One of the more popular questions we get at Gorilla Futures is "what tools/equipment do day traders need"? In today's blog we are going to go through the basic items all day traders should consider before they put on their first trade.
Internet
Now a days there is WIFI every where you look, the only problem with this is it can be slow and some time unreliable. If possible it is always smart to use a wired connection, this way you will not have to worry about interference or any of the other pit falls that could potentially turn up.
It would also be wise to use the fastest provider in your area, as you may know speed can be king when it comes to day trading, a slow connection could be the different between getting filled and sitting on the sidelines.
Charting Platform
Each trader will need to have access to a charting platform, there are many different providers to choose from now a days. The best way to make this decision is to find a service that is one easy for you to use and won't coast you an arm and a leg. Starting out traders should look for an affordable service that meets all there needs. Instead of spending all there time and money on a charting platform instead use that time and money to learn how to trade!
A broker
All Traders will need to have access to a broker to make sure they can actually place trades. Now a days there are TONS of brokers to choose from and would strongly suggest all traders do there due diligence before signing up. Be sure to find a broker that has a great support system and is able to quickly connect you with there trade desk in-case of an emergency.
Computer
Similar to picking a charting platform, finding a computer can be a daunting task due to the sheer amount of choices. If you're look for a computer first find one that covers all your needs from RAM to hard drive space, all charting providers will inform you what specs are needed to run your charts. Once you know what you need then you can go and find something that is in your budget and meets your needs. Starting out traders should again not spend a ton of money on a computer and rather focus adding that additional cash to their account or using it on educational resources.
Misc items
After the basics are met it is wise to consider a few of the following.
First off is a wired mouse and wired keyboard, you do not want your batteries to die while you are in the middle of a trade or when you are trying to exit a trade. These two items are a must if you are considering day trading.
Second is a battery back up, having one of these can give you the final few minutes to exit your trade if the power goes out. These can be relatively inexpensive and could be the different between a winning trade and a losing trade.
Third is a proper desk, traders will need a space that they can relax and focus on day trading. This can/could be very difficult if you are forced to day trade on the dinning room table while your friends/family are all running around.
In summary each trader will need to have the proper tools to have a fighting chance of becoming a day trader. It is always recommended to start out with the basics and as you grow as a trader you can upgrade or add additional equipment.