Learn 10 Great Ways to Learn Stock Trading in 2023
4. Find a mentor or a companion with whom to study.
A mentor could be a family member, a friend, a coworker, a former or present lecturer, or anyone who has a basic grasp of the stock market. An excellent mentor is willing to answer questions, offer assistance, propose beneficial resources, and keep spirits high when times are deficient in the market. Every successful investor, both past and present, had a mentor in their early days.
Online forums, despite being “old school,” are still utilized today and maybe a fantastic location to have questions answered. Elite Trader and Trade2Win are two suggestions. Just be cautious about who you listen to. The great majority of participants are neither professional nor profitable traders. Take advice from online forums with a grain of salt, and never follow trade recommendations.
5. Research successful investors
Learning about great investors from the past provides perspective, inspiration, and appreciation for the stock market game. The greats are Warren Buffett (below), Jesse Livermore, George Soros, Benjamin Graham, Peter Lynch, John Templeton, and Paul Tudor Jones. The “Market Wizards” series by Jack Schwager is one of my favorite book series.
6. Read and monitor the stock market on a casual basis.
For beginners, news websites such as CNBC and MarketWatch are excellent resources.
The Wall Street Journal and Bloomberg provide excellent in-depth coverage. You will learn about economic trends, third-party analysis, and basic investment jargon by casually checking in on the stock market daily and reading headline news.
Pulling stock quotes from websites such as Yahoo Finance to view a stock chart, read news headlines, and check fundamental data can also be a good source of exposure. Another way to become acquainted with the financial market is through television, with CNBC definitely the most popular station.
Even turning it on for 15 minutes daily will help you learn more. Don’t be intimidated by the jargon or the news style; watch and absorb the pundits, interviews, and conversations. But be cautious: You may have noticed that many financial shows on television are more of a diversion and source of entertainment than they are of practical assistance. Recommendations almost seldom result in lucrative trades.
7. Think about paid subscriptions carefully.
Investing in research and trading ideas can be educational. Some investors may find it more beneficial to watch or study market professionals rather than attempting to implement newly learnt concepts themselves. There are several paid subscription sites available on the internet; the challenge is to choose the one that is best for you. Two of the most well-known subscription services are Investor’s Business Daily and Morningstar.
Caution: Many paid subscriptions, particularly those available on YouTube, Twitter, and other social media platforms, are from individual traders who claim to have made large profits and will teach you how to do the same. 99.99% of them are deceptions.
The majority of testimonials are fabricated or come from subscribers who were fortunate enough to make money (for each profitable subscriber, there are many more who lose their cash). Remember that the suckers who buy pay for the advertising, sports cars, and other bling of the seproclaimed experts.
