Which trading course is right for you?

What type of Trading Course is right for you?

There are so many courses on offer these days it’s hard for individuals to decide which is the right one for them to take. Accredited, unaccredited or even a degree (MSc in finance and global trading) is now possible if you have a year available along with ￡11,250 or ￡17,560 as an international student. I would assume this is more based around investing rather than trading on a daily basis though!

The first question you should ask yourself is do you need an accredited course, and if you think the answer is yes, then why? Are you studying finance and would like the credits towards your degree, or is it just because you want a piece of paper to hang on your wall? Alternatively, there is a university degree? This will come at a cost as accredited courses and the university course is more expensive.

I used to provide an accredited course, however, I eventually stopped as I found it too restricting due to the rigid syllabus. My passion is trading and has been since I was seventeen. Therefore, my objective is to pass on my 40+ years of knowledge and trading skills to educate individuals on how to trade various markets, manage risk etc and add the theory as we go along to help them understand the mechanics of how various markets function.

When considering an accredited course, it is important to confirm that the educator throughout the course will be the one registered with the accrediting body to provide the education. Some will welcome you and quickly pass you over to someone that possibly only went through the course themselves within the past 6 months or so!

Even for an unaccredited course ensure you know who will be providing your education and check out their background.  I ensure everyone considering my courses are familiar with my experience, as for me it’s a great selling point! I am the only one in my company that provides the education and I also limit my classes to a maximum of 8 learners per course whether it is in London or my virtual classroom.

The next consideration is the asset class or product you think you want to trade. Most courses focus on forex because that’s the educator's experience or easiest to teach. Possibly they may add something else they have studied from a book. Nothing replaces the practical experience, as you will find out over time. Plus, why limit your opportunities to currencies when there is so much more to trade and earn from!

I have been fortunate to have the opportunity during my long career to substantially trade all asset classes and all the big events over the decades too. All this using my own capital rather than that of a bank where the worst-case scenario is, they lose their job.

Product selection is extremely important as it is the foundation of your trading plan and yes, you do need one! The product could be based on your background or interest. Your personality will also impact your trading – patient or impatient, passive or aggressive, fast or slow markets and your approach to managing risk. What type of trader will you become, scalper (hopefully not!) intra-day, momentum, instinctive-reactionary, arbitrageur, technical or fundamental trader? Going through the process to become a trader certainly helps you find out more about yourself and your character too. Trading psychology, the emotions you experience during trading, such as your ego, greed, fear and hope; will impact around 80% of your trading decisions!

A big question is, do you intend to use trading as a secondary income, or primary income. If the latter, when, immediately or in the future when you are generating enough revenue on a consistent basis to replace your current career? Whilst learning and honing your trading skills it is essential to practise on a simulator and set yourself targets to prove you are ready to trade live before risking your hard-earned capital. It is much better to start off with it as a secondary income as this will improve your chances of success as when you first start trading it is more about survival rather than earning, that comes later! Therefore, it is best to have a steady income otherwise there is overwhelming pressure on you to make money every day.

Trading is based on probabilities and taking only the trades with high probabilities to improve your success rate. When you need to make money, you become too impulsive with trading decisions and enter the market too early and frequently exit a winning trade that had so much more to offer. Timing is extremely important in trading as your view of where the market is heading is correct, however, if you enter too early you could be stopped out before the market turns in your favour. Therefore, entry levels are important and can make a huge impact to your revenue over time. The key to longevity and one of the reasons I have survived over 4 decades is discipline and knowing when to get out rather than hoping the market will come back! Along with discipline, we need a solid trading plan to help create consistency in our trading. In my courses I provide at least two of my personal trading signals to assist novice traders, however, many go on to create their own.

As trading is and has always been my true passion, I really enjoy inspiring new traders by passing on my knowledge and trading skills such as trading techniques, how to analyse the markets using technicals, manage risk, understand the different fundamentals that impact each asset class and how they are correlated. However, the only person that can turn you into a trader…is you! Once I have guided you on how to survive as a trader, only then do we move on to how to become a successful and consistently profitable trader in whatever asset class and product you select; I frequently continue to advise and mentor, but most of it eventually comes down to you making those trading decisions each day.

If you have any questions, would like some advice on selecting the right course or would like further information regarding my experience or courses, please contact me at [email protected]

Best of luck with your trading!