This is the first in a series of articles to help you choose the very best day trading computer system for your currency trading. Being a successful day trader is all about having as many edges as possible. One edge that many traders are finding to be an absolute necessity is their day trading computer system.
There are only a few elements required for a trader to gain access to the market. First is a strategy and trading plan. Second is a broker to get in and out of the markets. Finally and most importantly is a trading computer to connect to the broker and to fulfill the trading plan.
Computers are fantastic tools and have helped financial markets gain tremendous growth over the years by giving traders access to the markets without being on the exchange floors. Just think for a minute where we were less than five years ago compared to where we are now. There are 100% electronic traded exchanges and the majority of floor trading is dwindling because of the easy access to the currency markets via a computer. A computer is your eyes and ears into the markets and one of the most important aspects of your trading success. However, it is also usually the most overlooked aspect of currency trading.
Why do most traders overlook the computer aspect of their trading? Many traders believe that all computers are built the same and are essentially equal. Ultimately they will just go with whatever is cheapest or on sale. It is worth asking yourself a few questions if you are tempted to fall into this trap:
- Why did you pick the software that you did for your trading?
- Why did you pick the broker that you did for your trading?
- Why did you pick the seminar and books that you did for your trading?
The answers to the above questions will not be the same for everyone. The reasons may vary drastically between different traders. Some may be price, some may be because of referrals from colleagues, and some may be because the features or information caught your attention the most. The fact is that all trading software isn’t the same. All brokers aren’t the same. All seminars and trading books aren’t the same. The same applies equally to computers: all computers are not the same. Ultimately each of the above will DO the same thing, but each will DO it differently.
How well any given combination works for you will be specific to the needs of your currency-trading plan. In the next article, we will explore what this may mean for you.
The author, Jordan Peterson, of Custom Trading Computers, Inc. is a well-known expert in custom built high performance computers, which must be specifically designed for currency traders. Such computer systems can handle heavy volume trading periods with complete success and without any danger of locking up.
