Trading at home can be a lucrative job. It frees you from the daily hassle and stress of working in a remote office. But to start trading stocks or any financial instrument for that matter, one must have the right tech set up to facilitate the process.
What Do You Need?
It really varies from person to person and how they plan to approach stock trading. Beginning traders and those who prefer simplicity in their newfound business need only a good computer with reliable internet connection. This is the only two techs you need to connect to the financial markets and to an online broker who will process your orders.
If you have a fondness for technical analysis, you may need to use software to design expert advisors that will place automated trades based on specific parameters you’ve set for it to follow. You can choose to either buy a tested and proven EA from fellow technical traders or experiment on one yourself; both need some type of software to work.
Traders who choose to go with the traditional fundamental analysis may find real-time feeds especially helpful to their trading style. It does cost a monthly fee though hence it is a good idea to find a decent strategy first so that the service pays for itself. Real-time news feeds cover a wide scope of economic data, ranging from interest rate cuts/hikes to geopolitical disputes around the globe.
You will spend countless hours on your trading desk every day. Thus, the environment should be comfortable and functional. A cluttered desk with little space can add to your already stressful lifestyle as a trader. A handy tech tool to have is multiple screens so you can display all your charts and data without having to press the ALT + TAB key again and again. It’s also a good idea to have a calculator around to compute for percentile changes and other operations you might need.
Having a mobile device like a tablet or smartphone gives you the freedom to leave the desktop screen while still be able to monitor open positions. Download free apps on your smartphone so you can check real-time stock price changes and important economic news.
Having this tech around at home does not guarantee profits and success in stock trading. However, it does give you an edge against other traders. Most tech tools you’ll need are offered for free online. You just need to be vigilant and meticulous to spot reliable versions. Of course when your trading business grows and you need to find someone to help, you can always hire a reliable assistant to do the back end of your trading business to keep things in order. How to hire one? Companies like Randstad has all the tips you need to help you find the most qualified assistant.