Kreil provides a whole host of insights, explains the workings of the retail trader’s universe and confirms my own doubts about gurus and social media. Even though I don’t want to give away too much of the content, I have extracted his advice on vetting educators because it’s probably one of the first pitfalls newbies can get sucked in. Find it at the end of this post.
As far as I can tell, most experienced traders recommend paper trading as a way to test a strategy and learn about market behaviour before risking any hard-earned cash. They also advise to study hard and read loads of books before doing anything. Obviously, that’s all very sensible.
However, is it right for me?
I just discovered a video by The Chartist, Nick Radge. Well worth a watch.
He starts by distinguishing between quantitative and qualitative trading – the former can be learnt; the latter evolves with experience.
I won’t bore you by describing the whole video. Below are some thoughts I picked up. They’ll become clearer when you watch the video.
I have come across a few traders online offering courses that teach you their strategies. The big promise is a fast track to success which bypasses the tedious and painful learning curve they had to go through themselves.
I am in two minds about this. For now, I have decided to do my own thing until I understand trading better, know what I want to get out of it and what my preferences are. I think there are quite a few questions I’d need to ask myself before signing up for a course.