To be able to day trade, here are some things you will need to get going.
2. Very decent Internet connection
3. Table and chair
4. Trading Software
5. Brokerage account
Some good to have includes:
1. Many monitors
2. Ergonomic table and chair
3. Comfortable trading environment
Day trading can be a tiring duty because you have to stare at the computer screen for 6-8 hours every day, watching every tick of the chart. A typical professional trader’s set up will include an ergonomic chair and a large computer desk with a few monitor screens and a reliable desktop computer. A fast internet connection is also crucial because you do not want the data stream to be broken. A few seconds lapse during a trade can turn disastrous for a trader.
We recommend that all your peripherals, mouse/keyboard etc, be hardwired to the computer, this way you can ensure maximum connectivity during the trade and not have to fix faulty connections. If you have 8 screens to keep track of over 20 stocks at one time, it is extremely tiring for your eyes and mind. For that reason, we recommend new traders to start off with no more than 3 screens.
Not everyone can micro-manage that many screens, and this only serves to distract you from the set ups you are familiar with. If you are focused and stick to your rules, you can cancel out the noise. Then, you will realize that only a few specific stocks truly interest you.
Always remember that opportunities come all the time. If your going to day trade, remember that you can’t take the risk on something you are unfamiliar with just because of greed.
Choosing a trading broker and platform are more in depth items, which we will cover in a later chapter. For now, simply understand the basic sort of technology and tools that is required for a day trader to operate. If any of your equipment is not up to standard, it is probably a good idea to consider upgrading them out for something that is faster and better.