What Do I Need To Start Trading?
Submitted: 14 Jan 11 18:32
 

Trading is all about assessing information presented to you and taking decisions to buy or sell the instrument you are trading.

If you like to trade based on financial reports, analysts reports, then having access to CNN Money or MSN Money will suffice (Fundamental Analysis). They also provide subscribed services which provide more in-depth analysis and additional market information.

If you are trading based on price charts (Technical Analysis), you will need a Charting software and Datafeed. Charting software helps to plot the price into a chart so the price movements take a very visual approach. Datafeed is the price information that is fed into your charting software. They can be provided free by your broker, or subscribed from Market Datafeed Providers. If the datafeed provided by your broker is free, it is still best to use them as it reduces your trading costs drastically.

All traders will need a broker to carry out the trades for them. Do look around for brokers that charge a reasonable commission but be wary of brokers that claim too low or no commission. Nothing is free, and the money will need to come from somewhere. Always find out more before committing. A good broker is crucial to your success in your trading business, so choose wisely.

The final thing is time and effort. Invest them in your venture, formulate strategies to help you make trading calls and not leave anything to chance. Trading is a probability game, not a gamble.