If you plan to get into day trading, you’re going to need a few things that don’t directly have to do with actually buying and selling stocks, futures, or currencies. Some of the most important day trading tools you will have will be those tools you use to access the Internet and to attend to the other parts of your trading business. If you are just getting set up as a day trader, you’ll want to make certain that you’re ready for the actual logistics of running a trading business, which is what day trading will become if you’re successful.
One of the mistakes people who are about to be self-employed make is thinking they can go work down at the local coffee shop or another public venue. For most people, this is a dangerous choice. The reason for this is that you very quickly learn the value of privacy and quiet when you’re trying to make quick trading decisions. Day trading demands a tremendous amount of focus. Intense attention to your charts and a and noisy environment do not go well together. Make sure you turn a room in your house or your apartment into a day trading office where you can dedicate your mental energy on trading and where you won’t be easily distracted. In fact, it may even make sense to setup offsite office for your day trading business.
If you’ve only been using your computer for recreation, you probably need to improve the desk and chair that you’re using. You’re going to spend a lot of time in front of day trading software analyzing the movement of stocks and futures, checking your accounts and communicating with people. You need to make certain that you have a serious set up that allows you to do this without being distracted by an uncomfortable desk or by not having enough room to accommodate papers, printed materials, and other necessary items. Do yourself a favor; go out and buy a real desk and office chair. Make sure the desk has file drawers, plenty of surface space and a quality trading chair is comfortable and the correct height.
You may have held off on getting the highest speed Internet connection available from your vendor because you didn’t need it before, but this is one of the most important of the day trading tools covered here – and you need it now. If you’re getting into a very fast-paced type of trading, such as online futures trading, you want to make sure that there are no visible barriers between you and the information you need. A slow Internet connection is such a barrier.
With three of the most important day trading tools in place – a good connection, a good desk and a place where you can think – day trading will be a much more enjoyable affair and, if things work out for you, a much more profitable one.
TESTIMONIAL DISCLOSURE: Testimonials appearing on www.IndicatorWarehouse.com may not be representative of the experience of other clients or customers and is not a guarantee of future performance or success.
LIVE TRADE ROOM DISCLOSURE: All presentations, videos, and information are for educational purposes only and the opinions expressed are those of the presenter only. All trades presented should be considered hypothetical and should not be expected to be replicated in a live trading account.
Commodity Futures Trading Commission Futures and Options trading has substantial potential rewards, but also significant potential risk. You must be aware of the risks and be willing to accept them to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.
CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS, IN GENERAL, ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.
Use of any of this information is entirely at your own risk, for which Indicator Warehouse will not be liable. Neither we nor any third parties provide any warranty or guarantee as to the accuracy, timeliness, performance, completeness or suitability of the information and content found or offered in the material for any particular purpose. You acknowledge that such information and materials may contain inaccuracies or errors and we expressly exclude liability for any such inaccuracies or errors to the fullest extent permitted by law. All information exists for nothing other than entertainment and general educational purposes. We are not registered trading advisors.