How To Find The Right Trading Coach?
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If you've ever considered hiring a trading coach, enrolling in a trading course, or purchasing a trading book, this idea has probably crossed your mind. Why teach people about making trades if "the coach" is so knowledgeable about it? The proverb "Those who can, do" applies in this situation. Those incapable of teaching. Meaning that people who fail at something get into the teaching profession to mentor others.
Many individuals disagree with the notion that a trader who struggles to make significant profits should instruct others. But does it really matter how well your coach does personally? Is a full-time trader more qualified to assist you than someone who doesn't trade anymore and who has never decided to trade? You might realise that you weren't paying some folks the respect they require and were perhaps giving others too much credit when we weigh the advantages and disadvantages.
Defending Both Positions
A trader coach will assert that they have a distinct advantage over a non-trader coach. This may be the case if the coach has a solid track record to support this assertion, but just because someone is an expert trader does not automatically imply that they can teach others how to trade.
On the other side, if a coach is also a strong instructor, they can still be of tremendous use even if they do not actively trade. A non-trader mentor may have previously had success as a trader but has since decided to stop. There are several reasons for this, including the fact that some traders favor coaching to trading, find trading to be too stressful, wish to assist others, or have already achieved success and are looking for a new challenge. It's also possible that the trader has abjectly failed at trading. Although it may at first appear that this individual would not make a good coach, this is not always the case because we can learn a great deal from the mistakes of others. Furthermore, just because one individual found it difficult to put a particular strategy into practise for themselves for lack of discipline, mental, or physiological factors, does not imply that another person won't be successful utilising the same approach.
Both parties can probably agree that an individual is able to have firsthand knowledge of what students will encounter in attempt to coach somebody else. Coaches essentially need to have some kind of industry experience. The coach must be aware of the challenges that the students will face and be able to guide them around these challenges. Although they won't necessarily need to have traded themselves, they will at the very least need to have been in a situation where they may have observed others doing so. Observation is an excellent instructor somebody should have for teaching of others.
A Closer Exam
There are great and bad coaches who trade, as well as excellent coaches who are no longer deal (or never traded), on both sides of the debate. Consider a sport for a second. The top athletes in the world compete in professional sports, but they are frequently coached by people with less talent. This is acceptable because the coach's role is to develop the skills of the trainee. The fact that coaches lack the characteristics of a top performance athlete does not preclude them from identifying and enhancing those characteristics in others. On the other hand, we've had some incredible athletes who were unable to pass along some of what gave them great efforts.
We place a lot of value among those who don't trade directly the marketplace professionally when we consider trading or investing. Using a variety of instruments and techniques, market analysts assess the market and share their findings with others. Some analysts are frequently quite correct in their market analyses, even though many may not be traders. They are able to foresee outcomes without having an attachment to the results because they have a bird's eye view of the developing situation. Even though the knowledge comes from somebody who may have never executed a trade, most traders find these insights to be useful.
The dealer faces challenges because they have never entered a trade. When an analyst could be able to predict the direction and size of a move, the market is always fluctuating, and if a trade is completed at the incorrect time, the swings might wipe out a portfolio. In this situation, it would be advantageous for a student trader if a trading coach turned the information into something that could be traded.
How to Choose a Coach?
There is no absolute standard for which is preferable because there are valid points made on both sides. What matters most is whether they provide you with the skills and information you need.
If the coach is teaching you in a way you understand and you feel you are getting your money's worth, that is what counts.
Trading and coaching is a business. Coaches need to recruit students – this is how they make money. Therefore, sales pitches abound across media sources. When seeking to improve your trading, this can be overwhelming. That said, you can often narrow your search down quite quickly by following a few simple guidelines.
- Don't Focus on a Coach's Personal Results: Don't worry about whether a potential coach was a trader, is a trader, or what their personal track record is or was. Personal trading results don't matter; what matters is how a given coach's students are doing. Look for reviews by students about a coach or training program, and if possible contact a few students directly to ask them about their experience.
- Avoid Getting Emotional: Sales pages are meant for the hard sell. Therefore, sift through sales pages with an analytical mind, not an emotional one. Is there any substantiation to an advertiser's claims? People who know the markets know that no one is right all the time, so skip past coaches and programs that promise outlandish results.
- Consider Your Personality and Style: If you have some experience already, look for someone who meshes with your personality and style. Do you understand the language the coach uses? Does the method used seem simple and easy to understand? Complex methods can be hard to implement and may not be easily passed from one person to another. Also, if you can't understand what someone else is saying when you are first introduced to their work, it is likely only going to get harder to understand down the road.
The Bottom Line
Good information, coaching and training programs can be found, but in order to hit on the best possible program, traders need to do some research. This includes finding reviews of any product or service being considered, and touching base with those companies or individuals to see what they have to offer. We can also discard any offers that promise outlandish results or are hard to understand. Trading can be difficult, but learning about it should be much easier – especially if you take the time to seek out the best possible sources.
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