What Do I Need To Get Started?
As I mentioned in my earlier post, one can trade anywhere in the world with just a laptop and an internet connection. There are two other things needed to get started on trading. They are a broker and education.
1) Laptop/PC and internet connection
If you are reading this blog now, you probably already have a laptop and an internet connection. So I don't need to say much except to caution you to upgrade if your laptop/PC or internet connection is unstable or too slow. Otherwise, there's nothing you need to worry about.
2) A Broker
When I say broker, I mean an internet broker and not one which you have to call to make your trades. An internet broker provides the trader with a trading software/platform which will enable you to execute the trades yourself on your computer. First and foremost, you will have to decide which stock market you would like to trade in. The Singapore stock market or the US market? There are brokers specialized for each market. The important things to look for in a broker are reliability, commission fees and customer service. There are online reviews of brokers that you can read about. Feel free to ask if you need my broker recommendation.
3) Education
Before you start trading real money, you must educate yourself on the stock market. There are several ways you can do so. The most common ways are to read up on books and to attend stock trading seminars/courses. I know that many new traders who are interested to learn about trading are so overwhelmed by the amount of information out there that they don't know how and where to start and they just give up without trying. I was also clueless and confused when I first started out. One advice I can offer is to "just do it". By this, I mean just get started reading about the stock market. Without any knowledge whatsoever when I just started out, I attended a trading seminar which cost $1,800 a couple of years back. I believe trading/investment courses still cost around this much now. So-called gurus will offer a free trading seminar preview to encourage the public to sign up their courses. After going through two trading seminars, I would advise mums not to attend such seminars/courses for the reason that they are over-hyped and too costly. One can learn more through reading from books. There are also trading courses on DVDs that cost over a thousand dollars. Education need not be so expensive. If you are interested in trading courses, let me know. I have the email of somebody who is selling at far less the cost price. Anyway, the best place to start is to read from books. You can borrow them from the library. Our libraries have a lot of books on trading.
1) Laptop/PC and internet connection
If you are reading this blog now, you probably already have a laptop and an internet connection. So I don't need to say much except to caution you to upgrade if your laptop/PC or internet connection is unstable or too slow. Otherwise, there's nothing you need to worry about.
2) A Broker
When I say broker, I mean an internet broker and not one which you have to call to make your trades. An internet broker provides the trader with a trading software/platform which will enable you to execute the trades yourself on your computer. First and foremost, you will have to decide which stock market you would like to trade in. The Singapore stock market or the US market? There are brokers specialized for each market. The important things to look for in a broker are reliability, commission fees and customer service. There are online reviews of brokers that you can read about. Feel free to ask if you need my broker recommendation.
3) Education
Before you start trading real money, you must educate yourself on the stock market. There are several ways you can do so. The most common ways are to read up on books and to attend stock trading seminars/courses. I know that many new traders who are interested to learn about trading are so overwhelmed by the amount of information out there that they don't know how and where to start and they just give up without trying. I was also clueless and confused when I first started out. One advice I can offer is to "just do it". By this, I mean just get started reading about the stock market. Without any knowledge whatsoever when I just started out, I attended a trading seminar which cost $1,800 a couple of years back. I believe trading/investment courses still cost around this much now. So-called gurus will offer a free trading seminar preview to encourage the public to sign up their courses. After going through two trading seminars, I would advise mums not to attend such seminars/courses for the reason that they are over-hyped and too costly. One can learn more through reading from books. There are also trading courses on DVDs that cost over a thousand dollars. Education need not be so expensive. If you are interested in trading courses, let me know. I have the email of somebody who is selling at far less the cost price. Anyway, the best place to start is to read from books. You can borrow them from the library. Our libraries have a lot of books on trading.
posted by Trader Mum @ 11:30 AM
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