How To Set Up A Day Trading Station For Penny Stocks & Cryptos
Setting up your day trading station can be intimidating, particularly if you are not technologically-inclined. Most of the guides for setting up day trading stations are overly-complicated and designed to sell you specific expensive products that you usually do not need.
Fortunately it is actually a very simple and inexpensive process.
In this brief guide we will cover the basics that will allow you to quickly and easily create a low cost day trading station perfect for trading in the hottest contemporary markets, such as cryptocurrencies and penny stocks.
Use A Gaming Computer
Computers that are designed for gaming are also ideal for meeting the requirements of day trading. These computers are designed for real-time performance without the threat of overheating, which is precisely what is required from a high-quality day trading set up.
To achieve the desired level of performance, you want to find a computer with a solid state drive of 256 GBs or more. Ensure that it is a pure solid state drive, and not a hybrid that mixes solid state memory with a traditional hard disk drive.
Top quality performance also requires a lot of RAM. Your day trading computer should have a minimum of 8GBs but 16 GBs of RAM is preferred, though more is fine.
Laptop vs Desktop
The issue of whether to use a laptop or desktop set up for day trading has long been a contentious one. However, it has become less and less of a problem as the power and performance of modern laptops has increased exponentially. Contemporary laptops can now achieve levels of performance that are more than adequate for day trading, so performance is no longer really an issue.
With the issue of performance out of the way, the discussion over laptops vs desktops for your day trading station comes down to preference. A laptop set up will allow you to take your day trading station anywhere, whether that is different rooms in your home, to your office or even on work travel or vacation. On the other hand, a desktop set up for day trading allows you to keep your trading limited to one room in your home or office, which helps to prevent over-trading and burnout.
There is no right or wrong answer to this question. The choice is yours.
External USB Monitors
External USB monitors are the perfect solution for creating a low cost day trading set up quickly and easily.
These monitors are small, skinny and light, and they offer the resolution and graphic quality of traditional monitors. Their best feature is that they use one simple USB connection for both information and power, which eliminates the messy need for multiple power sources and cords.
If your computer does not have enough USB outlets to meet your needs, then you can purchase a low cost USB hub adapter that will transform 1 USB connection into 4 or more.
Your computer should automatically download the driver software for these lightweight and convenient USB monitors. If it does not, you can easily configure these monitors yourself in your display settings. Please see our helpful video for more information.
Hard-Wired vs WiFi
Some day traders are adamant that you should only ever trade over a hard-wire connection. However, modern WiFi connections are so stable that service interruptions are rarely if ever a greater issue compared to landlines. While it is still recommended that you use a hard-wired internet connection for day trading whenever possible, there is no need to be overly concerned with using WiFi to day trade.
Do not forget that most mobile phones can now act as personal WiFi hotspots, providing stable and secure Internet access anywhere your provider or affiliates has service.
In addition, opening yourself to using WiFi connections for day trading allows you to trade whenever and wherever you want, which is ideal for many day trading strategies.
Setting Up Your Charts
Using the monitors of your day trading station to set up your preferred charts is a very personal decision, and each trader will have his or her own set up that will perfectly match their individual trading style. However, one thing that we always recommend, especially to new traders, is to not overwhelm yourself with charts and information. More is not always better, and clutter can lead to mistakes.
Take the time to create a chart set up for your day trading charts that provides exactly the right amount of information for your personal needs. No more and no less.
So now that you know how to set up your own day trading station that will allow you to perform at maximum potential, what’s next? Well, for starters, it’s education. You need to know how to trade a strategy that has been proven over time and can provide consistent results. If you don’t know how to trade then your trading station is virtually useless unless you want to be a pro gamer!
Hope this helps you understand what to look for in a trading computer but if you have any questions let us know in the comments below!