Stock trading is not a get rich quick scheme. It is a highly skilled profession that requires technical knowledge as well as a calm and determined personality.

The best way to get ahead in trading is to arm yourself with knowledge. It is by far the most highly valued commodity on the market. 

But how do you go about acquiring this knowledge? There are floods of articles, books, courses, videos, and blogs out there that offer to help you learn the tricks of the trade. How do you choose the right ones? 

Don’t worry, we’re here to help! 

Variety is the spice of life.

You want to make sure you’re getting a wide range of opinions and ideas. You might be tempted by ‘All You’ll Ever Need to Know’ books or courses but the truth is, you need to get a range of opinions. 

There isn’t one single way to play the stock market. The more tools you have in your arsenal, the better off you’ll be. 

As well as seeking advice and knowledge from different people, you should try to take in different media. Read some books, watch some videos, try some courses. 

You’ll probably find that changing up how you take in information will help you grasp trickier points more easily. 

Choose the right broker.

Choosing the best broker isn’t just about getting low transaction fees and access to trading platforms. 

As a beginner, you’ll want to look for brokers that offer educational resources. This could be in the form of virtual trading practice, videos, blogs, or even mentors. 

Do your research before choosing a broker. You want to find a broker that offers you more than just a trading platform. They are there to support your investing and you need to make it a relationship that works for your both. 

Follow the market.

Understanding how trading works is important. It will give you the mechanics and tools to play the game. However, it’s no good playing with out of date information. You need to stay informed about changes in the market. 

Initially, you might want to sign up for newsletters and market updates from sites like The Stockdork. These newsletters tend to give you daily and weekly updates that are easy to digest. 

Once you’re a bit more familiar with the stock market you can use Bloomberg and the Wall Street Journal for more detailed information. 

You should check in each day, read the headlines, see what changes have happened, and try to make note of trends. 

Find a mentor.

One of the difficulties of trying to get into trading as an individual trader is that you don’t benefit from colleagues and corporate mentors. 

Traditionally traders work for large investment banks or trading firms. They are surrounded by colleagues of varying backgrounds and experience. When they’re on the trading floor they also have the benefit of even more traders and their experience. 

This real-life experience is invaluable, but it can be hard to come by if you’re trading from home or just starting out. 

Our best advice is to look for a broker that offers mentorships. The brokers will have vetted their credentials so you can, in general, take their advice with confidence. 

If your broker doesn’t offer mentors try looking at online forums like Elite Trader. These forums are a fountain of knowledge but you do need to do a bit of sifting. Essentially, be careful who you listen to. Try to establish credentials, portfolios, and trading histories.

Use simulators initially.

Many online brokers allow you to practice buying and selling stocks in simulations. These simulators let you try out the strategies you’ve learned, practice reading and predicting the markets without the risk of losing money. 

One thing to be cautious about is that some simulators are unrealistically easy. They may fill you with false confidence if you don’t do your research first. 

Check out this article from the Corporate Finance Institute to find a reliable simulator that can help you prepare to enter the trading platforms.

Study the best.

People like Warren Buffet, Jesse Livermore, and George Soros are giants in the stock world, and for good reason. Their lives and careers are a veritable gold mine of information for wannabe traders. 

Read their books, watch the films made about them, study their methods. They have made it in the stock world and you’ll need to find out why. 

Final Thoughts

Stock trading is a cut-throat industry. Every loss you make, someone else is benefiting. However, you cannot hope to succeed by cutting yourself off from the beginning. 

You need to tap into the wealth of information that exists in the stock trading industry. Cast your net wide, look for opportunities to learn at every step. 

With some diligent research and intensive practice, you’ll be trading like a pro in no time.