All right, so today I want to share
with you how to start a
successful trading business.
What exactly do you need?
And actually, I decided to make
this a two, or maybe even three-part
series here so that you know
exactly what you need if you
want to make trading your
career. OK, let's get started.
Let's jump right on the screen,
and let me write down the seven
things that I feel you need to
get started. Number one, you
do need to have a charting
software, and here's why.
A charting software is your
window to the markets.
This is how you know what is
going on.
Now, you know me I am a firm
believer in technical analysis and
very specifically at indicators.
This is why my charts are looking
like this. If you bring, for
example, up Tesla, you see that
I have indicators here, the RSI,
Stochastics and MACD.
So you do need to know what
is going on in the market.
So number one that you
need here is definitely
a charting software.
Now, what charting software do
I recommend? And again, these are my
recommendations here.
I love to use TradingView
here. I found this very reliable.
Now I have the
pro plus version.
I believe that it makes sense to
sign up for the pro version, and the
pro version is
$14.95 per month.
Now you might say, can I do this
with the free version?
And you see this where it's
really interesting.
So I'll give you several resources
some of them are free, some of them
are paid.
So here, for example, with
TradingView, yes, I do believe
that you should sign up for the pro
version for
$14.95. This is just cost of doing
business. Think about any other
business. Think about opening a food
truck. I mean, when you open a food
truck, you have some investments,
right? You cannot just take your
backyard grill, stand on the side
of the road, and hope to make a
killing here.
So you have to invest a little bit
of money, not too much, and the same
is true with trading.
Now, I want to share a few other
resources with you because
I did do a video
that is called "How to Set Up
TradingView for the PowerX Strategy"
by Rockwell Trading.
So if you have TradingView,
then I also highly recommend this
video. So this is number one.
What else do you need?
Number two, let's talk about it.
You do need to have a broker.
Here's the deal, if you want to
trade stocks and options, you do
need to have a broker.
Now, in terms of broker right
now I have accounts with Interactive
Brokers, I have accounts with
Nadex, I have an account with
Infinity Futures, and
if you're trading stocks and options
right now, I recommend
tastyworks.
It's a great platform, I'm using it
personally right now and
here's the cool thing.
I did a video for you where I talked
about the best brokerage
account 2020.
See, this video is available right
here on my YouTube channel and you
can watch this, we'll probably post
a link here.
So highly recommend that you watch
this, because this way, you know
why I am choosing
tastyworks. So we have a video here
that is called "Best Broker
2020" or something like this,
again, we'll post the link.
What else do you need?
Number three, you do need a trading
strategy. There's no way around it,
right? I mean, every trader
needs a strategy.
Now, I highly recommend using
the PowerX strategy.
Why? Because it's a strategy that
I'm using.
This is the strategy that I'm using
right now to trade a small $20,000
account publicly here on YouTube,
and within four weeks I already made
$6,000 on the account.
So I'll be happy to send you a copy
of this book that explains
the rules of the strategy here.
All I ask is that you cover shipping
and handling and I'll post a link
here in the description.
So let's go back here.
And again, there are many trading
strategies, of course, you don't
have to use the PowerX strategy.
But again, since you're watching me
here, I guess that you would like to
have a recommendation.
So also what I highly recommend,
this is what I personally do is
that you consider getting the PowerX
Optimizer.
Now, what is the PowerX Optimizer?
This is the software that I had
programmed for myself.
I invested $600,000, $700,000,
$800,000 in it.
Don't even remember because
I kind of don't want to think about
how much money I put into the
software. And it's now publicly
available.
If you're interested in this, check
it out, PowerX Optimizer.
I'll leave a link to this here in
the description.
By the way, I did a video that is
called My Trading Routine.
So I'll post a link to this that you
can watch this video here.
OK. You do need a computer.
So the good news is these days,
any computer is
fine because these
days everything is web-based,
meaning that you don't need much
processing power on your computer.
So especially if your computer
is less than three years
old, you're absolutely
fine here, so no worries about
this. I don't believe that you need
to really invest in extensive
trading computers for thousands of
dollars.
Honestly, save this money
to invest in the best software
here because it will help you
in the long run.
Anyhow, also, I did a video on this
one where I explain this in more
detail. So we do have a video
it is called "What is the best
trading computer?" So I have
two more things that I want to share
with, no, five, six, and seven,
actually, three more things that I
want to share with you. But let me
ask you, thus far, has this been
helpful? Because if it is, do me a
favor and click on like or leave
a comment and say, yes, helpful.
Because this way I know if you want
more of these type of videos and
I'll be happy to create them for
you. So let's move on to number
five. See if you have
a laptop, you already have one
monitor.
That is the good news, right?
However, I highly, highly
recommend to have a second
monitor.
It will make your life
so much easier
because usually what happens
is that on one monitor
you have your charting software, and
on the other monitor you have your
trading platform.
I mean, trust me, a second
monitor is super helpful
and you're going to love it.
Now, the monitor that I recommend,
especially if you have a laptop,
is the Asus MB169B+.
And again, I'll put a link in the
description here.
This monitor is $166
and here's the cool thing, this
monitor is fully portable,
so it's only two pounds and you
can connect it just with a USB to
your computer.
The really cool thing here is that
this monitor is compatible with Mac,
it is compatible with PC, all
you need is a USB port.
And if you don't have a USB
port, you can have a little adapter,
I don't have one here right now.
If you have to plug into USB-C,
anyhow, so this is
what I highly recommend.
Many of our students, especially my
Mastermind have it.
Here at Rockwell Trading several
team members have this monitor
as well, highly recommend it.
OK, so but let's talk about
what else do you need?
So two more resources for you.
See, there are a few newsletters.
Here's what I mean by newsletters.
I like to read three different
newsletters every morning to stay
informed because I don't watch
the news. I think the
news are terrible, right?
To get really unbiased information.
So there are three newsletters
that I personally like to read
and I'm going to share with you what
these newsletters are.
They're all free.
So one of them is Morning
Brew, like this newsletter.
I've been reading it for a few
months now.
There's the Seeking Alpha.
What is it?
Wall Street Breakfast, I believe
this is what it's called, I'll give
you the resource here in just a
moment. Breakfast, and then, of
course, if you haven't subscribed
yet, we do have a Rockwell Daily
newsletter.
And I think it's pretty awesome.
Why? Because I'm writing it.
I also have a resource here for you
and this is where
I have a video "How to start your
trading day with an edge." This
is where I explain these in
more detail.
Now, number seven, and
this is because I don't want this
video to get too long.
I'll talk about it in the next
video, but it's super important.
So, number seven, you
might or might not need
an entity. So I just want to
write down here, trading and
taxes.
There are several things to consider
and I want to give you also
resources here for
how to set up your trading
as a business because if you do
it right, there are
exciting ways to save
taxes. Okay, hope that helps.
If you enjoyed this video, hopefully
right now, there should be a few
other videos popping up.
And I just recommend, what?
Five or six videos to you.
So I recommend that you watch any
of these videos that you like
most. And now you know what
you need to start a successful
business. Now, keep in mind, in
order to start trading all you need
is a broker, but if you want
a successful trading business,
I believe you need these
seven things.
Okay, hope that helps and I'll see
you in the next video.