Key takeaways
- Learn every day, even while doing something else. Audiobooks during a workout turn an hour on the bike into a book a week without taking any time from the day.
- Protect focus during market hours ruthlessly. A defined block where interruptions are not allowed is worth more than any application on the list.
- Build shortcuts for anything done more than twice. The minutes saved are minor; not breaking concentration to do it is the real gain.
- Tools should remove friction, not add features. Anything needing to be managed has become another job rather than a help.
- The trading machine is the tool underneath every other tool. Everything on this list runs on it, and a machine that hesitates makes all of them slower.
- The goal is not doing more things. It is reaching the end of the day knowing the things that mattered actually moved.
- Not sure where your machine stands? The free benchmark test takes about two minutes.
Do you ever find yourself wishing there were 25 hours in a day instead of 24? If you’re like me, you have a long list of things to do and only so much time to get it done. Sometimes it feels like having an extra hour a day would make all the difference.
I’ve been an entrepreneur for many years and a stock trader for even longer. One thing I know to be true is that great tools decide how much progress you make, profits, and success.
I get asked all the time what technology, tools, and resources I use to trade stocks and run my businesses.
I’m happy to share my tips and tricks, so I thought I would give you an insider view into my workday tools. We all want to work smarter not harder.
It’s satisfying to know, at the end of the day, you did all you could today to move the ball forward towards your goals.
Why I Make Time For Gurus
As Warren Buffet says – the more you learn the more you earn. I am always learning and my success is better for it. Taking time each day to hear what advice Gurus have to offer allows me to learn more to improve my businesses and my personal life.
1. Audible: I listen to audio books during my workout each day; it’s a game changer. I am an avid cyclist. I usually do an hour on my bike before I start my day and the market opens. My daily workouts allow me to cover a good amount of material each week. By listening instead of reading, I’m able to do two things at once. I actually “read” multiple books per month. Audible is my preferred tool for listening to audio books. You can use a smartphone or an iPod to listen to Audible’s audio book library, but you need to have the Audible app. I wish there was a way to listen without the app, but there isn’t. Click here to find the app for your device.
How I Create Workflow Shortcuts Each Day
I have strict rules about my focus time during market hours. When I get into what I call “flowstate”, I am ruthless about distractions and interruptions. I can’t get enough of tools, software, and resources that create short cuts, save time, and protect my workflow. I have some favorites that I use everyday that I can’t imagine working without.
1. Monitors: Screen Real Estate – I am sure you have heard this before, and it’s a simple tip. You should be working on more than one monitor. It’s a must. If you’re toggling through application screens, you’re wasting valuable time. If you consider that every minute of your time equals x amount of dollars, you are leaving money on the table. It costs a couple hundred bucks to get an extra monitor and you will definitely see that back in profits.
2. Roboform: Password Manager – I have several businesses including trading my own account each day. I use this password manager, Roboform, to keep everything straight. It’s secure and does a great job to manage all your usernames and passwords. No need to enter in this information anymore. With one click, Roboform will do everything for you. It also has a password generator to make sure your password security is on point.
3. Dropbox: Cloud Storage – I use this cloud storage service daily. I can stay organized across my devices and access my files whenever I need them. You can share folders with your business partners or fellow traders. Collaborating on projects is super simple with this service.
4. Snagit: Photo/Video Tool – This service allows you to take a snapshot of your desktop. You can also do a quick video of your desktop with or without audio. Maybe you want to record your trades or take a screenshot of a well executed trade. It’s uses are pretty broad.
5. Dragon Dictation: Speech to Text. If you aren’t a super fast typist or prefer dictation, this is a great tool. I find that in some cases it’s easiest to use this to get ideas, thoughts, notes etc. recorded and translated to text. Great time saver!
What Are My Favorite Trading Tools
The tools you see below are what I have found to be the easiest tools to use. If it’s not easy, I won’t use it. Sure, there are other software and tools on the market. This is what I use. I have a system that works and I stick to it. The same applies to the tools I use to trade. Here is what I use to get trading done:
1. Tradestation – This is the platform I use. In my experience with different systems, this is the best. There is a little bit of a learning curve getting into the flow of using it, but it’s worth the investment. There are other platforms available. The main ones we see customers use are: Meta Trader 4, NinjaTrader, Tradestation, Interactive Brokers, Scottrade, Fidelity Trader Pro, and Etrade Pro. Personally, I like TradeStation. It’s easier and cheaper for me to use.
2. Marketsmith – This is by far my favorite research tool. You can scan for stocks and analyze chart patterns. This service has been re-branded. It used to be called “Daily Graphs”. I love all the improvements they made. As an stock trader, this is probably the most time saving piece of software I own.
3. Investors Business Daily – If I am looking for market news, this is where I am going first. I read the IBD newspaper every day. I also use their website, investors.com, everyday.
4. Yahoo Finance – I use the economic calendar here every day. The interface is simple and clean. I need to know if any economic reports will get in the way of my breakout trading.
Bonus Accounting Tip for Traders – By the way, there’s another new time saving feature TradeStation has created in their software. You can export a 1099 report with all your trades. I send this directly to my accountant. TradeStation has made this really simple for me.
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. Myself and team are here to help. We’re happy to answer any of your questions about trading computers via phone: 800-387-5250
There are more trading computer tips like this in our buyers guide. Check out our “How To Buy a Trading Computer” e-book.
Frequently Asked Questions
What tools do stock traders need for real-time speed?
A platform fed by a direct market data connection, a wired internet line with ping under 30 ms and jitter under 10 ms, and a machine benchmarking 45,000 or higher so nothing queues behind anything else. Real-time speed is a chain, and it moves at the pace of its slowest link — which is usually the connection or the memory rather than the software everyone blames.
What are the best gadgets for traders?
The ones that remove a way for the session to fail: a wired mouse as backup, a UPS battery backup, a headset that works first time, a monitor stand that puts every screen at eye level, and a charged cellular hotspot kept purely as an escape route. None of them makes you a better trader. Each removes something that can go wrong at the worst moment.
How do you stay productive as a trader?
By separating the day into blocks where interruption is allowed and blocks where it is not, and being strict about the second kind during market hours. Most lost productivity in trading is not lost minutes but lost attention — the cost of being pulled out of concentration is much larger than the time the interruption took.
What technology do full-time traders actually use?
Less than people expect. A machine that keeps up, a wired connection, several screens, one or two platforms, and a small set of applications for research and communication. The traders who last tend to simplify rather than add; every extra tool is another thing to maintain and another way to be distracted.
Are audiobooks a good way to learn about trading?
They work well for the thinking side — psychology, risk, and how other traders approach decisions — because that material survives being listened to. They work poorly for anything visual, which is most technical instruction. Pairing them with something otherwise unproductive, like exercise or a commute, is what makes the time genuinely free.
