There has never been a better time in history to take up an interest in trading stocks, bonds, commodities, or forex.
Whether you are seeking to buy shares in popular companies, find the next startup to make it big, or invest in crypto, you need equipment and technology to assist you through this endeavor.
By investing in specific equipment, electronic devices, and digital tools such as the TradingView app, you can begin trading stocks, crypto, or forex within days. These accessories will make your life a lot easier, as you can learn about the markets where you are trading, appropriately analyze companies, and make informed decisions each time you enter or exit a trade.
Below are nine essential pieces of equipment that every trader should have at home.
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1. Computer
Every trader who is hoping to make big money in the coming years must have a computer they can use for this work. Not only must you access trading websites or download software onto your computer, but you must be able to actively research using the web. Your computer should have sufficient power to run trading programs, Microsoft Word and Excel, and the latest web browsers without any hiccups.
2. Smartphone
Having one of the latest smartphones also helps when you are getting into trading, as you can use trading sites or apps on your phone as well. The advantage of having your phone is that if you are away from your home or office, you can still stay connected to what is happening with your investments. While you cannot do extensive research on your phone, you can make quick trading moves this way.
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3. App or Software
You must invest in the appropriate app or computer program that you can use to trade. Depending on whether you want to trade stocks, bonds, mutual funds, real estate, cryptocurrencies, or forex, you may need one or more programs or apps to facilitate all the moves you hope to make. The software you invest in must be highly rated, easy to sign up for, secure for adding and removing money, and up to date.
4. Trading Journal
Keeping a trading journal makes your life a lot easier as you become more active in buying and selling commodities. You may assume that you can save such records on a computer, but having a journal is very helpful. After you close the trade, you can write down each trade and its value, along with the profit or loss. Furthermore, you can read through the journal each week or month to see how you are performing with each trade.
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5. Books
There are countless trading books you can buy or get from your local library that will help you learn more about how to become a professional or amateur trader. Even if you have some knowledge of the markets and you took finance classes at school, it never hurts to learn more about the subject before you start putting your money into trades.
6. Demo Account
Having a demo account is vital when you are learning the ropes, whether you are trading stocks, crypto, or forex. Such accounts allow you to mimic trades without spending any actual money, ensuring that you can safely experiment with a few ideas to see how those trades would perform.
7. Websites
Create an entire folder in your web browser of the best websites for reading about the latest economic and market news, stock prices, forex prices, and cryptocurrency rates. You may also want to find websites that talk about current political and economic events in the markets where you are investing, as those may influence stock, crypto, and forex prices.
8. Trading Forums
Finding social media pages or forums where you can talk to other traders is very helpful. While you should be very careful about acting on any advice you receive online, being on such forums can be very comforting. Not only can you gain valuable insight from the experiences of others, but other traders can also point you in the direction of the resources that helped them during their trading journey.
You will likely find computer programs, Excel spreadsheets, online websites, and other tools that you can use to help you make better decisions when trading. Tools such as indicators, trend lines, oscillators, and more can be very helpful if you want to study the most recent or historical data about a particular market, sector, commodity, or currency.
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