Should You Improve Your Stock Trading Education?
In the highly individual world of investments - where good and great traders work from home and do not share their ideas - getting a good stock trading education is vital, but also difficult. It will almost certainly be the difference between making it as a trader, or not. And making it as a trader can be worth hundreds of thousands per year in personal income!
In reality, there are probably too many different approaches and techniques for any one individual to master them all. Your author, for example, has read a frightening amount about Elliott Wave analysis and yet I would never consider myself to be an expert. In fact, I am still barely able to make analysis myself. If the same amount of effort were applied to other analysis methods - it would take me decades!
The trick, as I can see it, is to get a brief overview of a number of analysis systems and a good working knowledge of the one you plan to use most often.
Having the background knowledge will help to understand predictions and analysis from newsletter writers and tipsters, et al, but will stop you from trying to trade on that knowledge yourself.
Often, the real benefit of a good and broad stock trading education comes not in the trades you make, but the trades that you avoid. Being able to spot potential banana-skins and avoid losing money is almost as good as making money - in fact, it might even be better! At least money not 'in play' should be earning interest in a bank account rather than losing ground in the market.
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There are many ways to improve an education. For some, going to seminars and meeting people is a favoured approach. For others, like myself, reading excellent books on the topic is effective. The downside for me is that reading a good analysis book can be like studying for an exam and can be very time consuming. With a job, newspaper column to write, trades to make and a website to run - time is important!
The one real issue with improving your stock trading education is that it is resource intensive. By that, I mean that it costs both time and money. Sometimes a lot of money! However, there can be little doubt that improving your own knowledge is a valuable long term asset and should be encouraged.
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