Education is key to successful day trading, and there are a wealth of education options online. Whether you want specific forex, futures or cryptocurrency training for advanced traders, or a free ebook for beginners, we explain how to find the best educational course for you and your needs.
Day trading is a vast subject that may seem overwhelming to potential traders. The truth is trading is complicated; there are no shortcuts or get-rich-quick schemes â€“ and donâ€™t believe anyone who tells you otherwise.
However, that doesnâ€™t mean you canâ€™t make money from day trading. It just means that to profit from trading you should also profit from the experience and expertise of others. Investing in the best day trading education can equip you with essential knowledge, a valuable support network, and can set you on the path to trading success.
Here, weâ€™re going to offer some pointers thatâ€™ll help you choose the right online day trading education for you. None of the services available can replace you learning â€˜on the jobâ€™ â€“ trading and building experience yourself â€“ but they can work alongside your own trading to help inspire and improve your skills.
If you arenâ€™t already trading and are looking for the best day trading education, itâ€™s a good idea to think about what kind of trading you want to do. Are you interested in trading options or futures? Do you want simple shares or intricate indices? There are plenty of options available:
The most well-known form of trading. This involves buying and selling shares of different companies through a stock exchange. Our stocks page can help explain which stocks are best suited to day trading – ultimately, you volume and volatility.
Most stock trading education materials will revolve around ‘buy and hold’, longer term strategy – based on company fundamentals and value. Day trading stocks relies more on price action. So learning about technical analysis is more important that company analysis.
Forex is a hugely popular form of trading, with billions traded daily. Short for â€˜foreign exchangeâ€™ , forex trading is speculating on whether one currency will become more or less valuable than another. We have a separate article looking at forex education training here.
Commodity trading is where you trade in things like precious metals or the raw materials that make other goods. Commodities are divided into two groups: Hard commodities are things that are mined (gold, oil etc.) Soft commodities tend to be agricultural things or things that are grown (wheat, sugar etc.)
Cryptocurrency requires a greater level of education than most at present, purely because the product is so immature. Youâ€™ll have heard of Bitcoin, which is the most famous example of a cryptocurrency. Bitcoin and others such as Litecoin and Ripple are digital currencies that work independently of banks. Cryptocurrency trading involves using digital wallets, blockchains and complex methods of encryption.
It is possible however, to speculate on price movement of cryptocurrencies without owning them. This simplifies the process and makes it far more accessible.
Futures involves predicting whether the price of a commodity or stock will increase or decrease within a given time period.
Options are one of the more complex forms of day trading and would certainly require some form of trading education: It basically involves buying an â€˜optionâ€™ to buy or sell stock during or after a period of time depending on whether you think the stockâ€™s price will fall or rise.
Binary Options Trading
Binary options are a simplified form of options trading where you predict whether the price of a stock or commodity will go up or down over a set time period. The investment ‘stake’ is fixed, so the potential loss is capped. As the payout is also known in advance, these are often referred to ‘fixed risk’ trades. A trader will know exactly how much they will win or lose, regardless of the size of price movement on the underlying asset.
Binaries are high risk trades, and education options are limited. They are now banned in Europe due to a proliferation of fraudulent operators. Paying for education is equally high risk, and free websites or forums are a superior option, alongside demo accounts.
Trading indices involves trading on a group of stocks related to one particular area. The FTSE 100 for example is a collection of the top 100 companies quoted on the London Stock Exchange. The S&P 500 and Nasdaq are similar groups of stocks traded in the US.
It is possible to trade these index prices, and learning how to trade them revolves around price action and economic analysis for the market as a whole.
Social or copy trading involves setting up a trading account and linking it to that of another, more experienced trader. Whatever trades they make, your account also makes meaning your profits and losses are â€˜copiedâ€™ relative to how much money youâ€™ve invested.
Swing is not a form of day trading, but you will see many day trading education sites offering courses in it. Swing trading is a form share trading where you keep hold of your shares for anything from 2 days to 2 weeks in order to profit from any â€˜swingâ€™ in their price.
Free Education Vs Paid Education
If youâ€™re researching trading education, one of the main things youâ€™ll be considering is cost. The first thing to point out is that thereâ€™s no such thing as a free lunch; almost every platform or course that promises free trading education or tips will, at some point, want you to pay for more in-depth services.
The aim is to find a reputable, high-quality course that offers value for money. What constitutes value for money depends on your own ambitions and circumstances. Here are some things to consider:
- Know what you want: There is a huge amount of trading education opportunities out there. Before you enter your card details on the first website that offers to help you gain financial freedom, make sure you know what youâ€™re after. Do you want to trade futures or forex? Do you want to invest a little or can you afford more? Do you learn best by reading or watching? Do you want someone to walk you through the basics or are you happy to invest in some indicators and get cracking? Knowing these things will save you a lot of wasted expense that could be better invested in successful trading.
- Do your homework: Some websites are upfront about how much they charge for a course or educational package, others require more investigation. If a course offers â€˜freeâ€™ education, itâ€™s likely that after so many lessons, you will have to start paying. These costs arenâ€™t always advertised or made clear, so be sure to read the small print or ask in advance what, if any, costs might be requested down the line.
- Budget: Course and indicator prices can vary wildly from $20 to $9000. There are also subscriptions that can range from $10 per month to nearly $200. Spending top money is a big commitment so, if you feel a premium course is for you, make sure you can afford it and that youâ€™ll get your moneyâ€™s worth out of it.
Finding Your Level
Online trading courses often have different levels, usually Beginner, Intermediate, Pro or similar. As youâ€™d expect the prices are on a sliding scale, with beginner courses being cheapest and advanced more expensive.
When browsing for the best trading education, assess what level of trader you realistically are. If you donâ€™t know your FTSE from your elbow, then signing up for a premium, gold members trading room straight away isnâ€™t going to make you a premium trader.
On the other hand, if youâ€™ve done a little investing in stocks and want to take your trading to the next level, or maybe get involved in another kind of trading, then an intermediate course will be for you.
Advanced trading education should only be considered by those who have been full-time traders for a while and feel that theyâ€™d like some mentoring to work alongside their trading and keep their strategies fresh.
Whatever level you are, remember that education works best as an auxiliary to your trading. All the tips and books and demo accounts that money can buy are no substitute for real-world, real-time, real-money trading.
Paying For Quality
Day trading education varies enormously in the quality and type of resources on offer. Also, be wary of the trading school founders who say they started offering courses because they were sick of spending money on systems and indicators that didnâ€™t work, an expensive course doesnâ€™t necessarily equal a reliable course.
The kind of services or resources you might expect to find offered as part of a trading education package might include:
- Indicators: Programs that use various calculations to analyse and indicate the direction of stock prices
- Demo Accounts: These allow you to practice trading using a simulation platform and simulation money
- Webinars/Tutorials/Live Classes: Live online lessons or tutorials with experienced traders
- Mentoring: One-on-one support from an expert trader
- Downloadable materials: This might be things like PDF booklets or interactive quizzes that explain trading in greater depth
- Weekly/Daily E-mails: These might provide you with a certain traders insights or market advice for the day
- eBooks: eBooks are occasionally available free to generate interest in a more detailed, paid course
The main indication of the quality of any course or package is how credible the trader behind it is. Only consider investing your money if:
The trader behind the education has at least ten yearsâ€™ experience and demonstrable success. You can only become an expert trader through direct experience; anyone without a considerable amount of that is not going to be worth your money.
The course teaches you how to trade on your own. Any genuine trading teacher or mentor will empower their students to trade for themselves. Any course or platform that requires constant payment to keep you on their site is less likely to put you in the right headspace to become a successful independent trader.
Education Website Reviews
Now we know what weâ€™re looking for and whatâ€™s potentially on offer, letâ€™s look at a few of the best trading education websites out there and give an overview of what they offer:
Day Trading Academy
Day Trading Academy is the brainchild of Marcello Arrambide, a trader with over 17 yearsâ€™ experience. Having lost vast amounts of money on bad software and indicators, he built up his own hands-on experience and then created Day Trading Academy as an â€œorganic approachâ€ to trading education.
His theory is that those who learn through Day Trading Academy then teach others what they have learned. Itâ€™s not a company; itâ€™s a â€œcommunity of tradersâ€.
So far so inspiring, but what does this mean in practice? Day Trading Academy focuses on futures trading; in particular it uses the E-Mini S&P, an American futures index derived from the S&P 500. By teaching you to use a system called the Congressive Trading Strategy, Day Trading Academy make some use of indicators but focus on teaching you to trade for yourself.
Day Trading Academy is open to traders at all experience levels (broken down into Beginner, Intermediate, Advanced and Pro). They offer a free 41-page PDF booklet and free web class if you sign up to their newsletter.
If you want the full four-part course, it currently costs $2997. For this you get videos, exercises and the chance to get feedback and advice on your growing knowledge.
Warrior Trading offer trading instruction in a number of different areas, including Options, Swing and Cryptocurrencies. Like Day Trading Academy, Warrior also pride themselves on being a trading community.
The difference is that whereas Day Trading Academy put focus on the personal journey of its founder, Warrior focus on testimonials from successful Warrior students. This compensates for the fact that only one of Warriorâ€™s five mentors has a significant number of years trading experience.
In practical terms, one of Warrior Tradingâ€™s main selling points is its live, members-only chat room that involves commentaries, Q&As and watch lists from other traders. The thrust of their trading philosophy is to teach their trading system over a 15-chapter course.
In terms of trading education, Warrior offers three packages: Starter, Pro and the application-only Inner Circle. Among the contents of these courses are chat room access and a trading simulator. The in-depth courses and group mentoring begin with the Pro package. Exclusive access to the main traders and one-on-one mentoring is only available with the Inner Circle package.
The Warrior Starter package is $997 for one month. The Pro Bundle packages range from $4299 to $5299 for between 90 days and 1 yearsâ€™ access. Both packages then subscribe you to Warrior for $197 per month. The Inner Circle package is a flat $9997 per year.
Quantum Trading is the brainchild of Anna Coulling, a vastly experienced trader who has written many top-selling trading education books. Quantum Trading education covers a wide amount of trading types including stock, forex, cryptocurrencies and binary options.
Quantumâ€™s approach to trading education is selling indicators and platforms. Unlike Day Trading Academy and Warrior there are no courses or strategies on offer here, but there are free video tutorials and articles on how to use the products on offer.
The indicator packages available from Quantum â€“ which are mostly forex-based but do cover some other areas â€“ range in price from $20 to $900.
IG Academy is an award-winning trading education website which claims over 40 yearsâ€™ experience in the trading sector. With a focus in trading through leverage, spread betting and CFDs, IG helps you trade in a number of styles such as indices, forex, stock and commodities.
IG Academy offer a number of free courses which include video tutorials, interactive exercises and quizzes.
They also offer live trading webinars and a free demo account for those who sign up to their website. They also have a free chat room (although you must be a member to post) with over 30,000 members.
In the long run, what IG Academy encourage is that you sign up to use their trading platform, which continues to offer support and education to you as you trade for yourself. Unlike the companies discussed so far, IG makes its money by charging commission on your trades. If your trading volume falls below a set amount, they also charge a $30 per month subscription.
Investopedia are an American based company, formed in 1999 with the aim of â€œempowering people with accurate and unbiased financial educationâ€. They offer a wide range of financial courses at their Investopedia Academy, covering everything from day trading to personal finance.
The types of trading Investopedia offer courses in include options, forex, cryptocurrencies, penny stocks, binary options and more.
Investopedia courses all cost $199, with different bundles available at various prices. The payment is a one-time affair, there is no subscription and once youâ€™ve bought the course, itâ€™s yours to keep. The course content generally tends to involve videos, exercises and downloadable materials. The website also offers access to past free webinars.
Investopedia is different to a lot of the other education websites weâ€™re looking at here as itâ€™s a more of a scholarly approach: You buy the course, learn from it and use it to further your own trading; youâ€™re not being sold a platform or a set of indicators.
Online Trading Academy
Not to be confused with Day Trading Academy, Online Trading Academyâ€™s USP is its â€œpatented core strategyâ€ which can be applied to stocks, forex, futures and options trading.
They have over 130 tutors, many of whom have plenty of real-world trading experience. To take part in any of OTAâ€™s paid courses potential traders must first take a free half-day class.
The Core Strategy course has two levels: Core Strategy and XLT Core Strategy (XLT stands for Extended Learning Track). The Core Strategy class is a two-part course which costs $7000 and takes 7 days to complete in classes of no more than 22 students. As well as teaching OTAâ€™s core strategy, it offers access to a real-time trading platform and involves an exam at the end.
The XLT course is $8500 for three months followed by a $625 per month subscription, or you can pay $12500 for three months and have lifelong access. The XLT course is more of a mentoring situation for your actual trading. You can trade live whilst being able to use OTAâ€™s trading tools and talk with their investors.
The Stock Whisperer
As suggested by the name, The Stock Whisperer is a stock-focused trading education site, although there are some swing and options education packages available.
The Stock Whisperer is Stefanie Kammerman, a famous name in trading circles who has been trading since 1994. Kammerman is known as the Stock Whisperer because of her apparent sixth sense when it comes to stock market movements.
The Stock Whisperer website is a treasure trove of stock education resources. Her subscription-only trading room, The Java Pit, enables traders to see her screen during pre and live trading.
The focus of a lot of the course packages is coaching you to trade for yourself. One-on-one stock coaching with Stefanie herself can be purchased for between $299 and $1249.
The Stock Whisperer also offers â€˜Boot Campâ€™ packages of varying lengths. These are intensive, online courses which help educate you about trading and allow you to take part in simulation trading.
The Boot Camps cost anywhere up to $3499. There are also downloadable workshops available looking at different aspects of trading. These are probably better for traders who already have some trading experience and retail from $99 to $999.
TRADEPRO Academy was founded in 2012 by George Papazov, a Canadian who, despite his youthful looks, has nearly 20 years of trading experience. TRADEPRO offer to â€˜certifyâ€™ potential traders in stock, options and forex trading (itâ€™s worth noting here that you do not need to be certified just to trade stock from a broker account).
There are three levels of trading course at TRADEPRO: Swing, Pro and Elite. All involve the same courses in Trading Foundations, Options and Forex and access to Webinars and daily tips. The Pro and Elite packages offer further courses, more support, mentoring and access to more trading software.
One attractive aspect of the TRADEPRO courses is that they are purely on a monthly subscription â€“ as opposed to an upfront payment and subscription. The Swing package is $99, Pro $129 and Elite $169.
â€œTradenet is the worldâ€™s best day trading academyâ€ announces their homepage. Tradenet focus on teaching forex, commodities and EU stock trading. The brains behind the company belong to Meir Barak, a professional trader and market expert who established the site in 2004.
There are a wide variety of day trading courses and resources available from Tradenet: There are self-study courses, taught courses, weekly mentorship sessions and educational packages, these range from a few hundred dollars up to around $5000. You can download resources yourself, or get 1-on-1 sessions with one Tradenetâ€™s professional educators. All of these resources are built on Meir Barakâ€™s personal trading strategy.
Tradenet sell four different trading education programs: Intro, Student, Expert and Pro. These rise in price from $500 up to $9000 and include access to some of the sessions and resources mentioned above as well as a demo trading account.
Online Educational Trading Videos
One thing we havenâ€™t discussed in this piece is the role of YouTube trading education videos. The first thing to say about these is that, whilst there is a place for them, itâ€™s a potential minefield. If youâ€™re looking for free trading education on YouTube, you should apply the same standards of research you would for any trading education course.
Before you rely on a video because it has impressive graphics or a snappy title; remember to consider whether the videoâ€™s presenter has significant experience as a trader. Are they genuinely teaching you something for free or just luring you into buying something you donâ€™t need?
Can a profession as complex as day trading be distilled into a five or ten minute YouTube tutorial?
As a guide to the absolute basics of day trading for beginners, YouTube is hard to beat. However, itâ€™s also worth questioning how many traders worth their salt would give away worthwhile trading education completely free.
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