Why Education Is Important in Day Trading
In every venture, there is a need to be abreast of the trends in that niche. In the case of day trading, it makes sense that you have access to the materials and content that will help you get better at what you do.
Indeed, education is one of the primary factors that will help you become successful at day trading. Also, there are many options and materials online that will help you. Whether you are looking to trade on futures, specific Foreign Exchange, cryptocurrency training for advanced traders, or free materials to guide beginners, we have all of them in-house to cater to your needs.
Worthy of mention is that day trading is not only profitable but can be overwhelming and confusing for beginners. That is not leaving out the fact that trading is complicated and patience and mastery of the process are the major ways to break even.
As much as day trading can be complicated, it doesn’t mean that you cannot make your mark. Rather, you should aim at leveraging on the expertise and strategies of successful day traders so you can make profits too.
That is why you should invest in the best day trading education, as that will help you get access to a valuable support network and essential knowledge that will take you to the next level as far as day trading is concerned.
Of course, you may be wondering about the factors that will be important to consider if you are to learn all about day trading. In this section, we will let you know some of the pointers or factors that will help you select the best day trading education.
Have in mind that none of the pointers we are about to reveal will replace your learning on the job in terms of trading and garnering the relevant experience. However, you are sure of using them alongside your trading expertise as a way of improving your trading skills.
The first thing you want to do is to decide on the type of day trading education and trading strategy you want to use. You may want to consider the intricate indices, the futures, or the day trading options.
No matter the type of trading you want to engage in, the amazing thing is that there are many options out there for you to select from.
- Forex Trading
There is no doubt that the Foreign Exchange (FOREX) market is one of the largest. That is why it is one of the biggest as far as trading is concerned, owing to the billions traded every day.
All there is to Forex is to speculate on currencies that tend to become valuable or depreciative when compared to the other currencies.
If you need a heads-up on Forex trading, you might be interested to read our exclusive guide on Forex trading.
2. Future Trading
Futures trading is all about speculating and concluding whether the price of a stock or commodity will increase or decrease within a specific time. It is the speculation and decision made in that regard that will determine if you will be making profits or on the losing end.
3. Share/Stock Trading
There is no doubt that trading on shares or stocks is one of the most profitable forms of trading.
This type of trading involves buying and selling the shares and stocks of different companies via the stock exchange. More information on this, including the volume and volatility of the stocks as they pertain to day trading, can be accessed on our stocks page.
4. Options Trading
While you may have some background experience and a little coaching to get better at the other forms of trading, the same may not be said of Options Trading. That is because this type of day trading is more complex and requires in-depth training so you will understand it better.
The concept of Options Trading entails buying an “option” to use the same to trade (buy and sell) stock within a specific time. Of course, the determining factor here is based on whether the value of the stock being traded on will increase or fall during and after the specific time in view.
5. Cryptocurrency Trading
Cryptocurrencies (the likes of Bitcoin) may have been here for a decade but they still need some mastery so that the traders can get better at trading it.
Considering the immaturity of the crypto industry and the increased learning time, it is pertinent that you submit to in-depth learning so you can attain a higher level of education as far as cryptocurrency trading is concerned.
The essence of cryptocurrencies is that they allow you to transact without necessarily having a banking account. From Bitcoin to Ripple and Litecoin, cryptocurrencies are in place to meet the needs of both the banked and the unbanked.
To be successful at cryptocurrency trading, you must use digital wallets, complex encryption methods, and blockchain technology to facilitate the transactions.
The amazing thing about cryptocurrencies is that you can actually speculate and predict the movement without necessarily holding any of the coins. That is the reason why cryptocurrencies are both simplified and accessible for those that have mastered how to trade them.
6. Swing Trading
We want to assert here that Swing Trading is not a type of day trading. Although many day trading platforms offer courses on that, it doesn’t imply that it is a form of day trading.
The concept of Swing Trading is that you are keeping hold of your shares for some days or weeks with the hope that the swing in the prices of the shares can provide you with the profits that come with the swing.
7. Binary Options Trading
If you consider Options Trading to be cumbersome, you will find succor in Binary Options Trading. What the binary variant does is that it allows you to predict the potential rise and fall in the price of a commodity or stock. For this to happen, the investment or “stake” must be fixed, so that the potential loss that may be accrued will be capped.
8. Social/Copy Trading
If you are not ready to swim in the bearish and bullish waters of the trading world, there is still an opportunity for you to make some money. You can do that by leveraging on social or copy trading.
The meaning of copy or social trading is that you are allowed to copy or replicate the trading strategies of advanced traders. If the traders make profits, you will also make some profits depending on the investments you made. The same also applies to when the expert and advanced traders you are copying are losing – you will lose some money too.
9. Indices Trading
Indices Trading simply implies that you will be trading on a group of stocks that are related to a particular area. Let’s assume that you are trading on the FTSE 100. In that case, it means you are trading on the collection of the top 100 companies that are quoted on the London Stock Exchange.
If you are looking to trade indices in the United States, the duo of Nasdaq and S&P 500 are similar groups of stocks that are tradable.
Free Education vs. Paid Education – Which Should You Choose?
Are you wondering whether free or paid education is the best way to get educated on day trading? Read on to find out the information you need.
- Cost Comparison
The very first thing that you will have to consider is the cost or the financial commitment of the day trading education you are about to engage in. If it is something you cannot afford at the time, you may want to put off the learning for a later date.
We want you to know that there is no free lunch or training anywhere. Although some day trading education platforms may present it on a platter or offer the courses for free, the truth is that a few moments down the line, you will be required to pay. Therefore, you shouldn’t always hope to get a free ride because that may not always be tenable.
Having said that, you now know that you have to pay to learn more about day trading. The major challenge you may face is to get a reputable platform. You should be aiming to undergo your day trading education on a platform that offers reputable and high-quality day trading courses because that guarantees value for the money you paid.
More so, there are some parameters you can use to determine if the amount you paid for the course is worth it. Below are some of the things to consider as they relate to your ambition and expectations on the day trading course(s) you paid for:
Here, you are considering the actual financial commitment. While you can get some affordable day trading courses, some varieties can be expensive. Ideally, the pricing of the day trading course starts anywhere between $20 and $9000.
If you cannot afford the bulk payments, you may want to go through the shorter route of subscribing for the day trading courses. The pricing in this case can be anywhere between $10 and $200 per month.
By and large, the rule of thumb is that the more money you invest in learning day trading, the more the premium value you will get out of it.
3. Define Your Goals
There are many day trading courses out there, and if you are not decisive, you will be chasing after every shiny object out there. That is why you have to take some time to meditate and decide on the expectations you want to meet after getting trained on the day trading aspect that you are interested in.
Aside from deciding on whether you want to trade on futures or Forex, you must also consider the costs and the learning method (direct instruction or watching the recorded course). Besides, you also need to decide if you need someone to walk you through the steps or you will prefer to invest in the indicators and copy the trades of the master/advanced traders.
The general rule is that when you have defined your goals and expectations on the day trading, it will be easier for you to go for what you want and avoid unnecessary expenses trying your hands on other things that may not be rewarding.
4. Don’t Forget to Do Your Homework
As much as you are looking to save money, do well not to fall prey to the day trading education platforms that offer you everything for “free.” Most times, you may be required to pay so you can continue to use such platforms.
That is why you must do your homework so you will have an idea of what you are getting into. You may be lucky to come across a day trading website that specifies the costs of the courses so you can plan towards that. But, if that is not available, you may want to run some background checks and dig deeper to uncover the actual costs of continuing with the courses after the free session must have expired.
5. Find Your Level
The other consideration you must have in place before choosing a day trading learning platform is the availability of learning levels. Ideally, that ranges from beginner, through intermediate and up to expert or pro.
You must have defined your level before now so you can easily enroll for the course that relates to what you are expecting to learn about day trading.
To give you a heads-up, consider enrolling for the beginner day trading course if you haven’t any experience. If you have done a few stock investments and want to take your trading to the next level, the intermediate day trading course will be ideal for you. Of course, you are qualified to enroll for the advanced and pro day trading course if you have been trading on a full-time basis but you needed additional strategies and mentoring to get better at what you do.
No matter the level of trading you fit into, always have in mind that practicing what you learn is the key to being successful at day trading.
6. Quality of the Day Trading Courses
Have you considered if the day trading course you want to enroll in is qualitative? If it isn’t, there is a chance that you might just be paying for something that wouldn’t be worth the investment you made.
Also, do not fall prey to the notion that an expensive day trading course equates quality. Instead, there are some affordable courses out there that offer more value than what you will learn from the advanced yet non-comprehensive day trading courses.
As a way of determining the quality of the day trading course you want to enroll for, some of the resources and services you are looking for are:
Daily and Weekly E-Mails
The essence of these emails is to provide you with the relevant market advice and insights either on a daily or a weekly basis.
You may want to test the waters for a few months before you all out to trade. If that is the case, you should expect the day trading course you bought to include a demo account for minimal day trading using a simulation platform with simulated funds.
The likes of Electronic Books (E-books), interactive quizzes, and Portable Document Files (PDFs) are there to provide in-depth insights into what day trading is all about.
Analyzing the day trading market will be a breeze if you have access to indicators that allow you to use various calculations and parameters to analyze and indicate the direction of the stock prices.
It also makes sense to ask for mentorship, as that will lead you by the hand until you become a master day trader.
Some day trading educational platforms tend to provide you with one-on-one support from an expert trader that will guide on what to do and what to avoid as far as day trading is concerned.
The other additional resource you may receive after enrolling for a day trading course is live classes. The essence of the live online lessons, tutorials, or webinars is to help you learn on-the-spot from professional and experienced day traders.
Some other indicators will help you figure out the quality of the day trading course. Some of these are:
A good day trader is the one that wants you to be independent. Hence, you should be interested to buy a day trading course that teaches you how to trade and not how to depend on the trainer to trade.
Therefore, you should be wary of a day trading educational platform that would rather you pay more or subscribe to continue using the platform.
Years of Experience
The experience they say is the best teacher. That informs the reason why you should put the expertise of the day trading trainer into perspective. It is advised that you enroll for a day trading course if the trainer has many years of experience. Between 5 and 10 years of experience is recommended in this case.
Reviews of Day Trading Education Websites
Now that you have understood what to look before buying or enrolling for a day trading course, the next thing to do is to find the best day trading education websites.
Indeed, there are many such platforms out there. If you aren’t careful and know what to look for, you may end up enrolling for low-quality day trading courses.
That said, here are some of the best day trading education websites, as well as what they have to offer you.
- Warrior Trading
Warrior Trading is there to serve as a day trading community that offers multiple trading options to the learners. It also offers courses in specific areas, such as cryptocurrencies, swing trading, and options trading.
The major reason why day trading enthusiasts are thrilled to use this platform is that it focuses on helping the learners to master day trading. That is not leaving out the fact that Warrior Trading offers a comprehensive 15-chapter trading course that will walk you through the process. You will also apply for the Inner Circle where you will learn more strategies that will help you advance in day trading.
Furthermore, the day trading learning platform is designed to meet the needs of different learners. That is why Warrior Trading offers the courses in the categories of Starter and Pro, as well the Inner Circle category for a select few.
The other selling points are watch lists from the other traders, members-only chat room, Questions and Answers, and commentaries.
Investopedia is a U.S-based company that has been providing concise and unbiased financial education since 1999.
Via the dedicated Investopedia Academy, you can learn many things you always wanted to know about day trading. The academy also covers personal finance, binary options, Forex, cryptocurrencies, penny stocks, and options trading.
You must understand the major basis of the day trading courses offered on Investopedia is from a scholarly perspective. That is because you are only trained so you can improve on your trades without having access to a set of indicators or additional platforms to serve as guides.
If you are ready to start learning day trading on Investopedia, you should be willing to spend up to $199. There are other bundles too at different prices. Also, have in mind that the enrollment for the courses is on a one-off payment basis and you will have access to many learning materials, including past free webinars, downloadable materials, videos, and exercises.
3. TRADEPRO Academy
This is the brainchild of George Papazov, a Canadian trader with nearly two decades of experience. Founded in 2012, the academy is there to train and certify potential traders in the areas of Forex, stock, and options trading.
For the pricing plan, you are to pay monthly on a subscription basis. You will also have to decide on the level or type of day trading course that you want to pay for. For example, it will cost you $99 to enroll for the Swing package, $169 to enroll for the Elite package, and $129 for the Pro package.
You will have to select the type of day trading course that fits into what you expect in the end. Already, TRADEPRO Academy has three levels of day trading, including Swing, Pro, and Elite. The courses offered on the platform are delivered in different forms.
Moreover, there are some discrepancies in the outline of the courses. It all depends on the one you subscribed for. If you enrolled for the Pro or Elite packages, you will also get access to more trading software, support, mentoring, more courses, and daily tips.
4. IG Academy
If you are looking for the best platform to enroll for day trading courses, you shouldn’t search farther because IG Academy has most of the things you need. This is a day trading educational platform that claims to have been trading for four decades.
The primary concentration of this platform is to offer courses in the areas of commodities, indices, Forex, leverage, stock, spread betting, and CFDs.
Mostly, IG Academy allows you to use the free tools and courses, including quizzes, a free demo account, video tutorials, live trading webinars, interactive exercises, and access to the free chat room of over 30,000 members.
However, if you want to enjoy the platform, you will be required to pay the $30 a month subscription fee. That is usually the case if your trading volume falls below a set amount. Otherwise, IG Academy will only charge you commissions for trades.
5. The Stock Whisperer
The Stock Whisperer aims at providing courses and insights about the stock market. Founded by Stefanie Kammerman, a professional trader since 1994, this platform allows you to have access to different aspects of stock trading.
And if you want to take thins to the next level, you want to subscribe to the trading room called The Java Pit where the founder will show her screen during the pre and live trading sessions.
The course packages also differ. There is the $299 to $1249 package for those that want to engage in the one-on-one stock trading coaching with Stefanie. Otherwise, the Boot Camp packages that allow you to learn about stock trading and engage in simulation trading will be the best. The pricing plan in this case costs up to $3499.
Tradenet is the brainchild of Meir Barak, a professional day trader, and market expert. After launching the platform in 2004, he used the same to teach interested persons on the EU stock trading, Forex, and commodities.
There are different trading education programs available on the platform. These include but are not limited to Intro, Student, Expert, and Pro. The pricing plan for those can be anywhere from $500 and $9000.
There are also other learning options, such as downloadable materials, self-study courses, one-on-one sessions, and weekly mentorship.
7. Online Trading Academy
This is a day trading educational platform that focuses on providing resources for Futures, Forex, stocks, and options trading.
With over 130 tutors, you are confident that you will learn from the best. Already, the academy has the Core Strategy course that allows for 22 students to learn in a week at the cost of $7000. Access to a real-time trading platform and examination is also a part of this course.
On the other hand, you may be interested to enroll for the Extended Learning Track (XLT) Core Strategy that gives you access to live trading, mentorship, communication with investors, and access to OTA’s tools. The pricing plans here are $8500 for 3 months with a $625 monthly subscription, as well as $12500 for 3 months and lifelong access.
8. Day Trading Academy
Marcello Arrambide founded Day Trading Academy so he can transfer his 17years of day trading experience to up and coming traders. The platform primarily focuses on futures trading using the E-Mini S&P, which is an American futures index derived from the S&P 500.
This day trading educational platform is designed to cater to the needs of different types of traders with the distinct packages of Beginner, Intermediate, Advanced, and Pro. That is not leaving out the pattern of teaching that helps you master the process, as well as getting access to many helpful tools, such as exercises, downloadable materials (after you subscribe to the newsletter), and videos.
If you will like to take part in the full four-part course, it will cost you $2997 to do that.
9. Quantum Trading
Anna Coulling founded Quantum Trading so she can use the platform to teach on binary options, cryptocurrencies, stocks, and Forex trading.
Although there are no trading strategies and courses, you can always use the premium trading platforms and indicators to trade like a pro. The articles and free video tutorials are also there to walk you through the process.
Have in mind that the trading indicators and trading platforms offered on Quantum Trading are premium features. As such, they must be paid for. The pricing plan starts from $20 and can be as high as $900.
Online Day Trading Educational Videos
Understandably, you may be working on a shoestring budget. Therefore, you may not have enough funds to subscribe to the premium services offered by day trading educational platforms.
If that is the case, you might want to look for free trading education on YouTube, the world’s largest video database. We are sure you will get valuable tips and strategies that will help you to place your first and subsequent day trades.
While at that, have in mind that not all the day trading educational videos on YouTube can be helpful. That is why you must define what you expect in terms of day trading and look for the relevant videos. At the same time, you must consider the expertise of the traders that made the video because the more authoritative the traders are in the respective fields, the more value you tend to derive from the videos.
Above all, endeavor to save up some money so you can enroll for coaching on any of the day trading educational platforms we mentioned because the complexity of day trading isn’t something you will learn from a 20 to 30-minute online video.