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Day Trading Tools
What Do I Need To Day Trade?
These are some of the Software and Hardware Requirements that apply if you’re going to be day trading online. This tools list includes the basic hardware equipment and software required by serious day traders to enable them to build an adequate platform for online day trading at home.
It’s very important for an active day trader to spend the money necessary to create a solid trading platform. You’re competing on the same level with other day traders. Here are the basic components that are the minimum required for successful day trading at home.
1. Hardware/Software Tool Requirements
The only items of hardware that you require to day trade online are a properly equipped computer and a monitor. Specifically, a 1 GHZ (or higher) Pentium 4 computer with 512 MB (or higher) of RAM equipped with a 40 GB hard drive, a network card, a modem and a high quality video card, is quite adequate. Most new pcs come with at least this configuration today, even the bargain starter models!
The monitor should be at least 19" though some do get by with smaller screens and the operating system should preferably be Windows XP.
(at a minimum windows 2000) Earlier versions of windows like 98 and ME are just not stable enough for day trading.
2. Connection Speed
Online connection speed is a very important consideration (tool) for active day traders who need fast order executions and confirmations of trades. Without a fast Internet or network connection, you cannot receive this data in a dependable fashion. A 56K modem dial-up connection is not adequate for the active trader, and should only be used as a backup connection. For the serious day trader, a cable modem connection or an DSL phone line connection is highly recommended.
If you reside in an area not served by cable or DSL, you may be able to obtain a satellite dish system. While these dishes overall are better than an old 56K modem, they may be interfered by weather conditions.
3. Back ups Tools
Since online day trading is about controlling risk, a serious day trader takes other precautions. A surge protector is an absolute minimum to guard against an unexpected power outage. Better, is a UPS (Uninterruptable Power Supply)
These mini-generators kick on instantly when power is lost and can provide up to an hour of power while you close out trades and shut down systems.
Its also wise to have a cell phone and a land based line. In the event a power system fails, OR your pc just locks up without explanation, you will be able to call in to the broker and close out any active orders. The online brokers number should be on speed dial and it’s not a bad idea to have a bottle of aspirin right along side it!
Day Trading Tools
