Before the advent of the technologies we use today, the world of trading looked very different. It’s only a few decades ago that the fate of multinationals depended on people being in the same room, shouting at each other across the floor. Traders were an elite, living very differently from other people, congregating in a handful of world cities to make deals. Today’s easily accessible, democratized marketplace is barely recognizable as the same thing. Anybody can be a trader now – but to succeed, you need to make the best of the tech available to you.
Stay up to speed
In trading, speed is of the essence, so you will need the fastest processor you can afford. You’ll need to keep your computer in good condition, free from the sort of viruses that sneakily use up processing power, and you’ll need to clean and defrag it regularly to ensure optimum performance. It’s a good idea to have more than one monitor so that you can use one for keeping track of key markets and the other for active work. Being able to get a lot of information quickly is essential if you want to stay ahead of your competitors (of course, there’s a limit to what you can mentally process, and that’s where the real difference lies).
A fast computer won’t help you without a fast internet connection, so make sure yours is good enough to do the job. In most parts of the country it no longer costs very much to get a connection that’s as fast as you can keep up with. Make sure it’s also reliable – you don’t want it falling over when you’re on the brink of securing an important deal.
Online resources
Successful trading isn’t just about making good use of the tech on your computer – it’s about what you access in the wider world. It’s vital to keep up with what’s happening in the world markets and good trading platforms will make that easier for you. The best Australian stockbrokers will help you balance your interests in the domestic markets with a broader picture which not only expands your trading options but helps you to anticipate domestic changes triggered by global economic factors.
You can complement the information you get from your broker by using the latest trading apps, whose flexibility is ideal when you want to keep track of specific stocks or market sectors. They have the additional advantage of being able to alert you to important market events when you’re out and about so that you can run home to get a clearer picture on your computer should you feel the need – although, as with any job, it will do you good to get away properly sometimes.
Even simple tech has its value. Use your phone and your social media accounts to keep track of breaking news and what’s happening around the world, which will give you the context you need to understand market shifts more quickly. That will help you to make better decisions when you trade and to maintain the edge you need.
