If you are interested in becoming a day trader, then you have to have the right equipment. Without the right equipment, you will not be able to execute trades. At the bare minimum, you need to have an electronic device with an internet connection. That way, you can communicate with your broker, executing trades as needed. When you are trying to find the right equipment to day-trade, there are two important goals you need to shoot for. These include:
- You need to have a device that displays all the information you need to make decisions quickly.
- You need to have equipment that will execute your trades quickly before the price changes.
With this in mind, what are a few important recommendations you should follow?
A Desktop Computer vs. A Mobile Device
First, you need to decide if you would like to use a personal computer or mobile device to execute your trades. The reality is that you are probably going to you both of these devices at some point. If you have a choice, you should use your desktop computer.
A desktop computer is better than a mobile device for several reasons. A desktop computer has a larger monitor, allow you to see everything clearly. You do not have to worry about squinting your eyes in order to make out smaller pieces of text.
In addition, a desktop computer is probably going to be faster. You want to be able to execute trades at the asking price. If your mobile device does not communicate fast enough, you may lose out.
Of course, there are some situations where you will be using your mobile device as well. If you have to step away from your computer, it is helpful to have a mobile device you can use to execute trades in the event of an emergency. In addition, if the internet goes out, you can still use the data plan on your mobile device to execute trades.
The Specs of Your Computer
Then, you need to take a closer look at the specs of your computer. You want your computer to be able to process a large amount of information very quickly. That way, you can execute trades exactly when you hit the button.
The more RAM your computer has, the faster it will be able to process your commands. As your day trading account grows, your computer will have more demands placed on it. It has to be able to keep up with that demand. That is also why you need to have a strong processor. The better the processor is, the more reliable your computer will be.
Finally, you also have to have a strong graphics card. You do not want to have to squint to see the screen while day trading. With a strong graphics card, this will not be a problem.
Recommendations on Monitors
In addition, you also want to think about the monitor you are going to use. You also need to think about how many monitors you are going to need. There are also numerous wall mounts and dust masks that can make your setup more comfortable.
When you are looking for monitors, the most important thing you have to keep in mind is the resolution. The resolution is going to determine the quality and the clarity of the images you are looking at. You want your monitor to display crisp images so you can process information as quickly as a computer. At a minimum, you should have 2 monitors that feature a resolution of 1080p. Fortunately, high-quality monitors are usually less expensive than other equipment. Therefore, you do not have to drain your bank account getting the right monitors.
Furthermore, it's important to note the amount of available outputs you have when determining the number of monitors. Some PCs will allow for several monitors, while older computers might only support a single monitor.
A Suggestion for a Personal Setup
As your day trading account grows, your personal setup is going to change with you. You may want to purchase multiple monitors so you can track multiple stocks at the same time. You may also want to upgrade your processor, with a 3.8 GHz processor being better than a 2.6 GHz processor. If your computer can be upgraded to hold 64 GB of RAM, this is even better.
You should also think about the quality of your desk and desk chair. Having an adjustable desk chair with lumbar support is a fantastic way to take care of your lower back as you stare at your monitors. You may also want to use a desk that can transition between sitting and standing.
If you keep yourself comfortable, you will process information better.
Keep all of these points in mind when you are establishing your day trading setup.