Day Trading: It’s Trickier Than You Think…
Yesterday I brought up the subject of day trading classes.
I know the phrase “day trading classes” doesn’t exactly sound exciting…
And more school is probably the last thing on your mind. “Come on Tim, why would I want to ‘go to school’?”
If you read yesterday’s issue, you’ll know that there are some great benefits to these kind of classes.
And that the payout of being a better trader is likely to be more beneficial for you in the long run. After all, being better trader means a greater chance of making profits.
But maybe you’re hesitant to take classes for other reasons.
Plenty of new traders are resistant to the idea of taking day trading classes. Often, it’s due to a few common misconceptions. Let’s discuss some of them:
“But I Don’t Need Them”
From the outside looking in, day trading can look easy. Pick some stocks, make some trades, rake in the cash, right?
But then, once you get started, you’ll begin to see how tricky it can actually be. Losing money is way too easy.
While day trading doesn’t require an advanced degree, it does require a strong knowledge base. Making money as a trader is rarely the result of dumb luck; it requires skills that come with lots and lots of studying.
Yes, you could gain this knowledge through experience. That was my approach as an early trader. But I also lost a lot of money and made a lot of mistakes learning these lessons. I probably could have avoided a lot of losses if I’d had guidance.
Would you rather learn things the hard way?
“They’re Too Expensive”
Plenty of people don’t want to spend money to become day traders — they simply want to earn money. And since one of the big advantages of day trading is that you don’t need to have a huge account to get started, it can seem backward to invest in day trading classes.
However, to dismiss day trading classes as a waste of money is short-sighted. It’s important to look at the big picture here, as the cost of a lack of education can be infinitely greater than that of a proper education.
Think about paying for college. You pay tuition to invest in your future. The idea is that investing in your education will pay off in the long run by making you better prepared and positioned to be successful in your career.
Yes, you can find free resources on day trading online. I’ve even created many, including my Pennystocking 101 E-Guide.
But this basic information should only act as a starting point for new traders. By educating yourself through day trading classes, you can delve a lot deeper and learn a lot more.
Additionally, you should consider that by taking day trading classes, you could be saving money in the long run. How?
Well, many of my students started out believing they didn’t need day trading classes or were unwilling to make the investment.
Guess what? They got in the market and lost a ton of money. Then, they realized it would be worth their while to join the challenge and actually learn how trading works.
So in a delayed way, they realized the money was well spent. So, would you rather spend a little money now and prevent losses as you start trading? Or would you prefer to lose money?
“I Don’t Have Enough Time”
This is a common excuse — I mean reason — that I hear from people who are on the fence about taking day trading classes. Unfortunately, it’s total bullshit.
Everyone — and I mean everyone — can find more time for things that matter. There are so many ways to find more time. The thing is, it might mean letting go of some of your bad habits.
For instance, if you want to find more time for day trading classes, you can start waking up earlier. Most millionaires wake up early anyway, so it’s a good habit to adopt.
Alternately, you could reduce the amount of time you spend on Facebook or social media, or indulging in less Netflix binge-watching.
I’m not trying to be harsh. But if you want to become a day trader, you need to make time. Nobody will make time for you. And if you don’t have time for day trading classes, you definitely don’t have enough time for day trading!
Making time to become a day trader requires that you make time to study. This may require some sacrifice in terms of how you spend your time and money.
But you really need to think about what you want more: success, or to stick in your comfort zone?
6 Things to Expect From a Day Trader Education
Here are some of the key things you can expect to gain from a day trader education:
1. A Strong Foundation
In just about any field, it’s important to have a strong foundation of knowledge before you can build a successful career.
Day trading is no different. A strong knowledge base is incredibly important. It helps ensure that you understand the market mechanics, how to execute trades, trade order types, and how to choose stocks, just to name a few of the many benefits.
Taking a day trading class can help you build a strong foundation of trading knowledge. You’ll learn from the beginning, so that as you build more knowledge, you’ll be better able to grasp the market and how trading principles tie into it.
When you learn from the bottom up, you’ll be more likely to remain strong and unshakable when faced with the challenges that day trading can (and will) throw your way as you progress in your career.
While a strong foundation is key, it’s not the only (or most important) part of getting a proper day trader education. I have five more points I want to go over with you.
Let’s wrap it up with the final five in tomorrow’s issue. And just maybe after that, you’ll be inclined to put your student hat on.
— Tim Sykes
Editor, Penny Stock Millionaires