Futures Trading: What are the Computer Requirements?
Question: What are the computer requirements for futures trading?
Answer: When I hear this question being answered by other trainers, I have to cringe slightly as I hear their answers. I realize that many people attempt to answer the question to be politically correct so as not to discourage people and minimize the what the real requirements are. When you read my special report on the Day Trading Mindset, you will read a section about telling yourself the truth…I believe that in order to truly move forward in your trading career and life you must know the truth so I will tell things exactly as you need to hear the information.
I dedicate a special website at www.AskNateBrooks.com for people to ask questions where I focus on replying to questions submitted by dedicated entrepreneurs like yourself. Today, my goal is to simply clear up the issue of what is needed to get your computer up-to-speed so that you can be ready to trade. My focus at www.NateBrooks.com is to mentor and coach people(novice and professional traders) to achieve success rather quickly with our Traders Advantage Methodology mentoring program.
My first answer is designed to be directed at those people who want to know… what can you “get by with” for a desktop model?
If you don’t put other software programs on that computer, other than what you need to trade…meaning you have a dedicated computer just for trading, you can get one of those retail computers such as a emachine or a Dell computer. Make sure you have a minimum of 1 GB of RAM and Windows XP with service pack 3 or Windows Vista. Any thing less than 1 GB of RAM will most likely cause your computer to stall or temporarily freeze up when the live data is streaming in during periods of high volume. Also, please be aware that if you have a CPU resource intensive charting software program such as esignal or Tradestation, you will have to limit the number of charts you use in those programs or you may get the same type of stalling or temporarily freezing up in periods of high volume data streaming. I would also have a second monitor so that you can have a minimum of two screens so make sure that you can put the appropriate video card in the machine. Most likely all of that can be purchased for under $1,000 in the United States.
My second answer is designed to be directed at those people who want to know…what is a decent configuration for a laptop provided you want to trade, with the flexibility of being able to travel to different parts of the country or anywhere else for that matter?
With this type of laptop computer setup, you will not have the flexibility to just have a dedicated trading computer, like the previous desktop scenario. I would go to a computer maker like Dell, a company who has good support and a decent warranty, to purchase the laptop. I would go with a laptop that is close to the top of the line as you can afford. At the time of this writing, that would mean something like a wide screen Latitude E6500 model with 2.5 GHz, 4 GB of RAM with a 250 GB Hard Drive, Web Cam, DVD player with the ability to have an extra monitor (ViewSonic or Dell 19 inch screen should be big enough). You will want to have Windows XP with service pack 3 or Window Vista for your operating system. If you can do with the Basic Edition MS Office program, you’ll save money on your purchase. Most likely all of that, including the extra monitor, can be purchased for under $2,300 in the United States.
Now, even though I can’t legally recommend that you choose a certain brokerage firm, I can suggest that you research the internet and interview different ones. One factor in choosing which broker you may want to consider is to consider what trading and charting platform you will be using to trade futures. I use Ninja Trader because it is economical and its charting platform version 6.5 or greater is written in a standard computer language called C Sharp. The advantage of your charting program using a standard computer language is that it is fairly easy to hire computer programmers to code specialized indicators for you, should you need them, at very affordable prices. Therefore, I would research brokers that make it possible for you to use the Ninja Trader software program for their futures data feed.
Many of the futures brokers have made it possible for their futures data feed to use Ninja Trader software for their trading platform…you have to call them and ask them specifically if they have integrated their trading platform with Ninja Trader’s Charting Program (as you can tell I believe that Ninja Trader’s platform is a very good trading platform for you to use in your futures trading).
To help you through those first few phone calls…many of these firms are in Chicago, IL so please call information to obtain their phone numbers, I have students who have opened up an account with such firms as Peregrine Financial, Infinity Futures, Advantage Futures, AMP Futures, Futures Betting and Interactive Brokers. If you are getting started, call one of these companies or any other company that uses the Ninja Trading Charting Platform to open an account today. You can fund the account later…Get started now with their data feed and Simulation Demo Account so you can start watching and learning how to trade futures. On my website at www.NateBrooks.com, I will have some information that should help you setup up your Ninja Trader Control Center and Charts and get you ready to begin your futures trading journey.
Trading is the best “one person” business in the world. Go to www.NateBrooks.com to start learning how to take control of your finances and your life. If you have any other questions, please feel free to ask me your biggest unanswered question about Day Trading, I will be happy to provide you with the answers to your questions.
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