Cafe Trading: How to Choose a Place to Trade Over a Cup of Coffee
An almond latte in a cup and a bearded guy behind a laptop. You can see such a picture in almost any cafe.
Modern technologies allow us to work from any point on the globe. And in a cafe, along with free WI-FI, we also get a chance to have a snack, drink tea and ... a change of scenery, so necessary for activating the neurons in our head. Of course, you can sit and like cats on VKontakte, but today we will talk about trading in food-service places. How to choose an establishment, how not to bother others, what to take with you and what coffee to order a couple more subtleties directly connected with trading on forex.
Why go trade in a cafe?
First, while traveling. Second, when your apartment is occupied for some reason: your mother-in-law's birthday, cleaning, renovation, or the sudden arrival of a gypsy camp who turned out to be your distant relatives.
And third, the least obvious but very important reason is for a change of scenery. The point is that when we do the same thing every day, neural connections in our head become reinforced. We get more and more used to everything and our brain works worse. Therefore, you need to keep trying something new. A change in your working environment will do you good, believe me.
Another reason is an increase in the level of discipline. When you are in view of other people, it is somehow easier to follow the rules. Maybe it only seems that way to me, but still. Try it, maybe it will help you too?
Getting ready to work
Keep in mind that you will not sit in a cafe from morning till night. It is inconvenient, therefore choose the time; it should coincide with the time when you check the charts for possible position entries.
Take with you: a charged laptop (let's do without showing off, leave MacBooks to the hipsters), a mouse (wireless; if you trade on large timeframes, you can manage without it), a smartphone (if the internet disappears, we will use it as a modem).
Do not forget to go to the restroom before your order is brought, leaving the laptop on the table is inconvenient.
It is better, if possible, to choose a table for four people. That way you will have room for both food and the computer.
Choosing an establishment
So, the criteria for choosing a suitable cafe:
- WI-FI, fast, free, without time limits and other nonsense. For us this is the most important thing.
- Music. It should not bother you.
- Convenience. Both inside the cafe and in terms of location.
- Average occupancy. Yes, constantly overcrowded places will not suit us. It is noisy and the staff will not be very happy with your long sit-downs.
- Opening hours.
- You should feel comfortable here ;)
A good option would be to go "on reconnaissance" with a smartphone to check the internet before going to the establishment with a laptop. You can check the internet speed with the Speedtest app (available for both iPhone and Android).
A cheat code personally from me: lobby cafes in hotels. People from the street feel shy about going in, consequently they are not crowded, prices are moderate because the cafe has no goal of making money (after all, it is a hotel), and the internet is usually good. No one will ask whether you are staying in the hotel or not, believe me)
How to behave so you do not get thrown out
- Do not occupy large tables for 6-8 people
- Use headphones if you need sound from the laptop. Or turn the sound off so as not to disturb others. MetaTrader, for example, squeals very nastily when the connection is lost.
- Avoid loud and prolonged conversations on Skype and/or the phone. Remember that you are not at home.
- Buy drinks and food every couple of hours. We should not be brazen, and besides, a pot of pu-erh will help you concentrate.
- Be polite and leave tips
Let's start with the type of your trading forex strategy. If you scalp on minute charts with six monitors, you are unlikely to be able to work from a cafe/restaurant. It is inconvenient, there is no stable connection. But timeframes from M15 and higher are quite suitable.
As I said above, combine the time of going to the cafe with the time when you check the charts. Now many establishments work around the clock, so this is unlikely to become a problem. Even if you trade on daily charts and check the charts once a day, try doing it from a cafe; your head will work a little better, proven)
Be careful: from lack of habit, in a new place, you may make mistakes.
As a second monitor, for example to track some instrument, say oil, you can use a tablet. Fortunately, MT4 for Ipad has existed for a long time.
Keep in mind that the internet can disappear at any moment, and be ready to quickly connect to the cellular network through your smartphone. Modem mode is available in any modern phone. If you do not know what that is, google it.
Pay attention to the presence of power outlets; in many establishments they are hidden with covers in the floor. If there are outlets, then you will be able to use a charger.
Do not give free rein to emotions. If at home you can throw a mouse at the wall, in a cafe you should not do that.
Do not order alcohol. "100 grams for courage" may cost you your trading deposit.
Have you tried trading from a cafe?
Best regards, Pavel Vlasov TradeLikeaPro.ru
An almond latte in a cup and a bearded guy behind a laptop. You can see such a picture in almost any cafe.