What You Need to Start Day Trading

Day Trading Equipment

The most important piece of equipment you need is a high-quality computer and more than one monitor. The notion of “too many monitors” doesn’t exist. Can you imagine someone telling you, “This is too many boats, and please be more realistic about the amount of jewels below deck.” No. You can’t. Same goes with monitors. The more you have, the more information you can eventually gulp through your eyes. When you think you have enough monitors, double it. Two is the minimum.

Internet Connection

The sky is the limit on internet speed as well. You want as fast a connection as you can find and afford, and reliability is as important, if not more important, than speed.

The Most Important Thing You Need

The actual most important tool you’ll need is an account balance as large as you can afford without threatening your lifestyle. You should never trade with money you cannot afford to lose.

Trading Accounts & Subscriptions

Your monthly expenditures will include software and exchange fees. We recommend you maintain two trade accounts, one for long-term trades and one maintained exclusively for day trading. More on what this means later. You’ll also need research materials, trade newspapers, and magazines.

Office Space

Other office necessities include a backup internet provider, a television for watching a financial network, a phone line used exclusively for making calls related to trading (a number no one else knows, basically), a window, a clean desk, and all the privacy and zen vibes possible. Maybe some pages torn from a yacht catalogue.

The absence of distractions. Inside your office, one thing should take place: your trading process. Your office isn’t a place for looking at social media websites, doing YouTube deep-dives of natural disaster footage, or shopping for rare precious stones and starter boats on eBay; it’s a place where you trade, and that’s it. You need an environment that enhances focus and starves you of distractions.

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