After interviews with a few of the success of Singapore’s trade in our previous article , one of the common mistakes we found how often new traders embark on a journey to find the holy grail to trading.
This demand is the motivation behind increasing the amount of ads that we see on social media sites promising us amazing returns in a short period of time of trading.
These ads are often filled with certificates of other “successful” participants aim to convince us that we too can be equally successful, as long as we are willing to share with a few thousand dollars in advance to find out the secret.
But is paying a few thousand dollars for a trading course is really the best way to find success in this industry? Here are six other ways you can trade heavily in the construction of knowledge without spending a lot of money.
# 1 read the online articles
In the past, access to information is limited. Trade, attend courses or buy textbooks to learn more about the art of trading strategies.
Today, this information is just a mouse-click away. Sites like Investopedia and our website, DollarsAndSense.sg, can help to explain the basics of what you need to know in digestible material.
If you prefer more advanced content or those that cater to a more niche audience, there again, there is no shortage – you can choose from websites such as trading with Rainer or the next logical. All of these sites offer in-depth and quality content to hone trading skills and basic knowledge, depending on the financial instruments that you prefer trading.
You can also access high-quality content in the form of detailed trading evidence from trading platform providers such as IG. These include the introductory material, Trading Guides, trading concepts and strategies of risk management.
While this material won’t make you an overnight expert it help to put the key foundation of what you need to know, the cost of the time spent to understand them for yourself rather than to have them taught.
# 2 join the forums to participate in two-way discussions
Learning should always be a two way street. This is why we have lectures and tutorials the university units you guys are aware with the exam.
The assumption here is that we learn more when we are able to think education and discussion with one another.
You can easily find forums to post and discuss your questions with other like-minded individuals. Apart from getting others cash to your trading strategy, you can also pick up valuable tips from others based on their experiences. This allows you to become a better trader without the need to go through the painful and expensive experiences of others have already made in the past.
When you join the trading community , always remind yourself that learning is by discussion. This should be open to the ideas of others, no matter how different they may be from you and be willing to admit that the initial assumptions may be wrong. Only with an open mind you can improve your trading strategy, regardless of how good you think you are already.
#3 borrow a book from the library
This is very similar to the first point to be read widely. The more you read the broader your perspective and deeper ideas of your own.
It doesn’t take a lot of effort outside of a simple Google search to know what are some good investment and trade books that are worth reading. From there, all you have to do is search online to check if you can borrow some of these books from the National Library.
As an added bonus, borrowing from the library requires you to finish the book within 3 weeks (you can do the renewal of an additional 3 weeks). This ensures that you read and complete them on the spot.
If you are serious about being a trader, you should make some effort to start reading. For starters, you should aim to complete the reading of the six quality books within half a year.
# 4 attend free courses
Not all good trading courses require you to pay. Some courses, particularly those organized by financial institutions aims to build the brand purpose where the organizations hope to expand the scope of your brand visibility to more traders in the market.
Free events like this are usually costly to institutions and as such they want as many people as possible to attend the session. These financial institutions are very clever, they know the consumers will see through the course designed around the sales pitch.
Through free courses, they are able to attract potential customers through negotiation themselves. They do this by educating participants to ensure the provision of high quality insights and deliver superior service.
At the end of the day, these financial institutions have the same business goal – to create the best business. Because this is the best trade to become a better customer. Customers that will be using the trading platforms more often for a longer period of time.
# 5 Try a free demo account first
If you are serious about trading, there is no reason why you should not start with a free demo account first.
A demo account is a good way to improve your trading strategies without taking any risk with actual money. It lets you know whether you have a winning strategy, or what you need to improve on your existing strategy.
The most important part of demo account is that it teaches the importance of trading without emotions. Without any money at stake (even now), you are able to train yourself to make decisions based only on what your strategy tells you to do.
# 6 webinars
While going for talks are a good way to gain more knowledge, there are some limitations That we may face.
First of all, these talks have to fit your schedule. Sometimes, people are too busy with other commitments to attend these talks.
Secondly, unless by the speaker that you already know well, there is no way to make sure the quality of these conversations even turn up. And we all have our bad experiences of being convinced to go with a friend, only to realize you’ve signed up for a 3-hour long sales pitch.
Thanks to the internet, Webinars offer a great alternative. You can watch them in the comfort of your own home at any time that suits you. You have the flexibility of taking breaks in between if you need to, even re-watch certain parts that are more clear for you.
Best of all, you can simply stop watching any time you want without feeling like you are rude to the speaker, or the friend who invited you.
Even after you have started trading, webinars are an effective way to continuously build more knowledge and hone on your trading strategy. It’s especially useful if you want to stay in touch with key events that occur so that you can take the best informed decision.
IG has a full range of webinar on demand you can watch. These seminars are about 30 minutes on average which makes it a breeze to catch dinner or even while you are travelling back from work every day.