How to Increase Your Trading Knowledge as a Beginner

How to Increase Your Trading Knowledge as a Beginner

Trading is very lucrative, so far you have the knowledge, skills, and patience it requires. However, it can be overwhelming and intimidating for beginners. In this post, you will learn how to increase your trading knowledge as a beginner.

With so many strategies, techniques, and tools available, it’s hard to know where to start. Whether you’re interested in Forex, stocks, commodities, indices or crypto, the tips on this webpage will help you on your trading journey.

So, let’s get started.

1. Read Trading Books

Many successful traders and investors have written books, where they shared their experiences, strategies, and techniques.

By reading these books, you can gain valuable insights and tricks. You can also learn from the mistakes and successes of those traders. You can download these e-books from various online retailers like Amazon and Wiley. Here are some of them.

  • “The Intelligent Investor” by Benjamin Graham – available on Amazon.
  • “Market Wizards” by Jack D. Schwager – available on Wiley
  • “Technical Analysis of the Financial Markets” by John J. Murphy – available on Amazon
  • “The New Market Wizards” by Jack D. Schwager – available on Wiley
  • “Reminiscences of a Stock Operator” by Edwin Lefevre – available on Amazon

2. Enroll in Online Trading Courses

Speaking of online courses, I offer free courses on my website and YouTube channel. These courses are designed to be self-paced and accessible to traders of all levels.

There are also many online trading courses offered on popular platforms. These online courses will give you a certificate which you can add to your trading portfolio. Here are some of them.

  • “Trading Foundations” by Investopedia Academy 
  • “The Complete Foundation Stock Trading Course” by Udemy
  • “Forex Trading A-Z” by Udemy
  • “Options Trading Basics (3-Course Bundle)” by Udemy
  • “Technical Analysis Masterclass” by Tradeciety

3. Join Forex Trading Forums

Trading can be a solitary pursuit, but that doesn’t mean you have to go it alone. Joining a community of traders can provide you with valuable support, insights, and networking opportunities.

Just remember to approach these forums with an open mind and a willingness to learn, and be respectful of the opinions of other members. Here are some popular trading forums every trader should join.

Forex Forums

Stocks Forums

Commodities Forums

Indices Forums

Crypto Forums

4. Practice With a Demo Account

Even if you sleep and wake up beside a trading expert, take online trading courses, read trading e-books and stuff, you can’t become a better trader without practicing yourself. This is one of the reason I am not a fan of offering trading signals because they can never make you a better trader but instead a lazy trader.

I think its better to be taught how to be a good fisherman than to be a beggar of fish and that’s where a demo account comes in. A demo account allows you to trade with virtual money (not real funds). Here are four ways a demo account can help increase your trading knowledge.

A demo account allows you to practice your trading strategies without risking real money.

A demo account can help you gain valuable experience and confidence before you start trading with real money.

Demo accounts are very similar to real trading environments. You can use them to understand market dynamics and how they impact your trades.

With a demo account, you can try out multiple trading platforms and tools to see which ones work best for you (without spending a dime throughout).

5. Keep a Trading Journal

A trading journal is simply a record of all your trades. It’s where you document the details of each trade, such as the entry and exit points, the reason for the trade, the position size, and the outcome, etc.

Keeping a trading journal is one of the most effective ways of increasing your trading knowledge. You can track your progress, analyze your performance, identify weaknesses in your strategy, and make changes to improve your decision-making skills.

  • Get a copy of my trading journal here

6. Learn From Your Mistakes

Increasing your trading knowledge includes learning from your mistakes in the Forex market. One way to do this is by recording your trades and reviewing them regularly.

Screen Recording

Screen recording allows you to capture everything that happens on your device, including your trading platform and any charts you’re using.

This can be especially useful if you’re using a complex trading strategy or if you’re working with multiple charts or indicators.

Taking Screenshots

Taking screenshots is another effective way to document your trades. A screenshot captures a single image of your trading platform at a specific point in time.

You can use screenshots to record important moments in your trades, such as entry and exit points, as well as any patterns or trends you observe.

Recommended Screen Recording Tools and Software

Increase Your Trading Knowledge

Increasing your trading knowledge in the Financial market is easy if you know where to start. With the tips in this post, both beginners and intermediate traders can learn more and become better traders.

Here’s a short recap of everything we talked about so far.

  • Read trading books and e-books.
  • Enrol in online trading courses.
  • Join Forex trading forums to learn from and interact with other traders.
  • Practice with a demo account to gain experience without risking real money.
  • Keep a trading journal to track progress, analyze mistakes, and refine trading strategies.
  • Learn from your mistakes and use screen recording and screenshots to review past trades and identify areas for improvement.

Full-Time (Speculator, Investor, Infopreneur) in the financial markets. I won't make decisions for you, but will rather teach you what works for me, and how you can properly implement trade management skills to help you become confident in your financial goals. Submit enquiries for writing and guest posting on the ๐Ÿ‘‰ contact us page.

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