Day Trading Tips and Tricks

January 25, 2024

Indicator Warehouse

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Online Trading Security, a Critical Part of Your Trade Plan

Online Trading Security

If you’re using an online trading system to make money, you need to be certain your online trading security is set up correctly. What it comes to online trading, it takes more than just a super fast trading computer. When it comes to security you have a variety of options available to, and it’s a good idea to explore them all.

Backup your primary day trading software

Your day trading program will likely include software provided by the brokerage you use to place your trades. You may also use 3rd. Party trading indicator add-ons for your primary day trading platform that is critical for successfully implementing your trade plan. In both instances, you have to back up any information generated by these programs including any custom settings you defined. Understand that a software program and the data files it creates are two different things. Some software programs already have built-in backup features. They are a few progressive trading platforms that now have back and restore functionality built into the software. But, even those features are not enough.  You should still use a different “external” service to ensure your online trading security infrastructure is setup correctly.

Backup Your Supporting Documentation

Files that are often overlooked when creating a solid online trading security plan are documents you created to provide additional support to your trading plan. For example, think of all the Excel spreadsheets you’ve made or notes you have saved in Word documents. 

Online Trading Security in Your Home

Any programs, data files, or support documentation that are backed up to removable media in your home must be properly secured.  Home-based storage is only as good as the location where you keep your backup tapes, external disks, etc.  In other words, if you are going to go to the trouble of backing up “locally”, make sure you store your backup media in a safe. Ideally, you should have a safe that is designed to provide security for digital media. These safes have proper locking mechanisms, are tough to get into – nearly impossible to get into, in fact – with power tools and can endure the heat from house fires long enough to ensure that the online trading security media in them is not destroyed. It’s pointless to save your data in the real world if it can be destroyed by fire or a flood.

Additional Note: When it comes to trading journals, the only viable way to preserve them is in a safe. Like things related to paper-based journaling, storage can be difficult and tedious.  A more secure approach would be to use a reputable online trading journal.

What Cloud Storage Means for Online Trading Security

There are well established, reputable, and secure “cloud” storage options in the market today. These services provide you with an alternative to the more cumbersome and old-fashioned approach of storing backup media in your home. But, even with this method, there are safeguards to keep in mind.  Make certain that and cloud storage service you use encrypts all your data files on their servers. This configuration means that even if somebody were to access your data, they could not open them up. Computers allow you to, essentially, make infinite copies of any information on your hard drive free. Use cloud backup technology to your advantage and regularly store your hard earned valuable data in a secure location.

Online Trading Security for NinjaTrader

This link shows you how to backup the critical components of your NinjaTrader software.

NinjaTrader Backup and Restore Guides

Here is a video demonstrating how to backup your settings with NinjaTrader 7.

January 25, 2024

Indicator Warehouse

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