1. Reliable computer
A powerful computer or laptop is essential for running trading software and analyzing data because it is the primary tool that traders use to execute trades, analyze market data, and monitor their positions. Day traders rely on fast and powerful computers that can handle the demands of trading software and quickly process data. A slow or unreliable computer can cause delays in executing trades, resulting in missed opportunities and lost profits.
Here are the top 4 computers recorded for day trading:
1)HP Pavilion Gaming Desktop
2) Dell G16 7630 Gaming Laptop
3) MSI Codex R2 Gaming Desktop
4) ASUS ROG G16CH Desktop
2. High-speed Internet
High-speed internet is essential for day trading because it allows traders to quickly access and process market data, execute trades, and communicate with brokers and other traders. Slow internet speeds can lead to delays in executing trades and cause traders to miss out on profitable opportunities. In general, a minimum internet speed of 10 Mbps is recommended for day trading. However, traders who frequently trade high volumes of data or use advanced trading strategies may require faster internet speeds of 50 Mbps or more to ensure that they can quickly and efficiently execute trades and access market data.
3. Trading platform
A reliable trading platform is essential for executing trades and monitoring market data. Tradingview is a platform for charting. You can also link your tradingview platform to one of there partnered brokers like Webull or Trade station.
4. Backup power supply
A backup power supply, such as a UPS, can prevent losses in the event of a power outage. Any interruptions in power can lead to significant losses in trading positions and profits. A backup power supply provides an extra layer of protection and ensures that traders have access to critical trading data and software, even during power disruptions. Additionally, a backup power supply can help traders avoid the potential costs associated with computer and equipment failures due to power surges or other electrical issues.
Here are the top 3 recommended backup power supplies:
1) APC UPS 1500VA
2)CyberPower CP1500PFCLDC
3)Liebert PST5 UPS 500va/300w
5. Multiple monitors
Multiple monitors can provide traders with a more comprehensive view of the market, allowing them to monitor multiple stocks, charts, and data feeds in real-time. This can help traders spot trends and opportunities more quickly and make more informed trading decisions. Additionally, multiple monitors can help traders save time and improve efficiency. Rather than switching between different windows and applications, traders can keep multiple data feeds and charts open on separate monitors, making it easier to monitor their positions and react to market changes in real-time.
Here are the top 5 monitors for day traders:
1)Dell Ultrasharp U2415
2) Asus VP28UQG 28″
3)MSI G241VC 24″
4) LG27UK650
5)Dell 240Hz Gaming Monitor
6. Headphones
Noise-cancelling headphones can help traders focus on their work and block out distractions. Furthermore, headphones can provide traders with the ability to receive alerts and notifications without disturbing others. Many trading platforms and software applications provide audible alerts to notify traders of important market movements or trading opportunities. By using headphones, traders can receive these alerts without disturbing colleagues or clients nearby.
Here are the top 2 recommended headphones:
1)Bose QuietComfort 45
2) Sony WH-1000Xm4
7. Ergonomic chair
Day trading requires traders to sit for extended periods of time which can take a toll on the body. A comfortable and ergonomic chair can help provide traders with the comfort and support they need to help reduce the risk of injuries associated with poor posture.
Here are the top 2 recommended desk chairs:
1)Herman Miller Aeron Chair
2) ERGOUP Ergonomic Chair
8. Notebook and pen
A notebook and pen can provide traders with a way to capture important information, record their observations, and track their trading activity.
9. Stock Scanners
One of the primary benefits of a stock scanner is that it can help traders identify stocks that meet specific criteria. For example, a trader may use a stock scanner to identify stocks that are experiencing a high volume of trading activity, or stocks that are trading at a certain price level. By setting specific criteria, traders can quickly identify potential trading opportunities that meet their individual trading strategies and goals. Furthermore, a stock scanner can help traders save time and improve efficiency. Rather than manually searching for potential trading opportunities, traders can use a stock scanner to quickly and efficiently scan the market for stocks that meet their specific criteria. This can help traders stay focused and reduce the risk of missing important trading opportunities.
Top recommended scanner:
10. Trading journal
One of the primary benefits of a trade journal is that it provides traders with a way to track their progress over time. By recording details of each trade, including the stock symbol, price, and quantity, as well as the reason for entering the trade and the outcome, traders can analyze their performance and identify areas for improvement. This can help traders make informed decisions about their trading strategies and potentially increase their profits over time.
Additionally, a trade journal can help traders identify patterns and trends in their trading activity. By analyzing their trade history over time, traders can identify patterns in their decision-making process, such as specific technical indicators or news events that may impact their trading decisions. This can help traders improve their trading strategies and potentially capitalize on emerging trends in the market.
Top recommended trading journals:
1) Tradervue
2) edgewonk
3) Day Trading and Investing Journal