just a personal preference.

If you can afford it, I would recommend buying a new computer because you get a warranty if there are any defects. But if you can't afford it, then buying a used computer for trading can be a great way to get a kick-ass computer at a bargain price.

Final Thoughts on Choosing the Best Computer for Trading Forex

The latest advances in trading technology have made it very easy for people to trade from home, with off-the-shelf computers. You don't need a fancy top-of-the-line computer to be a successful trader.

It's better to buy something that is super affordable and spend the rest of your budget on your education. I find that the people who geek out about trading computers are usually the people who aren't working on their trading.

When in doubt, just pick something and go with it. You can always buy that fancy computer after you are makin' chedda.

It's a fun goal to work towards.

I hope that this guide has helped you pick the best computer for trading. If you have any questions, leave them in the comments below.

Disclaimer: Some links on this page are affiliate links. We do make a commission if you purchase through these links, but it does not cost you anything extra and we only promote products and services that we wholeheartedly believe in. TradingHeroes.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com.

The post How to Choose the Best Computer for Trading Forex appeared first on Trading Heroes.

The internet provides us with so many opportunities to be location independent. But it also exposes us to some risks.

This is especially true if you are using a free, unsecured Wi-Fi at a coffee shop or at the airport.

There are always news reports of reporters being hacked or regular people being spied on at coffee shops.

So in this post, I want to help you stay safe on your adventures, show you why you should use a VPN for travel and how to use it.

There are also some really cool things that you can do with a VPN, like watch Netflix while you are overseas or get around internet filtering in other countries.

But a VPN for travel can be used to protect any type of internet traffic. Protect Skype calls, email, music and everything else.

The best part is that it is super easy to use a VPN and you can be protected with just a click.

VPN vs. VPS

First off, let's not confuse a VPN and a VPS, like they do here. A VPN is a Virtual Private Network that allows you to use a private network to create a secure internet connection.

I'll get to how it works in a minute.

A VPS is a Virtual Private Server that allows you to run software 24/7, without worrying about the power getting turned off. This is useful for automated trading programs or to host a website.

Now back to VPNs.

How Does a VPN Work?

Virtual Private Networks were originally used for businesses, to protect private company information. I used to install VPNs for companies back in the early 2000's and they were not fun to setup.

It was done over dialup and there where 20 different settings that you had to mess with before you could get it to work. Even if you got it working, the connection was so slow that it was barely usable, many times.

But today's VPNs are much, much faster and easier to use. They are also a necessity for travelers and remote workers. 

The Dangers of an Unsecured Internet Connection

First, let's talk about how the bad guys can get your private information. This will help you understand why you need a VPN.

Let's say that you go to a coffee shop and connect to their “free Wi-Fi.” That internet connection could end up costing you more than you think.

Basically, hackers sit between your computer and the unsecured wireless router at the coffee shop. Then they watch the traffic moving back and forth to see if they can pick up any useful information.

Like your credit card, for example.

This stuff is just floating through the air, just waiting to be plucked. Scary right?

The details of how that can be done are extremely boring. All you need to know is that it can be done.

Now let's take a look at how a VPN works and how it can protect you.

How a VPN Protects Your Data

When you use a VPN service, you create a secure connection between your computer and the VPN servers. Data between your computer and the servers is encrypted, so it makes it almost impossible to decode the information that is being passed back and forth.

Hackers would have to go through a lot of time and energy to decode your information. Even if they did manage to crack the encryption on one piece of data, you might have just been shopping for underwear on Amazon.

The bottom line is that there is a lot more low hanging fruit at any coffee shop or airport Wi-Fi connection and most hackers won't have the ability to crack your VPN encryption anyway.

You can think of a VPN as a “tunnel” through the internet (thick blue line). This allows you to connect safely to the VPN server and eliminate anyone lurking in the middle.

Once connected to the VPN server, you are now free to surf the internet.

An added benefit is that you can connect to VPN servers in different parts of the world, depending on what your service offers.

For example, let's say that you are eating bear in Estonia, but you want to watch Netflix or listen to Pandora. Since you can only use those services in certain countries (mainly the US), you would otherwise be out of luck.

But if you have a VPN, you can fire up your connection and connect to a US server. Now you can watch and listen all you want.

Netflix will think that you are hanging out in Texas and let you watch movies.

This is also great for watching international sporting events like the Olympics, for free. I really enjoyed the BBC coverage, it is quite good.

How to Use a VPN Service

These services are so easy to use. The good ones anyway. Just download the software from your provider's website or your app store, then start it up, and you will be protected.

There isn't much more to it than that. You can choose a server location manually, or you can have the software choose one for you.

This is how is looks on an iPhone. Just flip the switch in Settings and you are connected.

VPN vs Proxy VPN

You might also see things called proxy services that promise to provide the same protection. Many of them are free.

They use term proxy VPN, to make them seem like a real VPN service, but the are not. They are less secure and when stuff is free, it makes it much more likely that they will do some shady stuff to pay the bills.

A couple of the popular proxy services are Zenmate and Hola.

A real VPN isn't that expensive anyway, so why not save yourself the headache?

Now let's take a look at how to pick the right VPN service for you.

Things to Look For When Choosing a VPN For Travel

Not all VPN services are created equal. Here are a few things that you should be aware of.

Server Locations

You never know where you will be in the world, or where in the world you will need to connect to a server. If you want to watch the Wife Carrying World Championships, but your VPN provider doesn't have a server in Finland, then you are out of luck.

So look for a service that works in as many countries as possible and provides connection servers in as many countries as possible.

Encryption

The type of encryption that a VPN provider offers is key. If they offer a weak encryption, it is almost like not having any protection at all.

Currently, the most secure encryption is OpenVPN. But some devices may not support this encryption, so be sure your other devices can be protected with another protocol.

Multi-Device Protection

Make sure that your provider allows you to protect all of your devices in their plan. You need to protect your phones and tablets too.

Often our phones carry more valuable information than our laptops, so don't forget about them. Also be sure that your provider allows concurrent connections. 

It's a pain to have to log off one device to use another. 

Ease of Use

I mentioned before that VPN services are easy to use. What I actually meant was that the one I use is easy to use.

Just like VPN services from my IT consulting days, some VPNs nowadays are still hard to install. If possible, try the free trial of a VPN service first, to see how easy it is to use.

Provides Good Speeds

You want a VPN to help you, not hinder you. A slow VPN connection could be almost be worse than taking a chance on an unsecured internet connection.

So read some reviews and make sure that your provider has a history of giving customers great connection speeds. Your sanity (and your work) depends on.

Has an Autoconnect Feature

Wouldn't it suck if you did all this research and paid money for a VPN service, then you forgot to turn it on…and got hacked?

Having an autoconnect feature may seem like a small thing, but it can save your ass. Even if you do have this feature turned on, be sure to double check that you are protected.

Bandwidth Restrictions

VPN providers can be like mobile phone companies and limit your bandwidth. Be sure to check for this because working on the road often requires a lot of bandwidth.

If you get throttled, or even cut off, after you hit your threshold, that will lead to a lot of frustration. It may even cause you to lose some money.

How Much Does a VPN Cost?

There are free VPN services out there, but I believe in paying for stuff that I want to work well. This is one of those things.

I've gotten to the point in my life where I would rather spend a few bucks to get something that works, than trying to save some money, but wasting time.

So I'm not even going to mention the free options out there.

However, for the protection they provide, VPNs are very reasonable. The typical service from top providers like Private Internet Access, HideMyAss, NordVPN and CyberGhost will run about $35 per year.

Some are more, some are less. So look at the different options and see what works best for you.

Some Things to Remember

Before we end this post, there are a few things to keep in mind:

• A VPN might be too slow on some connections – Realize that in some parts of the world, it may be hard to use a VPN. Since the existing connection is so slow to begin with, using a VPN over that connection will pretty much bring it to a grinding halt. If this is the case, then don't do anything that requires a secure connection, until you can get to a better internet hotspot.
• VPNs provide security, not anonymity – You can't go and do illegal shit on a VPN and expect to get away with it. You will be protected from people trying to intercept your data during transmission. But the websites you buy things from will still log your name and credit card information and they will report you to the authorities, if you do something illegal.
• Use the closest VPN sever – This will usually give you the best speeds.

Final Thoughts on Using a VPN During Your Travels

So whenever I travel to another country or just to the coffee shop down the street, I turn on my VPN and I can work a little easier knowing that my internet connection is secure. It is a small price to pay for some peace of mind.

I don't leave home without it. 

…and I suggest you do the same.

The post The Complete Guide to Using a VPN for Travel appeared first on Trading Heroes.

Anyone who tells you that size doesn't matter is lying to you. At least when it comes to your trader monitor setup.

You see, I have tried it all….

• Just a laptop
• Four small screens on a PC
• Two computers and 6 small screens
• My laptop and one small external screen

The one that worked best was my laptop + a small external screen. For awhile, at least.

I got some great tips from another trader and one of them was to get at least one big monitor. The reason is that you can see more price history with a larger monitor. 

That means more support and resistance zones. You might miss this on a smaller monitor.

Before my new monitor, I was working with this…

Just for fun, you can compare it to other trading stations from around the world, on this page.

So let's take a look at what I got and if it really makes a difference or not.

The New Trader Monitor Setup

Here is the new setup. As you can see, my laptop got smaller and my external screen got much larger

It's a 28″ Samsung LED TV. Here's what I think of it…

The Review

For starters, yes, I can see so much more price history with the larger monitor. It is almost ridiculous how much more I can see.

This picture might not give you the full effect of how much more I can see, but trust me, it's a lot.

I really like this TV because it has two HDMI ports. That allows me to keep both my Apple TV and my computer plugged in at the same time.

A Few Pointers

A few pointers, if this is what you want to do too.

First, I would recommend going with a TV that has a 1080p resolution.

If you get a 720p TV, the picture might look funky when you push the resolution up to 1080p. It can be usable, but not ideal.

Get anything over 1080p, like a 4K, and your graphics card might not be able to handle it, so you are just wasting your money. If you want to get a 4K for movies, then that's fine.

But just for trading, it's kind of a waste.

Next, I would recommend getting a desk mount for your trader monitor setup. This keeps your new monitor off your desk and gives you a lot more desk space. I love mine and highly recommend it.

If you want to get one, I have a dual mount. I may want to get another monitor one of these days. It is similar to this one.

This monitor actually required special mounting screws because the metal part where the screws actually screw in, is recessed quite a bit from the surface. But getting the screws from Amazon was easy. They are 3/4″ screws.

Finally, I needed a Thunderbolt to HDMI cable to connect my Macbook Air to the HDMI port.

That was it! I just plugged it in and it worked.

Conclusion

Others traders agree, a larger screen helps a lot. When I asked people in my private Facebook trading group, these are the answers that I got. 32″ seems like a common monitor size. 

If you would like to talk to other traders from around the world, feel free to join the group on Facebook. We would love to have you there.

What about you? How big is your trading monitor and how many do you have?

Disclaimer: Some links in this post are affiliate links and we get a small commission if you purchase through those links. But it does not cost you anything extra and a portion goes towards charities we support. 

The post A Trader Monitor Setup: Why You Need a Huge Screen For Trading appeared first on Trading Heroes.

I love having a laptop second monitor, as you can see here.

But when I am traveling, it is not practical to lug around my 23 inch external monitor.

I really miss it though.

So I started looking around for the best way to get a super portable second monitor, without spending a lot of money. After researching several different options, this is what I have decided to use…

The iPad Laptop Second Monitor

Until now, almost all the iOS apps that allow you to use your iPad as a laptop second monitor were connected to the laptop via WiFi.

While very convenient, the trouble with this is that there will always be a delay, as the signal must travel from the laptop, through the air, before reaching the iPad.

I've tried using Apple TV to connect my laptop to a TV, and use it as a second monitor. I found that the delay made it barely usable.

In a pinch…maybe. But for everyday use, no way.

But someone recently told me about Duet for iOS. The difference between Duet and other apps is that you connect your iPad to your laptop with a Lightning cable.

This means that you will have a much faster response time. It's like the difference between a mobile phone and a land line.

You will usually get a much clearer phone call from a land line because there is no interference.

So I decided to test it out, to see how well it worked. Here is a demonstration video.

How to Use Duet Display

To get this working, you need the following:

• PC or Mac laptop
• iPad
• Lighting cable (I prefer the short ones)
• iPad stand

First download the iOS app from the App Store on your iPad. It usually costs $14.99, but I got it on sale for $9.99.

A small price to pay for an external monitor. 

Then head over to the Duet website and download the companion application for the laptop.

This will send the signal to the iOS app.

The laptop application is free.

When you are ready to use your iPad as a second screen, plug it into your laptop, via the Lighting cable and the USB port on your laptop. Then launch the iOS app on your iPad.

The laptop application will automatically detect the iPad and start to use it as a second monitor. If you close the iPad app, the laptop will stop using it as an external monitor.

Keep in mind that your iPad is now a monitor only. All of the touchscreen capabilities are disabled when Duet is being used.

Some people might not like this, but I think it's great.

There are several settings that you can change in the laptop application.

You can optimize for performance and energy efficiency. Here are the settings that you can tweak.

That being said, you probably want to plug in your laptop, if you are going to be using your iPad as a second monitor.

But this would be the same for any other external monitor setup.

Another monitor is going to take more power to run…period.

Monitor Performance

I found that performance was excellent, just as good as my external monitor at home.

I was able to move the windows over to the iPad easily and everything was very responsive.

The only minor issue is that I have an iPad Mini, so the screen is a little small.

But it is good enough and I will generally choose portability over size, any day.

When I tried plugging in my external monitor and the iPad at the same time, the application did get a little confused.

I was not able to use Duet again until I restarted my laptop.

So I would recommend using either Duet or your regular external monitor, not both at the same time.

Obviously, it was not built for this use case, but I decided to try it anyway

I have not tested the battery life on the laptop when using this setup, unplugged.

Some Duet reviews that I have read say that they are still working out offloading the graphics heavy lifting from the laptop to the iPad and thus the battery life will suffer a little.

Will they figure it out? Who knows. But they are ex-Apple Engineers, so I wouldn't bet against them.

If they get that worked out, I'm sure it will save a lot of laptop battery.

Conclusion

Most portable monitors for laptops, on Amazon, run between $100 and $200. The cheapest iPads out there are $269 new and much less, when buying used.

So if you don't have an iPad already, then it makes more sense to go with one of the portable USB monitors out there.

But if you already have an iPad, then it makes much more sense to buy the $10 Duet app and use it as your second laptop monitor, when you are on the road.

If you know of any other great options for portable monitors, let me know in the comments below…

The post How to Turn Your iPad Into a Laptop Second Monitor for Trading appeared first on Trading Heroes.

Even if you only have one computer, if you have to reinstall your operating system or change a hard drive, setting up MetaTrader all over again can be a pain.

That's why you need to do a MetaTrader sync.

If you do have multiple computers, then you probably understand how much of a hassle it can be to add your custom indicators again and get your charts just right.

Yes, you can backup your install or simply save your templates.

But every time you make one small change and forget to backup (which can happen a lot), you will lose your most recent settings.

At least that is has been my experience, you might be better at doing backups than I am.

So in this post, I'm going to show you a really simple way of doing an automatic MetaTrader sync so that you always have your most recent version of MetaTrader stored safely. 

This method will work for both MT4 and MT5.

Since I originally wrote this tutorial for MT4, I'll only refer to MT4 going forward.

Although this has obvious benefits, there are also some limitations and drawbacks to this method, so I will get into that too.

I tried several different methods of backing up my MetaTrader install from manually backing up template files, to writing backup scripts, to manually backing up my whole MT folder.

This method works best for me…

How to Automatically Do a MetaTrader Sync

Saving and syncing all of your MetaTrader installation information is actually really simple.

First, you have to install Dropbox. If you have never used Dropbox before, it makes is really easy to sync information between your computer and their servers.

Simply go to the Dropbox website and download it. The best part is that it is free and works on Windows, Mac and Linux. Installing Dropbox on Linux is a little tricky, so be sure to read this tutorial first.

After you install it, you will have a Dropbox folder on your computer. Anything that you put into this folder will be automatically synced with Dropbox.

Now go to your broker's website and download their latest version of MetaTrader.

During the installation process, instead of installing MetaTrader to the default location, install it to your Dropbox folder.

If you already have a Dropbox account, simply create a new folder in your main Dropbox folder and install MetaTrader there.

Now you can install Dropbox on any computer, log into your account and you will be able to run MetaTrader directly from that folder.

Just double click on the terminal.exe file in the folder to run it.

That's it!

No more manual backups and no more time wasted on setting up charts.

You even can setup MetaTrader on your Windows computer and jump over to a Mac or Linux computer later.

MetaTrader may ask you to login to your account again, but that is the only additional step that you might have to take.

But there are some drawbacks to using this method.

Limitations of this MetaTrader Sync Method

First of all, if you use this method, you can only use MetaTrader on one computer at a time.

If you use it on your laptop, you have to close it before you use it on your desktop.

The reason is that Dropbox will continually sync from the two computers. This will lead to multiple copies of your charts and other files.

Trust me, it gets messy.

So if you are going to use this method, be sure to close MetaTrader on your current computer before moving to another computer.

You can also create separate folders for each computer, then have a chron job that runs periodically to copy the master folder to the other folders.

This can be a pain to setup, so I would recommend using TradingView for your charting if you just want to access your chart drawings on multiple computers.

Second, if you are using a free Dropbox account, there is not enough space to download all of the historical data for every pair.

That is fine in most cases because you really don't need all that historical data unless you are trading longer term charts or doing a ton of backtesting. If you are day trading or swing trading, you should be fine.

When I talk about historical data, I'm talking about data that goes back to the 1980s or even before. Again, most traders won't need that much data.

I found that I could download the complete history of about three or four pairs before space started to get tight in my Dropbox account.

Dropbox gives you 2GB for free, which is more than enough to run a standard installation of MetaTrader.

However, if you feel that you need more space because you do need more historical data, then you will have to pay to upgrade your Dropbox account, or not use this method.

For this reason, I upgraded to the Pro plan.

Remove the Duplication Issue by Copying the Folder

The easiest way to solve the duplication issue is to simply duplicate your first MT4 folder in Dropbox.

Then do a selective sync so the second computer only uses that folder.

Here's how to do that…

First, copy the folder in Dropbox by clicking on the menu button (with the three dots) on the right side of the folder's line.

Then paste the folder to your main Dropbox folder by clicking on it in the selection box and clicking the Copy button.

Then you will have a copy of the original folder.

Rename it by clicking on the menu button again on the right side of the line and select Rename.

Name the folder something that makes sense to you. Let's say that you are going to use this copy of the install on a Dell computer.

You would name the folder something like:

Then on the computer (in this case, the Dell), click on the Dropbox icon in the tray and click on the settings icon. After that, click on Preferences.

On the next screen, click on Account > Selective Sync.

Then check the box of the folder you want to sync with.

Now click on the terminal application in your Dropbox folder to launch MT4.

Create a shortcut on your desktop or somewhere that is easy to access.

You now have a second copy of MT4, with no duplication!

Repeat for any additional computers you want to backup.

If you can setup a chron job on one of your computers to do the MetaTrader sync, that would be ideal.

How to Fix Some Elements Not Getting Copied to Dropbox

Since build 600 of MetaTrader 4, all custom templates, indicators and other assets of MT4 get copied to your user folder, outside of the MT4 install folder.

This means that they do not get backed up to Dropbox.

Luckily, this is pretty easy to fix.

It has to do with how MT4 is launched. When you launch MT4 in regular mode, it stores the assets in a separate folder in your user profile.

However, when you launch it in portable mode, it will keep all of the files in the same folder. Yeah, that doesn't make any sense, but it is what it is.

So, to launch MetaTrader 4 in portable mode, you have to a small tweak to your program file or shortcut. If you have a shortcut in your taskbar, then right-click on the shortcut, then right-click on MetaTrader, then click on Properties.

If you have a regular program in your MT4 folder, then you have to create a shortcut and always launch the program from that shortcut.

Then in the properties menu, add the portable command by typing in:

/portable

…after the existing command in the Target field. Yes, there is a space before /portable.

Then that's it!

When you launch MT4 again, you will be in portable mode and all changes will be saved to Dropbox.

Remember that if you had made any changes before, you will have to copy those assets from your user folder to your Dropbox folder before going to portable mode, or start all over.

Copying MetaTrader Files From User Profile

As mentioned above, MetaTrader does a weird thing where profiles do not get backed up to the cloud storage (like Dropbox). It only gets saved in the user profile.

So to copy them to your Dropbox drive, do the following:

1. In MT4 click: File > Open Data Folder > Profiles
2. Copy all the folders to the corresponding Dropbox folder and overwrite everything
3. Close/reopen platform

The updated profile should now be available.

Changing Your MT Icon

There have been some questions that have come up about this process. But if you read the comments below, I think that they will answer most of your questions.

I also want to thank Trading Heroes reader Richard for submitting the following solutions:

You may want to change your MT4 icon, especially if you are running multiple instances of MetaTrader. Here is how you do it:

1. Open broker folder in cloud storage
2. Create shortcut of ‘terminal' (app) (I moved mine to desktop)
3. Right click on above shortcut
4. Click Properties > Change Icon > Browse > terminal icon (found in the relevant broker's folder in cloud) > apply/ok

You should now be able to happily pin your special broker icon to your taskbar.

BTW, Richard is using Microsoft's OneDrive, so this works for other cloud storage as well!

Thanks again Richard! 

Conclusion

So that is the easiest way that I have found to automatically backup and run MetaTrader from multiple computers. It is super simple and free, in most cases.

If you don't want to use this method with your primary Dropbox account, just use another email address and setup another account. I hope that this tip saves you a ton of time and frustration.

Looking for a new trading computer? I'll show you how to choose the best one in this post.

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The post How Sync MetaTrader Between Multiple Computers appeared first on Trading Heroes.

A reader emailed me and asked if I could recommend a quality/affordable Metatrader VPS (Virtual Private Server) service.

There's one that I recommend here.

But there is also an alternative that some people may not be aware of.

…and it can save you quite a bit of money, over the long run.

In this post, I'm going to tell you what a VPS is for, the benefits and drawbacks and a cheaper (and almost as effective) alternative.

Then I will show you exactly how to set up this DIY VPS solution.

Let's do this…

What is A VPS and What is it For?

A virtual private server is an installation of Windows that is running on a hosting company's server.

Just like a website is hosted at a hosting company, you can also host an installation of Windows at a hosting company.

Then you can login to your virtual computer from any other computer with internet access and use the VPS machine like it was a computer sitting at your desk.

This is useful for people who run Expert Advisers (EA), alert indicators or any automated trading programs in Metatrader.

Since the VPS is running 24/7, the EA will always be available to take trades. 

If you choose a VPS that is near your broker, you may benefit from faster connection speeds.

Using a VPS is also very helpful if you have an indicator in Metatrader that gives trading alerts.

You can use it to send you a text message or send you an alert in the Metatrader app if you have a smartphone.

The advantage of using a VPS is primarily the uptime.

You do not need to worry about power outages at your home or your cable internet going on the blink again.

The downside is that it costs some money every month and it can really eat into your trading profits, especially if you are trading a small account.

As we will see, the cost can really add up.

The Savings

Let's get down to numbers.

A DIY Metatrader VPS can save you as much as $720 per year.

How did I come up wth this number?

If you look at this chart from Earn Forex, there can be a wide range of prices when it comes to purchasing a VPS service.

At the high end of the spectrum is a VPS that costs $60 per month.

That's where I get the $720 per year figure from.

If you are on a budget, that can be pretty steep…can we do better?

We sure can…

The Forex Trading VPS Alternative

I'm going to teach you how to keep a computer running at your home that:

• Uses very little electricity
• Is very low cost
• Takes up very little space
• Has more than enough power
• Has no additional monthly cost (except for the electricity)
• Can be accessed remotely from another computer.

Of course, this may not be for everyone.

My forex trading VPS alternative assumes three things:

• You have a reliable internet connection running at your home.
• You have a little bit of technical skills and can follow a few directions to get things working.
• You do not have frequent power outages in your neighborhood.

If any of the above are an issue for you, then a hosted VPS may be a better solution.

But if you are OK with the above, let's get started.

Step 1 – Buy A Netbook or Cheap Laptop

This will be the only cost that you will incur.

Although it will cost some money up front, you won't have to worry about high monthly fees later.

I recommend a netbook because they:

• Use very little electricity
• Are compact
• Have more than enough power
• Are inexpensive, you can get a used one off eBay for between $80-$250
• The monitor is built in

I was able to get a Asus Eee PC 900 series netbook on eBay for $85, including shipping.

It is actually in really good condition.

The only downside is that the top cover is lavender (not shown).

You could also get a newer Windows tablet or laptop that can run MT4.

I use it to run my Metatrader indicators with alerts.

This is a super low end example, but you can scale up from here.

Here is a picture:

Here are the specs on this little guy:

• Processor: 900Mhz Celeron M
• Memory: 512 MB
• Hard Drive: 8 GB solid state
• Operating System: Windows XP

Let's compare that to a typical VPS (I wasn't able to get specs on the $60 VPS, but here are specs from another host at a similar cost):

• Processor: Intel Xenon
• Memory: 8192 MB
• Hard Drive: 80 GB
• Operating System: Unix

So the VPS is much more powerful, but do you really need all that power?

In my experience, not really.

If you are just running Metatrader, you do not need a lot of disk space, memory or processor power.

However, if you will be running multiple EAs at once, you should buy a slightly more powerful computer.

This is a really bare bones system, but if you want something more powerful, you can spend a couple hundred and still get a really good laptop.

It would still be a huge savings over a high end VPS server.

I have used a netbook in the past and really liked it, but there were just too many limitations to use it as my primary computer, so I switched to a Mac.

But it's perfect as a VPS alternative, especially when you can get one for as cheap as I did.

So install MT4 on your computer and you are good to go!

You can also consider buying a mini computer, but you'll need to hook it up to a monitor.

Step 2 – Sign Up For NO-IP

Now that you have a PC to run Windows and Metatrader, you will need to be able to log into the netbook while you are on the road.

One way that you can do this is to setup a free account with NO-IP.

NO-IP basically allows your remote computer to securely find your netbook from outside your home network.

You just install a small NO-IP program on your netbook and when you are on the road, you can login to your netbook just like it was on your local network.

Just use the Remote Desktop Connection feature in Windows and you are all set.

But before you are able to do that, you need to do one more thing…

Step 3 – Set Up Your Router

Your home router will have to be setup to allow the connection to your netbook, remotely.

This may seem a little complicated at first, but it is not actually that hard.

Just follow the guides that NO-IP provides.

If you do not feel comfortable doing this yourself, then I would recommend finding a more tech savvy person to help you.

Step 4 – Setup MetaTrader to Send Alerts (Optional)

Now setup MetaTrader on your new server to send alerts to your mobile device.

If you don't have an alert indicator, then you can still send trade notifications to your phone or tablet.

This will allow you to easily monitor your server and make sure that it's working.

Remote Connection Alternatives

The obvious alternative is Windows Remote Desktop. They have a Mac app that you can use to connect to your at-home VPS.

You do not need step 2 and 3 above if you're only going to access your server from your home network.

But it's a good idea to setup remote access in case something goes wrong and you're away from home.

If you cannot Windows Remote Desktop Connection, you can also use a VNC program like UltraVNC.

It is also free, but if you have Windows, it can be less complicated to use Remote Desktop in instead of UltraVNC.

There are programs like TeamViewer, which allow you to connect to your home computer while you are on the road.

I have not used TeamViewer for trading, so I cannot give you an honest review of it.

Conclusion

So that is how you can save $720 per year on a VPS system and get a system that can work almost as well.

Again, this might not work for everyone, but it can be a significant cost savings over a hosted solution.

If you are still in doubt about what to do, give both solutions a try for a month and see what works best for you.

If the netbook solution doesn't work for you, you can always sell it to someone else on eBay.

Just be sure you get a good deal when you buy, so you don't lose money later.

Make it a good trade.

Again, the only downside with this solution is that you are relying on your home internet connection and power source, which may or not be reliable.

Therefore, when you have the budget to upgrade your Metatrader VPS solution, I would highly recommend going with this VPS host.

Also, don't forget your VPN, for when you are connecting to your VPS, from outside your home.

The post Build Your Own Low-Cost MetaTrader Virtual Private Server (VPS) appeared first on Trading Heroes.

It seems like that when a lot of people first get started in trading, one of the things that they think they need to do is get as many external monitors as they can.

That was certainly the case with me.

I wish I had a picture of my setup back then, but I actually had 4 monitors attached to a desktop computer, plus a laptop with another external monitor attached to it for a total of 6 monitors.

The whole thing was ghetto rigged on a set of shelves that I made myself.

Did I need all those monitors?

Not at all.

What I should have been concentrating on was developing a trading method because monitors don't make you money, trading strategies do.

However, if you do have a trading plan and are looking for the best way to get more monitors on your desk, then this post will give you some options on how do to it.

Luckily, most of the options out there today are affordable and easy to use.

USB Multi Monitor Adapters Makes Expanding Your Monitors Easy

This is the way that I recommend you go because these monitors adapters are affordable, they usually work well and you can easily move them from one computer to another.

Team them up with an affordable monitor (see below) and you are good to go. Just be sure that you have the right connector type for you monitor (VGA, DVI, HDMI) and to take advantage of faster interfaces like USB 3.0, if possible.

In order to use these, just plug the USB end into your computer and plug your monitor into the adapter.

In some cases, there will be some software that you have to install on your computer to get it to work.

Then you go into your operating system and control the monitor setup from there.

Back when I had a desktop computer, I used three of these adapters to achieve my four monitor setup (plus the video card built into the computer).

Double check what kind of USB port your computer has and what kind of connectors your monitor(s) has.

Recommended Monitors

LCD monitors have become increasingly affordable over the years. I remember when it was really expensive to get a small 15 inch monitor.

Although I haven't personally used every single monitor on the market, but I use and and recommend Samsung monitors.

They are usually very reliable, look good and they have great looking displays.

Obviously results will vary by model, but that is a good place to start.

I would go for a 32 inch screen if you can afford it, but the 27 inch is very nice too.

I would recommend these sizes because it really helps when you need to see the maximum amount of history on your charts.

If you shop around, you can get a great monitor for about $200.

If you don't want to shop around, you can get one for about $300 (at the time this post was written).

You can also find some good deals on Craigslist or Amazon.

Making Metatrader Multi-Monitor Compatible

Now that you have all the hardware for your trading, let's talk a little about Forex trading software.

Metatrader is the defacto standard when it comes to free charting on a desktop. It has almost everything you might need in charting software.

But there is one big issue with it. 

You cannot detach the chart windows and use them on multiple monitors. You are stuck with just one window and that's it.

That means you are forced to create different profiles within Metatrader or just keep flipping through the tabs at the bottom of the window.

But what is the use in having all these cool monitors if you are locked into one Metatrader screen?

Pretty lame, right?

To get around this, you can use multiple charting platforms or multiple Metatrader installs from multiple brokers.

But anytime you start using quotes from anyone besides your broker, there will be differences in the quotes and can lead to trading mistakes.

What if I Have a Mac?

First of all, congratulations on choosing a superior computer.

You can use some of the multi monitor adapters above because some are compatible. Be sure that you check first.

But newer Macs do have the built in tech to run up to two external Thunderbolt Displays.

Be sure that your system is compatible before buying anything.

All you do is plug the special Thunderbolt Cable into both monitors, then into your Mac. Easy.

However, those Thunderbolt Displays aren't cheap.

They will run you about $1,000 each. But they sure are sexy…

If you have any questions, check the Thunderbolt Display FAQ.

The Ultimate

As far as ease of use and maximum expandability, it doesn't seem to get better than the SideCar from Digital Tigers…at least from my research.

The SideCar only works on Windows laptops because it uses the Express Card and PCMCIA connections to attach the SideCar to your laptop.

But with prices starting a $999 and up, it is not really an option for most beginning traders.

In fact, I wouldn't recommend it unless you are making some serious dinero from you trading.

And even if you are, you probably don't really need it.

Digital Tigers also does full-on trading computers that can handle up to 24 monitors.

That particular system runs about $7,000…in case you were wondering. But seriously, who needs 24 freaking monitors to trade?

That just sounds like trouble. But if you are in the “more is better” camp, then consider yourself inspired.

If these are options are something that you might be interested in, you can check out the Digital Tigers website for more information.

Otherwise, for mere mortal traders like us, you will probably be more interested in the other options above.

Conclusion

So how many extra monitors should you get?

That is up to you of course. However, I don't really see the need for more than three monitors. I actually only use two, my laptop and one external monitor.

Consider how many markets you watch at once and if you need to see other screens like news events or correlated markets.

If you are a day trader, you may need more screens if you watch several different pairs at once.

But for swing traders like me, two screens is plenty

The post How to Build a Multi-Monitor Trading Computer appeared first on Trading Heroes.

I really like this mouse for trading. It is the Gyration wireless mouse. The thing that makes this mouse different is that you can use it on the table like a regular mouse, but you can also use it in the air.

There is a trigger-like button on the mouse. When I click that button and move my hand, that moves the mouse based on the 3 dimensional movements of my hand. This allows me to use more natural arm positions to move the mouse. It cuts down on the stress to my wrist and lets me enter and exit trades while sitting back in my chair.

The hand movement to mouse movement translation is excellent and I am never worried about clicking the wrong thing on the screen.

There are also three additional buttons below the standard left button, right button and scroll wheel. These additional buttons are programmable and I have set them to do browser functions when I am surfing the internet: navigate back, navigate forward and refresh.

The mouse has a rechargeable battery that can be removed and replaced, if necessary. There is a charging base that is included with the set which allows me to easily charge the battery by just placing it on the base.

I bought the keyboard/mouse set, so the mouse also comes with a wireless keyboard. The keyboard layout isn't the best, but it is very compact and I like that.

It runs on 4 AAA batteries. I use rechargeable batteries that last a few months before I have to charge them again.

My only complaint with the keyboard is that I cannot tell if the caps lock is on because there is no indicator light. I have learned to live with it though, I guess it prolongs the battery life.

I have been using this keyboard/mouse combo for about 3 years now and I really like it. Click here to check out the details.

Here is a quick demo video:

The post My Favorite Trading Mouse – Gyration Wireless Mouse Review appeared first on Trading Heroes.

One of the fun things about being a trader is being able to have multiple monitors.

At some point it becomes ridiculous, but in my opinion, a minimum of 2 or 3 monitors can really boost your productivity.

Longer term traders may not need it, but it is very helpful for shorter term traders because they can watch multiple markets at the same time or work on a spreadsheet while having their trading platform open.

If you don't want to open your computer to add another video card, I understand.   We are traders, not IT technicians.  In addition, if you have a small computer (like me), laptop (and want a third monitor) or a computer that is out of expansion slots, this may be your best solution.

Here is what I have been using.  I'm not exactly sure how long I have had it, but it has been at least a year.   I think it is a great product and allows you to add more monitors very easily.

It is just a little box that sits on top of your computer or desk.  All you have to do is plug in the USB cable, plug in the monitor cable (VGA or DVI), download the software drivers (or use the CD), and change your monitor setup.  I have two of them running off my desktop computer at home.

The only issue that I have had is that sometimes I have to unplug it and plug it back in when I first start my computer because it doesn't start up. It doesn't happen often, but otherwise it works great!  They do run a little hot, because of all the processing that goes on in there, but not enough to be dangerous.

A couple of the reviews say that it doesn't work too well with movies, but I have never had a problem watching movies with it.  More importantly, it works well with my charts.  It may not work as well if you do hardcore 3D graphics or play graphics intensive online games but I think it is perfect for traders.

I think there is a limit to how many extra monitors you can have with this device, I think it is 4. If you don't have enough USB slots, consider an external USB hub to get more slots.

Be sure that your computer is compatible with this product.  If it isn't, there are several different brands out there and one of them may work for you.

To learn how to choose the best computer for Forex trading, read this guide.

Have fun!

The post How To Add More Monitors To Your Computer Without Dismantling It appeared first on Trading Heroes.

You never know how much you need the data on your trading computer until your hard drive crashes, or your computer gets lost or stolen.

I used to work in IT and I've seen it happen many, many times. Tons of valuable information would get lost because someone didn't take a few minutes to setup their backups.

Can you afford to lose the information on your computer? I'm not only talking about trading documents. Think about the priceless pictures, music and other personal files that you do not want to lose.

Fortunately, backing up your trading computer is easy and this tutorial will show you how to do it.

Step 1: Get an External Hard Drive

First of all, I'm not a fan of storing all of my data in the cloud. Cloud storage is good for pictures and movies, but I don't store much else there.

You should consider your backup solution carefully. Cloud backup can make backups more convenient, but they can also expose sensitive information. 

Documents or pictures can get automatically sent to cloud backup, without you realizing it. These files can be accessed by employees of these companies or by anyone in the world who can hack your password on the company's website.

So I recommend doing full backups on an external hard drive that you keep at home. 

At the time that this is being written, I'm using a Western Digital NAS (Network-Attached Storage) Drive.

This means that it's attached to my wireless router, so I don't have to plug it directly into my laptop to do backups. That's a huge benefit.

In addition, this NAS has 2 hard drives. When I set it up in RAID 1 mode, it copies my data to both hard drives.

So if one of the drives crashes, I can simply replace it with a new drive and the software in the drive will duplicate the data from the working drive to the new drive. 

The only downside of these drives is that they are quite a bit more expensive than other solutions.

But I feel that they are the best solution for backups.

You don't have to use a NAS drive however. You can simply use an external hard drive that you can buy at somewhere like Costco or Best Buy.

Once you chose your backup solution, now it's time to setup your backup software. The steps that you have to go through will depend on which operating system you're using.

Step 2: Setup Your Backup Software

Setting Up Backups on a Mac

When I switched from Windows to Mac, I was amazed at how easy it is to setup automated backups. The macOS backup software works seamlessly and runs in the background, while you're working.

This video will show you how to setup backups on macOS.

Setting Up Backups on Windows 10

For the longest time, I never understood why Windows didn't have a good backup system built in. I always had to download a third-party solution.

But now it does.

Windows 10 provides a good way to backup your computer. It supports both cloud and external hard drive backups.

Here's a great videos that I found, which shows you how to do backups on Windows 10.

Setting up Backups on Linux

Now I don't use Linux very much, so I've never had to back it up. I'm going to turn it over to someone who has more experience with this.

Watch this video to learn how to to it on Linux.

As with almost everything Linux related, backups are more complicated on Linux than on macOS or Windows 10.

But once you set it up, it seems pretty easy to do backups going forward.

Conclusion

That's it! Pretty simple, right?

Now there's no excuse not to do regular backups of your trading computer.

Do not wait until it's too late. In order to preserve your data, you must take a proactive approach to backups because you never know when your computer is going to crash.

Backup regularly and as often as makes sense.

Let the backup run at night so your computer is ready to use in the morning.

Now don't put it off any longer. Get started now!

See the trading gear I use, including my backup drive of choice, here.

The post How to Backup Your Trading Computer appeared first on Trading Heroes.