Beginning Trading Information
There are hundreds of individuals and companies selling
stock training on the internet. It can be a daunting task to find the Stock
Market training course that is right
for you. Often times the training is merely a strategy which works some of the
time, but causes losses most of the time. Brokers often offer free training but
this education is often designed to make money for the broker, rather than the
trader. Charting software companies also offers training but this is usually
specifics on to how to use their charting software product, rather than a
complete trading course for traders.
Here are some tips on how to choose the right Stock
Market Course for you:
1. It takes more than just a couple of strategies to be
successful trading stocks. Regardless of whether you want to Position trade,
Swing trade, or Day trade strategies by themselves will not make you
consistently successful.
2. Decide what type of trader you are going to be:
2.a. Hobby Trader who trades for the fun of it. They
are not concerned about making money consistently, and are satisfied with a
success rate of 40-50%.
2.b. Part-Time Trader who wants to augment their
income by trading one or two days a week. Part-Time Traders usually have a full
time job, are retirees, or small business owners. Part-Time Traders need to
find a course on Position Trading rather than attempting to learn Day, Swing,
Futures, FOREX or other higher risk Trading Styles that have huge time demands.
2.c. Full-Time
Trader who is trading stocks as a business. The IRS does have a
classification for “Trading as a Business” where the Full-Time or
Semi-Professional Trader treats his trading as a small business and can deduct
trading expenses, computers, and office space as business expenses.
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Webinar Lessons
When you have chosen which type of trader you want to be, it
will automatically eliminate many of the training offerings out on the
internet. This is because most of the training on the internet including
Webinars and live Seminars are not taught by Professionals with credentials,
but are training created by Retail Traders. Unfortunately most Retail Traders
do not have sufficient educational or financial market backgrounds to be able
to teach other Retail Traders successfully.
Ask for the credentials of the instructors, make sure they
have more than just some personal trading experience. As an example, do they
know the current Market Structure? Does the training cover the 9 Market
Participant Groups, the 6 Market Conditions, Dark Pools, High Frequency
Traders, and modern automated Market Order types? Often times what is being
taught is a very basic Strategy that has no empirical evidence, OR that only
works some of the time.
Here are additional tips on how to choose the right Stock
Market Course, and reasons why it is important to get started in the
right direction with the right course:
1. Everyone learns differently. Does the training have
different formats so that you can choose what the right format is for your
personal learning preferences?
2. What kind of Support, Guidance, Mentoring and other
training assistance does the company provide? Is everything verbal, or do you
get written documentation that you can refer to later or when you need to
review?
3. Check out the person or company rating with the Better
Business Bureau BBB. This is the best place to get information about a company,
and how they treat their customers.
4. Be wary of money back guarantees. These are come-ons full
of legal phraseology that limits the guarantee. Education is not something that
is guaranteed. No university guarantees a graduate will get a job. So be suspicious
of companies that do offer guarantees of trading performance.
5. How long ago was
the training or theory of trading developed? The Stock Market has changed more
in the past decade, than the prior 100 years. Using a strategy, theory, or
investment advice written during the 1970’s, 80’s, or 90’s means using an
outdated, obsolete training program. The market of those decades is long gone.
Make sure the course you choose is current for the modern automated
marketplace.
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Summary
How to choose the right Stock Market Course is also about the instructors and educators. Do they have an
educational background? Does their training make sense and is it a complete
process, and do you understand how they teach? All of this matters, because
finding the right teacher makes a huge difference in your success.
Trade Wisely,
Martha Stokes CMT
Chartered Market Technician
Instructor and Developer of TechniTrader® Stock and Option Courses
TechniTrader DVDs with every course.
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