Looking to learn the ropes of trading but have no idea where to start with all the gurus and programs out there?
You certainly aren’t alone. The modern web is both a blessing and curse when it comes to any sort of online education. Seemingly endless resources and choices, right? However, the number of choices results in analysis paralysis where it’s seemingly impossible to just pick one.
With so many promises and tried-and-tested methods out in the open, how do you know what’s going to work based on your wants and needs? How can you avoid scams and programs that just aren’t worth your time?
If you want to stop wasting time and put your trading education to good use, follow the following four tips when it comes time to pick a program. Seriously: you’ll be shocked at the amount of time, money and energy you ultimately save in the process.
Pick Programs by Someone with a Track Record
Again, there are plenty of people out there peddling education under the guise of being a guru. However, the one and only way to determine if somebody’s advice is worthwhile is simple: look at their track record.
Do they have a series of success stories? What are their students saying about them? What proof is there of their positive returns? If you take a look at programs such as Tim Sykes’ Penny Stocks 101 Guide as an example, it’s crystal clear that Sykes has created millionaires while also facing challenges along the way. In short, Sykes has a track record and social proof of his teachings, whereas many “gurus” in the space do not.
Regardless of your trading goals, always scope out testimonials and positive feedback for any given program you’re considering. If you have to dig to find such information, the program probably isn’t worth your time.
Determine Which Type of Learner You Are
Simply put, not everyone learns and retains information in the same way. For example, you might just find absorbing information via text and reading a traditional book is good enough. However, others may not be able to remember a single factoid without seeing it visually or hearing it spoken multiple times.
Understanding which type of learner you are and how you absorb information will better clue you in on which sorts of programs will work best for you. Again, old-school books work for some while others need reinforcement in the form of videos, webinars and e-courses.
Assess the ROI of Your Education
Of course, one of the most important aspects of any trading course or program is the price tag. As such, you’re going to need to assess what the ROI of your education is going to be in terms of what you’re paying for. There’s obviously a huge gulf between a book that costs $20 and an e-course that could set you back hundreds: you need to figure out how you’re going to recoup that money based on what you’ve learned.
That’s not to say that one type of education is necessarily better than the other, but consider the ROI of what you’re purchasing before blowing out your budget.
Don’t Buy Too Many Programs at Once
It may be tempting to load yourself up with books and courses all at once, but doing so usually doesn’t end well for newbies. In short, you end up overwhelming yourself which is what we’re trying to avoid in the first place. Strive to finish what you start and not pick up a new book or program until you’ve finished the one you’re currently working on: this allows you to both focus on your education and keep more money in your pocket.
Finding the right fit in terms of trading education might take some experimenting. That said, these tips can help you determine the best fits based on your needs and learning style when the time does come to pick up a new course, book or program.