Let’s say that you want to learn how to trade stocks, indices, and forex.
It’s not easy, I know… I learned it the hard way…
At some point, you realize that you need help to learn how to trade.
What can you do?
A trading school is always an option.
But how do you evaluate what is the best online trading school?
Follow this article and I guide you through the most important factors to analyze before you choose the best online trading school.
Online Trading classes
You went to school, and probably even to the university too, right?
Teachers teach the same lessons every year.
Why don’t they just record themselves during a year, and then play a recording in every class?
How much money could be saved in the world by not having to pay teachers in every school on the planet?
The answer is simple.
A recording cannot answer your questions.
A recording cannot know if you are understanding the class, or if it needs to explain in a different way.
A recording cannot show you additional examples of the subject.
A recording cannot interact with you.
Trading is probably one of the most difficult things to learn in the whole world.
So, why would you accept learning from a trading school using recorded videos?
You need live trading classes taught by a professional trader.
Long enough to understand all the concepts.
Someone that knows what is doing and can actually answer your trading questions.
Someone that can guide you in the right direction, based on your own trading difficulties.
Does your trading school give you live trading classes?
Focus on the psychology of trading
Trading stocks, indices, and forex is an activity that requires you to go against basic human instincts.
Controlling those instincts is one of the most important things (if not the most important) when it comes to profitable trading.
Have you ever tried to perform some tasks looking at a mirror, like cutting your own hair?
And when you try to move your hand to one side, the hand actually moves to the opposite side?
That’s because you need to do the opposite move than what you see in the mirror.
And your brain doesn’t let you!
It’s not trained to work like that.
When it becomes to trading, you have the same issues.
By nature, your mind is not prepared to think and act as it should do trading forex or stocks.
It’s trained to do exactly the opposite of what it should do.
Any good trading school has to teach in its trading classes how to control emotions day trading.
As a trader, you are challenged every day to work against what your mind is programmed to do.
You’ll drastically increase your chances of having success by learning how to control your emotions trading.
One of the ways to do this, very popular amongst successful traders, is meditation.
It helps you to stop getting angry when you lose.
It stops you from getting euphoric when you win.
It helps you to leave your emotions apart.
Your emotions will not let you trade as you are supposed to.
Another thing that helps a lot with self-control is to understand “why”.
Why you shouldn’t get angry when you lose.
Why you shouldn’t get happy when you win.
A quick example.
Let’s say that you get out of the home to work every day.
You go by car and you get there in around 20 minutes.
You’ll have traffic lights where you’ll have to stop.
You’ll have times when you can speed a little more with no traffic in front of you.
Should you be angry or happy when that happens?
No, because that happens every day, every week the same way.
You end up getting there in 20 minutes as always.
But if you are angry to stop at the traffic lights, you may try to speed up and pass when the red light appears.
Or you might speed up too much when you have no traffic in front of you.
Because you like the adrenaline of driving fast and that makes you feel good.
Well, these kinds of things may cause accidents.
You may end up arriving at your job much later or don’t even get there because you destroyed your car.
Don’t put yourself in a position where you may blow your trading account.
That may be your unique chance to trade for a living.
Your trading school needs to teach you how to control your emotions in trading.
A trading plan projected specifically for you
Have you ever compared your trades with someone else that trades the exact same strategy that you do?
Do you have the exact same trades?
Do end up having the same profit?
And have you ever asked why?
Because you are different from anybody else.
If you prefer to trade lower time frames, another trader might prefer to trade higher time frames, or vice-versa.
If you prefer to trade forex, another trader might prefer to trade stocks or indices.
And even inside the forex, you have your favorite best forex pairs to trade.
Inside stocks, you have your own favorite best stocks to trade.
Your broker may be different from the other person’s broker.
You may have different executions speed, different spreads, different quotes…
You may live in America and have a trading schedule completely different than someone that lives in Europe or Asia or any other continent.
Everyone has their own personality and life.
And that reflects in the trading.
Let me tell you a small story.
A long time ago, I was beginning to learn how to trade.
At that time I was in a trading room with some professional traders and others that were learning like me.
We were trading at the same time, usually at the same time frames, and in the same currency pairs.
And you know what?
Most of the time everybody took completely different trades from each other.
Don’t let anyone tell you that you should trade with 1:1 risk-reward, or 2:1 risk-reward, or whatever.
Don’t let anyone tell you that you should risk 1% per trade or 2% per trade …
Don’t let anyone tell you that you should only trade once a day or 10 times a day…
You need to know why!!!
Where those values came from?
Why is it best for you?
This is not a choice based on the wind direction!
You are different from everybody else!
I recently wrote an article teaching how to choose the lot size that maximizes your profits with safety.
That’s a simple but powerful way to know why you should trade with lot size = 1.0 or 0.5 and not 2.0 or 0.25…
Personalized for you, for your trading strategy and everything that surrounds it.
Your trading skills are different and will change with time and experience.
What works for someone else might not work for you.
The way you see the market is different and will change with time and experience.
Everything about your trading should be personalized for you.
You need to know how to get the most out of what you actually do as a trader.
Not about what some other person does.
You need a trading plan projected specifically for you.
A trading plan that adapts as you trade more and increase your trading history.
A trading plan that shows you where are you having losses, and where are you having wins.
A trading plan that shows you the right direction to go regarding your own trades.
Everybody from my trading school knows how to analyze their own trades and improve their trading performance by evolving their trading plan.
Look for a trading chat room
A good online trading school must have a live trading room where they show you how to trade.
The theory is usually easy to understand.
The hard part comes when you need to trade the markets live.
Things often seem that they don’t work in practice.
So, you need someone that is actually helping you to analyze the market, using the concepts that you learned in the trading classes.
And that someone will also share trades with you.
A trading room is something that you absolutely need.
You’ll be able to trade live and have supervision.
You can make questions and get the appropriate answers.
Talk with other traders, professionals, or other students, learn from all their experiences, and share your own experiences.
Mentor for your trading
Let me tell you the big truth.
You are ugly!
You can be a wonderful and beautiful human being, but you are ugly as a trader.
If you ever get my mentorship, I will show you things that you will not like.
I will show you the mistakes that are ruining your trading results.
I will put your head in front of the mirror and show you how ugly you are.
Sometimes you will try to turn your head to the other side, but I will turn it again to the mirror saying: no, no, no, don’t turn, look how ugly are you.
And each time you try again I will not give up on you, and I’ll correct you over and over.
I will put you on a hot seat, you’ll be so uncomfortable that you will correct all your bad trading habits.
Until it becomes natural for you to act that way.
But you need to see how ugly you are for you to correct them.
We start from ground 0.
That’s the job I do with my few selected students.
Does your trading school does this or do they just forget about you after you pay and watch the recorded videos?
Beware of scammers
There are a lot of scammers in this industry.
A lot of online trading schools are just selling dreams.
Never trust someone that tells you that you’ll be a quick millionaire.
Never give your account for someone to trade, unless they can show you a long and consistent trading history.
Never follow trading signals from anyone, even from your broker, unless you know exactly what you are doing.
Make sure that you choose the best online trading school regarding all the aspects mentioned in this article.
Knowing how to choose the best online trading school may be the difference between you really learning how to trade, or continuing to blow your trading accounts.
If possible attend some free trading classes and understand what they can really do for you.
Sign up for free now and get a free trading class from my trading school.
You’ll learn a lot of stuff that actually works…