One of the most ignored risk in trading is the failure of the equipment you are using to trade. If you have traded long enough, you'll know what I'm talking about. As day traders, when there's a lot of money involved, you shouldn't save a few bucks risking a lot. Let me explain with this list :
Backup device : You shouldn't rely on just one mobile or computer to trade. There are multiple reasons why they can stop working ( battery failure, hard disk crash, virus,etc ). Always keep a secondary device to easily switch to that in case of a primary device breakdown.
Backup Internet : So you've decided to buy on the open and your internet stops working at 9:00 AM . What do you do ? Leave the trades , nah ! Another source of internet will safeguard you and aid you in not missing any trade when you want to get in or out badly.
Backup broker : So now you think, so what, all this never happens to me and I'll manage somehow. But what if your broker's server has some issues. You have bought 2000 shares and now want to exit but cannot because the broker's web,mobile and app all have stopped working for a while. You are stuck and it's not even your fault. This can prove to be very crucial at times, trust me !! Always keep accounts with at least 2 different brokers with sufficient funds in each to manage your positions.
Data Backup : You have a written set of rules and strategies, saved charts, along with your trading journal that contains trade records and your thoughts. Isn't it invaluable to you? What if you lose them due to a virus or accidental delete ? Do you have a backup ? Please do.
As day traders, time is very important. Don't wait to call up your broker and do fire-fighting. Instead be pro-active and take care of these non-market risks beforehand.
I've been through all of this and it's frustrating. So before they all catch up with you too, better insure them already. A 'little' effort in this can help save you from a 'lot' of mishaps.
I am Planing to buy out Platform of trading view to Open a Stock trading broker firm , because all brokers are just depend on Server and platform which they have to Maintain , Trading view is providing all this stuff with data for individuals at 14.95 USD per Month , i am in talk with them to provide me full key support with their existing set up with cost of 5 USD per account where we charge fixed charges of 10 USD or 15 USD to customers or propitiatory traders , i am expecting to invest to tune around 1 Million USD ( 75 % FDI as investors stake) 25 % of 1 Million i am arranging with my friends for forming of company to start up
If you are seriously interested give me an reply i am still looking for domestic investors with 1,0,00,000.00 as active investors
Thanks for your time
Cheers
dravya
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@shiv2798, I'm sorry I didn't get you. I don't think you can buy out TradingView. Are you serious or just kidding?
@dravya, I am not buying the software i am hiring the software for Opening of Brokerage Firm , the Trading view can be back end support , but its on initial talk you can consider if you like to ride the benefits of investments
Cheers
dravya
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@shiv2798, Oh, I got your point now. But sorry, I don't have that much to invest. But great if you can do it, I'd definitely be a customer :)
dravya
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@shiv2798, is your planned start-up bangalore based ? take 75% funding but don't give away much equity in the beginning to VCs.
Well done Dravya, keep educating us :)