3 Tips For Buying Your First Trading Computer
Trading is an exciting venture, not only will you be able to have access to profitable signals but you will get to gain wins, make profits and control the risks. Now, while this can easily be done from your cell phone or tablet as a working professional or a busy parent, I have numerous requests as of late simply related to “how do I get my first computer designed for trading working within a budget?”
I understand! I was there once too!
As a newbie, you probably don’t know where to start and you are frustrated with questions about the type of hardware your trading computer needs to have.
Now, let me start by saying that there may be local stores in your area or a city near you who build custom computers as their primary source of business, which may actually be less expensive than purchasing a computer online or at a major retailer, such as your local Best Buy and so on, just be sure they come with a warranty. So do some research, give them a call, and see if they can help you if this is something you’re interested in!
Here are 3 tips for buying a trading computer.
Processor & RAM
The processor is the brain of the computer and just like the name suggests it helps with calculations and processing of data and values. As an upcoming trader, it is important to budget when shopping for a trading computer. How much are you willing to spend? If you are on a tight budget, you can shop for a computer with a top of the line i5 Intel Processor or a budget i7 Intel Processor.
These type of processors have around 4 to 6 cores. They are sufficient for a trader on a budget, like I was when I started trading. If you want a high performing processor, you could go for Intel Core i7-6950x which has 10 COREs @ 4.0 GHZ. For RAM, you need to have a minimum of 8GB if you are on a tight budget. For best performance, invest in 16GB of RAM or more. This will be enough to help you run all your trading software smoothly.
In the modern world on computers, it is common to come across computers with integrated graphics chips but when it comes to trading, these won’t do. Okay they have the ability of processing images and videos but trading softwares are demanding especially the charting features. Furthermore, integrated graphics chips do not support multiple monitors. Multiple monitors are an advantage to a full time trader as one can keep track of different trades and charts with ease. Now starting on a budget, I started with 2 monitors. If I was still solely a full time trader, 2 would work for me. But as a teacher and mentor, I use anywhere from 4-6 monitors on a daily basis.
There are two major companies that manufacture the best graphics chips. They include NVIDIA and AMD. Both offer high quality graphics cards that work with third party cooling systems. Some budget graphics cards for your trading computer include EVGA GeForce GT 720 2GB DDR3,EVGA GeForce GT 740 Superclocked Single Slot 4GB DDR3 Video Card, EVGA GeForce GTX 1070 SC GAMING ACX 3.0, 8GB GDDR5, PNY Quadro K620 Graphic Card and Nvidia Quadro K1200 Low Power, Low Profile. Remember, you don’t need an expensive gaming graphics card.
Hard Drive & Cooling System
Hard drives are essential as they allow storage and retrieval of digital information. HDDs are designed with one or more rapidly rotating discs coated with magnetic material that are read and written on by magnetic heads. Today, computer owners have access to SSDs (solid state drives). Unlike HDDs, SSDs are fitted with flash modules/chips.
The non-volatile memory chips contain no moving parts so they ensure data is written and read at a faster rate than HDD. As a trader, you need to have a computer with an SSD as the primary drive. This will host your desired operating system, the trading softwares and other applications.
You can install the HDD as a secondary drive for storing other forms of data. Heat is the enemy of a computer’s processor and the only way to counter it is by installing a cooling unit. You don’t need to invest in liquid cooling solutions as they are expensive. You can purchase the Cooler Master Hyper 212 EVO Single or Dual fan.
Here’s a quick tip: Some buy multiple, very inexpensive laptops (2 gigs of RAM) on Amazon. That is fine, but those are very slow and you mind find them crashing on you. In my experience from my earlier days, running a chat room/email was about the best I could do. Higher quality laptops are great and I know many successful traders who add one or two into their trading station. It is also never a bad idea to have a backup should your computer crash. In my case, yes, I have laptops, and I always like to make sure my cell phone is fully charged and good to go incase I lose power (and therefore my internet goes down) and need to manage my open positions. This is another you need your brokerage platform installed on your cell phone.
Options trading is exciting, fun and can be profitable on a daily basis at Daily Profit Machine. I hope this has helped those of you with questions about a computer if you’re one of many who have been looking for some advice.
And if you’re not on the inside, go ahead and join me at a 65% discount grandfathered for life right here: https://mr141.infusionsoft.com/app/orderForms/yQq6Ctgn5e7nMCB3UL
As you can see, I try to deliver value on top of profitable trades!