I want to share with you how to start a successful trading business. What exactly do you need? And here so that you know exactly what you need if you want to make trading your career.
Number one, you need to have charts or some software, and
here's why. A charting software is your window to the markets. This is how you
know what is going on. Now, you know me I am a firm believer in technical
analysis and very specifically at indicators. This is why my charts are looking
like this. If you bring, for example, up Tesla, you see that I have indicators
here, the RSI, Stochastics and MACD.
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So, you do need to know what is going on in the market. So,
number one that you need here is definitely a charting software. Now, what
charting software do I recommend? And again, these are my recommendations here.
I love to use Trading View here. I found this very reliable. Now I have the pro
plus version. I believe that it makes sense to sign up for the pro version, and
the pro version is $14.95 per month. Now you might say, can I do this with the
free version? And you see this where it's really interesting.
So, I'll give you several resources some of them are free,
some of them are paid. So here, for example, with Trading View, yes, I do
believe that you should sign up for the pro version for $14.95. This is just
cost of doing business. Think about any other business. Think about opening a
food truck. I mean, when you open a food truck, you have some investments,
right? You cannot just take your backyard grill, stand on the side of the road,
and hope to make a killing here.
So, you have to invest a little bit of money, not too much,
and the same is true with trading. Now, "what to Set Up Trading View for
the Power Strategy you should do" by zerodha Trading. So, if you have Trading View,
then I also highly recommend this article. So, this is number one. What else do
you need?
Number two, let's talk about it. You do need to have a
broker. Here's the deal, if you want to trade stocks and options, you do need
to have a broker. Now, in terms of broker right now I have accounts with
Interactive Brokers, I have accounts with ZERODHA, I have an account with MOTILAL
OSWAL, and if you're trading stocks and options right now, I recommend tasty
works. It's a great platform, I'm using it personally right now and here's the
cool thing.
Number three, you do need a trading strategy. There's no way
around it, right? I mean, every trader needs a strategy. Now, I highly
recommend using the Power strategy. Why? Because it's a strategy that I'm
using. This is the strategy that I'm using right now to trade a small $20,000
account, and within four weeks I already made $6,000 on the account.
So, let's go back here. And again, there are many trading strategies, of course, you don't have to use the Power strategy. But again, since you're reading me here, I guess that you would like to have a recommendation. So also, what I highly recommend, this is what I personally do is that you consider getting the Power Optimizer. OK.
Number Four, You do need a computer. So, the good news is these days, any computer is fine because these days everything is web-based, meaning that you don't need much processing power on your computer.
So especially if your computer is less than three years old,
you're absolutely fine here, so no worries about this. I don't believe that you
need to really invest in extensive trading computers for thousands of dollars.
Honestly, save this money to invest in the best software here because it will
help you in the long run So, I have two more things that I want to share with,
no, five, six, and seven, actually, three more things that I want to share with
you.
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Number five, So, let's move on to number five. See if you have a laptop,
you already have one monitor. That is the good news, right? However, I highly,
highly recommend having a second monitor. It will make your life so much easier
because usually what happens is that on one monitor you have your charting
software, and on the other monitor you have your trading platform. I mean, trust
me, a second monitor is super helpful and you're going to love it.
Number Six, Now, OK, so but let's talk about what else do you need? So,
two more resources for you. See, there are a few newsletters. Here's what I
mean by newsletters. I like to read three different newsletters every morning
to stay informed because I don't watch the news. I think the news are terrible,
right? To get really unbiased information. So, there are three newsletters that
I personally like to read and I'm going to share with you what these
newsletters are. They're all free. So, one of them is ET Today, like this
newsletter. I've been reading it for few months now and its a good experience. There's the Seeking
Alpha. What is it? Dalal street, I believe this is what it's called,
I'll give you the resource here in just a moment to better understand. I think it's pretty awesome.
Why? Because I'm writing it from so long. I also have a resource here for you and this is
where I have a article "How to start your trading day with an edge you must explore."
This is where I explain these in more detail.
Number Seven, Now, number seven, and this is because I don't want this article get too long. I'll talk about it in the next article, but it's super
important now. So, number seven, you might or might not need an entity to start. So, I just
want to write down here, trading and taxes. There are things to
consider and I want to give you also resources here for how to set up your
trading as a business because if you do it right, there are exciting ways to save
taxes. Okay, hope that helps. Now, keep in mind, in order to start trading all,
you need is a broker, but if you want a successful trading business, I believe
you need these seven things. Okay, hope that helps and I'll see you in
next article.
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