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5 Ways To Grow Your Trading Knowledge For Free 

 July 16, 2020

By  Rayner

Last Updated on

Summary

In today’s episode, you’ll discover 5 free ways to expand your trading knowledge.

So tune in right now…

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In today’s episode, you’ll discover the best timeframe for beginners to trade (it’s not what you think).

So tune in right now…

Resources

The Best Trading Books of All Time

Transcript

Hey, hey, what’s up my friend? 

In today’s episode, I want to share with you five ways to grow your trading knowledge for free (I know that’s everyone’s favourite word). 

Resource #1: Trading podcasts

For those who are not familiar with it, podcasts are content that you listen on-the-go, kind of like listening to the radio. But this time around, the topics that are covered are all trading-related. 

A couple of podcasts that come to mind are:

Chat with Traders, by Aaron Fifield

He interviews traders of different backgrounds, some are prop traders, some are quantitative traders, some are people outside of the trading arena as well. But it’s pretty interesting. 

It’s kind of like the modern-day Market Wizards but in an audio version. You can learn a lot of tips, techniques or trading concepts from all these different traders, and it’s free.  

Better Systems Trader

This podcast focuses on quantitative trading. This is for you if you want to trade stuff with mechanical rules but don’t know where to start.

They interview these quant traders who will share their trading concepts, how they trade and so you should be able to get some insights or strategies which you can then do your backtesting on to see if it works for you or not. 

That’s the first resource – trading podcast.

Resource #2: Trading hubs or trading academies

For example, if you’re into forex trading…

BabyPips

I’m sure you’ve heard of BabyPips (if you haven’t, then go and check it out). BabyPips is a free website which gives you a solid foundation of forex trading. 

It shares with you the basic stuff like what is a pip what is a forex market, who trades it, and then it goes into the more advanced stuff like, indicators, trendlines, etc. It’s very dedicated to forex trading.

TradingwithRayner Academy

On the other hand, if you are not a forex trader, maybe you’re a stock trader, then you can check out the TradingwithRayner Academy (it’s free as well). Just go to my TradingwithRayner blog, then click the “Academy” button at the top. 

Over there at the Academy, we have free courses that cover stock trading, forex trading, candlestick patterns, common trading terminologies. 

Then we have lessons on price action trading, indicators, candlestick pattern, so there are a lot of stuff down there which are free as well. 

These are what I call trading academies or trading hubs where you can just go in with a blank slate of mind but you will leave feeling like, “Hey, I’ve learned a lot of stuff after a week or two.”

Next…

Resource #3: Your trading journal 

This is great because it’s free. And you just need to use like Excel or even pen and paper if you want to. 

What you’re going to do is to pretty much record your trades, the trading setup that you’re taking, whether is it a breakout, trend reversal, trend continuation or whatsoever. I don’t care, just record down your trades. 

Then you also want to record down the outcome of the trade, whether it’s a winner or a loser, how much did you make or lose. 

And you want to record down in terms of R. So for example, let’s say you risk $50, and you make $100. That’s a profit of 2R. If you risk $50, and you lose $50, that’s a loss of 1R, so you’ll put -1R. 

Once you’ve executed several trades, like 100 trades, you can identify which trading setups are the ones that are making you money, and then which are the ones that are costing you money or are not as profitable. 

The key thing here is to focus on the setups that make you money and avoid the ones that cost you money. This is free knowledge, but this is powerful. 

I’m sharing this with you but I’m pretty sure 90% of you out there who are listening to this now will not do it. But the 10% who do it, it will be a game-changer for you, trust me.

Resource #4: Trading books 

To be honest, trading books out there are not exactly free because you have to spend some money on it. But I know some of you are pretty resourceful, and you have your own ways to get stuff for “free”. 

Amazon

If you don’t know where to start, just go down to Amazon and search for maybe price action trading. And whichever books with about four stars rating or higher, with more than 100 reviews, those are probably pretty popular among traders. You can start with those books. 

Google

Alternatively, you can go down to like Google and search for let’s say, best stock trading book, and then search for it on Amazon to see if that book on Google is popular on Amazon as well.

If it is popular, then there’s a good chance that’s a book worth reading. 

So the fourth thing is books. 

And finally…

Resource #5: YouTube videos

There are some YouTube channels that I would recommend to traders.

Humbled Trader

Especially for those of you who are new to trading, the first one is Humbled Trader. It’s by a female lady, talking about day trading stuff which is very real.

So if you’re day trading the US stock market, you can check out Humbled Trader. 

The Trading Channel by Steven

If you’re into price action trading, you can check out the trading channel by Steven. He dives deep into price action trading, covers a lot of stuff about it which you can check out, and it’s all free. 

Adam Khoo

He shares a lot of stuff on his channel as well. There are indicators, there are trading, there are investing. Again, it’s all free. 

Ultimately, I would say there’re a lot of resources out there but it can be overwhelming if you don’t know what you’re looking for. 

First and foremost, you got to be honest and ask yourself, what are you trying to accomplish? Are you trying to be a price action trader? Are you trying to master investing? Are you into options trading?

Once you know your goal, then it makes your life easier to know what to look for. Because if you do not know what you’re looking for, then anything that comes your way might be something that you want to dive into, and eventually you get overwhelmed. 

Instead, take a step back. Ask yourself, what are you trying to accomplish? If let’s say, you’re trying to be a forex trader, then just dive deep into all the forex trading materials out there, ignore the options trading stuff, ignore the stock trading stuff, ignore everything else.

Once you learn as much as you can about it, and you level up enough to dive into other areas like options trading then feel free to do so. 

But don’t do that right at the start because you’ll likely overwhelm yourself. 

Just a quick recap…

Recap 

  1. Podcasts: Chat with Traders and Better Systems Trader
  2. Trading academies: BabyPips.com or TradingwithRayner Academy 
  3. Your trading journal 
  4. Books from Amazon or through Google search
  5. YouTube channels which are mostly free – you have a Humbled Trader, The Trading Channel and Adam Khoo

With that said, I wish you good luck and good trading. 

I will talk to you soon.

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