How To Setup A Stock Trading Business At Home
Trading in stocks and shares is considered a business. You can do online stock trading from anywhere around the world and it is the perfect work-from-home business for many people. Stock trading is a business that does not require any business partners or employees. You are your own boss and you decide your own working hours.
Here are some of the things you will need to purchase before you can start a stock trading business at home.
Workspace and furniture
You must plan where you want to setup your office for online trading; it can be anywhere in the house - in a bedroom, the study room, in a small corner of your lounge or even in the garage for all I care.
Make sure your office space is quiet and comfortable for doing your analysis and research on trading. You need to allocate enough space to set up your office furniture and equipment. A basic trading workspace should at least have a table and a chair.
An ideal workstation for a home business
Next, you will need either a desktop computer or laptop computer with a fast processor. A laptop computer is more portable if you like to continue with your trading while on the move. The computer should come with at least 4GB RAM, a CD-ROM drive, a decent size hard disk, wireless connectivity and at least a 15-inch monitor. A larger monitor can display multiple trading screens and it is easier for reading online documents. Otherwise you might get frustrated having to scroll the information back and forth on the screen. That alone will distract your concentration on your business.
Make sure you protect your computer and online identity by installing an anti-virus software. Many free software applications for virus protection are available for download from the internet. More reliable anti-virus protection are available through paid subscriptions.
A high speed computer is essential
High speed internet access and modem
You will require a good modem and high speed internet access, the faster the better if you are a day trader. Subscribe to broadband or DSL access or whatever is the fastest that is available in your area. A slow internet connection will only hinder your trading. Similarly a computer with insufficient RAM might crash while you are in the middle of a trading transaction.
A dedicated telephone line is required for internet connection, especially if you are still using dial-up connection. A mobile phone might come in handy for telephone calls if you are still using dial-up connection.
A printer is optional but it is useful to have if you want to print records of transactions, otherwise you should keep backups of all transactions in an external hard drive. You can also use the printer for printing stock charts, share prices and other important emails.
You will need to open an online trading account, otherwise you won't be able to start trading. Shop around and find out which online brokerage firms offer the services that suit your requirements.
The brokerage firms need to be reliable; have efficient customer support and online trading tools that will assist you with all your trading needs. Their trading platforms should give real time quotes and not delayed for several minutes. Market prices change every second and you don't want to be trading with delayed information. Some firms offer streaming real time quotes for a subscription fee.
No time to exercise? Get a treadmill desk!
Like any other business, you will need a capital in the form of money for starting a business. Do not be fooled by people who tell you that you don't need money to trade. A business needs money to make money. Start your online business with a small amount and only trade with the money that you can afford to part with. Do not use your life savings that are meant to support you in your retirement years. You can increase your trading capital if you start to see some great returns in your trading account.
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