There are a number of misunderstandings surrounding trading computers. Learn the truth vs. myth to better your trading. In this post, I want to address a few common trading computer myths I hear all the time from traders calling our office.
Have you ever mistaken a myth for the truth? We all have.
For example, everyone thinks lightning never strikes the same place twice. That’s a myth. And a dangerous one at that.
You’ll never hear the Weather Channel announcer telling you to go stand where lightning has already struck because you’ll be safe there.
A trading computer myth that many seem to live by is that a stock trading near a 52-week low is a good buy. As I like to tell my trading students, “You can’t catch a falling knife.”
Being a successful trader and believing in myths don’t go together. And if we’re not careful, we may get caught believing an idea that later turns out to be false.
Myth #1: No One Would Want to Hack Me
MYTH: Because the Internet is so vast, the chances of me getting hacked are unlikely. FACT: In 2014, we reported that your odds of being hacked were better than 1 in 7. Today, your cyber attack ratio has jumped to 1 in 4. From election hacking to hotel and credit card database hacking, chances are your data has already been compromised. Traders need to stay up-to-date on hardware, software, and best security practices to ensure they are protected when (not if) hackers strike.Myth #2: Gaming Computers are Perfect Trading Computers
MYTH: Traders need a souped-up, high-end gaming computer to trade on. FACT: Gaming computers usually cost more than traders really need to spend. Traders don’t need a graphics card that does fancy 3D acceleration better than any other card on the market. Gamers want immersive graphics. That means ultra-expensive components that make video games life-like. Using an expensive gaming PC for trading is not necessary. 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. Read our recent blog post about: How Much RAM Do Traders Need To Trade? Budgeting for a trading computer is simply about investing in the components that matter most to traders—no more, no less. Check out our desktop trading computers that are currently available with 16, 32, and 64 GB of RAM. These desktops are perfect for traders.Myth #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 unnecessary and unknown software, 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 (especially if you haven’t kept its firmware up-to-date). If you purchase or already own one of our computers, we offer an EZ Speed, Optimization, and Maintenance Package upgrade. We will make sure that your Virus Software is fully up to date and run a virus scan for you. 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, and regularly checking for security-related updates.Myth #4: Wiping Your Hard Drive and Re-installing Windows Is the ONLY Way to Speed Up a Slow Trading Computer
MYTH: You’ll have to start over when your trading computer gets slow. FACT: This is not true at all. Certainly, there are some cases where this may be the answer. But, if you have a regular hard drive clean-up and maintenance routine, you can prevent most computer slowdowns. What sorts of things need to be cleaned up? 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 thumbnails take up resources.
- There can even be “residue” in your computer’s memory from daily operations.
- Every so often, your system registries need to be cleaned up as well.
Myth #5: Windows 10 is Still Better Than Windows 11
MYTH: Users should stick with Windows 10 until the bugs are worked out in Windows 11. FACT: Windows 11 has been around long enough now that the initial kinks have been worked out, and the benefits of upgrading far outweigh the downside. Yes, new updates to Windows 11 can be a bit buggy. But Microsoft has heard its users and is working to make the quality and the process better. More importantly, a whole lot of those monthly updates are what’s keeping your trading computer secure from the latest security threats. And, by the way, Windows 10 isn’t free from update bugs, either.Conclusion
A little knowledge can go 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 their trading computer 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.
