You don’t need a high-end computer, but you also don’t want to skimp on quality. Software and computers are continuously evolving, so make sure your P.C. is up to date. When day trading, a slow computer can be costly, especially if it crashes while in trades or if its slowness causes you to become stuck in deals.
A dependable and quick internet connection
With an intermittent internet connection, day trading is not recommended. It would help if you had a cable or ADSL internet connection at the very least. Speeds vary amongst various services, so aim for at least a mid-range internet plan.
Your internet provider’s slowest speed may suffice, but if you have numerous web pages and programs open, you may discover that your trading platform isn’t updating as quickly as it should. If your internet goes down frequently, look for more dependable service.
A Platform for Trading
Download and test out numerous trading platforms. Because you are a newbie, you will not yet have a well-developed trading style, so try a few that your broker offers and discover which you prefer.
Keep in mind that you may change your trading platform multiple times over your career, or you may change how it is configured to accommodate your trading development. NinjaTrader is a popular day trading platform for traders in futures and F.X. There are numerous stock trading systems available.
One of the finest ways for forex and futures traders to practice is to use the NinjaTrader Replay tool, which allows you to trade last days as if you were trading in real-time.
A middleman
Your broker facilitates your trades and charges you a commission or fee for doing so. Day traders should look for low-fee brokers because large commission charges might damage a day trading strategy’s success.
However, the lowest fee broker is not necessarily the best. You want a broker who will be there to help you if you have a problem. A few cents more on a commission is worth it if the company can save you hundreds or thousands of dollars when your computer fails and you cannot exit your deals.