Do you need day trading classes to become a successful trader?
As I say this, I feel it’s important to be completely honest and disclose that I never had day trading classes when I was a new trader, I didn’t have a mentor, I didn’t have guidance, and I didn’t have lesson plans to follow. Eventually I did become a millionaire, but it was after many mistakes and much trial and error…I can say with 100% certainty that ALL of my top millionairestudents have had an easier/more enjoyable journey thanks to having been mentored by me and the community, learning lessons quicker and not having to be confused when something didn’t go as planned.
Today, I am a day trading teacher / mentor because I want to provide my millionaire students with the resources I never had, to be the mentor to my students that I never had. Here, I’ll talk more about the benefits of day trading classes and how to decide whether or not they are for you.
What is a day trading class?
Simply put, a day trading class is a course of lessons which will help educate you so that you can confidently move toward a career as a day trader, getting you better prepared BEFORE you risk your hard-earned money and trying to get you to avoid being just another statistic as 90% of traders lose! In the Tim Sykes Trading Challenge, my lesson plans will not only educate you on the basics of trading, but progress into applicable, real-life approaches to trading with the key being to get you to plan every trade ahead of time and then executing your plan in real-time.
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Why take a day trading class?
One of the biggest advantages of day trading is that you can do it from anywhere. Really, all you need is a brokerage account and an internet connection…mystudents have an archive of 1,000+ online webinars to study and 2-4 new live webinars each week.
This is an advantage for many reasons. For one thing, it makes day trading accessible to just about anyone. For another, it allows flexibility in terms of scheduling and location as you can study these live and archived lessons from literally anywhere in the world that has an internet conenction!
As a budding day trader, a day trading class should offer the same benefits. The Tim Sykes Millionaire challenge offers this ease and flexibility. Don’t worry, you don’t need to load up a backpack and head to a classroom to take a day trading class. The lessons are available online so that you can tailor them to fit your own schedule.
Of course, this means that day trading classes aren’t necessarily going to hold your hand. You do have to have a certain level of self motivation and discipline to stick with your studies and get the most from them. These things are necessary to become a successful day trader anyway, though, so you might as well get in the habit.
Common misconceptions about day trading classes
“But I don’t need them”
Day trading can seem easy from the outside. Pick some stocks, make some trades, rake in the cash, right? But then, as they actually get started, they begin to see how tricky it can actually be….NEVER forget the stat that 90% of traders lose…you must do EVERYTHING you can to avoid being part of that massive group of losers!
While day trading doesn’t require an advanced degree, it does require a strong knowledge base. Many might think that you can gain that knowledge through experience. And yes, that is true. That is largely how I gained my prowess as a trader. But I also experienced a lot of mistakes and losses. Would you rather learn things the hard way? Or could it be easier to hasten your journey to success by learning some of these lessons without the prospect of having to learn the hard way and lose money? This can be a subjective thing. But personally, I’d rather gain some expertise before beginning to trade in earnest.
“They’re too expensive”
People don’t want to spend money to become day traders. They want to earn money, right? So it may seem backwards to invest in day trading classes. However, it’s important to look at the big picture here as the cost of a lack of education is infinitely greater that that of a proper education.
While there are plenty of free resources about day trading available on the internet like my Pennystocking 101 E-Guide, that basic information should only act as a starting point for new traders. Resources like this can help you decide if you’re really interested in pursuing a career as a trader in earnest…watch this more in depth free penny stock trading guide too!
Then, there’s the argument that what you invest in a day trading class could save you money in the long run. Many of my students started out believing they didn’t need day trading classes or were unwilling to make the investment. Guess what? They got in the market and lost a ton of money. Then, they realized it would be worth their while to join the challenge and actually learn how trading works. So in a delayed way, they realized the investment was worthwhile. So, would you rather spend a little money now and prevent losses as you start trading? Or would you prefer to lose money?
“I don’t have enough time”
This is a common excuse–I mean reason–that I hear from people who are on the fence about taking day trading classes. Unfortunately, it’s total BS.
Everyone–and I mean everyone–can find more time for things that matter. There are so many ways to find more time. The thing is, it might mean letting go of some of your bad habits.
For instance, if you want to find more time for day trading classes, you can start waking up earlier. Most millionaires wake up early, anyway, so it’s a good habit to get into.
Alternately, you could ditch another bad habit like wasting time on Facebook or social media, or indulging in less binge watching Netflix.
If you want to become a day trader, it may require some sacrifice in terms of these creature comforts. But you really need to think about what you want more: success, or slacking?
What day trading classes can offer
What else can day trading classes offer to potential traders? Here are some of the benefits.
A strong foundation. In just about any endeavor, it’s important to create a strong foundation. It’s the building blocks for success. Taking a day trading class can help you build a strong foundation as a trader. When you learn from the bottom up, you’ll be more likely to remain strong and unshakable when faced with the challenges that day trading can (and will) throw your way.
Learn a number of trading methods. If you begin trading on your own, you’ll figure out certain methods of trading that work for you in time. However, if you take day trading classes, you’ll be exposed to more styles of trading than you might be otherwise. This will allow you to diversify your trading methods. For instance, maybe you might be more likely to try short selling once you’ve learned how it works. When you have mastery of a number of different trading methods, you’ll be far more nimble as a trader. You’ll also be better prepared to deal with shifts in the market.
Pattern identification. In my, one of the biggest things I put emphasis on is pattern recognition. I truly believe that by learning to identify patterns with stocks, you can make the most educated trades and mitigate risk as much as possible. However, learning how to identify trading patterns takes time and targeted study. A day trading class can help you learn how to identify patterns more effectively and faster.
Mentorship. Having a mentor is like having a fast forward button on your trading career. You can learn a lot from someone who is further along in their career than you. They can teach you what they did right…and warn you about what they did wrong. Armed with this information, you can potentially sail past some common pitfalls for new traders. No, it’s still not going to be completely easy, but why make it harder than it needs to be? This is precisely what I strive to provide to my Millionaire students.
Accountability. Accountability is hugely important in terms of realizing your dreams. It’s a huge part of goal setting theory, of which I am a huge proponent. Without motivation, what is to keep you on the path as a day trader? Accountability from your mentor, your fellow students, and the goals that you’ve set for yourself can be a powerful motivator and keep you on track to gain success as a trader.
In conclusion…should you take day trading classes? Overall, these classes can offer many benefits for both newbie traders and those who have tried to go it alone and have found the process challenging. Day trading classes can help you streamline your learning curve and refine your trading methods so that you will be more prepared to deal with what the market sends your way.
Could you benefit from day trading classes? Leave a comment with your thoughts below, why or why not?