Review How We Set-Up Our Trading Station: Schooloftrade.com
The first thing you want to remember is that you don’t need to spend a lot of money to get started. Too many traders think you need to invest $10,000 in a super-computer, but you really don’t need to. The best way to buy a computer for trading is to build one, rather than buy it in the store. Store-bought computers are loaded with things that serious traders don’t need, so skip the warehouse electronics store and consult with your local IT guy.
I found that websites such as CraigsList and even the local chamber of commerce can help direct you to people in your area that are professionals in building and maintaining computers. I don’t call them ‘trading computers’ because you don’t need a specific computer for trading. Trading computers always seem to cost me, ever notice that?
Find yourself a local computer professional, shop around for the best one with the best price, and don’t forget to ask for references from current clients. If he/she is good they will have too many clients and will have a hard time fitting you into his/her busy schedule, so make sure you pick the right person for the job.
Here is what you will need for your trading computer:
Hard Drive: Your hard drive does not need to be very large. In the old days you needed lots of space to save your files, but I use a portable store device (external hard drive) that I can use for my files, and if you have more than 2 computers in your home office you can use a Network Store Device (NAS Drive as they call it) as a shared hard drive for all the computers in your house. Save the money on your hard drive, ask to have the smallest you can find and use an external hard drive instead.
(Side note: you also want a fireproof safe to keep that hard drive so you can protect all your family videos, legal documents, etc safe from fire, flood or theft)
Processor: This is where you want to spend your money. Your processor is the engine of your computer, so you want the fastest you can afford.
Memory: Random access memory (RAM) is oxygen for your computers’ processor, and without lots of ram you will have a hard time running multiple programs and your trading charts. Get us much ram as possible, and remember, ram is easily upgraded to your existing computer, so ask to add more RAM if you can use it.
Video Cards: The costs of these have gone done 1000% in the past 5 years its incredible. What used to cost me $1,000 each now cost less then $200usd. Buy the best video cards you can afford because they will give you crystal clear and responsive images on your charts. You need to see what you’re looking at and these are essential.
Also please remember that each video card has two monitor ports. You will need 1 video card for each 2 monitors you plan on using.
Monitors: Not as important as video cards, monitors are also a technology that gets better by the second. When I began trading I used a laptop, and it shows you that you can truly start with anything that runs your charts. For desktops I highly recommend 2, 24-inch monitors. These are easy to find cheap, they are low energy and if you buy them from a reputable company (I like dell) they will last for years. Don’t go cheap on monitors, be patient and look for deals online for refurbished versions of the best manufactures. If you’re running a laptop its really easy to use the laptop screen and then add a second monitor to the port in the back. There are ‘sidecar’ add-ons that can allow laptops to use more than 1 additional monitor but they are very expensive for the version that you would need to be responsive enough to power trading charts.
Mouse: Spend the money on a good mouse. If you were a surgeon, this would be your scalpel. I prefer the laser/optical mouse (try Logitech) because it feels comfortable in my hand which is the most important thing, but it has remarkable accuracy, and as a trader I need to have the sharpest tool in my hand possible.
Battery Back-up & surge Protection: It will only happen once when your house gets struck my lightning and you fry your computer, then you will spend the money on protection. Go online (don’t buy these in the stores they are too expensive) and buy a surge protector and plug everything into these. Surge protectors are also very useful at keeping you energy costs down. When I am finished for the day I shut off the surge protector which now cuts power to everything with one switch. This is important because even when you are not using your computer it is always drawing electricity from the wall outlet. Unplugging is too time consuming, so plug them all into a protector and then turn it off at the wall. You should seriously consider battery back-up if you live in an area with frequent power outages. Back-ups are relatively cheap and any electrician can install them in your home office. Trust me, this is money well spent if you have issues with power.
I found that websites such as CraigsList and even the local chamber of commerce can help direct you to people in your area that are professionals in building and maintaining computers. I don’t call them ‘trading computers’ because you don’t need a specific computer for trading. Trading computers always seem to cost me, ever notice that?
Find yourself a local computer professional, shop around for the best one with the best price, and don’t forget to ask for references from current clients. If he/she is good they will have too many clients and will have a hard time fitting you into his/her busy schedule, so make sure you pick the right person for the job.
Here is what you will need for your trading computer:
Hard Drive: Your hard drive does not need to be very large. In the old days you needed lots of space to save your files, but I use a portable store device (external hard drive) that I can use for my files, and if you have more than 2 computers in your home office you can use a Network Store Device (NAS Drive as they call it) as a shared hard drive for all the computers in your house. Save the money on your hard drive, ask to have the smallest you can find and use an external hard drive instead.
(Side note: you also want a fireproof safe to keep that hard drive so you can protect all your family videos, legal documents, etc safe from fire, flood or theft)
Processor: This is where you want to spend your money. Your processor is the engine of your computer, so you want the fastest you can afford.
Memory: Random access memory (RAM) is oxygen for your computers’ processor, and without lots of ram you will have a hard time running multiple programs and your trading charts. Get us much ram as possible, and remember, ram is easily upgraded to your existing computer, so ask to add more RAM if you can use it.
Video Cards: The costs of these have gone done 1000% in the past 5 years its incredible. What used to cost me $1,000 each now cost less then $200usd. Buy the best video cards you can afford because they will give you crystal clear and responsive images on your charts. You need to see what you’re looking at and these are essential.
Also please remember that each video card has two monitor ports. You will need 1 video card for each 2 monitors you plan on using.
Monitors: Not as important as video cards, monitors are also a technology that gets better by the second. When I began trading I used a laptop, and it shows you that you can truly start with anything that runs your charts. For desktops I highly recommend 2, 24-inch monitors. These are easy to find cheap, they are low energy and if you buy them from a reputable company (I like dell) they will last for years. Don’t go cheap on monitors, be patient and look for deals online for refurbished versions of the best manufactures. If you’re running a laptop its really easy to use the laptop screen and then add a second monitor to the port in the back. There are ‘sidecar’ add-ons that can allow laptops to use more than 1 additional monitor but they are very expensive for the version that you would need to be responsive enough to power trading charts.
Mouse: Spend the money on a good mouse. If you were a surgeon, this would be your scalpel. I prefer the laser/optical mouse (try Logitech) because it feels comfortable in my hand which is the most important thing, but it has remarkable accuracy, and as a trader I need to have the sharpest tool in my hand possible.
Battery Back-up & surge Protection: It will only happen once when your house gets struck my lightning and you fry your computer, then you will spend the money on protection. Go online (don’t buy these in the stores they are too expensive) and buy a surge protector and plug everything into these. Surge protectors are also very useful at keeping you energy costs down. When I am finished for the day I shut off the surge protector which now cuts power to everything with one switch. This is important because even when you are not using your computer it is always drawing electricity from the wall outlet. Unplugging is too time consuming, so plug them all into a protector and then turn it off at the wall. You should seriously consider battery back-up if you live in an area with frequent power outages. Back-ups are relatively cheap and any electrician can install them in your home office. Trust me, this is money well spent if you have issues with power.
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