When it comes to learning how to trade there are many questions to answer:
Where do I start?
How much will it cost me?
How long will it take?
I have been trading for over 12 years and I will share with you some practical steps and honest information about the true cost of learning to trade. Hint: the financial cost is the lowest.
The good news: Learning the basics of trading can be done at almost zero cost. There are endless online courses, articles, videos and books that are freely accessible and will provide a good grounding of basic trading knowledge. I will post some key links below that you can use to start your journey. These links are to reputable sources of information and will save you many hours in trying to determine what information is useful and what is not.
The real cost of learning to trade is not financial, but rather the investment of time required. You will need to be spending a minimum of 1-2 hours daily studying the theory and applying it to live charts in front of you. This is not something that can be learnt overnight and you should give yourself a period of approximately 3-5 years before you will become competent in trading the markets. This includes the process of absorbing the theory, building your own unique approach and then mastering the skills necessary to place and manage live trades successfully.
Below are a few links to free training courses and some book recommendations. I would advise on opening a demo account with your broker of choice and have the platform open and running in front of you whilst you are studying. This will bring the material to life and allow you to see the concepts in action as you read about them.
Trading in the Zone: Mark Douglas
Market Wizards: Jack Schwager
The Art and Science of Technical Analysis: Adam Grimes
Thinking in Bets: Annie Duke
Reminiscences of a Stock Operator: Jesse Livermore
Completing the above courses and reading will give you a well grounded start to the world of trading the markets and Technical Analysis. From here you will move onto the more advanced phase in your learning:
1) Building your own approach to the markets
2) Deciding which markets you want to trade and which don’t appeal to you (Forex, Stocks, Indices, Bonds)
3) Exploring more advanced tools to aid your decision making
4) Learning the practical skills of actual trading
For the above phase of your learning I would highly recommend the services of a mentor to rapidly speed up this phase in your education. Again mentor’s should not be expensive as they are not going to tell you what to do, but rather what to explore and which advanced tools & techniques are available to support your individual trading approach.
Trading is an incredible skill, that once obtained will serve you well for the rest of your life.
I wish you every success!