I’ve followed the Quora (You can find my profile here) forums for a year or two, and mostly I just read the questions and answers from others. Recently, I decided to start answering a few questions myself. Below are 3 questions I answered on Quora from the public about trading.
Question #1: Who Can Teach Me Trading?
There are lots of people who can teach you trading. To learn how to trade profitably and consistently is a process, and will take time diligence and dedication.
The first thing I would suggest, ask yourself why you want to be a trader, to begin with? Are you looking for a 2nd income? Does this business fit your life and your goals? If the answers are yes, then great. But, take it one step at a time.
There are lots of great books on the topic, none that actually teach strategies that most people will transfer into their accounts and start making money with. Most of the education regarding trading is about mindset, mechanics, strategies and entering positions. Profiting in the market requires money management, emotional discipline, proficiency, practice, experience and all of that must go into an overall portfolio strategy that keeps you in line with your rules.
You can start with some great resources on the web, this is a free video course that is great for beginners:
Question #2: How does one keep emotions out of stock trading?
Keep the risk small enough to where it doesn’t get you excited when you win and doesn’t get you down when you lose. One of the single most common mistakes traders make is they put more $ on the line than they should on a per trade, per decision basis.
Stay Zen, build good money management, and the rest falls into place over time.
Question #3: What is online trade and its types and how can you and I become a master in it?
Online trading is a broad world that encompasses many different products, styles, and opportunities.
If you’re asking this, I’ll assume you’re a beginner. So, let’s start with the basics.
You will need an account, a trading strategy, money to trade with and that’s just the beginning.
Many have opened accounts, started trading, and either quit or failed due to losses or frustration. So my recommendations for any newbie include:
- Developing a daily routine including checking the news, conducting market analysis, managing positions, entering new trades and then journaling trades.
- Join mastermind groups or communities of traders where you can talk to other traders, and not just the instructors or mentors. Instructors, coaches, and mentors are great, but its good to hear from other traders what they struggle with, how they’ve built success and what you should do next.
- Plan on spending about a year in learning mode. Whether you make money or not right away is probably important to you emotionally, but it has no indicator on your long-term success and potential. Books, courses (live, on demand, online), webinars, coaching etc.
- Build your trading as a business. Treat it with the same seriousness and professionalism you would need if you were to start any business and plan on succeeding.
Hopefully, this helps!