As per Investopedia, a great source for any market participant, seasoned or rookie, “a stock market
is a similar designated market for trading various kinds of securities in a controlled, secure and
managed environment. Since the stock market brings together hundreds of thousands of market
participants who wish to buy and sell shares, it ensures fair pricing practices and transparency in
transactions.” Originally to trade you had to physically go to the stock exchange. Not anymore
though. With the birth of the computer and of course the internet it all moved online and although
in the beginning was only available to whales (individuals with significant capital) it is now available
for retail traders. Many individuals start because they want to be able to take control of their money
and watch it grow more quickly, but as we mentioned above, technology brought it to the common
people and its necessary to do it right. Below we outline a few essentials that could benefit your
trading and perhaps help with an early retirement.
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 really need to connect to the financial
markets and to an online broker who will process your orders. The below though will give you an
edge over other traders and the market and you will be more likely to see profits faster.
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 on the go. This means not losing money either
because you had to leave your desk and close your position or left it open and started losing money.
You can download apps on your smartphone so you can check real-time stock price changes and
important economic news that come with push notifications.
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 is also a good idea to have a
calculator around to compute for percentile changes and other operations you might need to save
time and of course not make a mistake without realising.
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 have 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 that effect certain instruments.
Have you already customized with trading gadgets to fit your trading style? If so let us know in the
comments below what you chose to go with and why.
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