Whether you are studying trading on your own or in a trading education class, there are essential tools that are a prerequisite for success. This article only scratches the surface of the many devices professional traders use, but it should get you started on the right foot in your quest to become a full-time trader. Preparation is crucial any time you step in front of a computer, whether it’s your first day of trading or your 20th year of trading. You just can’t be too prepared.
One of your main concerns will be the computer you choose to trade with. Your six year old laptop with 2 Gb of RAM is probably not a good fit to operate on. I have a clear preference for desktop computers for my work. They are robust compared to their laptop counterpart and hold up for a period of time. Also, a desktop can use crossover graphics cards so you can expand the number of monitors you decide to use. I don’t want to rush into monitors, which we’ll talk about later in this article. For your first business computer, I’d go for a business-oriented box and avoid the variety of business computer that’s loaded with all sorts of social media-oriented and multimedia programs. The more basic the computer, the better. These are the minimum specs I would look for:
Intel i5 or i7 processor or comparable AMD processor (in fact, I prefer to use AMD gaming chips in my computers)
8Gb DDR3 and 16Gb RAM would be even better.
A good quality motherboard, I prefer ASUS motherboards because they are workhorses and relatively cheap compared to Intel. The point is to get a quality motherboard that will withstand long hours of use.
ยท I would put my operating system on a solid state drive and store the data on a physical drive that is at least 500 Gb.
A high quality graphics card, although you don’t need anything close to a $200 gaming card, just a good quality card. Most sound cards are on the motherboard and that’s fine.
A good quality surge protection unit, and I don’t mean the little plug-in strips. I’m talking about a surge protection unit that will actually protect your computer.
I prefer to operate on 4 monitors, but two monitors are enough to get started. Acer makes excellent 21″ monitors and they are priced fairly. A second monitor allows you to watch multiple time frames without having to switch a single screen back and forth.
I am a firm believer in carefully monitoring your trades so that you can review them and learn from past mistakes. There are several excellent commercially written spreadsheets available and which one to use is a matter of personal choice.
Finally, locate a nice, quiet workspace where you can work without interruptions. Trading requires tremendous concentration and interruptions usually cost money.
Proper preparation will mean one less detail to worry about when trading gets heavy and heavy, and you’ll have a computer setup you can trust. As always, best of luck in your trades.