Trading Kit for Newbs

[Excelentj]

Hi,

If you were tasked to put together a trading kit for Beginners what would you put in? Include the following--

-Software
-Broker
-Hardware
-2 Books/media

Also it needs to be for as a little cost as possible.

thanks J

 

[timsk]

If you were tasked to put together a trading kit for Beginners what would you put in?

Hi Excelentj,
It rather depends on the beginner, no one size fits all in this game. On that basis, I'd question the merit of including the first three items on your list.

Software
This will be determined by the type of trading they do and the size of their budget. Much of it is free - especially if they're swing trading using end of day data - I'd recommend that they decide which software is best for them. Check out this FAQ: Can You Recommend a Data Feed, Charting Software & Broker?

Broker
The choice of broker will also be determined by the market(s) they trade and their account size. For example, £500 or less - then a spread betting broker is the obvious choice. £5,000 or more - a direct market access futures broker becomes possible. But, if they want to day trade U.S. equities, then they'll need USD $25,000 as a bare minimum.

Hardware
Chances are that most people will already have a computer that is perfectly acceptable - at least for swing trading. I wouldn't recommend a newbie to buy a bespoke machine to trade with. I'd suggest they use their current machine and if trading works out for them - they can use their profits to upgrade in the future if they want to.

Books
This is easier, I'd direct them here: Which Books should a Beginner Read?
Tim.

 

[NVP]

the committment to avoid trading real money for at least 1 year whilst they try and get a basic system together .......

less that 5% would agree to this ...............point made

N

 

[Excelentj]

Thanks very much

Tim- I should have looked around some more before asking the question. I've ordered Come into my Trading room

N- Just blew my account again, I've frozen my SB account and opened a demo one!

J