Seven Simple Ways to Improve Your Trading Skills – Introduction
A major fact about being a trader or investor is that you are never very good at it. This is the reason why some of the best traders in the world have historically lost their money. Last year, Anthony Ward, closed his hedge fund. At his prime, Anthony was the best-known cocoa beans trader in the world. In the trading circles, he was known as Chocfinger. A few weeks before that, ‘oil god’ Andy Hall who accumulated a wealth of more than $200 million closed his hedge fund after a period of sustained underperformance.
Therefore, this means that the need for improving trading skills is very important. No matter how good you are, you need to always reinvent yourself. This is mostly because the capital market industry is changing fast. In the past, most trading decisions were made by people. Today, most of these decisions is made by algorithms. The rise of algorithmic trading has led to the fall of many traditional traders and investors.
One way to learn is to read books. Fortunately, you don’t need to go to a physical library to find new books to learn. With sites like Amazon, Walmart, and Goodreads, you can now buy books at the click of a button. You can also find new titles that address the emerging issues such as algorithmic trading and derivatives. By taking time to read, you will be at a good position to become a better trader.
Second, you need to associate with other traders. You can do this by attending conferences and forums where you will interact with other traders. If you have a trading floor, you can employ people with a background in the emerging fields in the market. You can also attend webinars, which are mostly provided for free by most brokers, including Day Trade the World (DTTW).
Third, you should watch financial television. Channels like Bloomberg, CNBC, and Fox Business regularly feature people who are changing the trading industry. Watching these television shows can help you learn new ideas and the trends. I recommend that you spend most of your free time watching these programs.
Fourth, you should always read financial-related magazines. These magazines feature excellent pieces on the happenings of the financial world. Some of the best such magazines are Bloomberg Businessweek, Bloomberg Markets, Fortune, and Economist.
Fifth, you should spend time in social media. A lot is happening in social media that will help you become a better trader. For example, by following trading pages in Pinterest, you can lean new things or find new subscriptions about the market. In Twitter, you can follow influential people who always comment on the markets. The same is true with Facebook and Reddit.
Next, you should spend time in financial websites. The most important ones are Bloomberg, Wall Street Journal, Financial Times, and The Street. In these websites, you will receive breaking news and new stories that will help you become a better trader.
Finally, if you have a trading floor, you should hold weekly or monthly meetings. In these forums, you will share ideas about the markets and insights from a personal level.
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