One question I receive more than any other is, “How do I start in the world of trading or investing?” The question itself is simple, and the response can be quite simple as well, depending on how elaborate one wishes to be.
What is the best way to start? I’ve read about and seen numerous “systems,” each claiming to be the best. It’s a difficult one! Another question is what do you think about the MetaStock software? Is it worth the bother for a newbie?
The simple answer to your broad question about where to start is, “At the beginning.” I suspect this simple answer does not begin to satisfy you, so I will step a bit further, but first I will answer your subordinate questions.
As to MetaStock, it is a fine software package. I have reviewed it before, and I found it quite satisfactory and more.
As to your other implied question about all “trading systems” claiming to be the best, well, just as I said MetaStock was a quality package, I will tell you that oh-so-many software packages with “systems” are not. “Caveat Emptor” is the phrase that best describes the approach you need to take when considering purchasing a software package that offers a system.
Now, back to your bigger question … The beginning is learning as much as you can about the world of trading and investing before you spend a dime on anything other than a book. I spent some two years watching and learning about the market before I made a trade. I tuned in every day, read a bunch, asked questions of those who knew, and then, one day, I signed up with an online broker and learned how that all works. A short time later, I began making some inconsequential trades to get my feet wet, and, after awhile, my confidence built, and I began devising entry and exit strategies. Then, I came across my software of choice (after trying out so many that did not work for me), and all the pieces began to fit together. Soon after that, I actually began making money in a tough arena to make money.
Truly, you have to learn about the market and the economy, but more than that, you have to learn about you. You have to find out if you are cut out for the often emotionally difficult world of investing and trading. It can be tough. Just ask anyone who suffered through the collapse in the falloff 2008. That roller-coaster ride tested the mettle of all who were in the market at the time it all came tumbling down.
Find someone who is experienced. Talk with that person. Get that person to tell you about his or her experiences. If you think you still want to give the market a go after that, well, crack a book (my recommendation: Trading In The Zone, by Mark Douglas). Understand, the journey to gain enough experience and knowledge to consistently make money in the market is a long one, indeed.
Trade in the day; invest in your life …
