Education · 1 of 5

The path

There is no diploma or licence. The people who last treat it like a slow apprenticeship, with a job paying the bills.

1. 1

   Learn how markets work

   2 to 3 months

   Orders, spreads, margin, options and tax, from free broker and regulator material before any paid course.

2. 2

   Practise with fake money

   3 to 6 months

   Use a practice account and write down every trade and why you made it.

3. 3

   Trade very small with real money

   6 to 12 months

   Tiny positions in a regular cash account, so mistakes cost little and you keep your tax-sheltered accounts out of it.

4. 4

   Keep a full record

   1 to 2 years

   A journal of every trade, fee and result. If it does not show a profit after costs for a year or more, you do not have an edge yet.

5. 5

   Only then think about scaling up

   Years

   Most traders who succeed kept a job until their record covered several years and their savings could cover a year of losses.