Trading Tips
When learning to trade the stock market, you'll have probably plenty of questions and look for advice from more experienced hands. That's natural; you'd do the same thing if you were starting a new hobby or getting involved in a new athletic event. You're bound to have questions about the stock market, which is a good thing since individuals can't learn unless they ask questions and seek the proper education.
Whoever coined the phrase, "There is no such thing as a stupid question" was right on target. BetterTrades believes it is important for students to ask questions. Since many students ask the same questions over and over, here are few tips that can help you make better trades.
- Check your tools and make sure they're the best available. You don't want to be playing with faulty equipment. (Today's major league baseball players don't use the same gloves or bats that players used 50 years ago, so you shouldn't be tied down to substandard trading tools.) Make sure your brokerage account allows your orders to be filled quickly and at a good price. If it doesn't, shop around and find another online brokerage that fits your needs; there are dozens of potential candidates that can fill the bill for BetterTrades students.
- Maximize your ability in the area of technical analysis. Without being able to accurately read a price chart, and interpret the signs you're given by various indicators, you will probably have your hands tied. Technical analysis is the basis for finding good stocks to trade, so make sure your skills are sharpened. It is also important to use a quality charting program upon which to conduct the analysis.
- Listen to the advice of experienced traders. Find yourself a mentor (several members of the BetterTrades coaching staff are available) and increase your education. You can learn from them and potentially cut your learning curve.
- Practice to get your confidence before putting money in a real trade. Almost every online brokerage has some sort of virtual trading account, which allows you to conduct non-funded trading before putting real money on the line. The Better Trades instructors encourage all students to practice the various strategies and become proficient before playing for real money. A good yardstick to measure advancement is to successfully execute 10 successful non-funded trades before moving to funded trades.
- Find one strategy and focus on mastering it rather than attempting to use a dozen various strategies. Get good at one strategy and stick with it. Otherwise you'll probably end up being a mediocre trader with no specific skills and with a diminished trading account.
- Establish a trading plan for your BetterTrades career. Write down your goals, both short-term and long-term, and look at them occasionally to assess your standing. That way you can determine the areas in which you need improvement.
When it comes to education, BetterTrades is there to help. The material and classes are designed to help you become more astute at trading the market.