There is no easy answer to this question. What many people want to hear is that you can spend some time reading and watching videos and then go on to become a successful trader or investor in a short space of time. However, everyone is different and people learn at different rates.
Additionally, the time needed depends on what you want to achieve.
Let’s start with the following: you either need an answer to a specific question you have, or information on a very specific topic you are interested in – you have two options:
- Ask the question. Usually, our experts (and others members) will come back to you quickly and try their best to help you.
- Look for the right lessons in our learning section. We try to cover all important matters in individual lessons. Many of them also have a video to make it more easy and fun to learn. The quiz of each lesson allows you to check & track your progress.
If your desire to learn goes beyond a single issue or question, you might need to invest more time into learning – and pair it with gathering practical experience. Let’s look into three cases.
I want good baseline knowledge about finance
This is about the type of knowledge that allows you to make your own thoughtful decisions in all your financial matters. With it, you are not dependent on advisors – who often are expensive or don’t act in your best interest – or both.
If somebody recommends you to invest into a certain financial product, you might feel that you are not able to truly judge whether it is the right one for you or if there are alternatives that are clearly better or cheaper.
If you spend 30 minutes a day with us, after a month you will already have substantially more know-how, which will be valuable for the rest of your life. And on top of that, you can use the opportunity to ask your questions. That way, you can get a valuable second opinion on big decisions.
I want to manage my own investment portfolio
If you want to take your finances into your own hands, but do not wish to become an active trader, then your goal may be a slower paced buy-and-hold approach. In this case, you will be looking to build and manage your own investment portfolio that may consist of a diversified mix of different assets, such as stocks, bonds, ETFs or funds.
To get a strong baseline foundation, you should expect to spend a few weeks studying which assets and instruments to pick, how to combine and diversify them and how to manage your overall risk.
This time will include practicing on a demo account before building and managing your own real money portfolio.
I want to be an active (day) trader
As an active trader, you will seek to benefit from short and mid-term movements in the markets. You aim to make returns that are substantially higher than those under a buy-and-hold approach.
You will need to be able to read charts and indicators, decide on the right strategy for you and, of course, actively monitor the markets on an ongoing basis, seizing trading opportunities when they occur.
You need to acquire strong underlying money management skills and develop a good mindset to become successful.
The ‘bad’ news: this is not easy – even good traders never stop learning.
The good news: you can practice your skills from day one – trade with a demo account without risking money.
You should expect to learn and practice for a few months before you can make the decision to trade with real money. But thanks to the practice and the know-how you develop, you will be able to make that decision on your own.
So, it costs time – but it’s worth it!
Whatever your goals are, we can say one thing for sure: it is always better to be educated and able to make qualified decisions, than to blindly rely on advice given by others, or to take matters into your own hands without the required knowledge.
This is particularly true today given that the finance and investments options available to you are far more numerous and complex than 10 years ago.
Hung Trading 