How can I become a self-taught stock trader?

Whenever you start learning something, it demands a lot of attention from you. It is also true about the stock market. Be it self-taught or learning from a class whatever the case, stock market learning success depends entirely on your own efforts given to it. You need to learn from basic to advanced level details about the stock market to be a successful trader. Now, if you are trying to acquire knowledge by yourself you can divide your learning into two stages. In the first stage, you should prepare yourself by learning theoretical details and then you should start learning practically about the market which can be included in the second stage. In the second stage, you need to have first-hand practical knowledge about the daily operations of the market i.e how to do actual trading.

Table Of Contents

Reading Time: 5 mins read
  • There are different types of trading- Swing, Intraday, Scalping and many more.  Decide which type of trading you want to do.
  • You can start your trading journey by reading books. Many books are available on trading like ‘Bulls, Bears and Other Beasts’ by Santosh Nair, ‘Stocks to Riches’ by Parag Parikh, ‘One Up On Wall Street’ by Peter Lynch and many more. Choose the appropriate one for yourself. Initially start with the easy basic ones and then gradually promote yourself to the next level of reading.
  • You can also use the internet to learn about trading. You can take suggestions from YouTube videos about trading but do not entirely depend on them.  Check their credibility and research success before taking your final call. You cannot learn proper trading only from a 2 hrs webinar or a video.  
  • Try different indicators and try to apply them in actual trade.
  • Try to identify different types of charts like candlesticks and others. Try to read and interpret them. 
  •  You need to get more and more exposure and thus experience. So that when you start your actual trading journey you can make your own strategy and manage your risk to its highest level.
Stage: 2
This phase of learning should include the practical knowledge that you need to have to start as a trader.
  • As you already have theoretical knowledge practical learning won’t be difficult for you. But you need to practice more and more to make your trading more profitable. 
  • Practice will help to increase your confidence.
  • No one can claim that he or she has become a successful trader without committing any mistake. So, mistakes are normal. Do not be upset with those. Keep a positive mindset. 
  • Make a journal of your mistakes. Just take a note of each wrong trade you have done. Later going through this journal would be a great help for better risk management. 
  • Try to gather more knowledge about risk to reward ratio, risk management, trading psychology etc. 
  • When trading keep aside your emotions, trade like a machine. 
  • A small piece of advice from us

    To be a successful trader it is very important to practice during live market hours.  Trade with a small amount of capital until you feel confident to develop your own trading strategy. 

    Many have achieved success as a trader. So can you. Just learn from a proper source.

    For proper stock market learning, you can try free demo classes of Invesmate. We are offering online interactive classes which are very helpful for stock market financial learning. For stock market-related updates, news and suggestions follow INVESMATE on TelegramInstagram and Facebook.

    #Have a Happy Trading Journey.
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