Trading is a skill anyone can learn. Of course, you must want to learn. You need a PC or laptop with a broadband connection and some charting software. You’ll need some funds to start trading with and most importantly, some training.
Can I do it? Do I need a degree?
A common misconception is that you need to be highly educated to make it as a trader. Nothing could be further from the truth. You need to learn and master a new skill, trading. Whether you are going to be trading for 5 minutes a week, 30 minutes a day, or full time, you need someone to show you how to do it.
Practical skills are learned from others who have already mastered the skill. To succeed as a trader, you need to recognise this fact. This means you’ll need initial training to learn the art of trading. You then need to follow up this education with some time with a professional trader to put your learning into practice.
Once you learn the language of trading, you’ll be building on your skills as you practice more and more. You will soon learn to enjoy the ever changing markets and trading different instruments as prices keep moving.
Mark was helpful and put my mind at rest clarifying some areas of ambiguity
N.P. – Hereford – August 2013
What about equipment?
In addition to the education, you need to have a PC or laptop in order to trade and an internet connection. Your PC or laptop needs to run Microsoft Windows operating system, ideally Windows 7 or 8.1.
Many people use tablets and mobile phones to access the internet these days. Part of the training and working with you will be getting you to think as a professional trader. Can you imagine a trader at a major international bank using a mobile phone to analyse and place a $500 million trade?
You need a reliable broadband connection. It does not have to be the latest super fast infinity fibre connection, just a good regular broadband service that does not drop your connection every few minutes.
You’ll need to install some trading software on your computer. Trading software has two components, usually installed as a single package. One component is the charting software used to illustrate the movement in prices. The other component is the trading platform to allow you to place and manage trades.
How much money do I need?
You do need some funds to start trading with. You will deposit these funds with a broker. The broker will often provide the trading software once you have an account opened with them. You’ll be guided through this process.
A suggested amount to start trading with is 2,000 units of your own currency, being either Euros, Pounds or US Dollars. The currency is the currency you are most likely to use for day to day transactions and will depend on where you live.
Can I trade from anywhere?
There are no physical constraints, as long as you have a computer hooked up to the internet and a broadband connection. With Plan B, you will learn how to trade using the same techniques as professional traders around the world.