Successful traders didn't achieve their success by luck or chance. These traders capitalized on the tactics and strategies given to them by their coaches to improve their performance in trading.
- One of the ways to become successful and make lots of profits from your trades is to borrow the experience of a coach. In today’s world, a lot of traders neglect the importance of coaching because they think they know it all.
- Some traders feel that they do not need to get advanced knowledge of trading if they have been successful in the past. These types of traders keep motivating and pushing themselves and they are optimistic that they’ll make a profit in their next set of trades.
- However, things don’t work this way in the financial market or in any field of life! You may have tasted success in making profits in the past but you may not be successful in the long run as your trading activity is based on try and luck.
What is Coaching?
- Coaching involves the act of teaching and educating people in specific areas. Coaching isn’t limited to trading alone, coaching can occur in other fields and areas of life.
- A coach is a person who educates, teaches and lectures people to improve their knowledge and experience on a particular subject or area.
- In trading, coaches are tasked with the responsibility of helping their students to make better trading decisions by educating them on certain trading principles.
How Does Coaching Affect The Performance of a Trader?
How To Choose A Coach
" If I have seen further it is by standing on the shoulders of Giants." This statement was uttered by Isaac Newton one of the most intelligent people in the history of mankind and he was referring to his coaches.
Similarly, if you must achieve your dream goal of making success in trading, you will need to be groomed under the tutelage of a coach.
There are guidelines which you must follow before choosing a coach. There are so many self acclaimed ‘gurus’ and experts’ but practically, they aren’t as good as they claim to be.
1. They Must Be Willing To Teach
- First and foremost, your coaches must be willing and ready to teach you. There is no gain in getting a coach who has no time for you.
- If the coach is always busy and occupied with his own trading ventures, you are advised to get a coach who has the time for you.
- There will be a great flow of knowledge when your coach has the interest to teach you and when you are enthusiastic to learn.
2. They Must Hold Nothing Back
- Some coaches who are experts are willing to teach but they are too secretive. These type of traders conceal their trading strategies and they do not disclose it to their students.
- A good coach will grow your experience as a trader and educate you without holding back any information from you. On the contrary, a coach who finds it difficult to share valuable information cannot give you the right knowledge needed to improve your trading skills.
3. They Must Follow Their Teachings
- Always remember that “Real coaches practice what they teach". Before being a disciple of any coach, make sure that such coach practice whatever he teaches.
- A good coach should be sure of his trading plan. Some coaches are unpredictable, these types of coaches use their students as puppets to test different trading systems.
- You may fall into a ditch if you should learn under the tutelage of a coach who doesn’t follow what he teaches. Moreover, a good coach is known for being an ambassador of what he teaches.
Advantages of Getting Knowledge From Real Coaching
- Real coaching doesn't tell you what you want to hear. Instead, they tell you what you need to hear. Real coaching will not pet you while your performance is dropping, rather, they will criticize your wrong decisions and motivate you to achieve your dreams. If you are a victim of making biased trading decisions, a real coach will be honest with you and tell you what you need to know.
- The time, years and money that would have been spent in trials and errors can be saved for coaching. Traders who feel that they don't need coaching will end up in a huge mess; some lose thousands of dollars and end up in debt.
- You learn how to trade when coached by real traders. One of the advantages of learning from real traders is that they teach you how to trade and make profits.
- Furthermore, they change your behaviour and perceptions towards the market as an investment and not a gambling game.
- Real coaches notify about the ‘potholes’, ‘storms’ and risks that you will encounter in your career. As experienced traders who have encountered challenges, they offer you with solutions and ways to tackle any problem that comes your way.
- Apart from learning how to trade, real coaching lectures you on what you need to know to be financially literate. Financial literacy makes you know the way to handle financial assets and the best places to grow it.
Disadvantages of Not Enrolling With a Real Coach As a Trader
- It takes a lot of time for you to get results if you don't have a coach. Similarly, you could spend years making the same mistake over and over again before realizing your mistake.
- You may invest lots of money without getting tangible results. Consequently, this will have an effect on your mental and emotional state.
- You will find it difficult to compete with other traders who have coaches. Traders with coaches grow every day but traders without coaches cannot perform on the same level as traders with coaches.
- There are coaches who teach curated information to their students. You won’t become successful when you are backed by a coach who is not a real trader.
- If you intend to get a coach to improve your trading performance, you should know that the number of years a coach has spent shouldn't be a determining factor.
- ather, you should consider the level of experience under the belt of such a coach. A coach may have up to 20 years in the financial markets but has no tangible results to show for it.
- There is nothing better than having a real coach who's not a mere financial marketer, someone who can give you enough support to stay on the right track.
- If you are going through a sequence of poor trading results, the solution to this challenge is to register your interest in good coaching.