Trading: From Competency To Skill
To be competent means to have the necessary theoretical and practical knowledge in order to engage in stable and effective trading. However, this is not enough for a real breakthrough: you need to become a master – i.e. gain an understanding of the connection between “knowledge” and “action”.
Competence is necessary but not enough to be considered a master.
In practice, basic knowledge helps you to stay “afloat” until the moment when trading begins to bring the desired results.
This represents a process of evolution – of both the Trader and the Person.
Options for gaining competency in trading
1. “Explicit” education (theoretical)
It includes webinars, articles, courses, books and video tutorials. It is important to understand that, despite providing in-depth, detailed knowledge about trading and analytics, such resources cannot give you the same “sense of the market” that masters possess. As a rule, conducting quality practical education is the missing link in the evolvement of most traders.
2. “Implicit” education (practical)
This is the most important part of the evolutionary process. The active nature of trading on financial markets in itself is an incubator of training, because it immerses the trader in an atmosphere of extreme concentration, discipline, speed of reaction and continuously changing “initial data”.
3. Achievement of specific goals
In order to dramatically increase the effectiveness of training, learn to set goals – those that you want to achieve with the help of successful trading. So, not only will you quickly begin to master the necessary skills, but also understand what it is all about.” There is a nuance: goals must be truly global. The process of achieving them will then inspire you and give you added confidence in your own abilities.
4. Clear view of the process
When learning, you must clearly understand how to go from “point A” to “point C” and exactly which “point B” you have to master along the way. Proper training will encourage you to achieve new goals. Being constantly in the flow of knowledge (following news in the feed on the trading platform, subscribing to UEZ Markets social network updates, attending webinar courses, reading books and articles, studying analytics on the UEZ Markets News blog daily) means you will be in a concentrated information field. It will form the main facets of competence in you, support high motivation in achieving goals and ensure the most effective immersion in the topic.
During this process, you will quickly notice growth: first you will begin to understand issues that previously seemed difficult, and then, due to the continuous effect of multiplication, get involved in that very evolution.
Trading: From Competency To Skill
Mastery is the ability to make successful decisions even in difficult conditions. It is a skill honed from a state of habit. The level of training depends on the number of trainings and on their quality. However, the duration of intense, concentrated sessions in front of the trading platform should be limited. You need relax and look after your health in order to begin achieving your professional and personal goals.
Thanks to systematic training, even very complex tasks are performed automatically. But despite this response being the result of effective training, it can become a problem when dealing with new scenarios. Therefore, it is necessary to create new, extreme situations every day, in order to you help increase your level of professionalism.
Evolution occurs only when we are so stressed that new efforts must be made, so that we can adapt.
The advantages of trading are that, in order to achieve mastery, it is not the number of years spent in front of a monitor, but the quantity and quality of practical training “sessions.”
• Acquaintance. After registering on the trading platform, the first thing you need is available information, support from the broker’s team and the trading community.
Very often, without external encouragement, novice traders are often not strong enough to overcome initial difficulties. Therefore, it will be beneficial for your further development to keep a trading diary public – for example, in the form of a story about your trading with UEZ Markets using YouTube.
• Evolvement. A trader begins to concentrate on a specific area of activity (for example, he decides to choose “only commodities” or “only technical analysis”) in order to achieve serious results.
Gaining competence – and the pride this brings – is an important motivation.
The support of your family is also extremely important, which means that your next of kin should not interfere with your trading regime.
• Self-improvement. For a limited number of people, mastery can become the main aim of life.
The goal is not competency, but the maximum development of one’s abilities and skills. The chosen activity by this time begins to occupy their thoughts and the vast majority of the daylight. In this situation, one does not get tired of intensively practising and mastering complex skills.
Becoming a master is a great goal, and here are some tips to help you:
- practice on the UEZ Markets Demo platforms
- study courses at uezmarkets.com
- read market analytics at branded blog UEZ Markets
- do not hesitate to ask a question to the UEZ Markets support team. We are here to help!