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Even the best have coaches

Sunday, 14 November 2010 07:19

Since I have become a trainer of traders I marvel at the number of traders that choose to go it alone in a very tough business. I equate our profession to that of high level athletics and even the best athletes use coaches througout their entire careers. Athletes know that they cannot perform at their peak on their own and that a team approach can help them perform better on the field which ultimately means more money in their pockets.

So why do retail professional trader like to go it alone? I would assume the main reason is spending the money for a coach and not trusting in that they will find a good coach for the outlay of capital are the most important factors in not being willing to build out their team. I believe the attitude is that money spent is less money available for trading capital.

What can a good coach help you achieve?

First, a good coach should be knowledgable about our business and understand trader psychology to help them through the most tough times. In other words a coach should be in the trenches trading themselves and of course have had success.

Second, a good coach will help you to be a sounding board for ideas that you have about trading. If you have been trading a while you probably do not need someone to teach you new methodologies, but you do want to have a coach that can you help you maximize your returns on strategies you are employing. Being able to bounce ideas back and forth is a great use for your coach, using your coaches knowledge should save you pain and money by his experience in knowing what works and what does not.

Third, a good coach is going to teach you new ideas about your own trading, will be able to look at your trading with a fresh set of eyes and tell you the truth when you are screwing up. Unfortunately the way the system is setup, your risk manager does not care that much about your trading. Their primary job is to protect their firm from losses, and if they can keep you trading longer, you generate more commissions for the house. When I work with traders, I have them send me their runs everyday so I can see what they are doing and together we find patterns of success and focus on accentuating those patterns.

I admire the trader that puts up their own capital and works hard at making it in this business. The entrepreneurial spirit and the drive and determination is commendable, but we all know that many people do not make it as traders and I think one of the most important reasons is they never find someone to help them through the rough times or help them to maximize their good times in trading. A seasoned coach that is a good communicator is going to be more than worthwhile if they better your chances at becoming a success in trading.

Do not go it alone, find a qualified teacher that can help you be a success. In the first month you will know if you have found someone good as you should see immediate positive results in your trading. You will see their level of commitment to you and the process, they will be more of a mentor than a teacher in that a mentor does not simply pass information along, but they have a caring about the students well being, it won't just be about the money you pay them.

I am one of many coaches out there so interview a few including myself and make the selection that fits your needs the best. I am not all things to all people, but I know that I have lots of experience, that I am a great communicator and that I will deliver far more in worth than what I will charge you. I know that with my help your odds of success goes up dramatically.

Contact me for a free consultation, read my blogs, buy my ebook if that is how you wish to get started, but don't fail out of this business because you did not use resources that are available. There are few better feelings in this world than succeeding in trading and hiring a good teammate is one giant step towards ensuring that success.