You’re in the middle of your trading day and just about to exit a pile of shares that blasted higher on unexpected news. It’s time to bag that profit! Suddenly your internet goes haywire and your mouse won’t work. While you frantically try to solve the issue the market reverses and your profit is cut in half, or worse yet craters. You swear to never have that happen again. Yes its happened to me.
Trading requires very little equipment to get started. With an internet connection, computer and monitor set up, you are ready to go. That is, until something goes wrong. Having a reliable computer, monitor, keyboard, and mouse are paramount. Having a backup available for each of these items is also important. If anything is wireless like a keyboard or mouse, have fresh batteries handy at all times.
If you trade on a desktop computer, perhaps have a laptop available in a pinch. Even your mobile phone can step in if your internet goes on the blink, but only if you know how to use your trading platforms mobile app. Get familiar with it if you aren’t already. When your internet cable is suddenly cut in half by the water company running a new line, you will be glad you did. And yes it has happened to me.
It’s a good idea is to have a battery backup on both your internet router and your computer and monitor for the occasional loss of power. Loss of power during a crucial trade can be devasting. Once it happens, you won’t let it happen again. If it saves you one time that will be enough to pay for everything you’ve paid for many times over. Any expense for these items of course can reduce your taxable income when trading in your own trading business.
Learning the hard way is a difficult lesson. Take some advice here and get yourself ready for the occasional hazards of being in the trading business. If it ever happens both you and your bankroll will be grateful for preparing in advance.
Enuf said.