If the last few days tells us anything about the stock market—it’s that it’s no longer a private party that the rest of us haven’t been invited to.
The gates have opened, with more and more people turning their hand to day trading and making money from it. Day trading can be done from your very home, and you can succeed if your set up is right.
A Good Set Up to Start Trading
Day trading is extremely competitive and gaining an edge in a world where every second matters, relies on having the right set up.
So, what is needed to succeed?
HARDWARE
You need to start with a strong foundation—and that means hardware.
Having the right computer can make or break your day trading dreams before they have begun, so it’s a big choice. While there are conflicting reports, it is generally acknowledged that Apple’s OS is incompatible with most day trading tools.
In this case, it’s best to go with anything that can boot up Windows 7 or 10. What is most important is that the computer has a fast processor and enough memory and RAM to avoid lag. You’ll be on solid ground if your choice has 1 gig of RAM and at least 40gb of memory.
Another definite is that you go desktop rather than a laptop—these system requirements can be found at a cheaper price on desktop, and it is better suited for upgrading and customisation.
SOFTWARE
Once you’ve got the right computer, you need to decide on a trading platform.
Trading platforms are software that you can use to research, place and monitor trades. There are many to choose from and will provide the backbone to your trading exploits.
Platforms such as IG or eToro are great for beginners, offering the chance to open demo accounts where you can practice trading before taking the plunge.
City Index is also a good choice and a hive of information with a go-to guide when performing Forex trading, a great market to get into for beginner traders.
TO VPN OR NOT TO VPN
The question of using a VPN for trading crops up from time to time. It’s rare to make use of a VPN but if you are that particular about personal privacy then it’s your choice.
VPN is not a make-or-break issue though.
BREAKING NEWS
If you want to get into trading then you have to become a fan of the news.
Keeping abreast of real-time news that may affect the market you are in will give you an edge in trades. World events affect the markets and you may notice trends over time.
It’s always best to have a TV running the stock market news on in the background. The gold standard is Bloomberg, a name synonymous with the stock market.
The best breaking news provider out there is Benzinga. It offers several services—they read the headlines and provide breaking news on stocks that are spiking, breaking news reports and data on all types of trading.
Staying in the know is vital to staying ahead of the competition.
READY. SET. TRADE!
Now it’s up to get started. Day trading isn’t a world that will hold your hand, so give yourself the best chance of succeeding by starting right.
Good luck!