So, you want to be a trader?
Understand the Risks! If you are seriously considering trading as a career, you need to be aware that as a new trader, you are planning to embark on one of the toughest personal challenges you may ever have undertaken. If you think that trading is a quick route to personal riches, you are sorely mistaken. The failure rate is high. Many a starry eyed beginner quickly loses their entire trading account and are out of the game, blaming everyone but themselves. We suggest you read this excellent article first and afterwards, if you are undeterred and still serious about trading, come back here and study the rest of this website.
Treat starting to trade like starting any other kind of business! If you are focusing only on the monetary rewards, rather than learning to trade profitably, then you are focusing on the end result rather than the journey required to acheive that result. A commonly quoted statistic is that 95% of traders fail – what makes you different from the 95 others from 100 who start out on a similar journey as you? Desire isnt enough, everyone of the 95 had oodles of it. Learn to trade well and plan to survive the learning curve, and eventually the money will follow.
FACT: You cannot pay someone to train you and expect them to somehow transform you into a profitable trader. YOU are the only person who can learn, absorb, practice and teach yourself everything you need to know, which is exactly the same process you would need to go through if you paid a firm to present the necessary information to you.
The information you would get via a typical trading firm training programme is right here, completely free of charge, the rest is up to you. If you cannot succeed as a trader under your own steam given a push in the right direction, there is no reason you should believe a "mentor" at a prop firm will be able to spoon feed you success, even if they take a hefty fee from you for doing so and supposedly let you trade with "company funds" (read: some of your training fee).
We think it is entirely possible to take the money you might otherwise spend on training and instead use it to buy the resources, books and knowledge you need and to then fund a trading account for yourself with the rest.
Click here for a comprehensive directory list of proprietary trading firms
If you’re interested in studying a free Proprietary Trading Training programme, follow the link to our page for full details.
Tell us what you think about this Article by posting a comment below!
It sounds very reasonable logical and understandable.
I am interested if you you also touch Forex trading education because I would like to focus there due to my other job.
Actually as I know the professionals do only day trading and close all position once the market is close since if the one does this as a second job-he should trade for couple of days which in turn make all that more risky is not it?
this site doesnt really touch on FX, but thats not to say the same principles dont apply – its all just supply & demand, with a bit of fundamentals thrown in.
This text really helped me with my decision to become a day trader.
I first wanted to take on SMB Training, after reading, the very good book, One Good Trade, and other books about trading.
Now, I realize that if you want to trade by youre self, you have to learn how to study by yourself.
Thanks alot!
/J