The stock market is ever changing and evolving. Compared to just 25 years ago, the nature of trading has become nearly unrecognizable. Gone are the days of the pits, the shouting, and the hand signals. Internet has become the stock market’s future and without the proper tools, you will inevitably fall behind our modern times. The following is a list of tech necessary for successful trading.
Hardware
First and foremost, if you can’t afford a reliable and efficient laptop don’t even think about trading. It’s like bringing a horse to a drag race. Minimum specs for your computer should include an Intel Core i7 Processor, at least 8 GB of Ram and the latest Windows Operating System (8 at the time of this writing) comes with most computers. I put Windows 7 on my computers as I find it the easiest to use and the least glitchy! Most trading software are more compatible with Windows computers than Apple, although that’s slowly starting to change as time goes on.
Multiple Monitors
You’ve probably seen the pictures-traders staring at 20 screens. Although some may be overdoing it, there is some logic to their approach. As traders we need to be as up to date with information as we can. Multiple monitors allow traders access to several sources of information at the same time – whether they’re multiple charts, social media sties, or the news. Just don’t overdo it. The average number of monitors is 2 – 3. Half the year I travel so then at that point I can’t have all this hardware. When I travel I use a regular ASUS laptop with 16 gigs of ram. I then use iPad Pro as my 2nd monitor. I use the Duet Display app to connect them. It works pretty good but is a resource hog. ASUS has some nice usb monitors too that you can get on Amazon. They are fast and light. There is no visible lag and doesnt require any apps or special software. They are a bit fragile though. I have broken 10 of them over the years as I tend to throw stuff around and when traveling in Latin America or Asia they tend to get beaten up easily then the screens gets smushed! Thats why I use my iPad Pro as my 2nd display and its sturdy and I do all my reading on iPad anyways so it saves me space. I travel quite a bit and have found no difference in my performance when trading on desktop or laptop! Frankly trading on my laptop makes me a bit more selective and slows me down just enough to prevent overtrading.
High Speed Internet
It doesn’t matter if you’re scalping, day trading, or swing trading, you need high speed internet. The faster and more reliable the better. If you’re using spotty connection, just imagine the damage that a lost connection can do to you. Whether it’s to enter a position or close one when your stop is hit, that internet connection is more or less your lifeblood. Once it’s cut you lose the ability to manage your trades. We recommend a cable modem or ideally fiber optics for the strongest connection.
Trading Software
Finally, what replaced the ticker tape and hand signals are trading software. For technical analysts, we watch stocks through charts. Choosing the right software is important because the program must be able to provide accurate real-time data without a delay. I use TC2000 for my trading software. Of course charting software is not the only tool traders need. Level 2s (not a must), Time and Sales, Order Entry and Exit tools are all essential to boost the performance of your portfolio.
We teach this more in depth and everything else needed to become a successful trader in our trading bootcamp. It’s an intensive 60 day course to teach you exactly how I trade and why. To learn more or signup, email me at kunal@bullsonwallstreet.com today!
