How to Choose a Trading Academy
Trading tends to be solitary and marked by knowledge and emotional intelligence of each one, however, we human beings are social organisms, we need to interact to grow, and trading is no different.
While it is true that analyzing a market and entering a position is a very personal activity; sharing analysis, strategies, feelings and achievements is a fundamental part of a healthy trading path, it does not have to be solitary. Communities usually provide you with support and are a great actor that influences your trading. These communities have usually been built from an academy. That is why in this blog we will focus on some important points that for us, are fundamental when choosing a good academy.
The truth is that choosing a trading academy is not as easy as it seems and is a very important step in your trading, so you should take it easy and look very well at each option; you must know yourself very well to do it. To help you with this complicated stage, let’s ask ourselves the following three questions:
All of us who want to become profitable have gone through a long and often confusing path; especially when there is a mixture of “Trading and disinformation” in which people’s feelings are played with, appealing to objectives that are not real and much less achievable. Here is where the first question comes:
How much do I know about trading?
If your answer is little or nothing, most likely you are prone to fall into these uninformative networks, however, a piece of advice we can give you is to ask. It sounds very simple, but many times we see charts where there are ten thousand dollars (10,000 USD) of profits in less than five (5) minutes, but, what we do not really know is the background of that graph, perhaps a lucky day or a DEMO account operation. We also do not know if the account of who is trading belongs to him, for this reason I emphasize that you should ask and investigate a little about the person who is providing you with this information before making any hasty decision
If your answer to the previous question is: “I have experience in trading, however I feel that I do not advance or I stagnate”, you should ask yourself the second question of this blog:
How much am I willing to unlearn to learn?
Yes, it seems funny that in order to learn you have to unlearn, but sometimes taking a step back is necessary to gain momentum.
Many times we have a streak where we earn good money and that begins to create an idea of what a strategy can be, but we do not test that strategy, in the end we do not know well what we are analyzing when entering a transaction, we do not perform tests extensive enough, at least a year, to say if it is a viable strategy or not. That is where we can rely on an academy, on a mentor, someone who has traveled the long roads of trading and experienced with many markets that also has a strategy to help you move forward.
Note, to advance is not only to get more targets, for us to advance is to rely on statistics, so our goal is to help traders to trust their numbers, in their performance based on the same; so that their operation is their greatest confidant, to serve as the backbone of their trading without affecting psychologically speaking negatively (this psychological section is somewhat complex and requires separate publication).
Once you have asked and internalized these two questions, they will be of great help in choosing an academy, a mentor or a guide.
However, there is one more aspect that we think is important to take into account and that is about “communities in trading”. It is a topic that we like to encourage because the road should not be lonely, you can support you in your process with a good community and, above all, that brings value to your trading and operations. Remember that it is not only about generating profits; maybe from the community you can show different ways to see the market or be interested in new assets that can give you a better performance.
Last but not least; look for an academy that fits your lifestyle! Yes, it sounds funny but that’s the way it is. In trading in general, you have to look for the elements that fit you, in this case, the academy.
Let’s take as an example something as basic as the market you are going to operate in. There are academies for all markets (Forex, Futures, Cryptos, among others) so, decide on an asset and start learning about it with your academy. I assure you that this learning will serve as a basis to start in other markets, if someday you decide to change.
You read that right, it will be a base, but not a learning process that will serve completely for all markets, since all of them have their particularities. Another aspect to take into account is the time you can dedicate to this academy, both to learn its strategy, as to perform the corresponding tasks and operate to put into practice that knowledge; if you are not committed to the market and to always learn, most likely you will feel that no academy is good; many times it is only to spend a little time to operate and to review the mistakes with mentors or teachers so they can give you feedback and thus, learn from them; when you have gained some experience, you yourself can see your trades and see where you went wrong.
Finally:
Can I afford this academy?
You must get into an academy that you can afford without dying in the attempt; it may seem obvious, but no, sometimes the whole iceberg is not visible on the surface. Most academies charge in dollars, so if you are a student from an emerging economy, there may be some roadblocks. However, there are many ways to access the academy you want. You can contact them to see if they have a payment plan that fits your pocket, you can save for a while or, if you have the capacity, pay cash.
It should be noted that there are online resources such as: masterclass, seminars, free online courses and training videos, which can be a first step to learn the important concepts in trading, however they are not enough, that’s why we emphasize the importance of reinforcing the knowledge with an academy.
Choosing an academy requires dedication and analysis of several factors, such as the market you operate, your own purchasing power or how much you know about trading, the track record and credibility of the tutors; in short, it can be a complicated but not impossible job, we hope the questions posed here will help you and finally we leave you a report where you can find many academies and communities, we are quite confident that you will find one for you.’
Camilo Chavez
Customer Success Lead
