First Step to a Trading CareerDec 20, 2021
One of the biggest mistakes I run into with new traders is commitment. But not the lack of commitment. Quite the contrary. The mistake is that after one book, one conference, or one webinar, some are ready to go all in on trading.
This is perfectly understandable. Trading is a career that will present you with chances and opportunities you never thought you would have.
So what’s wrong with a commitment to that? Nothing.
But the initial commitment can’t be to go all in on trading. Not yet. The initial commitment must be to learning more about trading, and where in that you and your style fit.
While there are thousands of trading strategies and styles out there, there’s really only two types of retail traders. Those that want to trade part time to manage retirements or have a little extra income, and those that want to trade for a living. I’ve worked with both. But the first step for either is the same. A commitment to learn.
At Tiresias Trading, the first thing we do with our new clients is help them develop an “aggressive, yet realistic” timetable for their trading education. We want them paper (simulated) trading as soon as possible, getting them the experience they will need without putting their hard earned money on the line until they’re ready. In the meantime, we teach and help them develop strategies and systems that match with their account size and risk tolerance.
Trading education is not one-size-fits-all. And finding out what type of trader you are is the single most important factor in how quickly your trading career will take off.
Not sure where to start? Here's three things to consider:
1. What asset class will you be trading first?
2. Which three technical indicators do you want to learn more about?
3. Which trading platform will you be starting with, and what do you need to know to get started?
Yes, the answers to these questions will likely change over the course of your career, and that's fine. I started my career as a small cap swing trader and now spend most of my time day trading futures. But you have to start somewhere. Learning your technical analysis, risk management, and strategies will help you no matter where you end up.
I look forward to working with you.