If you seriously want to learn stock trading then you are in luck because with today’s technology its easier than ever before. The internet not only transformed the way we trade but it transformed the way we learn things. There are a number of great ways to learn how to trade stocks and I will quickly look at each one of these and how it can help you to become a lucrative trader as quickly and as painlessly as possible.
So, what are the best ways to learn to trade? Here are some ideas to get you off to a flying start…Its important to mention that learning to trade is not that easy – especially if you have no experience with investing. More than anything, trading requires a certain mindset and this is perhaps the biggest determining factor in becoming a winning traders versus those people who fall by the way side and give up before they even have any winning trades.
1. Attending Classes
This is the closest thing to a “traditional education” and it certainly works for a lot of people. In most cities you will find night classes that are usually offered by community colleges or even by private trading institutions. Being in a structured learning environment you can help you if you lack the self discipline of home study courses. Also, having an instructor or tutor can be a massive advantage to clear up any questions you may have. This is what I like most about attending classes and learning through completing a structured course.
What I don’t like about this is the fact that many of these classes are just not very good – and there is no real way of telling before hand. Private classes are by far the best way to go since you will often get tutored by ex-traders with real world experience and success. It can be quite expensive though. It can also be slow – especially if you only do 2 or 3 hours a week.
2. Self Study
You only need to walk into a bookshop these days and find dozens and dozens of great books about trading. Books are a great way to learn because you work at your own pace. It takes a certain kind of person to be able to follow self study of any kind. Books give you direct access to some of the best traders in the world and it can be one of the best ways to learn.
What I don’t like about this is that books can often leave you with a lot of questions – and no real way of getting them answered. There are also many self study courses that you can purchases and it often comes with audio or video to accompany the course. These can be quite expensive and have been replaced by online courses for the most part. Books are great regardless of your method of study simply because it can help you to continuously expand your trading expertise.
3. Online Courses
With the advent of online trading there’s been numerous online courses that teaching virtually every aspect of trading. Having it online is not just convenient but it makes learning via live streams and video possible. Some of these courses are fantastic while many are just not worth the money. Its hard to tell before hand because you never know if the person(s) offering the course are really as good as they claim to be. One of the most powerful aspects of online courses is the fact that many of them have active forums and communities where you can interact with other traders and find personal advice and answers to your questions.
What I don’t like about it is the fact that many wannabe traders create courses and present themselves as experts. Whom you learn from is very important because learning bad habits in your trading can have a lasting effect on your results. The convenience, the way its delivered and the nature of it being online makes it one of the best ways to learn stock trading.
4. Seminars
This is by far my highest recommendation. There are numerous trading seminars that usually last for anything from 1 to 5 days. Many of them are presented by top traders and being immersed in that environment for a few days can help you learn faster than anything.
What I don’t like about seminars is the fact that the good ones are really expensive and when you are first starting out, whipping out $5000 on a course may seem excessive. I also don’t like the fact that its usually just too short and you can have a lot crammed into a few days. Regardless, its still the fastest and most effective way to get started on the right track.
5. Mentors
If there ever was a holy grail to becoming a successful trader then this is it. If you can get mentored by a successful trader you can condense years of learning into a few short months. Having someone next to you and having someone on call to show you exactly how to do it is priceless. Its probably the only way to guarantee that you success as a trader.
The hard part is finding a mentor – and finding a mentor that is willing to give you his time and expertise. If you have a family member that can be that for you, grab it with both hands. If not, try and find a way that you can give something back to whomever will be mentoring you. Do whatever you can to find a mentor. Its really worth it.
These are just 5 basic ways to learn stock trading. Its not really about choosing one because the truth is that you will likely combine many of them. When you first start out, don’t overwhelm yourself. Pick one that appeals to you and get started!
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