Quality #7: Technologically Aware
Modern-day trading is all done digitally – which gives traders with better technology a distinct advantage over traders with less powerful tools.
If you want to win in the marketplace, you need to be aware of all the best tools and services that can help you trade more efficiently.
On top of that, you’ll need to make sure that you have access to the best tools and services and be sure that they’re operating correctly.
That means you’ll want the best quality tools that you can afford and properly maintain.
Don’t get the cheapest equipment or service because you want to save money.
Operating on the basis of price alone is a recipe for disaster for any business.
That doesn’t mean you shouldn’t try to get the best bang for your buck… but get the best bang for your buck that will solve your problems and get the job done well.
What You Will Need
You must use, manage, understand, and assess trading technology. So you will need to invest in the following equipment and services:
- Computer or Laptop: information in the market is constantly changing. Make sure you have a computer with enough memory and a fast processor so you can keep track of new information in real-time. A slow computer that takes forever to load and crashes often just doesn’t make sense for day trading. Might as well train a snail for the Kentucky Derby. In fact, certain trading and charting software require your computer to have a standard amount of memory and processing before they install. In addition, you’ll be jumping from different broker websites to another and analyzing multiple charts. So multiple screens are preferable, but they are not required.
- Trading Platforms: Day traders need software that allow them to trade and monitor financial assets seamlessly. You want a trading platform that will fit your style and trading strategy the best. If you need access to multiple views of price charts or timed charts in a 1-minute to hourly cycle, make sure your trade platform has that feature. Or you want a trading platform that’s compatible with your brokerage. Make sure the trade platform offers as much timely market data as possible. Since day trading involves constant updates of financial data, you want to stay on top of all of the financial assets and the markets it affects.
- Phone Access: You must be able to contact your broker, especially if email or online support is not available. Having a landline or cell phone or both could be a lifesaver for your potential profits on the line. It goes without saying, you should save your broker’s number. You should even go as far as committing it to memory. Also invest in an unlimited data plan for when you don’t have access to the internet or wifi. It will save you a lot of anguish and frustration if there’s a trade you need immediately without online access.
- Internet: Invest in internet service that is fast enough to load web pages instantly. If your webpages do not load in less than 5 seconds, your internet connection may be too slow for day trading. Invest in higher speed and data plans if necessary. Remember, do not operate your day trading business on price alone. Trying to “save” money will only cost you more money in the long run. You don’t want to leave money on the table because a page was still buffering after you submitted a time-sensitive trade.
Apart from trying to build wealth, a day trader must also be a technological savant.
You must be aware of all the tools and services that are vital to your success.
So don’t forsake quality and efficiency for the sake of price.
Invest in yourself.
Now if you’d like to learn more about the system I’m using to generate $34,680.77 in trade profits every 13 days on average — AND how you can join me and follow the exact trades I’m taking — then click right here to view a free training video!