Welcome back everyone. Today we're gon na be talking about the essential tools you need to be an effective day. Trader. I mean listen if you're a carpenter, if you're a plumber, if you're a programmer, you know that a significant part of your success is having the right tools at your disposal..

Today, I'm gon na talk about that. All right. Everyone be sure to like share, subscribe and ring that bell, if you're on YouTube to be notified. As soon as we drop a new video We put out geez these days, I'm going live every day..

We got the short podcast, the long podcast we got, how to videos tons of content ring that bell and share with your friends.. That being said, I am lead trainer with StocksToTrade Tim Bowen.. Let's talk about some of the basic tools that you need to. Have.

Now understand that you know, I would consider this like a stocks 101, but several of the things I'm gon na talk about. I think people don't realize that are very little things that can really add to your efficiency.. So that being said, number one: you need a computer. Okay.

Now you might laugh. And you'd be like well Tim. I need a computer to day. Trade., Wow best video ever Tim.

You're telling me I need a computer. Okay. Bear with me before you close the video and go over to like puppies and kittens. Hold on.

All right.. I know I know if you're young, if you're you know, maybe even you're, not even young, the attraction of trading on your phone is there.. I think it can be done.. I know people didn't do it, but I think it's significantly harder.

Okay.. Now I do use mobile.. I do use my phone every single day for day trading, but what I use it for is alerts., Especially if I need to walk away from my desk and then I will use it to exit positions. Okay..

Very, very, very, very seldom am I entering positions on a phone., Because, in my opinion, you need the screens.. You need the real estate.. You need to be able to look at a big one day. Chart., You need to be able to look at a big multi-day.

Chart., You need to be able to see what the flow is. You know. There's all this research that you need to do. And again, maybe you can do it on a phone, but I don't think it's as effective..

So that being said, I recommend entering positions. Doing your research on a computer., You can have your Evernote., You can have your spreadsheets., I mean think of all the stuff you need to do.. In my opinion, you need a lot of stuff and trying to do that on a phone.. I just think you're asking for trouble and even spotty connectivity etc.

- And I want you following a process. - I mean it's one thing again. I know there's probably a YouTube video in your recommendations. Right now, with some 19 year old kid telling you Ooh trade from your phone., I mean it's like it's just so easy to be impulsive.

On that phone. I mean listen, we're all drawn into social media.. I mean they know what they're doing, whether it be the Robin Hood balloons popping and stuff.. I want you to make informed decisions..

I want you slowing, down., Remember, slow thinking or fast. Thinking is bad thinking. In my opinion.. Slow thinking is good thinking..

So get a computer and I get asked which computer should I get Figure out your budget.? You should have a budget and buy the best computer. You can., I mean I've got six screens.. I got a ridiculously fast computer.. It's like the size where refrigerator.

I've got touch screens.. I've got all this technology. Now, for you do a budget and buy the most expensive computer. You can., I mean that's my opinion.

More power's, always better, especially in this.. It's a lot like you know, gaming etc. You know more power is better. All right.

Next thing is a rock solid internet connection and ideally a backup internet connection and battery protection on your internet. Connection. Okay.. You got DWAC on screen right now..

Oh, I love 400 % runners., It's a great time to be alive., But listen if you're trading a stock like GWAC. I think this thing has halted four or five times today. Rips to the upside had a couple of big pullbacks.. You can't be scrambling with your internet connection.

Now which again it can happen. Okay., But whatever you can do to make that as bulletproof as possible. Even maybe you have a multi-band router., That's what I have.. I've got two connections that come in there from two providers., Not saying you needed to go that level, but find a dependable in our internet provider test it make sure you can depend on it and then again get that battery protection..

You know the world we live in. You know it's interesting with the infrastructure out there. I mean brownouts are more and more common.. You get that little brown out or the wind blows and then all of a sudden, your internet connection, hiccups., So invest in a battery.

Backup., You know one for your internet router and your computer. You can get on Amazon.. You know a decent sized one under a hundred bucks. So and then again like I said, if you can, I'm not saying you have to, but if you can have those two connections.

Man, if you're DWAC, you can't depend on your internet going out. Next thing. I highly highly highly recommend: is this standing desk. Okay.? You need to think fast..

You need to keep your energy up., You need to be ready to make snap decisions and you need to protect your health. Okay., And I think me personally, and I think this has been proven many times. Oh, my gosh DWAC you're, so pretty. Humans are meant to think standing.

Up. Again, you know we come from hunter gatherers.. You know you're programmed that way. And I think again go back to like the fight or flight response..

I think you're just thinking better on your feet. And I think you're gon na make better decisions. You're, not gon na. I think you just lose a little energy sitting down all day., So take advantage of it..

Now I've got the sit/stand desk.. So if you do get a little tired or the market's a little slow, you can lower it and sit down., But I think it makes me think better and you can agree or disagree.. I think it works.. I think if you do the researcher you'll agree.

And then ultimately, it's just good for you.. It's not good to sit all day long. And when you're trading, these volatile stocks man, it's not hard to look at the clock and be like I've been sitting here for five hours and I haven't gotten up okay., So invest in it.. Take care of your health.

At the end of the day. If you make a bunch of money day trading, it doesn't. Do you any good if you're sick? If you got a bad back., You know: listen if you make 10 grand day trading today, but then you can't go out and play ball with your kids run around the yard.. You know what's the money for at that point, you know/.

So take care of your health. And then I'm at blue blocker glasses, which I don't know where mine are. That's embarrassing. They're over there somewhere..

So I got my contacts in right now, but I've got prescription. Blue blockers and then I've got a non-prescription set. The non-prescription set. You can go on Amazon..

I think they're 20 $ 25.. It's funny.. I remember like growing up years and years ago, people would kind of mock those, the blue blockers and stuff., And I think back when we weren't staring at screens 18 hours a day. I think the value was somewhat limited, but I see a huge difference, especially at the end of the day when I wear my blue blockers, which I'm not right now., But when I wear those eyes strain as well as like fatigue, you know if I go an Entire day staring at these screens, you know barely walking away, except for bathroom and coffee breaks.

You know you get to the end of the day and you're. Just you know, you're tired and you feel, like you, got ta take a nap. And the blue blockers really do help with that. And back to the whole playing catch with your kids., I mean, if you get to the end of the day and you're totally wiped Out, what's the point you know.

And now again, I'm not saying it's an absolute game changer, but they work. And I think long-term, especially you know, I've been staring at these screens every day, all day, long for 15 years, now. Long-term effects. I think blue blockers is a great idea.

And again non-prescription set like 20 bucks.. I think it's so so so so worth it. Last couple things. It's tools.

You need a good online broker. Okay. And again you might be like oh Tim. I need a broker to trade stocks but notice what I said..

You need a good one. Trying and avoid. You know. We know the name..

I don't want to get yelled at by anybody, but we know the number one free broker out there. And we know what happened during the mean stocks run. And we know they're selling your order. Flow.

- And you know we know they lock you out at volatile times stuff like that., So I mean I know free is attractive and if you're, really new okay, if you're brand new and you've got a really small account, I'd say I mean I know, I'm kinda Bouncing back but fine. Fine.. If you got 500 bucks thousand bucks in your trading account and you're brand new. You can use the freebies., But when things start clicking and you're getting into the professional mode, you're, not dabbling anymore., You're, consistent.

And you're really looking to grow.. You need a real brokerage account.. You can't give me getting locked out of stocks that you can't be dealing with.. Oh you can't trade, this security., You know it happens.

Okay. A lot of these big, huge runners. Sometimes you just can't trade them on those free accounts.. So once you're past that point of again a micro account get a respected bill, non-free, broker., Okay.

And listen. Nobody likes paying commissions., Nobody likes paying data fees., I don't hey, I'm as cheap as they get, but you get what you pay for. And you got to have a professional brokerage account.. Now you might ask which one.

It changes here and there. I mean you: can Google and just look, do your research.? You know there's several of them that have been the best for 20+ years, but spend a little time ask around you know.. That would that's what I would say. I mean depending on when you're watching this video hit me on Twitter or if you see other prominent day, traders say hey: what broker are you using? What could you recommend But use a real broker.

So and then last thing is: have your data tracking tools. And I think spreadsheets are the best way to do that.? I know a lot of people can be a little bit intimidated by spreadsheets.. You know the one thing I've been using spreadsheets, you know I had a business years ago. I mean so I'm well versed in that, but I know it can be a little intimidating..

You launch Excel. You launch Google docs and it's just this grid of emptiness. And you're like where do I begin Okay. But YouTube's, an awesome, resource.

You're on YouTube right now, most likely., There's books out there. I've got resources on the StocksToTrade University.. Just you know, understand, spreadsheets and use them., And that's the biggest thing is all these tools? Don't do you any good if you don't use them. Track your data.

Track, your data. Track your data. Okay. Again, even if you're brand new to spreadsheets start somewhere and build up your system., I don't care if you start with ticker Entry Exit Time of Day and Thesis.

Okay., If four fields okay. But start somewhere, modify, tweak improve. And then four months later, six months later, a year later, you've got a great system for tracking your data and improving your trading.. So all right, everyone..

These are all things we talk about. Every single day in the SteadyTrade team. Definitely hit that link below. Would love to work with you..

It's a small group, great group, just an amazing team, atmosphere. We'd love to work with you. Check out the SteadyTrade team and we'll see you next time.