Just a note to the above advice. I use the Tru Taper tool with great success. Hand held with both nock and point tapers. The advantage to this tool is the blades are replacable and there are guides for 5/16, 11/32, and 23/64 shafts. This tool should last quite a while. It costs more than the other styles but works well with the shafts I have done (Doug Fir, Sitka Spruce, Ceder). This tool is the first and only tool I have used for tapering shafts. Provided you can afford it, I would recommend you go this route as an alternative to the less expensive taper tools. Above all, have fun with arrow building.
Good luck with your journey into Trad Archery.
Joe