Top Overlooked Tools You Need to Succeed as a Trader – Introduction
Trading is one of the most interesting thing you can ever do. It is so interesting because you get to learn a new thing each day. This means that no day will be like another one. Also, as a trader, you are a part of an exclusive community of people who make money every day for 24 hours. As a result, you need a few tools to help you become successful. In this article, I will highlight some of the most overlooked things that you need.
Any time you install an app, app developers ask you whether you need to receive notifications or not. Often, you will not be interested in receiving these notices. As a trader, you want to be well-informed of what is going on in the market. As such, you need to activate the notifications of the most important apps in the financial industry. These apps include: Bloomberg, Yahoo Finance, and Reuters. The benefit of having the notifications is that you will get information once it breaks so that you can take immediate measures in your trades.
- Fast internet
In the trading world, people operate in microseconds. This is because it takes less than a second for news to break. It is very important to have a reliable internet that is fast. Having this internet will help you in several ways. First, it will help you receive news once it breaks and take immediate action. Second, it will help you get the real data that people in Wall Street get. Third, a reliable internet helps you act when you should. This action could be to initiate a trade, modify a trade, or end it.
- Fast computer
This is in line with the above point. The speed of your internet in part by the computer that you use. As a trader, you need a computer that is very fast. You need a computer that powers within a few seconds. Also, you don’t want a computer that keeps on hanging. Fortunately, there are very many fast computer brands that are not expensive. With less than a thousand dollars, you can get one that is good and effective.
- Trading journal
A trading journal is a very important tool that can make a difference in your trading world. A trading journal is a document that you write about your trades. Its concept is simple and often overlooked. In simple, every time you open a trade, you should write down a few things about it. You should write down the asset that you buy, the price that you bought or sold it, the reasons for doing it, and the reason that you exited the trade. Journalizing your trades can help you become a successful trader. In fact, most successful investors like Warren Buffet takes time to journalize their investments.
Finally, television is an overlooked asset that you need in your trading. While the demand for the television is going down, the fact is that TV remains an important thing in finance. Financial TV like Bloomberg, Fox Business, and CNBC are so important for any trader. This is because this is where financial news break most of the times. There are also very many financial experts who are brought in these channels. While I am not a big believer in what many of them say, their opinions help to expand your knowledge on finance.