5 things to keep in mind while buying an online trading course
Trading is a multidimensional skill that requires a perfect recipe to get it right. The journey of becoming a stock trader is full of peaks and valleys. Some make their fortunes here while some go broke.
One should be very careful and well equipped with the required skills while entering the stock market. From managing risks to using the indicators, everything needs to be perfect to be among the 2% successful traders.
Taking up an online trading course is one of the best ways to learn the skill of stocks trading. But how to pick the best one among all those available on the internet?
We will give you 5 things that you should look out for while buying an online trading course.
Over here, only theory ain’t taking you anywhere. The stock market is a place where you learn by making mistakes. So lookout for a facilitator who is well experienced in this field of stock trading.
You will get an express line of growth in your trading career if the person guiding you is well experienced. Also, experience does not mean possessing eminent degrees and qualifications like CFA, FRM or so. Yes, there is no doubt that these qualifications are premier educational achievements. But, you bring in experience only when you step into the never-ending chaos of the market.
That is when you actually achieve expertise in trading stocks. It’s a long road down, and you will need perfect guidance to achieve milestones in your trading career.
So choose the right course facilitator. Make sure that the course faculty is well experienced along with good qualifications.
Practical demonstrations and training
Again. Over here, only theory ain’t taking you anywhere, especially if you are a beginner. Make sure your course provider does not just hand over a bunch of recorded videos and theory notes.
Unless you see and perform it practically, you ain’t going to catch on to it. See it, do it, repeat it. That’s how you master the art of trading. A course without practical exposure will leave you with a bunch of memorized strategies and absolutely no skills.
So if you want to be an ace trader, make sure that you gain practical knowledge instead of just theory.
Be aware of the courses that promise to give lucrative returns. That’s how 98% of the traders go broke!! “Penny and penny make many” that’s the principle followed by the top 2% successful traders.
In the stock market growth happens in a phased manner. You definitely can reach the potential of earning lakhs of rupees monthly but, you should have the patience to acquire the required amount of skill, experience, capital, and confidence.
“Learn how to double your money in just 30 days by joining our course”. Who will not fall prey to such an advertisement? You might even earn that amount as promised by the course provider, but one they won’t tell you that you will go broke a few months later after you are addicted to it.
So be alert and never fall prey to such shady course providers promising lucrative returns.
Interaction with faculty as well as fellow traders. Both are very important if you want to profoundly understand the markets and trading techniques. Without clarifying your doubts, you will be working with assumptions. And working with assumptions equals making huge losses in trading.
A discussion forum is a must-have on the course portal. Discuss all your strategies and plans with your fellow traders. Interact with them, learn with them. Getting all your doubts cleared and discussing your strategies with fellow traders are the two most important practices in the process of learning technical analysis and stock trading.
Even after completion of the entire course you will be having multiple doubts and failures when you actually start trading. That’s why you need follow up sessions for at least 4 to 6 months where you will be guided and eventually attain perfection.
Comprehensive syllabus coverage
Never take up a course that gives incomplete knowledge. Make sure that the course syllabus covers all the topics in depth. If you gain partial knowledge from the course, then you will be compelled to buy another course to get a proper understanding of the concepts and strategies.
If you are a beginner do not buy a very level advanced course. The stock market is a widespread maze with multiple complexities. Equity, Futures and Options, Intraday, BTST, STBT… the list is endless.
Here is a small checklist of topics that you should look out for.
- Basics of stock market
- Types of trading
- Money management
- Risk management and risk-reward ratio
- Support and resistance
- Price action and price patterns
- Elliot waves
- Trading strategies
- Automatic/manual screening of stock selection strategies
Do a small research on what actually you are expecting to learn, research the syllabus, and then buy the perfect course that fits just right for your requirements and level of exposure.