There are a lot of different methods people use to make some extra money in their spare time. Some people get extra jobs on the weekends or even sell some of their belongings to get a little bit of profit. Another way to do this that’s grown in popularity in recent times is by trading on the stock market. Trading has always been a big phenomenon, but in recent times it’s become a lot more accessible for the everyday person. More and more people are starting up every day and it’s not hard to see why; the number of success stories out there have convinced a number of people that they can write the next one. It’s not as easy as it looks, however, and you need to know what you’re doing.
One of the most important things, when you’re trading, is figuring out who you’re actually going to learn from. I don’t mean from your friends of the family, either (unless they’re a secret expert). There are a lot of world-class traders out there and many of them have set up their own programs to try and help others- that’s what you should be looking for. There are, unfortunately, a bunch of people who only pretend to help people like you and instead exploit you for money. That’s why you need to try and learn what the difference is- and that’s why I’m here today.
The first way to tell if a program is worth using if by checking who actually runs it. Of course, it tends to be a trader who is either still active or who has retired and wants to pass on their tips to a new generation. There are a lot of different mentors out there and it’s your job to try and find the best one for you. Think of it as a sport of sorts- different people react differently to different coaches so you need to make sure you find someone who suits your style. To do that, you need to do the research. Check out as many different people as you can; look at how much money they’ve made, how much they still have, how many students they have and how much they cost. All these factors will come together when you’re making a final decision. Timothy Sykes, for example, started trading when he was still at college and made a lot of his money there. He found fame on a television show and has gone on to mentor other traders from there- producing a number of millionaire students.
Once you’ve figured out the kind of person a trader is and how successful they are, you need to have a look at their tactics themselves. There are a lot of different ways to approach trading nowadays and these kinds of high-profile traders tend to use extreme measures. Of course, some stick to the basics. Their methods are simple, they’ll keep things nice and easy for you and won’t encourage you to take too many risks- especially at the beginning. Other traders, like Sykes, will continually post pictures online of their lavish lifestyles and high earnings in a bid to inspire you. They say that if they can do it, anyone can and you could be that next millionaire student. These methods bring a fair bit of criticism- some say it’s an unrealistic picture of trading but the proof is in the pudding; if they can do it, why can’t you?
Looking at individual programs will also give you a good idea of what you’re getting into, as well. Certain programs by different traders will have different things available and you need to make sure you know what you’re paying for before you get into something you regret (that’s right, it probably will cost you money!). With a lot of traders, they’ll have a number of different packages for you to choose from. Their cheaper options will include the basic instructions on how to trade; some instruction sheets, tutorial videos, and answers to some of the most basic questions. If you’re willing to pay a little bit more, you could get access to some live chat rooms and broadcasts of live speeches by your chosen trader. This will give you a great opportunity to almost attend classes with them and take some up to date advice on board. Timothy Sykes Millionaire Program, for example, costs a hefty fee of $5000 to sign up for but once you’re involved, you get access to all of his materials, chatrooms and get his best advice on how to become a millionaire. It’s not cheap, but if you’re you’re willing to take it seriously it’s been proven that it can be achieved.
When you sign up for these kinds of programs, you also need to think about the amount of money you’ll be investing in. If you’re just starting out in your trading career, this is particularly the case. You don’t want to be splashing too much at once; if you’re not an expert, you’re much more likely to make a bad call and lose your money. This isn’t a bad thing; it’ll prove to be a learning experience and you’ll move on from it. However, if you spend too much on a losing stock right at the start then you could lose the finances you require to progress. Spend wisely to start with until you build up the knowledge required to invest more safely.
Choosing the kinds of stocks you’ll be investing in is key as well; there are a few different types and you don’t want to be continually dancing between them all right at the beginning. Timothy Sykes, for example, invested most of his time and money in penny stocks at the beginning of his career. If you go down this path and focus on a certain type of stock, you’ll be more likely to find long term success.