Online trading training is essential. To help understand why, here’s a question:
Did you know that casinos can actually be safer than trading markets?
SEVERAL STUDIES ILLUSTRATE A REVEALING FACT:
Casino games are more structured than the trading done by most traders. Casino games also have a more incremental process. As a result, casino games manage losses for gamblers better than most traders manage their losses in the market.
But, you may want to read to the end before rushing off to Las Vegas. Safer does not mean better in this case. A butter knife is safer than a sharp kitchen knife. You’re not going to cut yourself with a butter knife.
You’re not going to be cutting much of anything else either. Casino games may enjoy incremental loss control. But the ultimate price is the inability to make money in the long run.
There is the potential for danger in trading. There is also a high potential for profits over time.
Done right, trading allows you to be the casino, instead of the sucker playing loosing games.
To give you the best chance of success, here are the 4 best methods to approach online trading training.
Online Trading Training – Method #1: Take a course on trading
Most traders jump into the line of fire without any formalized education. They risk their money without any real training. They may read a few internet articles and get a gut feel and off they go.
But don’t give in to the temptation to join this pack. It’s a bad path to follow. One thing is clear:
Risking money in trading without training is a recipe for disaster.
A lot of excellent online trading training is available. The first place that every trader should invest is in a trading course. This bet is as risk-free as you will find.
There are financial returns on making yourself smarter and understanding more about trading. Those “ability” returns always overshadow any gains from even the luckiest of trades.
Take a course on trading. Then take another one. Continue learning as your skill builds.
Implementing one single new thing you learn about trading has significant immediate benefits. And the law of compounding turns immediate benefits into massive benefits over time.
Online Trading Training – Method #2: Find a market mentor
Finding a mentor is one of the fastest ways to get great at trading. Watch another trader trade. Understand what they do and why they do it.
The mentor experience is invaluable. Trying to duplicate similar success while getting feedback is a fantastic game plan.
“A mentor can make all the difference when you are starting out in trading.”
You can always ask someone to mentor you. Remember to be polite. But the chances are that a professional trader and mentor is going to charge money.
Think about it. There’s a high probability that someone who is succeeding in trading doesn’t want extra work. Unnecessary strain and responsibilities associated with helping others for free wouldn’t be appealing.
Is it possible they’ll agree to do it for free? Yes. But don’t despair if the traders on your shortlist of mentors aren’t competing to help you at zero cost.
Trading is a business. Smart businesses incur worthwhile costs. Find a mentor, don’t be afraid to pay them, and shift your trading journey to the fast lane.
Online Trading Training – Method #3: Use a trading coach
Trading coaches are valuable assets to your trading operations. There are books on being your own trading coach. But there is a high value to getting the perspective of a veteran first-hand.
Experienced traders and trading coaches have seen lots. They know what to look for in the never-ending quest to improve results in capital markets.
A key consideration is to remember that a trading coach does not have to be one of the best traders in the world. Your coach does not need to be a trading superstar. However, it would be great if they were a superstar coach.
Consider an example from a different realm. Béla Károlyi is a famous coach in female gymnastics. For those unfamiliar, he never competed in female or male gymnastics.
None of that stopped him from being a legendary coach.
Find a coach or sign up for a coaching program. Ensure that you are on the right track with your online trading training.
Online Trading Training – Method #4: Start using a simulator
Procrastination and haste both lead to poor trading results. Those who attempt to learn everything before they start suffer from paralysis. The over-eager trader who starts live trading without a plan is no better off.
“Start trading and risk zero dollars with a simulator.”
The perfect intersection is to start trading on a simulator right away. Trading through a good simulator familiarizes you with the playing field. You learn things like the different ways to place trades.
Simulated trading also allows you the freedom of a trial and error process without risking any real money.
Start on a simulator as soon as possible when learning about trading. Practicing is much more important than making money right away. The most important thing when you start out is getting valuable experience.
You might be wondering… What about trading forums, trading chat rooms, internet articles, books and research?
There is nothing wrong with them. Trading forums and chat rooms are great for new ideas. They provide trader camaraderie and a wide variety of answers to trading questions.
Internet articles about trading can be quite eye opening. Books can be a source of techniques and inspiration. It’s hard to imagine any trader that would dispute those facts.
But serious traders should look to the better options. Improve your trading in a systematic and efficient manner. Paying the price up front is a bargain which eliminates future frustrations.
Focus on the above 4 online trading training methods. Any one of them will place you on the fast track to trading success.
For more day trading techniques, tools & strategies, check out these articles:
- 13 Essential Day Trading Tools For Success
- 5 Must-Know Basics For Day Trading Beginners
- How To Trade Online Stocks: 5 PDT Rule Tips
Use these online trading training methods to jumpstart your career in the markets.
Online trading training is a must for all traders wanting to succeed in the markets. Spread the wealth. Share this post using the buttons below!