…And why you’re inviting risk into your trading.
Me: “Where are my jeans?”
My Significant Other: “I threw them out. Wear the new ones I put in your drawer.”
I hate new jeans. I like the old, broken-in ones – the pair that I spent five years getting comfortable in. I honestly don’t notice if they start to get holes. However, my significant other does. I’m glad she notices the things that I don’t. Sometimes you don’t know how much discomfort or disrepair you are in until someone else points it out.
As the final holidays of 2015 are approaching quickly and the year is coming to a close, you might be considering upgrading your trading computer. New year, new opportunities – maybe you want to tackle those with new technology.
You may be on the fence about your decision to buy a new trading computer. I know it’s not easy to relinquish your broken-in computer, but maybe you’re in a bit of discomfort with your current setup. Are you hesitating to upgrade for any of the following reasons?
1. You Have A Computer That Still Works.
My buddy has this 83’ Honda Accord that he won’t get rid of. It was his first car and he’s managed to keep it all this time. Mind you, it’s not his primary car. The ol’ Accord can’t be trusted for more than a short mile or two drive anymore. It’s just too risky to go any further than that. I won’t disclose specifics, but I have a feeling there is some duct tape holding parts of that car together.
Trading on an outdated computer is just as risky as commuting to work in my buddy’s Accord. In fact, you are just inviting risk to show up right in the middle of your trading day. You may have a computer that works, but is it secure enough for trading? Does your computer ever freeze, or shut down spontaneously? Does your computer load programs slowly? Is your computer more than 5 years old? Odds are your computer is outdated and most likely not suited for trading.
2. Transferring Data To A New Computer Seems Overwhelming.
You might be hesitating to upgrade not because of the purchase, but the work involved in getting your existing data uploaded on a new computer. When it comes to any project, the question of whether or not to do-it-yourself (DIY) can generally be categorized in to four areas – could, would, can, and shouldn’t. See which one of these sounds like you:
- Could: You could DIY your data transfer if you researched it.
- Would: You would choose to DIY, but it’s not your best use of your time.
- Can: You can easily handle the data migration from your old computer to your upgraded machine.
- Shouldn’t: You’ve been there done that. All roads lead to a disaster. You know better than to try and tackle this yourself. You would rather have an expert complete the setup.
If you are #3, congratulations, you’re pretty tech savvy.
If you fall in one of the other three categories (could, would, and shouldn’t), we’ve got you covered. If you just need a few quick tips or you want a tech to walk you through the process, our tech team can assist you in getting your new computer setup.
3. You Aren’t Sure The Investment Is Worth It.
As traders, we always know what we are getting when we place an order – a fixed number of shares for a given entry price. Beyond that, we have formed an educated prediction about the stock’s movement. When you place your order, you’ve already decided you are comfortable with the risk/reward ratio.
It makes sense that we view all of our purchases (i.e. investments) through this trader mentality. What indicators can you use to know that the reward of your investment far outweighs any risk? Just like evaluating stocks, here are the three most important indicators to investing in a solid computer:
Ability: When upgrading your workstation, you need a computer that will, well, work day after day – and not crumble under the pressure. I talk in more detail in my free guide about the minimum hardware requirements for traders specifically. You can download it here.
Lifespan: The lifespan of a quality computer will be at least 4 -5 years. A parts & labor warranty is crucial to getting the most out of your purchase. The warranty should be included in your purchase and cover the expected lifespan of the computer.
Support: You might wear many hats in your trading business, but IT support shouldn’t have to be one of them. You should have a knowledgeable and available tech team to support your workstation. Should anything happen, you’ll want to be able to get answers quickly.
As long as you use these basic guidelines, you can be confident that your investment in a trading computer will be worth it. The best stock trading computers will pay for themselves.
There is one more point of hesitation I hear sometimes. It’s this one – “I have to ask my wife/husband/spouse/partner before I make the purchase.” This one…I can’t help you with. I get stuck in that discussion every once and a while, too.
There are more trading computer tips like this in our buyers guide. Check out our “How To Buy a Trading Computer” e-book.
Remember, we are here to help with all your technology related questions. If you think of additional questions about computer hardware or other questions, give me a call. My team and I are here to help. We’re happy to answer any of your questions about trading computers via phone: 800-387-5250