3 Questions all beginner traders ask when learning to trade

As an expert trader and trading mentor, Exness Team Pro member Dennis Okari frequently encounters the same questions from beginner traders. These novices, eager to learn how to trade, often grapple with doubts about their potential for success and whether trading is a legitimate way to earn a second income or even sustain a full-time career.

I recently had the opportunity to sit down with Dennis and pose a few questions myself. During our conversation, he revealed the top three questions that beginners ask him—and why these queries are so important to understand.

Is trading a scam?

“The number one question I get from beginners in my region is ‘Is this a scam?’.”

Dennis explains that the reason many people in Sub-Saharan Africa (SSA) are hesitant to explore CFD trading is because of the pyramid schemes and scams that have taken advantage of naive and trusting individuals in the past.

“We’ve had a lot of these scheme projects coming and saying to people, ‘We have this cryptocurrency, put in capital, you’ll get this money back…’.”

Before becoming a full-time trader and mentor, Dennis worked as a journalist and handled a lot of these types of stories. 

“I would hear things like, ‘Dennis, me and my family and around 200 of us put money into this thing and we thought it was legit, but the person has disappeared…’.”

For Dennis, part of helping people on their trading journey is first helping them get past the idea that anything other than a traditional nine-to-five job is a scam or not a sustainable income-generating venture. 

“For beginners, it’s important to explain to them and show them how trading has worked for me and that it is not a scam, but also teach them from my mistakes when I was a beginner. For instance, how to pick a trustworthy broker to have security and protection of your funds and trading account.”

How much money can I make?

“The internet is full of people showing off their wealth and these larger-than-life videos of luxury, etc. If it was as easy as throwing in a couple of thousands and becoming a millionaire in a week, we would all be millionaires,” says Dennis.

Part of his mentorship program is guiding new traders to understand that to reach their goals as traders, they must develop discipline and trading skills and try out different trading strategies and methods through safe, risk-free demo trading accounts.

“Again, it’s about renewing their minds and thinking and removing unrealistic expectations. I tell them that they first need to understand how these financial markets work, how making money with trading can be an up-and-down journey with wins and losses, and taking things one step at a time.”

How long will it take to learn how to trade?

"This is one of the most important questions," Dennis begins, "because many people, especially in SSA, who want to get into trading fall into three categories."

The first category comprises very young people who are still in university. They look at the economic situation in the country and feel that traditional job opportunities are scarce. Consequently, they seek alternative ways of earning a living, and trading presents a viable option.

The second group includes those who are already employed but dissatisfied with their current jobs. They don’t love their nine-to-five roles and are looking for a way out, viewing trading as a potential side hustle or an additional revenue stream.

The third group consists of people who have left employment, either due to retirement or layoffs. After COVID-19, many businesses have faced disruptions, leaving skilled individuals looking for new opportunities. Trading becomes an attractive option for them as well.

Dennis notes, "Many young people in SSA can't get a job and are frustrated. They want to learn a skill online because they've been told that all you need is a laptop or desktop and internet access, and you can trade from anywhere in the world. So, it becomes an easy option for them."

For beginners, understanding how long it will take to learn to trade depends on several factors, including their commitment to developing trading skills and exploring different trading strategies. Dennis emphasizes that it’s not an overnight journey.

In essence, the time it takes to learn to trade varies for each individual. However, with dedication, a willingness to learn, and the right guidance, beginners can steadily build their trading skills and navigate the financial markets successfully.

“When I hear of someone who got scammed or has been going around in circles trying to learn to trade, I always feel sad,” says Dennis. When I started trading, there were no mentors that I could reach out to. So I feel I owe it to the trading community to give back and offer my knowledge and guidance. My satisfaction in life would be to see thousands of my trading students succeed from my experience and guidance and become financially independent and enjoy life.”