@Nameless_ made a recent post about what is required to start trading going on to say "
I work full time, so I understand I have time constraints learning Amibroker AFL. Given the steep learning curve, I was thinking it may be easier to cough up the 990 bucks for a turnkey code. Cheapest Norgate data is 270 bucks a year, so its hard to know which is the best way to start".
It cost money to make money
Most starting out don't want to spend "any money" to start trading, some only want to spend as "little as possible" - whereas others want to know the true cost of doing business, starting out the correct foot.
What are the setup costs to trade straight away?
New members join our community seeking answers to allay their fears & doubts when it comes to trading.
Setup costs with any new endeavour
As with all-new endeavours, whether its fitness or sport requiring equipment, there is always an initial cost. When starting out you'll tend to spend the least amount as possible, that's just human nature. When you come to the realisation that "it's for you" you can always buy bigger & better later on.
It's precisely the same when it comes to trading
Most beginners want to spend the least amount as possible. Why? because in most cases they haven't got a lot of cash to burn or money they can afford to lose. To "have a go" at systemic trading you need to spend a little before you start, we'll call it "your setup costs".
I'll list what you'll require & what you'll need to buy
Assuming you have a computer with a "Windows Operating System" & internet connection, there is little else required other than the 6 points below & nerves of steel.
1. Amibroker
https://www.amibroker.com/ Amibroker is a Technical Analysis Software that includes Charting. The cost is $359 for the Professional "64bit Edition" that includes 24 months of free upgrades & support. After you purchase Amibroker you'll need an independent data feed. Norgate Data is the perfect companion.
2. Norgate Data
https://norgatedata.com/prices.php The data is only available on a 6 or 12 months subscription-based service. The basic silver subscription package is $148.50 for 6 months, prepaid in advance.
3. Turnkey AFL Strategy
https://www.thechartist.com.au/product-category/turnkey-trading-systems/ The Chartist Turnkey Trading Systems costs as little as $990. All of the Turnkey Trading Systems are specifically designed for Amibroker. Each strategy has been professionally coded.
4. Trade recording software
https://www.aussiestockforums.com/threads/dump-it-here.34425/page-228#post-1107643 - Share Trade Tracker records & analyses your trades & tracks your trading performance. The price "update feature" has a built-in Norgate Data API for accurate record keeping. The total cost is $308.
5. Brokers account
https://www.commsec.com.au/support/frequently-asked-questions/956.html A CommSec CDIA account is a cash management account specifically designed for CommSec share traders, allowing you to access your funds. The total cost to set up an account that allows you to have access to CommSec's trading platform is $0 (Free)
6. Stake money
$20,000 is the minimum amount "to having a go" which allows you to have (20 X $1k bets). Commission cost is an important consideration as
@dpong recently quoted "
I believe that paying attention to commission drag is important, and especially so with an account of that size"
What have you got to lose?
The most you can lose is your stake money & set up costs, which should be the money you can afford to lose without causing financial hardship.
A summary of the startup cost
Amibroker = $359
Norgate Data = $148.50
The Chartist - Turnkey Strategy = $990
Share Trade Tracker = $308
Stake (Starting Capital) = $20K
The initial cost to trade
$21,805.5 would be your initial outlay & anything less, you are dreaming & not fair dinkum.
@qldfrog recently made the remark "
anything less should NOT be your focus" - a good point to remember.
Skate.