additional monitor inputs. Once this is done, depending on the quality of your
system, and its available cooling power, you
may need to look into liquid
cooling solutions as well to ensure that things don’t overheat in the midst of an
important trade.
Regardless, you are going to want to invest in the best internet speed available
that your current system can reasonably take advantage of. The current high-end
standard is 1 gigabyte MBPS which can be found in most major markets, though
something around 100 MBPS is typically fast enough for most systems. In
addition to having access to the speed, you are going to need to be sure that your
router and modem can keep up as well or they will bottleneck your efficiency to
a noticeable degree. When you contact your internet service provider, you will
also want to consider reinstalling a landline as a type of emergency backup in
case you find yourself unable to make a specific trade in any other fashion.
While this might seem like overkill, the $10 per month will seem reasonable the
first time you find yourself using it to place a major trade and you can think of it
as a hardline to your broker in case the worst occurs.
Brokerage:
Many traders stick with the first brokerage they come across without
ever thinking twice about it. This can be a serious mistake, however, as an
experienced trader has needs that are frequently quite different than those of a
beginner. As such, once you get used to the day
trading experience it will
generally behoove you to reevaluate your choice of broker and determine if you
ultimately made the right decision.
First thing in order to determine the best options for what you are looking for,
the best place to start is on your favorite day trading website and see what the
people who frequent their forums have to say. After you have determined a
suitable list, the next thing you will want to do is determine the fees that they
charge in exchange for the services that they offer. If you have already
determined what trading platform or online tools
that you prefer then it is
important to make sure that the brokerages you are looking at support them as
not all brokerages support all trading platforms. Otherwise you risk having to
learn an entire new platform from scratch.
Additionally, it is very important that you choose a brokerage that is based in
your home country or at least in a country that provides proper oversight when it
comes to day trading. While many foreign brokerages might offer cheaper fees,
putting your money into the hands of a company without direct oversight means
that if that company suddenly disappears, your trading capital will go with it.
Finally, it is important to make a concentrated effort when it comes to
determining the type of customer service the brokerages you are interested in
provide.
In order to determine this, you will want to do more than listen to
reviews which can easily be skewed in one way or another, it is instead best to
see for yourself. This means you are going to want to call the brokerage
personally and see how long it takes for you to speak with a real person. While
you won’t have to actually call your brokerage very often, when you do it is
likely to be an emergency which means you are going to want the time it takes to
find someone to talk to, to be as short as it possibly can be.
As a new customer, it is likely that you will receive
a call back from someone
associated with the brokerage who will try and sell you their service. If this call
takes more than one business to occur then you will know that you are better off
going somewhere else. After all, if the company treats new customers with that
level of disdain, consider how much worse things will be once they already have
your money and aren’t actively trying to make a good impression. Finally,
assuming that their customer service is up to snuff, you will also want to email
them with questions a few different times, just to see what their level of response
is like. While this process may be a bit time consuming, once you find a
brokerage that is on point, it will be more than worth the effort in the long run.
Online trading tools:
There are plenty of different tools online that claim to help
you maximize your trade efficiency so the ones you choose to use are ultimately
up to you. First things first, you are going to want to find a financial calendar
that works for you to ensure that you don’t miss any important dates when it
comes to financial earnings reports. The
program you choose should
automatically populate with various important events as well as offer many
different customizable dates and provide details on multiple different markets.
If you ever trade in the forex market then you will want to find a good currency
convertor that shows any changes to specified currencies in real time. You will
also want a currency convertor that shows the range a specific currency pair has
operated in over a predetermined period of time.
Additionally, you will want to ensure that you have a calculator that makes it
easy to determine pivot points along with Fibonacci numbers. These tools will
make it easy for you to keep up to date on relevant trends and help you stay
informed on relevant indicators that it is otherwise easy to miss if you aren’t
careful. Along similar lines, you are going to want to track down a heat map that
is reliable and that shows you the trades that are currently trending along with a
volatility monitor to make it easy for you to keep tabs on the mood of the
market.
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