Trading for a living is not just about trading strategies. Operating as an independent trader is akin to running a business. To succeed, you need many skills beyond knowing when to enter and exit the market.
These skills are wide-ranging, covering topics like statistics and psychology. Hence, picking up these skills can be expensive and time-consuming.
Fortunately, with the growing pool of online courses, you can learn these skills without spending a bomb and in the comfort of your home.
Here, I have rounded up ten highly rated Udemy courses that can support your trading activity as you develop marketable skills beyond your trading career.
The courses below are organized into four groups:
Statistics & Data Analysis
- Course #1: Data Analysis Excel for Beginners: Statistical Data Analysis
- Course #2: Microsoft Excel – Excel from Beginner to Advanced
- Course #3: Microsoft Excel – Advanced Excel Formulas & Functions
Psychology & Cognitive Biases
- Course #4: Meditation for Beginners: How to Meditate Deeply & Quickly
- Course #5: Master Cognitive Biases and Improve Your Critical Thinking
- Course #6: Focus And Flow State: A Comprehensive Brain Guide
- Course #7: The Core Four of Personal Finance
- Course #8: The Complete Personal Finance Course: Save, Protect, Make More
- Course #9: Computers: Progress to Professional. How to master computers
- Course #10: How To Build a Computer: A Beginner’s Guide
Statistics & Data Analysis For Traders
Having a firm grasp of basic statistics is crucial for traders as it caters to two essential objectives:
- Selecting compelling trading strategies
- Evaluating trading performance
The three courses in this section teach you statistics and fundamental data analysis through the most common spreadsheet software, Microsoft Excel.
Course #1: Data Analysis Excel for Beginners: Statistical Data Analysis
As a trader, you will want to have a basic grasp of statistics for analyzing your trading results. It also helps you develop an appreciation for ways to deal with uncertainty and the value of large sample sizes.
You will most likely want to learn Microsoft Excel as it is a common and versatile tool for performing simple analysis with your trading data.
This course is perfect for a complete beginner in statistics and Excel. It kills two birds with one stone by teaching basic statistics with Excel.
Course #2: Microsoft Excel – Excel from Beginner to Advanced
It covers macros and basic VBA to help you automate repetitive tasks.
For instance, you can use macros to turn your raw CSV exports from your broker into spiffy reports with a click. No more endless copying, pasting, inserting, and deleting.
Course #3: Microsoft Excel – Advanced Excel Formulas & Functions
While this course has a smaller scope than the one above, it has a section on tapping into real-time data with Excel. If you need to monitor real-time quotes or other metrics from a website, this function is a fantastic time-saver.
With the advanced formulas you learn here, you can also create your trading journal with Excel.
Psychology & Cognitive Biases For Traders
Psychology plays a heavy role in ensuring consistent trading performance.
If you are in this for the long haul, you must develop strategies not only for the market but also for dealing with your mind and emotions.
Course #4: Meditation for Beginners: How to Meditate Deeply & Quickly
If you’ve been trading with real money in amounts you care about, you must have experienced the emotional roaster coaster ride that comes along.
You would understand that to be a resilient trader; you must learn to control the impact of emotions like fear and greed on your trading activities.
And the first step is to become aware of these emotions and be mindful of your mental state. Mediation offers an essential structure for doing so.
This introductory meditation course will introduce you to techniques for developing such mindfulness.
Course #5: Master Cognitive Biases and Improve Your Critical Thinking
Cognitive biases like anchoring and recency are obstacles to a trader’s success. These biases cause traders to evaluate their performance incorrectly.
To develop a long-term trading approach that works, you must avoid succumbing to cognitive biases. While we can never completely rid ourselves of such prejudices, it pays to stay vigilant.
This course explains four main cognitive biases and introduces debiasing tactics you can apply to overcome them.
Course #6: Focus And Flow State: A Comprehensive Brain Guide
However, it’s not easy to find resources that cover the topic of focus in a practical manner that does not overwhelm you with academic discussion.
This short course by Brain Academy fits the bill. It explains the limits to your focus, the types of distractions, and the tactics to improve your concentration.
It’s impossible to trade well under financial stress. This is why I always advise aspiring traders to get their personal finance organized before they even think about risking their hard-earned income.
In practice, there are two key areas to work out:
- How to fund your trading capital with your non-trading income
- How to improve your financial security with your trading income
But beyond that, you also need to adopt a more integrative approach. Recognize that your overall financial health is crucial to your mental state when dealing with the markets daily as an independent trader.
These two courses will lay a solid foundation for managing your personal finances.
(If you prefer a book, The Index Card: Why Personal Finance Doesn’t Have to Be Complicated is an excellent place to start for complete beginners.)
Course #7: The Core Four of Personal Finance
While the high-level personal finance concepts apply to most people, specific considerations and available options depend on your residency. Hence, United States residents will find this course more practical.
Course #8: The Complete Personal Finance Course: Save, Protect, Make More
As an introduction to personal finance, it might seem overwhelming at first. So it’s a good idea to zoom in on sections that are relevant to you.
But if you are serious about getting your personal finances in order, this course is definitely worth your time.
Computer For Traders
Many traders take the performance of their trading computer for granted. They don’t appreciate how much they rely on their trading terminal until something goes wrong.
Take a proactive approach by learning how to maintain your computer and keep it in a tip-top state.
Course #9: Computers: Progress to Professional. How to master computers
In this course, you can learn how to do so with an experienced professional computer technician.
Course #10: How To Build a Computer: A Beginner’s Guide
There are off-the-shelf computers you can use for trading, so building your trading rig might seem a little too much. But I’ve seen many serious traders attempting to do so.
If you want to trade with a computer that you can trust while learning how to troubleshoot computer hardware, this course is for you.
Master Rounded Skills To Run A Successful Trading Business
Being an independent trader involves more than just knowing how to trade. Many new traders fail to recognize this and encounter issues further down the road.
Some traders might make enough to justify outsourcing some of these non-trading aspects, but most retail traders remain a one-person operation. In either case, it’s still helpful to get a rounded view of the skills that support our trading activities.
Furthermore, these are practical skills that are valuable simply for personal development.
Finally, this is not an authoritative list of courses. No list can serve that role as every trader has unique needs and backgrounds.
Take some time to review your position and look for resources that best suit your requirements.
The list was first published on 23 November 2018 and updated on 21 January 2022.
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