Trading of stocks and options has been growing in popularity with all types of individuals, not just professional traders. A well planned trading setup at home can make all the difference. It’s best to keep a particularly close eye on your options trades, because you might easily miss out on a huge price move if you are not paying attention.
Activities such as day trading and options trading were traditionally performed by the professionals who spent all day at their local stock exchange. However, in the digital era, you can be a part-time or casual trader who engages in these activities from the comfort of your home or on-the-go thanks to technological innovations.
Let’s look at some modern technology that can help you perform better in your trading activities.
1. How Do I Keep Track of My Trades From Anywhere?
The life of a trader in the modern era is filled with exciting activities such as travelling the world, meeting new people, and indulging in the new experiences. You may be wondering, “how do I keep track of my track of my trades from anywhere?”. The solution lies in modern technology such as smartwatches, smartphones, and tablet computers. Let’s look at the best options in each of these categories
As a professional trader or a casual trader, you may already know that trading requires a lot of focus. However, you won’t need to give up on your daily workout or place your hobbies on the backburner thanks to smartwatches.
Modern smartwatches are similar to ordinary watches in that they fit onto your wrist. However, they feature touchscreen displays and can connect to your smartphone. They essentially allow you to access many of your smartphone’s features without picking it up.
This means you can use the stock trading app on your phone or view trading updates in your email when you are away from your phone, such as when you are in a swimming pool.
Apple Watch Series 6
One of the most popular smartwatch devices at the moment is the Apple Watch Series 6. If you already own an iPhone with the Stocks app installed, you can access this app through your smartwatch. Apple has also included a handy guide for traders who wish to trade stocks on their Apple Watch.
Samsung Galaxy Watch Active 2
You can use most smartphones for trading these days. However, the best ones are those that have:
- Large displays to view stock charts and graphs.
- Powerful processors to use multiple web browser tabs and apps.
- Great battery life.
If you monitor charts on your phone frequently, you will need to find ways to charge your devices efficiently. A magnetic USB cable is just the thing you need to switch between trading at home and trading on-the-go.
Tablets are also useful for traders on-the-go. Modern tablets can be as powerful as computers, and feature large crisp displays to view the latest stock prices and charts. The $400 Microsoft Surface GO is popular for its lightweight design and powerful performance. A more budget friendly option is the Fire 7 Tablet that runs on an Android OS and retails for under $100.
2. What Type of Computer Do You Need for a Powerful Trading Setup?
Another staple in trading setups is a computer with multiple displays. You may be wondering “how many screens do I need for options trading?”.
The answer depends on how you perform your trading activities. One screen is certainly enough to get started with trading, but I would recommend a second monitor as it makes monitoring charts easier.
If you’re the type of trader who likes to monitor up to sixteen charts at once, you may be interested in trading computers with three or four screens. This setup allows you to view each chart clearly without having to switch between pages.
The essential components for any trading computer setup include:
Most computers operate using either a Windows or Mac operating system. Traders often have a presence for one or the other depending on what they are more comfortable with. However, the vast majority of trading softwares are designed to work with the Windows operating system. This makes the Windows operating system a safer bet for trading setups.
The next crucial component in your trading computer setup is RAM. Simply put, a higher RAM allows you to run more applications at once without the computer lagging or crashing. If you plan to use six or eight applications simultaneously during your routine trading activities, you may be interested in finding a computer with at least 16GB of RAM.
It’s important to note that the storage space on your RAM is independent from the storage space on your hard drive. Hard drive space isn’t usually a main concern for traders, as they rarely download large files related to their trading activities.
The CPU is your computer’s main processor and facilitates the various processes that occur within it. Your average trading application uses a fair amount processing power as it is constantly updating a large quantity of data. With this in mind, it may be wise to invest in a computer with an Intel 10th Generation i5 processor or higher. This CPU has six cores which can handle the heavy loads you will subject it to.
As mentioned earlier, displays are one of the most important components of a trading set up. You may spend multiple hours of your day looking at the screens on these displays, so it would be helpful if you choose a monitor you are comfortable with. I would recommend a resolution of 1920 x 1080p or higher. It should also come with an adjustable stand that can be adjusted to a comfortable viewing angle and height.
I also recommend the HP VH240a as it is a large display that is easy to adjust, and is also incredibly affordable at only $150.
A slightly pricer display with a gorgeous design and a built in low-blue mode for reducing eye strain is the Philips 276E8VJSB. This display retails at $250.
Having a great trading setup at your home or office can be important. However, you may also need a laptop to handle intense trading activities when you are travelling. There are many amazing models that can help you trade stocks efficiently from the comfort of your hotel room, or on a train.
Apple MacBook Air
I recommend the Apple MacBook Air for its light weight and portability. This high end notebook has a sleek design and boasts powerful performance. However, its $999 price tag may be a bit high for some traders.
Acer Aspire E 15
A more affordable option for traders is the Acer Aspire E 15. This laptop may not be as fancy looking as the Macbook Air. However, it boasts a battery life of up to 13.5 hours, which is perfect for trading on-the-go.
3. Are You Sitting Comfortably?
One piece of technology that every trader values is their chair. It may be odd to lump a chair in with all these other hi-tech devices. However, the modern office chair is designed to be ergonomic and enables you to sit at your workstation for several hours at a stretch without straining yourself.
There are many different types of office chairs to choose from. Some features to look for when choosing one of these chairs are:
A good office chair should offer ample adjustment features. This includes:
- Seat height adjustment
- Armrest position and height adjustment
- Seat angle adjustment
You may not need every single one of these features. However, they can make your sitting experience more comfortable.
A sturdy and comfortable office chair typically features good lumbar support. This means the chair conforms to the shape of your back and offers the right lower back support.
There are many different types of lumbar support, so it can be tricky to determine which one is right for you. However, it may make more sense to simply try out the chair in-store and see if it offers the right support.
Traders may be interested in choosing a chair that is made of a breathable material with sufficient padding. This could be a mesh fabric that offers enough tension to support your body without feeling too hard.
For the chair’s padding fabric, it’s best to avoid materials such as leather, they can be poorly suited for sitting for long periods.
As you can see, there is plenty of tech out there to help you unlock your true trading potential. The devices I have recommended have been tried and tested by a variety of traders, both professional and casual. I believe the most successful traders utilize a combination of cutting edge technology and innovative trading practices. Therefore, having the latest technology at your fingertips can boost your trading game and take it to the next level.