Sign In with Google
Sign In with Facebook
Whenever a man starts to do any job, he always gains the knowledge at first, and the same applies to trading. However, the question remains if there is a day you can say that the education has ended?
Certainly not!
Even after the trader gains the knowledge from dozens of books or videos or after he visits couple of lectures, his education should not end, it should only move to a “higher” level.
Here, we will try to provide some hints where each trader should move gradually in his education and trading.
Newbie
Number of people sees education from a very different perspective. Some of them read books at first and create only afterwards. The other ones take the path of practice directly. However, the second path is not the best solution in case of trading. While for example a carpenter destroys “only” a piece of material in case of improper handling with wood, the trader may lose significant amount of money in case of wrong investment, therefore it’s better to try the first, safer path for each newbie!
The first steps are the hardest one. When starting with trading, it’s necessary to learn different terms, how to work with the platform, understand different possibilities and types of trading and investment or the types of instruments. This all and even more can’t be taught in one day or week, but it’ll take couple of months for the trader to orient himself a little in the awesome world of trading.
How the education and trading should look like in this phase?
-Education: reading of books for new traders, study of manuals of the “how to” type…(learning to control the platform, setting of trading instructions etc.), checking of practical videos, visiting seminars for newbies etc..
- Trading: only in a form of demo account
Advanced (6 months – ca 5 years)
Over the 6-12 months, the trader should have the basic knowledge and should have the first experiences with live trading while trading of small volumes.
Despite the fact that the trader already traders at live account, he is still missing some important knowledge naturally.
Therefore, not even in this phase the trader can stop educating himself, what helps him to eliminate these gaps in knowledge. Therefore, advanced education is not focused primarily on the study of terms or platform control, but more on the study of trading strategies and different trading approaches and procedures.
How the education and trading should look like in this phase?
-Education: reading of advanced literature, study of advanced strategies, exchange of experiences with other traders, visiting seminars for advanced and other
- Trading: in a form of live account with small volume of trades and on the demo account (serves for the testing of trading strategies)
Experienced professional (in general, after 5 or more years)
Not even the experienced professionals stop educating themselves! However, in spite of the advanced ones, professional traders visit such seminars where they are not only as those who listen, but also participating as speakers. They often discuss their own strategies with the other professionals, exchange their views and discuss how to improve the strategy potentially.
-Education: reading of expert literature, testing of own strategies and potential coming up with new strategies according to the most up-to-date trends and market situations, exchange of experiences with other traders, visiting of seminars and other
- Trading: in a form of live and also demo account
Of course, we’re all different, unique. The path of each person to the dreamed outcome will look slightly different. Each trader should move somewhere else over the time. However, this progress should not be based only on education, but also e.g. in trading conditions.
By such progress in trading conditions we mean for example that if the trader trades for some time at certain broker, he should achieve certain advantages, while he does not have to pay more for that. At Purple Trading, you can find such set of interesting advantages, so do not hesitate and check already now, what kind of advantages we bring to our loyal traders and clients.
More information about our loyalty program can be found here: https://www.purpletrading.com/account-types/
About the Author
Team Purple Trading
Purple Trading is a true and 100% fair ECN / STP forex broker providing direct access to the real market. High speed orders execution, no trade-offs, no limits for any type of trading, the most advanced trading technologies. Explore more about Purple Trading at www.purple-trading.com .
For more information on the risks of trading, click here .
P.M. Purple Trading is a trade name owned and operated by L.F. Investment Limited., 11, Louki Akrita, CY-4044 Limassol, Cyprus, a licensed Cyprus Investment Firm regulated by the CySEC lic. no. 271/15.
