The Definitive Guide to the Best Trading Tools
Updated March 8th, 2020
Are you looking for a free, easy, step-by-step guide on how to Start Trading ?
This Definitive Guide will show you how to get started and become a profitable trader, all in a step-by-step tutorial (with pictures).
You’re looking for a side income, you’d love to quit your day job. Or maybe you need to invest for retirement … but you have no clue where to start. You’re overwhelmed.
Whether you’re a beginner or a seasoned trader, I’m sure you find it difficult to choose a strategy, or pick the best stocks or forex pairs.
You need the best free charting software, a good broker with low costs and a great platform, but there’s just so much to choose from….
You’ve watched youtube videos, read blogs, seen countless websites, downloaded ebooks, but you’re lost, you just don’t know where to start.
I’ve been there.
My name is John Treadle, I’ve been a trader for over 15 years, now making a consistent income from my trading strategies.
I’ll share with you what has or hasn’t worked for me over the years and the best tools I’ve come across.
Hopefully I can fast track your learning curve.
This free guide will take you step-by-step and provide you with all the tips to start trading and grow as a trader.
You don’t have to go searching hundreds of websites, it’s all here, made simple.
If you’re ready to start the simple step-by-step tutorial ? Click here to go straight to Step 1.
What is trading anyway?
In short, trading is the act of profiting from the Financial Markets.
In its most basic form, you buy financial assets (stocks, currency pairs, bonds, indexes, cryptocurrencies,..) at a certain price and hope to sell them at a higher price and pocket the difference.
To do that, you have to open a trading account with a broker, usually online.
Your brokerage account is like a separate bank account.
You will make a bank transfer of the sum of money you want to invest in that brokerage account and that money will be used to buy and sell assets.
What’s the difference between Trading and Investing ?
Trading and Investing are quite similar.
The main difference is the time horizon, but also a difference in what is called your market participation.
An investor will usually buy and hold assets over an extended period of time. A trader will have more frequent operations and could just as well buy or sell assets.
Some forms of trading are extremely short term, like Day Trading (getting in and out of your positions within the same day).
Scalping is even more extreme, with trades that last only a few seconds or minutes. I’ll dig into Scalping a little further along.
Buying or Selling ? You could go Long or Short
As a trader, you will buy an asset for a profit hoping its price will rise (called going long).
But you could also sell it and buy it back hoping its price will drop (going short).
Going short is a counter intuitive way of trading and cannot be done on all assets. It’s also extremely regulated, because losses can be unlimited. So speculating on the decline of an asset is quite an advanced strategy, and should only be undertaken by experienced traders.
If you’re interested in short trading, then I can tell you some traders are making a killing out of it. Check out Alex Temiz on Twitter, he’s a fantastic short trader.
Should you start trading? Is trading for you?
The first question you might ask yourself: is trading for me?
Starting to trade can feel a bit overwhelming and quite intimidating. Most of the time you won’t know where to start. You’re asking yourself all these questions:
- Am I capable of being a good trader?
- Should I start trading Forex ? or Stocks ?
- Where can I learn, do I need a course?
- Can I start trading with just 100$ ?
- What are the risks? Can I loose all my funds?
- What about cryptocurrencies ?
All of these questions are very valid, and I’m going to answer them in this Guide.
But also keep in mind that you won’t really know if trading is for you unless you give it a try. As Ingvar Kamprad famously said:
“Only those who are asleep make no mistakes”
How much money do you need to Start Trading?
I’ll cover this in a lot of detail in Step 1, but if you’re going to try trading and have no experience at all, you have to be very careful with your funds.
Don’t commit too much money upfront if you’re a newbie.
Just set aside a small amount from your salary, or your savings, and give it a try.
There’s one rule to judge whether you’ve chosen the adequate amount for to start Trading:
You have to be comfortable with the idea of loosing 100% of that amount
If you’re not, then the amount’s too high. Reduce it.
For some people, it will be 1% of their savings, for others it will be 10%, that depends on your appetite for risk and your funds.
You have to take a commitment before you start trading
Do yourself a favor. Don’t try trading just for fun. Do it seriously, I mean really. Commit.
It takes a lot of hard work, and discipline, but it can be hugely rewarding. Don’t just gamble all your money in one go, take it step-by-step, methodically, this is what works.
To be successful in trading, you will need one thing above all else : passion and discipline.
But why go through all that trouble?
Trading could be hugely rewarding
Depending on how successful you’ll be, the upsides of trading can be pretty life changing:
- Generating a side income on top of your salary;
- Setting aside some funds for retirement;
- You may even quit your day job if you manage to be consistent.
The great news is that there are so many tools available to aspiring traders, you can really get started with little or no money spent on courses, strategies, etc… and this step-by-step Guide is here to do just that.
So, let’s get to it: how do you start trading ? We’ll take it in 7 easy steps.
How to Start Trading in 7 Simple Steps
Learn how to Trade and use the Best Trading Tools following these 7 Simple Steps:
- Define Your Goals
- Choose a Market to Trade
- Consider Robo-Advisors
- Learn Trading (12 easy tips)
- Find a Broker and Demo Trade
- Use Free Stock Chart Websites
- Find Profitable Trading Strategies
Now let’s get going with Step 1.