New options traders often ask, what is my starting tool kit? It doesn't get any simpler than these six basic necessities. (If you know of any others, please let us know!)
Computer suitable for trading. Either PC or Mac will work well. There are also versions for various tablets, iPad etc. Check for system requirements and recommendations.
Calculator Any will do, as the only calculations needed are
addition- multiplication
- subtraction
- division
- percentage
- R.O.I. (return on investment)
Trading Platform download from thinkorswim.com and open to PaperMoney
Financial spreadsheet such as
- Microsoft Excel
- Apple's Numbers
- Google Sheets
School Notebook to keep notes on your trades and important learnings
Guy Cohen's Bible of Options Strategies (2nd edition) from Amazon
- Sometimes PDF versions of both 1st and 2nd edition available are free to read online