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Tools of an Independent Trader
Posted By Matt_SF On 05/20/2009 @ 10:54 am In Investing | 6 Comments
This is part two of a three part series discussing life as an independent trader. This is the second post, covering the tools of an independent trader, written by an independent trader. You may want to first read A Typical Day in Life as an Independent Trader , the first part of this three part series.
Let me say again, active trading is not an advisable career path for most people. It takes years, if not decades, to learn the tactics to prevent huge losses.
That said, if you have the moxie to venture into the deep water, here is what you’ll need:
That’s the basic kit. As you graduate to higher levels of technicality, you will likely need an additional computer monitor and maybe a backup means of executing your trades. Nothing worse than holding a volatile stock (or ETF) and your internet connection shuts down. By keeping your broker’s 800 number on speed dial or having a backup Blackberry execution service available, you have some extra insurance.
In reality, most trading systems can be as basic or complicated as you want them to be. Some might use four screens, two computers and T1 line, while others use only a laptop and a newspaper. It all depends on what you’re trying to accomplish.
This concludes part two of the series. If you haven’t read part one, A Typical Day in Life as an Independent Trader , I highly recommend it. Here’s part three, Precautionary Words from an Independent Trader .
This guest post was written by Matt of SteadfastFinances.com . He is a full time, independent trader with some extra time on my hands!
(Photo: photophonic )
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