Whether you’re a stay-at-home mom, a student with some extra cash, or want to get started trading, you must ensure you have the right equipment to succeed. Trading is not easy, and you don’t need your technology failing. Plus, certain aspects of trading may demand different things from a workplace than a traditional job require.
Rather than give yourself a disadvantage in the world of trading, learn how to maximize efficiency and function for your trading. Here is some advice on how to set up the perfect at-home trading station
The Hardware
Day trading is about working quickly, which means your equipment has to work soon too. There are conflicting suggestions about what kind of computer to get – some recommend a Mac Pro for its spectacular specs. In contrast, others decry all Apple products as incapable of meeting daily traders’ requirements. Opinions differ.
What is essential, however, is that your computer can boot up Windows 7 or 10. Apple’s OS is incompatible with most critical day trading tools.
Your computer is going to need some impressive stats. A fast processor is a must, as is enough memory and RAM to avoid lag. Experts recommend a minimum of 1 gig of RAM and a 40 GB hard drive to start. A laptop is not going to cut it for this task. Go for a desktop.
Multiple monitors can be valuable for day trading and worth investing money in. Between three and four monitors are standard, but some investors have reported seeing traders using 12 monitors simultaneously. This is unnecessary; if you’re using 12 monitors, you probably need to get rid of a few.
When you set up your monitors, take the time to adjust brightness settings to avoid straining your eyes throughout the day.
The Software
You’ll need a lot of data and platforms to start day trading. One highly-recommended option is Bloomberg Anywhere, which turns your browser into a complete Bloomberg Terminal.
You’ll need a broker. Speedtrader is highly recommended and suitable for day trading, but Suretrader and Lightspeed are excellent brokers. You must evaluate the brokers based on your individual needs, goals, and plans.
Stock scanners are also critical daily trading tools, enabling you to scan and analyze stock behaviors quickly. Trade Ideas is highly recommended for this job.
Charting software will also help you observe patterns over short- and long-term periods. Stockcharts.com is a free online tool that allows you to track stock changes. Many online options can accomplish this, often for free.
Finally, the news often affects stocks, Forex, and other investments, particularly on a day-to-day basis. A breaking news provider like Benzinga Pro can quickly help you react to information within your stocks.
Other considerations
Your internet connection needs to be stable and robust to day trade successfully. Don’t skimp on your internet provider, and go for a high-speed connection. If you’re unlucky enough to be in an area with poor WiFi, consider a signal booster to increase your reception. When checking your internet, you want to ensure that pages can load immediately and you don’t experience any lag in data.
A surge protector is also essential for a station; your last need is your technology getting fried.
A backup computer and backup internet access are both important ways to prepare in case of disaster. If you plan to take day trading seriously, an internet outage cannot stop you from trading. Make sure you have a plan should an outage occur. A smartphone with mobile data makes a good backup for short-term use.
When you’re ready for your at-home trading station, make sure you’ve done all your research. Double-check that you know what software is compatible with what hardware and that everything you own works to its total capacity. Replace computer parts that need replacing, make sure your screens are comfortable and have a good chair.
Although you’re working from home, you’re dealing with the professional world and need professional tools.
