As of July 2020, a google search for the best stock market classes for beginners yields 350,500,000 results. Yikes. What is one to do?
I hate to say it but choosing the right stock market community will be the difference between playing ball in the little league versus the majors.
Look at it like this. If your goal is to become a millionaire (dream big folks), you won't get much help if your mentors aren't successful.
Let's say you want to learn the secret behind building a real-estate empire. It's probably not wise to ask your friend Joe who has been renting all his life.
That said, here's a list of questions you should ask any stock market class, service, community, or mentor before you fork out your hard-earned dollars to join.
The Best Stock Market Classes for Beginners
- The stock market has quite the lure over a lot of people. With so many classes out there what are the best stock market classes for beginners? First you need to ask yourself what you're looking for in a class. Do you want to follow the leader or learn how to be an independent trader? Do you want to pay an arm and a leg or do you want free courses? Answering those questions will give you a better perspective on what to look for.
1. What Is Your Experience?
- Who will be my mentor or teaching me?
- What is this person's background?
- How long have you been in business?
- Why was the company formed?
Would you take your taxes to your barber? Would you go to a soccer coach for piano lessons? I certainly hope not. I guess my point is this: your mentor should be both experienced and accomplished in the trading arena.
What's more, the market moves in cycles - up, down, sideways. It's essential to find a mentor who has traded through all the different types of market conditions; 5-10 years back at least.
If you want to trade bitcoin, stock or options you need stock market classes for beginners that will teach you what you need to know.
2. Are You Currently Making Money Trading?
Do not trust any promises of performance. You should be concerned if you're promised high returns with little or no risk.
Sometimes in life, you need to ask the hard questions. You straight up ask them if they are making money; ask to see a record of their wins.
Now keep in mind all professional traders might only win about 70% of their trades. But the point is, the wins need to outweigh the losses.
Be smart; don't make the mistake of following an amateur.
Side note: If anyone is promising you can turn $1,000 into $1,000,000 run. Run as fast as you can.
3. Will You Share Your Strategies & System?
- Does your strategy work?
- Are you currently trading your strategy now?
- Are your performance numbers actual, or are they hypothetical and based on backtesting?
- Was your system developed through trial and error or backtesting?
- How were the numbers calculated? How long will it take me to learn the system?
- Will I need to pay for additional training and coaching, or is your built-in support adequate?
- Will this system support my trading style and work with the assets I prefer to trade?
Just in case you didn't know, hypothetical performance is based on what would have happened. In simple terms, if I used the system and the market conditions cooperated, would I have made money?
4. Stock Market Classes for Beginners That Backtest
It's important to clarify if trial and error or data mining were used to design their system. Which means, the system was designed to generate good performance in backtesting, not because it has any logical or theoretical basis. As we all know, hindsight is always 20/20.
We can all go on FINVIZ or Stocktwits to see what's trending today and place a trade. But that's not the point. You sign on to a stock market community with the hope of learning a mentors trading strategy or system.
No second-guessing. No overthinking. Follow the rules. You want a mentor that teaches you a full system; otherwise, you're fishing in the dark.
How Do I Start Learning the Stock Market?
- Find a good and safe community.
- Start taking stock market classes for beginners.
- Attend webinars.
- Give yourself time to learn everything. Don't rush it!
- Open a brokerage account.
- Practice what you're learning in a simulated account.
- When you've made hundreds of successful trades, go live.
- Start with small positions and work your way up.
1. Will Your Strategies Make Money in All Market Conditions?
- How many strategies will you teach me?
- Do you prefer a particular strategy?
- Do you have specific criteria that outline which strategy I am to use?
Now it's essential to keep in mind not all strategies work in all market conditions. Strategies are specific to bull or bear markets, and it's not a one size fits all situation.
However, quality trading services and mentors should provide you with at least three different strategies you can use to make money, regardless of the market conditions.
If there's a stock market crash, did your stock market classes for beginners teach you how to protect yourself and trade bearishly?
2. Do You Offer Education?
- Do you have a user community?
- What training and support do you offer?
- What does the training consist of? Is it a combination of courses, one on one mentoring, real-time coaching?
- Can you walk me through a live session?
- How will you support me outside of the trading rooms?
- What materials are available to me to study in my downtime?
- Am I able to get a free trial to check your service out?
Anyone can put together a chat room and shout out plays. But that is not what you want, or at least I hope it isn't.
The best way to learn is by watching someone successful in making money in the stock market show you how. I think it's safe to say without a proper education; you won't fully evolve as a trader.
3. Can You Tell Me About the Other Traders in the Program?
- Do you screen traders for your program?
- Do you ask traders to leave?
- What are the characteristics of those who do well? Of those who don't do well?
- Who is your ideal customer?
- How big is the group now?
- Can you introduce me to a new and old member I can speak to for 10-15 minutes?
Where to Go From Here for Stock Market Classes for Beginners
Just like trying to find jeans that fit, not every class will be the right fit for you. To be successful, finding a course and community that you "click" with and an easy to understand teaching style, is one of the most important things you can do.
With the Bullish Bears community, you'll gain the knowledge, experience, and confidence to be a trader that your peers will look up to.
So please, don't be afraid to reach out to the mentors before signing up to ask a few questions. Ask them if they're comfortable sharing their successes and losses.
Most instructors are happy to talk to potential students, and you'll get a more intimate look at the course's focus before spending money.