Learning From Beginner To Successful Trader.

When you first begin to look into the idea of day trading for an income, an immense amount of information is literally thrown right at you. So don't get bogged down with the technicaties to early as there are some basic necessities that you must have organised before you can begin trading successfully. Firstly a fairly good computer is essential. Their prices are continually going down and their capabilities are also increasing all the time. So these days you can quite easily pick up a new machine for about $800 that will easily do the job you need. A high end trading machine with all the bells whistles will set you back at least around the $1500 mark. One thing you must consider is how many monitors you are going to need. I recommend 2. Believe me they won?t go to waste. This will push up the starting price a little, but it will be well worth it in the long run. Try to get a flat panel LCD which usually comes as standard when you first buy a new computer.Also remember your eyes. Don?t try and save a couple of bucks by purchasing an old fashioned flickering monitor.Spending many hours sitting in front of the screen can be a daily occurrence in this business. The second thing you will require is a fast internet connection. The faster the better. There are numerous options available here, but do not go below ADSL. The speed of the information coming to your computer is very important. Finally, on the hardware side, make sure your setup is comfortable. The desk should be at the right height for you and a adjustable, swivel type reclining business chair is really comfortable. Now you are all ready to go, so what do we trade first.? There are 3 basic categories to choose from. These are stocks and options, futures and commodities and foreign currencies. Let us look at stocks first. There are thousands of them out there. But how do you choose which stocks to trade? There are various software packages available that screen stocks for whatever parameters you input.You can screen for gapers, which are stocks that have gone up or down by a fairly large amount when compared with the previous days close.Then there are lows and highs, unusual volume, earnings reports, other reports that affect the stocks price, sector performance and on and on it goes. It can be a intimidating task deciding ?how? if you want to trade stocks.But the software will do it all for you depending on the parameters you have set previously.But at a cost and some of these software come at a dear price and then you may have to pay for the data feeds on top of that. Next we look at options? They are far too specialised for the beginner in my opinion. Learn something simple and then you can graduate to options at a later date if you so desire. My advice is to learn to walk first before you start running. Now Futures and commodities on the other hand offer the trader a much smaller basket of goods to choose from. I would advise you to stay out of commodities if you are just learning. Commodities such as grains, orange juice, coffee and pork bellies etc. require the trader to acquire knowledge about the peculiarities of the commodity. For instance, when is the end of the grain harvest? How has the weather affected the harvest, and a host of other variables. There is an easier way! Which brings us to currency trading or Forex trading if you prefer. When we take a closer look at forex trading we will see some distinct advantages compared to the others ecurities already mentioned. Foreign currency trading, commonly called forex, involves the buying and selling of one currency against the other. One of the immense advantages of forex is its? liquidity, which is the volume of transactions measured daily, weekly or annually. This liquidity in forex is second to none. This is very important because it means when you trade you will almost nearly always get your orders filled. Can you imagine buying a stock and it starts to dive and you can?t get rid of it because of lack of liquidity! This often happens in other securities. This would not happen in forex trading. Another advantage is forex's volatility. This means every day the currencies increase and decrease in price enough to allow the trader to have opportunities for trades every day. The forex market can also give you the benefit of having much greater flexible work hours. All around the globe the same currencies are being traded from almost sunrise to sunrise. You can literally choose when you want to trade. A big advantage over other securities. It can be ideal for learning and practice if you have a current job and want to make the transition to trading over a period of time, or if you would like to just to trade part time One of the biggest advantages of trading foreign currencies is the leverage that is available for the trader. This means you can start with as little as $500 or sometimes less and start to trade right away. Another advantage is that you can focus on one or two pairs of currencies and really learn to trade them very well because you will get to know them so intimately. You will not have to decide which stock should I be going to trade today. Finally the opportunity exists for you to be taught on all aspects of forex trading or other types of securities.. You have no need to try and reinvent the wheel. It has all been done for you already. Researched, experimented, tried, tested and proven to work. Of course am I am talking about the wealth of information that awaits you here at Asxnewbie.And to give you a head start we have in place a Demo Trading Platform whereby you can learn to trade without you putting any of your money at risk. I wish you a profitable trading future in which ever field of investment you decide to trade in.