Welcome to the first installment of our new blog series: The Tools of the Trade. In this short series, we will cover essential trading tools you need to have as you get started trading such as education, technology, and information.
Knowledge is one of the most important resources a trader needs. Understanding the foundational knowledge of the stock market, why it works, and how you can profit from it is just the launching ground. Even seasoned, professional traders continue learning as it helps to keep your thinking sharp and avoid the creeping in any unintentional bad habits in your trading.
The great news is we are living in the information age where trading education comes in a variety of formats and can be accessed nearly instantly. Here are a few trusted resources to help get you on your way:
Around TSU, we tend to go old school as we like the feel of a hard-copy book that we can dog-ear and highlight. However, most books on trading specialize in one specific area, which usually works well for continuing education but can be confusing and overwhelming for a beginning trader. But if you are like us and want the feel of a printed book in your hands, then check out our post on the Ultimate Trading Library for some excellent book suggestions.
For quick help on a specific topic, there is a treasure trove of knowledge at your fingertips via the internet. Investopedia.com can be a quick guide as needed and is a default favorite, but the downside is, your vocabulary needs to be precise. Thus, we tend to use search tools to clarify a specific topic instead of looking for general information on trading.
One of the fastest-growing, most popular ways to learn is through online schools. Your online trading education should walk you from point A to Z, giving you a complete understanding of trading and a model system for trading that you can adapt and personalize. When searching for the online trading education that will serve you best, consider schools that have a combination of on-demand content and live instructors. There is an exceptional value to showing up and asking questions or requesting specific examples of principles being taught.
We do offer our own line of trading education and if you wish to sample our style and content, please take a look at our introductory class Stock Market Made Simple. You can find our blogs covering this beginner class here.
Trading the stock market is a great activity and can be a financially lucrative past time. However, like any field of study or profession, you need to have the right tools in your toolkit, and this blogs series should help you start your journey into the world of trading stocks and options.