Many think that because you can easily open a trading account, it makes you a trader. But that’s simply not the case.
Trading takes dedication and endless hours of practice to even start to understand it.
Many go to YouTube to learn about trading.
Unfortunately, this can be counterproductive as traders develop their own style of trading and have higher levels of capital.
Although some come across well, suggesting they know what they are talking about, often they do not, or only have experience in one asset class.
We have many students that come to us confused by watching a lot of different traders on YouTube, often as a results of their different styles.
It’s important to find your trading style
There are so many educators out there, how do you know which one to go to?
Some aren’t even interested in training you; they just want you to sign up with their broker, so they earn from your trades!
First, it’s important to check out the company and who will educate you.
Many have a senior trader/educator, but learners are often offloaded to juniors with less experience.
Second, do they train you on the fundamentals or just a bit of technical analysis and risk management, and do they cover all asset classes?
The latter is very important as you need to experiment with them all to discover which one works best for you, that you feel most connected to and fits your risk appetite.
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Every trader is on a unique journey
Every trader travels a unique journey, and your trading style, technique, product, and risk appetite will be influenced by your character.
As a pro trader with 37 years of prop experience and over a decade as a trainer, I have seen it all with the hundreds of guys I have trained.
Of course, many fail, but those that make it, enjoy that work/life balance and financial independence everyone dreams of.
It is a benefit if you already have an income as this allows you more time to hone your trading skills and removes the need to make money from day one.
Wanting to make money is fine, needing to make money every day puts you under too much pressure and you enter trades you shouldn’t!
You can fit trading around your other commitments and having enough income to cover the bills plus an emergency fund is best.
Another option is to use someone else’s capital to trade.