Trading News
Oct. 20, 20226 min read

The trading tech every trader needs

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Written by Tim Bohen

Imagine you’re in a trade… 

You’re watching the chart … waiting for the stock to spike higher… 

With your finger on the trigger button ready to sell into a spike… 

When all of the sudden your computer slows … the chart isn’t moving.

But it’s the middle of the day and trading didn’t just stop.

Then your platform shuts down and your computer gives you an error message. Your computer doesn’t have enough juice to run the program. 

And you’re left scrambling to try to close your position on your phone at any price just to get out.

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This might sound like a far-fetched scenario. But it happens to a lot of traders…

Especially beginner traders who don’t know what kind of computer they need to run their trading software. And anything they use it for at the same time. 

So before that happens to you, read on and learn what to look for in a trading computer. 

Because before you can become a consistently profitable trader, you need the right tools

And if you want to find red-day moonshot stocks — you need the right computer setup…

My Computer Setup 

I have a ridiculously fast computer. It’s about the size of a refrigerator… 

I have a lot of tech tools and I run a lot of programs. So you won’t need the same setup I have.

Plus, I teach, so I had to switch up my setup to fit my needs…

I used to have a Dell quad monitor — which I loved. But recently I switched it out for a new setup. 

I wanted to have a touchscreen so I can draw out trade plans, ideas, and chart patterns for SteadyTrade Team members. 

So now I have a 32” touchscreen in the center, and two vertical 28” monitors on each side. 

It looks like this… 

(Notice the touchscreen in use to bring you this beautiful drawing.)

I like the vertical screens because it cuts down the width I have to look across to watch multiple windows and charts. 

On the right side, I have my chat tabs open so I can see questions during webinars and the Breaking News Chat

On the left, I have multiple time frame charts. And in the middle, I use StocksToTrade’s total view along with my watchlists

That’s the screen you see in my live SteadyTrade Team webinars, Pre-Market Prep, and YouTube videos

My computer setup is custom to me. You have to find what works best for you and within your budget. 

Here are a few things to consider… 

Computer Operating System Basics 

When you’re shopping for a trading computer consider two important factors: reliability and functionality. 

You need a powerful computer to run your trading platform and charts. Plus, any internet tabs you have open. 

And if you use a laptop, you need enough battery juice to run it all without powering out on you while you’re in a trade. 

Here are a few operating system basics to consider when shopping around…

RAM (Random-access memory)

RAM is what powers multiple applications at the same time. I’d aim for at least 16 GB of RAM for a trading computer.

CPU (Central Processing Unit)

Your CPU dictates how fast your computer will run. It’s measured in gigahertz. CPUs also have multiple cores. 

Consider what else you run on your computer besides trading software. If you run a lot of programs at once, you’ll want more cores. If you primarily use it for trading, you might prefer a higher clock-speed CPU.  

Hard Drive

A hard drive stores all your data. 

If you’re downloading a large trading platform, storing all your family documents, photos, and videos…

And downloading and storing movies — you might want a lot of storage. 

But if your computer is only used for trading, you won’t need as much. Also, consider a solid-state drive. They’re more durable, quieter, and don’t get as hot. 

GPU (Graphics Processing Units)

Your GPU is in charge of displaying your charts on the screen. If you plan on adding additional monitors to your desktop or laptop, you’ll want to make sure it has enough GPU to run them. 

Some traders prefer computers with separate graphics cards to get faster display and chart speeds. 

Computer Setups For Traders On The Go

If you want to trade on the go, maybe from school or work — you’ll want to go with a laptop. 

There are so many powerful and lightweight models out there. 

You can choose a screen size anywhere from 13” up to 17”. But since day traders like to keep their eyes on a lot of charts — the more screen space, the better. 

If you already have a laptop and you want more space but aren’t ready to upgrade — consider adding an external screen. 

You can pick up a USB monitor that connects to your laptop for a few hundred bucks. 

Desktop Computer Setups

With a desktop computer, you’ll have a lot more options to customize your computer and your display. 

You can get custom-built components installed in your tower. And you can have multiple screens mounted in all kinds of ways. 

The options are really unlimited. 

Entry-level desktops are often cheaper than laptops. And you can add new components as you upgrade. 

But don’t get carried away with a ton of screen space and an expensive computer you don’t need. 

I covered a lot of technical stuff here. But really it’s only the basics… 

Learn more about computer setups and get my recommendations for the 10 best trading computers and laptops here.

But remember that no super expensive or ultra-fast computer will make you a better trader

So don’t spend money you don’t have on a system you don’t need. 

My recommendation is to set a budget. Then buy the most powerful computer you can get for your money. 

Once you become consistently profitable, you can always upgrade. 

And if having a super fast and sleek-looking computer setup is something you want — that’s a great goal to set and work towards.

Start finding the hottest stocks to do that here

Have a great day everyone. See you back here tomorrow. 

 

Tim Bohen

Lead Trainer, StocksToTrade