I recently received an email from a struggling trader who declared he had invested very little in his trading education. He also stated that he wasn’t going to shell out any money to invest into his education and asked me if I could help him out.
He wanted me to point him to some trading book that would give him the ticket to riches. I pondered over his email thinking of some wisdom I could help him out with in his journey as trader and this is what I relayed to him, “Forget the book and endless searching for the golden indicator or setup. There are no shortcuts in trading. Instead, become self-educated by being a student of the market. Let the market become your schoolmaster and simply study each day’s trading action to find out which stocks moved and why.”
The only traders who will survive in the market are the ones who invest wisely in their education. Many traders are simply penny wise and dollar foolish in this regard. They try to save money by not investing in education, only to end up losing more than they would have ever spent on training. You can either pay for education formally or you can study hard and let the market become your schoolmaster.
Just remember you get what you pay for. All professionals in their field have had some degree of education to qualify them for their career. A trader should be no different. There are no shortcuts to learning, either resolve to study the market on your own or find some good education courses to help guide you.
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Learn more about Peterson’s Gap Edge Trading firm here.
