Millionaire Traderscomponents we believe are necessary for a serious, professional
attempt at trading:
1.A good desktop computer with a minimum 2 GHz chip, 1 gigabyte
of RAM, and 100-gig hard drive.
2.At least two 19-inch flat-panel monitors to view charts, price action,
and various Web sites.
3.Preferably two broadband connections (i.e., both cable and DSL)
to ensure redundancy. (Some traders even use wireless cellular
modems on laptops as final form of back up.)
4.Speed-dial button on your phone to your broker in case all elec-
tronic systems go down and you need to liquidate your position
manually. Make sure you get the direct phone number to dealing
rather than sales, and have your account information memorized
or stored safely near your trading desk.
That’s it for the mechanics. Although the list may seem intimi-
dating, technological advances have made most of the equipment
quite affordable. In fact, there is almost no other business in the
worldwithsuchlowcostsofentry.
Analytical ToolsNow for the analytics part. Some traders will choose to trade strictly
off technicals and will require sophisticated charts with many tech-
nical studies. In some markets, such as foreign exchange, most of
the software is available for free directly from the brokers. But for
traders with more stringent requirements, top-line products typ-
ically do not cost more than several hundred dollars per month.
Traders who will use fundamental information could choose from
a variety of sources. The choice starts with a top-shelf solution of a
Bloomberg-terminal, which costs approximately $1,500 per month
and provides real-time economic data on virtually any financial
instrument in the world, to much less expensive news feeds that
cost no more than $50 month and provide real time reports on
economic numbers, earnings, and other market information. Al-
though many traders dismiss their content as entertainment fluff,
Bloomberg and CNBC broadcast over satellite, cable, and the