Before Starting Day Trading, Here’s What You Should Know

day trading basics

Are you bored at home or simply looking for more control over your working life? Home trading has become more popular than ever with the rise of digital broker platforms and the ease of access to market data from anywhere. The question now is whether it’s right for you. There are a few things you should consider before launching into day trading. First, you’ll need the right equipment. 

You can view more details about the type of computer that works well for trading with a 6 monitor setup. They provide the right power and efficiency you need to stay on top of the numbers. So, why not send in your name, email address to see for yourself?

Day Trading with a 6 Monitor Setup 

It’s easy to get blinded by the promise of profits but day trading takes a certain type of person along with the commitment and capital to support you. Regardless of how amazing your multiple monitor setup is, it’s worth noting the following pre-requisites if you want to be successful in the long run: 

  • Various intraday strategies
  • Risk management 
  • Knowledge and experience 

Various intraday strategies

Some of the most common approaches traders work on with their 6 monitor setup are scalping, range trading, news-based trading, and high-frequency trading. You can use these strategies for any type of security you want to buy and sell although most day traders focus on stocks. 

The point of day trading is to buy and sell within a short time frame, usually a day. Either way, you’ll need to work out the right strategy for you and your awesome 6 monitors. That also means getting the right multiple monitor equipment so you can view the display easily but more on that later.

Risk management 

Day traders often run highly leveraged trades or borrow so they can buy more assets. The idea is that they’ll get a return quickly within the day. Of course, this also means they have the potential for huge losses. We’re clearly talking a lot more than your potential budget for a 6 monitor setup. 

When speculating across such short time frames where stocks can move quickly, it’s easy to miss the mark and loss everything. Then again, you can implement a solid risk management strategy and only use risk capital that you are comfortable losing. 

Knowledge and experience 

It almost goes without saying that successful day traders do their homework. They are constantly learning and reviewing their trading journal when working on their one, two, or 6 monitor setup. Moreover, they have the discipline to consistently follow their strategy.

It’s also important that they don’t get overwhelmed by emotions so as to avoid making rash decisions. In fact, they do their due diligence thoroughly and err on the side of caution when in doubt. That keeps them in the game for the long run. 

The Right Equipment to Trade with your 6 Monitor Setup 

Let’s not forget that day trading can be a very profitable profession. Assuming you have the right strategy then let’s look into the perfect equipment to get started: 

  • Computer and software
  • Resolution and video card 
  • Ports and cables 

Computer and software

The first good news is that you can opt for a laptop or desktop. These days, even laptops have the power to support a 6 monitor setup along with the efficiency to provide fast refresh rates. Simply make sure you have RAM of at least 16GB or 32GB and a good processor, usually Intel or AMD. 

When it comes to Mac versus Windows 10, you can also choose either. Having said that, most trading platforms are designed with Windows 10 in mind so you’ll have slightly more choice. Then again, Mac software is usually more reliable than Windows 10 and it’s easier to set up. 

Resolution and video card 

Day traders need to view numbers and charts quickly and effectively. That’s why you need monitors with a good resolution. Most professionals advise a 24-inch screen for your multi-monitor setups with at least 1080pixels resolution. 

Another critical component is your integrated graphics card. This piece of hardware enables your images and graphs to update quickly and sharply. The best graphics cards on the market come from NVIDIA and Radeon with at least 4GB or 6GB of graphics processing (GPU) power but can go up to 8GB or even 10GB. Although, those higher specifications are usually aimed at gamers. 

Ports and cables 

If you have a laptop, you’ll be aware of your power supply unit and how quickly you’ll lose power. Clearly, a desktop stays connected all the time but doesn’t have the flexibility that laptops provide. Either way, when connecting your multi-monitor setup, check your ports to get the right cables. The most common ones are HDMI, VGA, DVI, DisplayPort, and USB.

day trading for additional income

Final Thoughts on Launching into Day Trading with a 6 Monitor Setup 

If you love the thrill of the markets and can stay calm when things go wrong then day trading could be for you. Then, make sure you do your research and learn everything you can about the markets. Alongside that, get your budget ready for your two, three, or 6 monitor setup to suit your workflow. Remember you’re in it for the long run so it’s worth investing in the perfect equipment. You’ll then be all set to become a successful day trader.