Stock trading is interesting, to say the least. And like any financial endeavour, it is tricky and, naturally, involves risks. Like a game, you can learn it and master it over time. With world’s greatest billionaires owing their fortune to this craft, it is no wonder that you would want to follow in their footsteps too!
Here we have compiled 7 sure ways you can learn stock trading and become a pro trader over time:
1. Learn from books.
So you want to start learning stock trading? What better way than to learn from experts through books detailing years of their experience and investment strategies? You are on your way to become a successful trader or investor, so let’s start by making the best investment of all – in books!
If you are a complete beginner, “The Great Investors” by Glen Arnold would be perfect for you. The book details financial strategies and explains stock trading simplistically. If you are a more experienced stock trader or investor, books like “The Intelligent Investor” by Benjamin Graham, and “MONEY Master the Game” by Anthony Robbins would help you to further develop your skills and learn new pieces of wisdom.
Regardless of your experience level, two amazing books we can’t go without mentioning are “Antifragile” and “The Black Swan” by Nassim Taleb. Highly interesting reads, these books can be your go-to if you’re mainly looking to protect your portfolio against market uncertainties and create a massive amount of money.
2. Begin to practice.
Once you get a grasp of the basics, it is time to start practicing what you have learned. Stock trading is all about gaining an understanding of the market. You can start by creating an online stock trading account at any reliable stock broker site. Through such sites, you can familiarize yourself with the process by trading stocks, often by using fake money. This way, you don’t lose a dime in the process, and gain so much in value.
3. Learn from the big fish.
Many great names have chosen stock trading as their pathway to financial freedom. They’ve ‘been there and done that’; they know what it is like to experience massive failures, and how it is like to enjoy huge success after experiencing a crippling fall. By studying their lives and strategies, you can get a glimpse into years of valuable experience and find out how this game truly works. After all, stock trading is all about principles and strategies that have worked over time. Who knows, your research and practice of their life might make you the next big millionaire!
4. Keep up-to-date with stock market trends.
Keeping yourself up to date with the latest stock market trends is as essential as studying the weather is important for a sailor. You have to keep abreast of all the latest happenings to plan out your next move. To do this, start by going through news sites, such as MarketWatch, on a daily basis and reading resources online. Reviewing stock trading stats will provide you with a snapshot of current and past market stock market trends. By doing this, with time, you will begin to understand the big words and terms that may seem like jargon to you in the start.
5. Make article reading a daily habit.
Books are a great way to learn, but living in the digital age presents a host of advantages. While books can help you learn from years of wisdom, you can get the most current piece of advice through expert articles online. A simple Google search would provide you with some of the best results of stock trading resources available online.
6. Join courses and enrol in classes.
A great stock trader is not born, he/she is made to be one. How? Through constant learning. Even the most experienced stock traders would tell you that they get to learn something new every day in their careers. Investing money in learning will increase your market value and massively improve your future prospects. Also, not all resources have be paid for – some seminars and courses are offered free of cost, allowing you to learn at your own pace for free. Regardless, spending money to learn more will give you priceless benefit in the future.
7. Seek a mentor.
If you really in it for the long haul, you might want to find a mentor. Many mega-successful stock traders and investors have had mentors who guided them in every step along the way. By finding a mentor for yourself, you will have an anchor to guide you when you don’t seem to find your own way down the road.
And there you have it – 7 ways you can begin learning stock trading and make your mark in the world. So which investment are you going to make next? What step are you going to choose as your first to get started with stock trading? Let us know in the comments below!