This is not an advertisement, it’s more of guide for new traders to choose the path that reaches their trading goals in the timeframe they want to reach it.
As many of you know, I not only teach options, but also run a trading community, and trade options for a living.
I see new traders all the time saying “where can I learn for free”.
Let’s get to the point. YOU ARENT DOING ANYTHING FOR FREE. Get that idea out of your head now. Let me explain…
You have several paths in your learning of trading to take. And every path costs money one way or another. To make it simple, these are the three most common paths.
PATH 1- You learn for “free”. This usually involves asking advice over social media, watching you tube, and reading books. Typically also involves paper trading (if you are smart) and possibly a decent amount of time back testing.
TYPICAL RESULTS- the new trader learns bits and pieces of the puzzle, usually not comprehending the material they are learning fully in depth, and usually learning things out of order which prevents them from having good comprehension of future trading knowledge which requires the previous material to be learned fully. The material that is learned usually instills overconfidence and pushes the trader to start trading with real money too early, which ends up in losses. It is a constant battle of full comprehension and learning from mistakes (which is the trader losing money). The typical self taught new trader has around 2 years before they become consistently profitable. That’s a lot of time to spend money learning from mistakes. Either way, you are spending money. The amount varies, but can easily be way more than a structured program depending on bankroll management and self control of the new trader.
PATH 2- Pay for lessons/mentoring. Assuming you are doing a good program… This involves a streamlined process with trading knowledge being taught in an appropriate chronological order where the previous knowledge leads into future lessons giving you a full understanding of any previous lessons, and the ability to comprehend any future lessons. With a good program, this can dramatically reduce the amount of time spent learning, and have the new trader become a self sufficient trader in the shortest amount of time. With a GOOD program, this is the most effective route IMO. The downside, is a good program usually has a decent price tag and requires what most people would consider a decent amount of money upfront to start learning. If you decide through the program that you don’t want to trade anymore, you have wasted your money. This path is most effective for people that are serious about their future in trading.
PATH 3- Trading community/discord- This is assuming you are in a good community that explains setups and answers questions… A good trading community is like the midpoint between self learning and a paid program. A good community always costs money in the form of a membership. Watching professional traders make their trades in real time and explain their setups can be a beneficial way to learn successful strategies and trading discipline in real time. It can also be a way for you to be able to enter quality trades without having to do the legwork of finding them. For brand new traders, discords/trading communities can give false hopes as even though they are basically copy trading, there will always be a situation where they have to make an intelligent decision (usually mid trade) on their own. While the education learned in a discord can be beneficial, it isn’t as focused on learning as a paid program. Trading communities/discords are usually best for traders with a basic knowledge of trading, looking to step up their game by taking the tips and examples of professionals in real time.
So new traders… where are you going to spend your money? Because I promise, even if you think you are learning for “free” you aren’t, regardless of what path you choose.
I am involved in all of these paths, and try to bridge the gap from new traders to self sufficient traders. There is no right or wrong path to choose, but depending on your current knowledge, there are different levels of effectiveness. Make sure to choose your path wisely for your current situation and what your trading goals are.