Buying a computer can be a challenge. Large corporations likely have an entire department dedicated to managing computer technology needs, but self-employed professionals like stock traders are on their own to decide which computer to buy. Here is what you need to know before buying computers for stock trading.
Decide what you need
This may seem obvious, but it is easy to start shopping for a new computer for stock trading without first knowing what your needs really are. The result can be a lot like visiting a new car lot with no clear idea of what you need in a new car. Without knowing the requirements for your stock trading system, you may end up being sold something that will underperform, thereby costing you money in missed trades, or you may end up paying more for the system than what you actually need today.
Stock trading requires a fast, reliable computer system. Consider what your current trading software application requires to operate smoothly, how many monitors you plan to use, and what amount of storage you will need. Technology tends to have a short usable life, so starting with an evaluation of your current system can be a good starting point to determine what kind of upgrades you need in your new system.
Knowing what you need in your trading computer system can save time, stress, and problems when it comes time to make the purchase.
Decide how you will finance
How do you plan to finance your next computer system? Will you be paying cash, using a credit card, or using a financing option like PayPal's “Bill Me Later?”
Paying cash certainly has advantages but, depending on your financial situation, there may be tax advantages to leasing or deferring payment until a later date. Regardless of which option is best for you, it can save time and stress if you know in advance how you will finance the purchase.
Decide criteria for vendor selection
Once you have decided what you need in your next computer system and how you will pay for the purchase, it is time to compare offers from different vendors.
It is important to compare like with like when comparison shopping. The cheaper, off-the-shelf computer that looks the same on the outside as a specialized stock trading computer may have very different components. A vendor that specializes in trading computers will likely be a better fit than off-the-shelf computer vendor.
Similarly, compare the warranty and technical support offered by each vendor before making a decision. The computer that seems a little bit cheaper may actually cost more if you need to buy an extended warranty to make up for a limited warranty.
Find out more about what you need in your trading computer in this free buyer’s guide.
Author Bio: Eddie Z. – Since the day he took his first Apple II apart, Eddie Z has been obsessed with making computers more powerful and more functional. At the age of 18 he started working on Wall Street filling out paper charts and since then has learned to combine his passion for building computers with stock trading. The result is his company, EZ Trading computers, where he sells custom PCS and blogs regularly. Find him on Google+.