Requirements

1. The workspace

Your workspace is the foundation of your trading operation. A stable and clear setup ensures you can access the market whenever needed and execute actions without delay.

• Computer: A fast processor and sufficient memory (at least 16GB RAM) are essential. Trading platforms and analysis tools are resource-heavy, especially when running multiple charts at once.
• Screen size: A standard 13-inch laptop screen is simply too small for proper overview. You need to see patterns, multiple timeframes, and indicators at the same time without constant scrolling. At least one external monitor of 24 or 27 inches (4K is ideal) is highly recommended for precision.
• No "mobile only" setup: Trading from a mobile app is only suitable for emergencies or quickly checking a position. Serious analysis and order execution should be done on a larger screen to reduce error risk.
• Wired internet: Preferably do not rely only on Wi-Fi. An Ethernet cable directly connected to your computer gives the most stable connection.

2. Broker

To trade, you need a broker. This is the platform used to send your orders to the market: buy or sell, long or short. Think of it as the bridge between you and the market.

These are the most common types of broker accounts:

Margin account

• What is it?
  • You deposit your own money and trade with it.
  • In many cases, you can also use borrowed funds to open positions larger than your account balance. This is called leverage.
• Advantages
  • More freedom and fewer restrictions than many funded accounts.
  • Often lower commissions and costs.
  • Suitable for experienced traders with enough capital and strong risk awareness.
• Disadvantages / risks
  • Leverage increases not only your upside potential, but also your losses.
  • Brokers usually close positions automatically when losses become too large, but in extreme market moves you can still end up below zero and in debt in some cases (unless explicit negative balance protection applies).
  • Less suitable for beginners, because one major mistake can quickly cause serious financial damage.

Funded account

• What is it?
  • Instead of using a lot of your own money, you trade largely or fully with capital from an external provider.
  • With some providers, you buy an account and receive additional leverage.
  • With others, you go through an evaluation phase (paid subscription) where you must prove you can trade consistently and with discipline.
• Advantages
  • Your personal financial risk is much smaller, because you use little or none of your own capital.
  • You can trade a larger account than you could fund yourself.
  • If successful, you often receive the largest share of the profits.
• Disadvantages / risks
  • You cannot go into debt, but if you break the rules (max loss, daily limits, etc.), the account is suspended or terminated. In that case, your account is effectively blown, and you lose both the account and your initial payment.
  • Rules are stricter and you have less freedom than with a margin account.
  • You often pay a significant fee (for example 10-30%) when requesting a payout.

If you are starting trading for the first time, a funded account is often the most practical option. It allows you to learn with relatively low personal investment and limited financial risk.

3. Analytical software

Besides a broker, you need solid charting and analysis software. This is an application where you can:

• View charts across multiple timeframes
• Add indicators (such as volume, moving averages, etc.)
• Draw and test price levels, zones, and strategies

A good analytical platform helps you identify patterns, trends, and key levels quickly. You do not want to trade based on a vague price line in a broker app, but on clear, structured charts. Many of these platforms also let you create watchlists, set alerts, and monitor markets in real time.

A popular option used by many traders is TradingView. It has a user-friendly interface, powerful charts, and many useful tools and indicators. It also supports papertrading, meaning you trade in a simulator using virtual money. This is fully free and risk-free, but naturally does not produce real profits. It is very useful for beginners learning exactly how trades, stop losses, and take profits work.

You can sign up for a free trial and decide what fits your needs. In our view, the Premium package is the best option, but Plus is very usable too. There are sometimes attractive promotions, such as around Black Friday. You can also use one chart for free permanently, but that includes ads and offers limited functionality for serious work.

4. Financial news

Markets do not move randomly. Important financial news can cause major price swings within seconds. For example:

• Earnings: kwartaalcijfers van grote bedrijven
• Rentebesluiten van centrale banken (vooral de FED in de VS)
• Inflatiecijfers en werkloosheidsdata
• Bedrijfsnieuws: productlanceringen, overnames, schandalen

Many analytical platforms already show an economic calendar and major news events directly on the chart. Around those moments, the market is often extra volatile and unpredictable. As a beginner, it is wise not to trade during major releases, or to reduce your risk significantly.

In addition, there are websites specialized in financial news that provide live updates on markets, sectors, and individual stocks. You do not need to read every headline, but you should know when important news is coming and what it could mean for your positions.

5. Logging tool

Many (losing) traders underestimate this part: the journal. Without a journal, trading is basically gambling. Logging is often the least enjoyable part of trading, so many traders skip it, with predictable consequences. If you do not log your trades, you are trading purely on emotion, and that eventually ends badly.

The simplest way to log is using an Excel file. It is free and gives you basic insight into performance, such as win rate. If you are very skilled with Excel, you can extract more value, but it is far from optimal. It requires a lot of manual work, making it time-consuming and error-prone. This can be much faster and easier with Tradorade.

Tradorade removes much of this workload and gives you far more detailed and targeted insights than Excel ever could. Think of:

• Fast trade entry through a practical form.
• Screenshot uploads for each trade.
• Detailed statistics by ticker, strategy, day, time, etc.
• Filters and search tools to identify specific mistakes or patterns.
• Emotion and risk management tracking per trade.
• The option to let your mentor or coach follow your progress.

This helps you not only record your trades, but most importantly learn from them. You quickly expose your strengths and weaknesses and can work specifically on improving performance. Sign up now as an early adopter for Tradorade and receive a lifetime 50% discount on your subscription.

Conclusion

Anyone unwilling or unable to invest in good hardware and a stable setup starts at a disadvantage. Do not view a quality monitor and a fast computer as expenses, but as necessary overhead for your new venture.

The next step in your preparation is the mental side. Continue reading: Trading Psychology: The influence of emotions