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How To Set Up The Perfect At-Home Trading Station

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How To Set Up The Perfect At-Home Trading Station

Whether you’re a stay at home mom, a student with some extra cash or you just want to get started trading, you need to make sure you have the right equipment to succeed. Trading is not easy, and you don’t need your technology failing on you. Plus, certain aspects of trading may demand different things of a workplace than a traditional job require.

Rather than give yourself a disadvantage in the world of trading, learn how to maximize efficiency and function for your trading. Here is some advice on how to set up the perfect at-home trading station.

The Hardware

Day trading is about working quickly, which means your equipment has to work quickly too. There are conflicting suggestions about what kind of computer to get – some recommend a Mac Pro for its spectacular specs, while others decry all Apple products as fundamentally incapable of meeting a day trader’s requirements. Obviously, opinions differ.

What is important, however, is that your computer can boot up Windows 7 or 10. Apple’s OS is incompatible with most critical day trading tools.

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Your computer is going to need some impressive stats. A fast processor is a must, as is enough memory and RAM to avoid lag. Experts recommend a minimum 1 gig of RAM, and a 40 GB hard drive to start. A laptop is not going to cut it for this task. Go for a desktop.

Multiple monitors can be a valuable tool for daytrading, and worth investing money in. Between three and four monitors is common, but some investors have reported seeing traders using 12 monitors at a time. This is unnecessary; if you’re using 12 monitors, you probably need to get rid of a few.

When you set up your monitors, take the time to adjust brightness settings to avoid straining your eyes throughout the day.

The Software

You’re going to need a lot of data and platforms to ge started in day trading. One highly-recommended option is Bloomberg Anywhere, which turns your browser into a complete Bloomberg Terminal.

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You’ll need a broker. Speedtrader is highly recommended, and suitable for day trading, but Suretrader and Lightspeed are both excellent brokers as well. You will need to evaluate the brokers based on your individual needs, goals and plans.

Stock scanners are also critical tools for day trading, as they enable you to scan and analyze stock behaviors quickly. Trade Ideas is highly recommended for this job.

Charting software will also help you observe patterns over short- and long-term periods. Stockcharts.com is a free online tool that allows you to track stock changes. There are many online options that can accomplish this, often for free.

Finally, stocks, Forex and other investments are often affected by news, particularly on a day-to-day basis. A breaking news provider like Benzinga Pro can help you react to news within your stocks quickly.

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Other considerations

Your internet connection needs to be stable and strong in order to day trade successfully. Don’t skimp on your internet provider, and go for a high-speed connection. If you’re unlucky enough to be in an area with poor WiFi, consider a signal booster to increase your reception. When checking your internet, you want to make sure that pages can load immediately and you don’t experience any lag in data.

A surge protector is also important for a station; the last thing you need is your technology getting fried.

A backup computer and backup internet access are both important ways to prepare in case of disaster. If you are planning on taking day trading seriously, an internet outage cannot stop you from trading. Make sure you have a plan should an outage occur. A smart phone with mobile data makes a satisfactory backup for short-term use.

When you’re getting your at-home trading station ready, make sure you’ve done all your research. Double check that you know what software is compatible with what hardware, and that everything you own works to its full capacity. Replace computer parts that need replacing, make sure your screens are comfortable, have a good chair.

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Although you’re working from home, you’re dealing with the professional world, and you need professional tools.

Featured photo credit: Robert Freiberger via flickr.com

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Last Updated on November 15, 2021

20 Ways to Describe Yourself in a Job Interview

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20 Ways to Describe Yourself in a Job Interview

“Please describe yourself in a few words”.

It’s the job interview of your life and you need to come up with something fast. Mental pictures of words are mixing in your head and your tongue tastes like alphabet soup. You mutter words like “deterministic” or “innovativity” and you realize you’re drenched in sweat. You wish you had thought about this. You wish you had read this post before.

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    Image Credit: Career Employer

    Here are 20 sentences that you could use when you are asked to describe yourself. Choose the ones that describe you the best.

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    “I am someone who…”:

    1. “can adapt to any situation. I thrive in a fluctuating environment and I transform unexpected obstacles into stepping stones for achievements.”
    2. “consistently innovates to create value. I find opportunities where other people see none: I turn ideas into projects, and projects into serial success.”
    3. “has a very creative mind. I always have a unique perspective when approaching an issue due to my broad range of interests and hobbies. Creativity is the source of differentiation and therefore, at the root of competitive advantage.”
    4. “always has an eye on my target. I endeavour to deliver high-quality work on time, every time. Hiring me is the only real guarantee for results.”
    5. “knows this job inside and out. With many years of relevant experience, there is no question whether I will be efficient on the job. I can bring the best practices to the company.”
    6. “has a high level of motivation to work here. I have studied the entire company history and observed its business strategies. Since I am also a long-time customer, I took the opportunity to write this report with some suggestions for how to improve your services.”
    7. “has a pragmatic approach to things. I don’t waste time talking about theory or the latest buzz words of the bullshit bingo. Only one question matters to me: ‘Does it work or not?'”
    8. “takes work ethics very seriously. I do what I am paid for, and I do it well.”
    9. “can make decisions rapidly if needed. Everybody can make good decisions with sufficient time and information. The reality of our domain is different. Even with time pressure and high stakes, we need to move forward by taking charge and being decisive. I can do that.”
    10. “is considered to be ‘fun.’ I believe that we are way more productive when we are working with people with which we enjoy spending time. When the situation gets tough with a customer, a touch of humour can save the day.”
    11. “works as a real team-player. I bring the best out of the people I work with and I always do what I think is best for the company.”
    12. “is completely autonomous. I won’t need to be micromanaged. I won’t need to be trained. I understand high-level targets and I know how to achieve them.”
    13. “leads people. I can unite people around a vision and motivate a team to excellence. I expect no more from the others than what I expect from myself.”
    14. “understands the complexity of advanced project management. It’s not just pushing triangles on a GANTT chart; it’s about getting everyone to sit down together and to agree on the way forward. And that’s a lot more complicated than it sounds.”
    15. “is the absolute expert in the field. Ask anybody in the industry. My name is on their lips because I wrote THE book on the subject.”
    16. “communicates extensively. Good, bad or ugly, I believe that open communication is the most important factor to reach an efficient organization.”
    17. “works enthusiastically. I have enough motivation for myself and my department. I love what I do, and it’s contagious.”
    18. “has an eye for details because details matter the most. How many companies have failed because of just one tiny detail? Hire me and you’ll be sure I’ll find that detail.”
    19. “can see the big picture. Beginners waste time solving minor issues. I understand the purpose of our company, tackle the real subjects and the top management will eventually notice it.”
    20. “is not like anyone you know. I am the candidate you would not expect. You can hire a corporate clone, or you can hire someone who will bring something different to the company. That’s me. “

    Featured photo credit: Tim Gouw via unsplash.com

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