T2W Bot

Staff member
1,448 52
If you were to ask most retail day-traders what is the most important factor for them when trading, there would probably be many different answers given. For me the most important and overriding consideration is the ability to close an open trade. For most people this does not go beyond setting a stop loss whether fixed or trailing.
However, there are many possible scenarios that could result in large losses being incurred if not catered for and in this article I will be discussing a number of these and how to overcome them.
Issue 1 – Loss of Power
A sudden loss of electrical power could cause a much bigger problem than you thought possible. If you are trading using a desktop computer and the power fails you could be in an open trade that you cannot now immediately close. In addition to this a desktop computer can incur serious damage if power is suddenly lost. You may think that if you have a laptop then you will be ok. It is true that you will not suffer the same...
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nunrgguy

Established member
656 118
For security and reliability I'd recommend using a Linux box for web access. No AV needed, more secure and you will not need to defrag either if that's an issue for you.
 

DionysusToast

Legendary member
5,963 1,498
Good grief - where's your sense of adventure.

I trade using a connection I rigged up out of 2 Yoghurt cups and a sturdy piece of string. If my missus slacks off the tension at all, I'm toast.

Automate your initial exit orders, that way it really doesn't matter what happens to your technology, all you'll be out is your stop anyway.
 

Mr. Charts

Legendary member
7,364 1,181
Is it possible to replace that silly bug-eyed cartoon character with something more serious?
Richard
 

RPEX

Active member
162 7
This is all common sense to anyone prepared to setup as a full time day trader. If they can't think this stuff out for themselves, they're better off burnt.
 

Trader333

Moderator
8,492 881
This is all common sense to anyone prepared to setup as a full time day trader. If they can't think this stuff out for themselves, they're better off burnt.
Most trading is common sense but that does not stop most people losing and this article is aimed at those who have not considered what may be required. In any case I know of many experienced day-traders who have lost as much as £40K by not addressing one or more of the above listed issues so it may serve as a reminder to those who have not got around to doing something about it.


Paul
 

westernforce

Active member
246 44
Thanks for the article Paul.
Solution 5 would only work though if you had a lot of money sitting idle in an "unused account" for most of the time. I would rather that money was being worked in another fashion.
When creating the initial order, place the disaster stop order at the same time.
 

spy74

Active member
118 12
i am in the process of setting up full-time and i found this article very useful indeed. while they are issues that a "common sense" approach should uncover, for someone new to the game, it is still very valuable to have them discussed by more experienced traders!..cheers
 

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