5 Trading Computer Myths You Shouldn’t Fall For

Have you ever mistaken a myth for the truth? We all have. For example, everyone thinks bulls hate the color red. That’s a myth. Bulls are color blind. It’s impossible for them to hate red since they can’t see it. Another myth you may have heard is the Stock Market is only for rich people. If you believe that to be the truth, you’d surely miss out. Don’t believe all the whining about the markets being rigged. Being a trader and believing in myths don’t match. If we’re not careful we may get caught believing an idea that later turns out to be false. In this post I want to address a few common myths I hear from phone calls I get about trading computers.

#1: No One Would Want to Hack Me

MYTH: Because the Internet is so vast, the chances of me getting hacked is unlikely. FACT: The odds are probably better than 1 and 7 you’ll be affected by a computer security issue. There are 3.9 million attacks on computer users every single day. Do me a favor. Assume you are a target. You shouldn’t assume it’s not “IF” you’ll get hacked, get a virus, or mistakenly download malware. You’re assumption should be you will get hacked; it’s not “IF” but “WHEN”.

#2: Gaming Computers are Perfect for Traders

MYTH: You have to purchase a souped-up, high-end gaming computer to trade on. FACT: Gaming computers usually cost more than traders really have to spend. Traders don’t need a graphics card that does fancy 3D acceleration better than any other other card on the market. Gaming computers have too many ultra-expensive components that traders don’t really need. Gamers want immersive graphics. That means fancy techie stuff making video games life-like. Traders can take one step down on their graphics card saving $500 or more. Traders need a souped-up processor, lots of RAM and a high-end motherboard. Budgeting for a trading computer is simply about investing in the components that matter most to traders—no more, no less.

#3: Anti-Malware Tools Aren’t Needed if You Don’t Do Anything Risky

MYTH: As long as I use my computer strictly for trading my computer isn’t at risk. FACT: If your trading computer is connected to the internet, it’s at risk. There’s a common misconception that just because you don’t download software everyday, or don’t check email on your trading computer it’s not vulnerable to viruses. There are all sorts of ways to get a virus. Sometimes even your Internet modem can leave you vulnerable. Even the best virus programs don’t protect you from every threat. Internet threats change all the time. Protect yourself by assuming all your Internet-connected devices are vulnerable.

#4: Wiping Your Hard Drive and Uninstalling Windows Is the ONLY Way to Speed Up a Slow Computer

MYTH: You’ll have to start over when your computer gets slow. FACT: This is not true at all. Certainly there are some cases where this may be the answer. If you have a regular computer clean up and maintenance routine, you can prevent most computer slow downs. When I talk about maintenance, what do I mean? Here are some examples: Your Internet history can create a lot of overhead. Your system trash takes up room—files in the Recycle Bin, clipboard history, etc. Your recent document thumbnail caches take up resources. There can even be “residue” in your computers memory from daily operation. It’s best to wipe this out occasionally. Every so often, your system registries need to be cleaned up as well.

#5: Windows 8 is Faster Than Windows 7

MYTH: Windows 8 is faster because it’s new. FACT: Just because it’s the latest operating system doesn’t mean it’s the fastest. When it comes to Windows 8 or higher there really isn’t any signifcant performance boost for traders. Just like past operating systems, Windows 8 can get sluggish over time. Traders are so used to the old interface, the Windows 8 mobile smartphone-centric layout gets in the way of trading (this is my opinion). Your trading computer shouldn’t get in the way of trading. Instead, you should hardly even notice it’s there.

A little knowledge goes a long way.

You don’t need to be a computer nerd. But, every trader should know the difference between myth and fact when it comes to trading computers so they don’t…

  • Buy the wrong computer.
  • Over pay for a computer.
  • Recycle their old computer before they really need to.
  • Leave themselves vulnerable to security risks.

When it comes to trading computers, there are many more common myths. I debunk all of them in a simple way in my trading computer