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Are you thinking of becoming a prop trader? The best way to learn how is to take courses and seminars and read blogs. These are our top recommended resources.
Navigating today’s highly competitive financial market is difficult, especially for proprietary (prop) traders who need the latest skills and knowledge to succeed. Prop trading involves a firm using its capital to trade financial instruments, like stocks, bonds, and derivatives, and then selling it to clients for a profit. If there are any losses, the firm bears these, which is why prop traders need essential educational resources that provide information and guidance. Keep reading to learn more about the diverse educational resources for aspiring prop traders.
Online Courses
One of the best ways to acquire knowledge and skills in prop trading is through online courses. You can sign up for free or paid courses, which will help you understand trading strategies, market dynamics, and risk management.
Free courses usually cover the basics of prop trading, but if you want to go in-depth, consider paid courses. Some platforms that offer courses on prop trading include Udemy, Khan Academy, and Coursera. These are our top three courses for prop traders:
- Pass Prop Firm Challenges with this Strategy (Udemy): This course will teach powerful forex scalping strategies to help you pass prop firm challenges and how to trade with, and grow, small capital.
- FTMO Master Class: Get Funded with Forex Prop Trading Firms (Udemy): This course teaches learners how to pass the FTMO challenge, avoid emotions in trading, use a forex indicator, and place stop loss and take profit settings.
- Financial Engineering and Risk Management (Coursera): This course teaches finance, leadership and management, risk management, and probability and statistics skills.
Trading Software and Tools
If you want full access to diverse resources related to prop trading, consider signing up for trading software and tools. These tools can help you make better decisions and enhance your trading strategies.
- Trading Platforms: One of the easiest ways to execute prop trading is with reliable trading platforms. Well-known platforms such as OANDA Prop Trader provide access to different financial instruments and advanced order types that enhance trading strategies.
- Charting Software: You should also consider charting software, as these educational resources can help you analyze financial instruments like stocks and derivatives. Charting software can analyze price movements and identify potential trading opportunities. The charting tools usually include technical indicators and can create custom trading strategies.
Books
Books have always been a valuable educational resource for those who want to learn about trading. Various titles can enhance your understanding of prop trading, teaching you strategies, risk management, the psychological aspects of trading, and dealing with unpredictable events in financial markets. Here are our top five recommended books:
- One Good Trade: Inside the Highly Competitive World of Proprietary Trading by Mike Bellafiore
- One Up On Wall Street: How to Use What You Already Know to Make Money in the Market by Peter S. Lynch and John Rothchild
- The Sleuth Investor: Uncover the Best Stocks Before they Make their Move by Avner Mandelman
- The Prop Trader’s Chronicles by Francis James Chan
- Trading in the Zone by Mark Douglas
Webinars
Webinars and seminars are interactive sessions carried out by market experts; they offer updated information and practical trading tips. Check out sites like The Trading Pit, Axis Futures, and the5ers.com webinars featuring experts in the industry.
Photo: AlphaTradeZone via Pexels
Blogs and Websites
Another way to stay updated with the latest information on prop trading is by signing up to blogs and websites for the latest market analysis and insights. Many prop traders share their strategies and experiences through personal blogs. The blogs offer real-world insights, industry news, and trading techniques. For example, TraderFeed by Brett N. Steenbarger and SMB Training Blog by SMB Capital.
You can also sign up for updates on websites that analyze a wide range of financial markets. These platforms offer research reports, trading ideas, and technical analysis. Websites like Investing.com and DailyFX offer market analysis.
Online Forums and Chat Rooms
Consider signing up on forums and chat rooms to exchange ideas. This gives you access to different ideas and trading strategies and allows you to share experiences and seek advice. There are also communities on platforms like X, LinkedIn, and Reddit that allow traders to engage with industry professionals.
Check out these platforms and online forums
- BabyPips.com Forum
- Forex Factory: Prop Firm Hub
- EarnForex: Prop Trading – Forex Forum
- The Motley Fool
Mentorship Opportunities
If you’re after personalized guidance from experienced traders in prop trading, sign up for a mentorship program. With one-on-one help from an experienced person, these programs help novices navigate the complex trading world.
An example is the Expert Prop Trading Mentorship offered by Axe Trader and the six-month Trading Mentorship Programme by TheLiveTradeRoom.
Constant Learning in Prop Trading
Get a better grasp of prop trading by using these educational resources, programs, platforms, and tools. They will help you develop the necessary skills to succeed as a prop firm trader. Keep in mind that using these resources is not a one-time thing. It’s important to keep updating your knowledge and stay ahead of the latest trends in prop trading.
