One of the first thing you need to have if you want to succeed in trading is right software and right broker. I would say first get the right software in place.
You cannot learn trading unless you have a scanning software and also historical data.
In learning stage you need to go through history and unless you have easy access to historical data you will not be able to learn much.
When selecting a trading software look for something which is widely used by most traders.
Often I come across new traders using some exotic and niche software not routinely used by traders. You are just complicating your learning phase by doing this.
For a widely used software there are ton of resources to help you learn trading quickly. If you select some exotic niche software , good luck, you are on your own.
The most commonly used software amongst active traders are:
- Trade Ideas
- Trade Station
Telechart is the most commonly used software by most traders. And it is the best starting point for most new traders. Once you outgrow Telechart then you can think of other things.
Amibroker is second best choice. You need a bit of programming knowledge to use Amibroker.
It will take you few weeks to months to become very good at using any software. That is typical learning curve. You can pray for miracles, but unfortunately that is the reality. So set your expectations accordingly.
Once you set up your software the next important thing to look at is which broker to use.
If you are planning to be a swing trader or a trader that is going to do at least 20 to 25 trades in a year, look at your choice of broker.
The number one broker used by most active traders I know of is Interactive Brokers. There is a reason for that. It is the cheapest and most reliable broker around.
If you are using any of the broker typically used by retail traders like TD Ameritrade, Etrade, or Scottrade or Fidelity, you are paying too much and your execution slippage will be higher.
If you want to trade profitably, these two things, software and brokers are the first thing to get in place.