If you don’t already know trading basics, you need to get a few things under your belt to get the most out of this blog — things like what a securities exchange is, exchange hours, what trades in after hours, what brokers do (and don’t do), trading conventions like “bid and offer” and order types, how to read a brokerage statement, and oh yes, what securities you plan to trade. After that, all you really need is a newspaper that publishes securities prices, a sheet of graph paper, and a pencil. Fortunes have been made with nothing more than that. But these days, a computer, an Internet connection, and at least one piece of software that allows you to collect data and draw charts are also standard issue. You can also do charting directly on technical analysis Web sites without buying software. Don’t skimp on tools to put in your technical analysis tool belt. Buy the data, books, magazines, and software you need. Pay for lessons. Get a trading coach. You wouldn’t try to make a cordon bleu dinner on a camp stove with three eggs and a basil leaf, so don’t try to make money in the market by using inadequate tools. Your first task when you’re ready to take your technical knowledge out for a trial run is to earn back the seed capital you put into the business, the business of technical trading.
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