Financial Spread Betting Tips Essential Tools for Trading
18. A good quality, reliable PC with a fast reliable internet connection and printer
19.Access to lots of quick live market information. For this we’d recommend an account with someone like FinancialSpreads.com. We’re not suggesting you have to trade with them but if you open an account then their data is free. In the example below you can see that their free chart info is pretty useful.
- You can alter the charts to see market data by the minute, by the hour, by the week etc, plus many other settings. eg you can see financial prices going back to Feb 06 for the Wall Street Daily market
- It show’s how the market’s are not perfect and how you can expect the prices to “gap”
- FinancialSpreads.com also have another pretty handy tool in their free Demo account. You can open a Demo account, place demo trades whilst you practice with no risk.
20. A phone for calling up traders. Assume the worst ie that when the markets are moving rapidly, your broadband connection will be slow up / stop. Also assume that your PC will grind to a halt. With a separate phone, you’ll always be able to call up the trading floor in an emergency.
21. Print hard copies of your notes and open positions in case your computer crashes. I normally print off my Trading Spreadsheet after every new trade. Clearly you should be backing up your data as well. It’s fairly simple even if you don’t have a separate PC / laptop to record the data. You can always email it to yourself on a web based email program like yahoo email or gmail. That way you’ll have a separate copy stored elsewhere if you’re away from your PC, if your PC is corrupted, if you delete a file, if you have a fire, break in etc.
22. Capital that you are prepared to lose. Yes, not all investments will go according to plan. If you’re investing then only invest what you can afford to lose.