So, you’ve made the decision to take control of your financial future and learn how to trade on the share market, now what? With so many excellent courses out there, it can be hard for the uninitiated to know where to start. Before signing up for a course, here are a few things to think about:
- How do you learn?
Not everybody learns the same. For some people, sitting in a classroom can feel restrictive and the extended information intake can feel like overload. For others, learning at home is fraught with distractions and can be a nightmare for procrastination. Understanding what learning environments work best for you is vital to your success as a trader. Being realistic about what teaching method will suit you best will ensure you learn efficiently, giving you the best chance at successfully applying your course to real life trading.
- What’s the short-term goal?
We all know the end goal is making money. But having a clear picture of what that money looks like in the short term will determine what kind of share market training you should pursue. If you’re comfortable now and are looking for a low maintenance way to improve the health of your retirement fund, considering Self-Managed Super Funds is a great way to build fundamental knowledge and skills to build an ongoing superannuation strategy that you’ll feel the benefits of later in life. On the other hand, if you are looking for a lifestyle change and would like start building disposable income to use in the short term, intra-day trading could be the option for you.
- Realistic vs ideal – what trading will work best for you?
Having already clarified what your goals are, getting realistic about the day to day logistics of your chosen trading is the next step. While you might like the idea of intra-day trading, if your current work or lifestyle tends to be chaotic, or your plans often change at the last minute, it could be a bit risky. Getting distracted in the middle of a trade by unavoidable obligations can potentially lose you money. Each trading method has its own set of fundamentals that will make it appropriate or inappropriate for your lifestyle, time and resources.
Do your research on trading best practices and then talk to investors who actively trade in your interested field. Ask what the day to day picture looks like and what challenges they face in the logistics of maintaining a healthy trading routine. If you’re serious about learning to trade and are ready to talk to a professional, contact Sharemarket Trading College and talk to a member of our team.