How to Setup a Profitable Trading Business
In my opinion trading is the most exciting and best way to earn a living in the world. With just a small amount of equipment and space you can do it from anywhere on the planet.
When you think about it, it is one of the least expensive businesses to set up - no rent, staff advertising etc... Plus no pain in the ass bosses, backstabbing co-workers or the usual office politics B.S.!
What's even more amazing is that soon wireless technology will be convenient and affordable enough so that you will be able to sit with your laptop at a Cafe in Paris or on a beach in Tahiti and trade. To me it doesn't get any better than that!
Anyway, I want to talk about the various things that you do need to set up your trading business.
*Hardware: This would consist of a good computer that has plenty of memory (at least 512MB) and high quality processing power of a Pentium 4 or AMD Athlon chip. Having the latest and greatest mega-computer is nice, but not necessary and will not make you one bit more profitable. You are still the most important part of this equation! The great thing nowadays is that you can buy an absolutely amazing computer for under a grand.
NOTE: If you are using two or monitors you should have at least 1 GIG of ram as these setups have huge memory appetites!
*UPS: This stands for Uninterrupted Power Supply and is a device that will keep your computer running in the advent of a power blackout. This is vital if you trade all day because, the worst thing is to be in a losing trade and the power goes out and you then have to spend 5 panic filled minutes rebooting your system and wondering what is happening.
*Trading Software: This would be your charting software that gives you a wide range of choices for displaying graphs, quotes and data in real-time. Just a few to name are... Omega Trade Station, Meta-Stock, E-Signal or Omni-Trader. These programs are not cheap, but if you plan to make a full time living from this, then they will be essential.
If however, you trade part-time and have a full-time job then you can get by with very simple charting software which is only a few hundred dollars
*Real-time data: The ability to have access to real-time intra-day charts is extremely important. Live quotes are not good enough because they don't tell you where the stock has been. You need to be able to visually see how the stock is reacting at your entry levels. Also charts will allow you to see where all the support and resistance levels are. This is important to know because these levels can give you profit targets as well as to know where your stock may run out of steam.
Some companies that offer real-time data are E-Signal, Omega Trade Station Pro, Realtick, Quote.Com, Ensign etc... Modems/DSL/Cable: These are obviously the means to which you can receive your data. If available I would definitely get DSL as my first choice and cable second.
In my experience I have had temporary outages of cable service from time to time, versus the phone, which never seems to go out. Another advantage for DSL/Cable is that have a huge speed advantage over a dial-up-modem. Quick and efficient as well as uninterrupted access to your data is extremely important.
If you are really serious about trading then high speed access is essential!
*Routine Maintenance: It is vital for you to perform regular maintenance on your computer doing things like scandisk and defrag. This will keep your computer running optimally and help it reboot really fast if your computer crashes during a trade. You can lose a fortune each extra minute it takes to restart your machine!
One last I should mention is that I see way too many traders trying to skimp on buying the right trading equipment. As they say you get what you pay for. Also consider that 95% of traders lose money and you can bet that the 5% who do win use the quality equipment.
This does not mean you have to run out and spend a fortune, rather just to make sure you do spend money on the right places. Please note that regardless of whether you are a swing trader, day trader or position trader in stocks, bonds, forex, futures or options this information will apply.
This article is by Dr. Jeffrey Wilde, a trading veteran with 15 years of experience in all major markets. He is a trading coach to over 1400 traders in 38 countries.
For additional info: http://www.win-at-trading.com
 Google News Updated : Fri, 10 Oct 2008 17:49:09 GMT States probe possible voter registration fraud - Chicago Tribune
Chicago Tribune - Questions about possible cases of fraudulent voter registrations were being raised this week as officials in several states investigated hundreds of questionable or duplicate registration forms submitted by an advocacy group. Carnahan statement on ACORN registration mess Republicans try to tie Obama to vote fraud cases Publ.Date : Fri, 10 Oct 2008 16:48:10 GMT UPDATE 1-Bush says US moving quickly to solve market crisis - Forbes
Forbes - WASHINGTON, Oct 10 (Reuters) - President George W. Bush said on Friday the US government was moving aggressively to address the financial markets crisis, but he acknowledged that anxiety was feeding on itself as stocks continued to plunge. Bush appeals for confidence Bush Says Markets Must Remain Calm Despite Challenges Publ.Date : Fri, 10 Oct 2008 16:33:45 GMT Coleman calls off negative ads - Minneapolis Star Tribune
Minneapolis Star Tribune - By Patricia Lopez, Star Tribune ...and it has nothing at all to do with several outlets (including one of Franken's ads) letting us know that a Coleman ad that wants us to … read more see Franken looking out of control/angry, is actually video of ... Coleman: I'll remove negative ads and urge others to do same Coleman says he'll pull negative ads to focus on economy Publ.Date : Fri, 10 Oct 2008 17:25:04 GMT Eagles' Westbrook out for Sunday's game - Sports Network
Sports Network - Philadelphia, PA (Sports Network) - Philadelphia Eagles running back Brian Westbrook will not play on Sunday at San Francisco. Westbrook, who has been hampered by a sprained ankle he suffered in the Week 3 victory over Pittsburgh, fractured his ribs in ... Brian Westbrook: Ruled Out Les Bowen: Eagles vs. 49ers: The pick Publ.Date : Fri, 10 Oct 2008 17:20:18 GMT NATO agrees on Afghan drug role for military - The Associated Press
The Associated Press - BUDAPEST, Hungary (AP) - NATO defense ministers Friday authorized their troops in Afghanistan to attack drug barons blamed for pumping up to US$100 million (euro74 million) a year into the coffers of resurgent Taliban fighters. NATO Joins Drug War in Afghanistan NATO to Hit Drug Trade in Afghanistan Publ.Date : Fri, 10 Oct 2008 16:11:48 GMT Help Support Breast Cancer Awareness With Lifespring Health - MarketWatch
MarketWatch - Lifespring Health will be Donating $5 to the Susan G. Komen Foundation Each Time you Shop Online This Month SUNNYVALE, Calif., Oct 10, 2008 /PRNewswire via COMTEX/ -- October is breast cancer awareness month! Go "Passionately Pink for the Cure" on Oct. 17 Panera Bread to sell pink bagels Publ.Date : Fri, 10 Oct 2008 16:05:31 GMT A Cautious Approach to Gardasil Shot - U.S. News & World Report
U.S. News & World Report - News today cheering the fact that 1 in 4 teen girls has received the Gardasil vaccine sounds to me like some serious spin from the Centers for Disease Control and Prevention, the government agency pushing girls as young as 9 to get the shot. Cancer Vaccine Used by 25% of Girls 13 to 17 Quarter of adolescent US girls received HPV vaccine Publ.Date : Fri, 10 Oct 2008 17:14:13 GMT More Web Site Traffic |
PARLOT::Ebooks, Scripts,
Websites, and more... How to Collect Rare Coins For Fun and ProfitTime has... Read More Real Estate can be a useful tool for investing. The... Read More You may like your financial advisor, but is he really... Read More As I take my leisurely walk with my dog through... Read More AbstractA very slim minority of firms distribute dividends. This truism... Read More The USS Constitution first ventured into the waters in 1798.... Read More The Roth is kind of weird until you get used... Read More Stock market trading is a fascinating activity.There are so many... Read More Setting Up a Paper Trading AccountQuestion: I cannot trade with... Read More If you know next to nothing, how do you go... Read More This column has often focused on intangible investments like stocks... Read More The Federal Reserve recently raised its target federal funds rate... Read More "Risk comes from not knowing what you're doing!" Warren Buffett... Read More Denial is a ubiquitous psychological defense mechanism. It involves the... Read More "You can be poor when you're young, but you can't... Read More How many of you out there think that the market... Read More Find out everything you need to know about buy to... Read More In 1519, Hernando Cortes, beached on the shores of unexplored... Read More The Perfect Mutual Fund is the one you build yourself!The... Read More Let's start by saying: You can't be afraid to take... Read More Based on consistent results I think Buy & Hold should... Read More The practice of economy, directed toward a retirement investment plan... Read More Many people hear "retirement" and think- what? 401K? Roth vs.... Read More Going public in this manner is ideal for companies that... Read More The Light Crude Continuous Contract closed at $66.13 a barrel... Read More
Adsense
websites
Why You Need To Buy and Sell Gold Coins (Part 2)
Creating a Financial Future--Putting Your Plan Into Action Part 2
Eight Questions to Ask Your Financial Advisor
In a Time of Need
The Myth of the Earnings Yield
Your Portfolio and ?Old Ironsides?
It Is Never Too Early To Start A Roth IRA!
How Eating Bitumen Made Me a Better Stock Trader
Trading Commodity Futures Using Support and Resistance - Paper Trading
Investing Pointers for Neophyte Investors
Buying a Home - Your BIGGEST Investment
5 Ways To Protect Your Bond Portfolio From Rising Interest Rates
Well Managed Investing Risks Bring Rewards!
Bankers in Denial
Five Sure Fire Way to Secure Your Financial Future
Options Made Easy and Investor Education - Simple Enough for a 10 yr Old Kid
How to Buy to Let
Investing for Retirement - Not an All or Nothing Play
The Perfect Mutual Fund
Stock Market Money Management Skills
The Demise of Buy & Hold
An Economical Retirement Investment Plan
Retirement ? Its Sooner Than You Think!! (Honestly)
Raising Capital Using a Public Company
Preholiday Trading
Affordable and Reliable Web Hosting Starting at $4.49/Month
Global Markets: A Window on the World Economy
Expectations drive the market. Every stock price is driven by... Read More
How To Find An Investment Advisor
Do you think you need an Investment Advisor? Hold on... Read More
The Basics of Tax-Free UK Financial Spread Betting
Financial Spread Betting (or Trading) offers a tax free method... Read More
Planning for Retirement
Almost without exception, people don't start planning for their retirement... Read More
Bad News - Why The Financial News Media Can Cost You Money!
The communication innovations we have around us today like the... Read More
My Way Or The Highway: Give Your Financial Professionals A Good Talking To!
All this talk about Investing is encouraging lately. Over the... Read More
CYA
You all know what CYA stands for. Of course, Cover... Read More
Approaches to Investing
Here is a small summary of the three major approaches... Read More
To Retire Rich, Save and Invest Early
If you want to retire rich, start saving investing early.... Read More
Diversify!
The best way to avoid being hit hard by a... Read More
Annuity Owner Mistakes
Okay, so I can tell you I have sat in... Read More
A Safe Port For Mutual Funds But Not You!
Soft dollars, a form of legal kickback, is a sly... Read More
Useful Tips on Investing
Here are some useful tips on investing. When you make... Read More
Six Principles of Successful Investing
1. Begin investing immediatelyProcrastination is the number one enemy of... Read More
Straddle Strategies in Option Trading
The straddle strategy is an option strategy that's based on... Read More
401(k) Plans
I've been in and interested in the stock market so... Read More
Reasons For Joining An Investment Club
Whether you're a novice investor or an experienced stock picker... Read More
The Past Does Not Equal The Future: Mutual Fund Returns!
A way that investors get ripped off and in a... Read More
Which IRA Is Best For You?
An Ira is one of the greatest ways to save... Read More
Credit Scores = ROI Profits for Real Estate Investors
Strong credit saves real estate investors money on mortgage finance... Read More
Volatile Oil
The Light Crude Continuous Contract fell from $67.70 a barrel... Read More
Investing Pointers for Neophyte Investors
If you know next to nothing, how do you go... Read More
Before You Invest You Must Read This
It is important to answer the following questions before you... Read More
Success Trading: Some Basic Terminology for New Traders
The world of trading can get very complex because the... Read More
Stocks: Reduce Risk Yet Maximize Profits
It is important to note that every smart investor wants... Read More
Investing |