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Or, How to Become a Confident Trader
While a trading education is important, learning something in theory without gaining practical experience is, in most cases, simply not enough. Online trading services provider, HYCM, will be hosting free, weekly, online workshops offering individuals the opportunity to learn and practice along with an industry expert.
Theory vs. Practice
To understand the difference between theoretical and hands-on learning, think about being told how a circuit works in science class compared to building one and seeing how it works for yourself. The same goes for trading; becoming a skilled online trader takes a comprehensive knowledge of theory as well as plenty of practice.
Almost any information can be found online, but one of the biggest issues we face today is an excess of questionable sources and self-proclaimed gurus, all claiming to know how to make you a profitable trader. By the time a new trader reaches the market, they are overwhelmed with theories, tips, market sentiment, and hard-to-understand technical analysis.
Practice Makes Perfect
Newly-learned skills have to be practised to fully comprehend all the information you have absorbed. Learning the ins and outs of something as complicated as retail trading takes commitment and time; good traders are not created overnight. So, how long will it take?
Malcolm Gladwell, writer for the New Yorker, posited that it takes 10,000 hours of practice to become expert at something, and American author Josh Kaufman stated that it takes about 20 hours of practice to go from “knowing nothing to being pretty good”. An inexperienced trader should commit time every week, or, every day if possible, for practice.
The Cost of Mistakes
Jennifer Long, in her article, The Importance of Practice – And Our Reluctance to Do It, states that:
Learning something new means being clumsy at it initially, making mistakes, course-correcting, and trying again. It’s uncomfortable.
Mistakes are a natural part of learning, and most of the time they cannot be predicted. It is important to develop new skills slowly and steadily, remembering that making and learning from mistakes are key components to building skill and confidence.
The key is to control where those mistakes happen, and how much they cost you. The main concern for new traders is that practising in a live trading environment can be a very expensive way to learn.
Online Hands-On Workshops
Online workshops that provide the opportunity to learn and practice along with an industry expert are probably the best way start out as a new trader.
After establishing a series of webinars with industry expert, Giles Coghlan, HYCM has decided to put the focus on hands-on learning and now offer workshops that allow attendees to practice and make as many mistakes as they want, in a secure environment, with absolutely no risk of monetary loss.
As per Ekaterina Bozhko, Marketing Officer at HYCM specialising in the learning and development of HYCM clients:
We know that new traders can struggle to understand the financial markets, and their first few attempts at opening and closing trades may have less than stellar results. This is why a demo account is mandatory to participate in HYCM’s online workshops.
We equip new traders with the practical experience required to flourish and feel confident before they enter the world of live trading.
All they have to do to join in is register for the workshops and follow the steps to enable a HYCM demo account.
The weekly Workshops are free and will provide attendees with the opportunity to:
- Watch an industry expert showing you how to trade, in real time
- Complete exercises on your own demo account
- Learn Metatrader 4 tips and tricks
- Participate in a Q&A with Giles Coghlan at the end of each session
- Practise in a demo account with no risk of monetary loss
Posted on Forex blog.