What is coaching?
Coaching is a powerful, collaborative relationship between a coach and a willing individual which enables - through a process of discovery, goal setting, and strategic actions - the realization of improved trading results.
Coaching is also a body of knowledge, a technology, and a style of relating that focuses on the development of trading potential.
Coaching is inter developmental in that the collaboration develops both the coach and the individual being coached.
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What is a Personal Trading coach?
A Personal Trading coaching is an experienced trader who has a good understanding that trading is easy; but making money is an entirely new ball game.
Personal Trading coaches assist their clients with developing a focused mind set of a successful trader. This is the result of hard work, experience, capital and discipline.
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How does coaching relate to other trading seminars and programs?
For some traders, coaching complements and enhances their experiences with other trading seminars and programs.
While for others, it brings clarity and understanding to the vast amount of information trying to be digested.
Some training and trading workshops typically focus on tools, techniques and trading setups, but rarely on interpersonal factors between the trader and his/her emotions.
Coaching can specifically address these interpersonal factors and can dramatically increase the likelihood of success of traders understanding their comfort zone as it relates to different trading styles.
As a technology for trading performance improvement, coaching provides a structure for measurement of quantifiable results.
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How is coaching different from training?
Training is a process whereby a "teacher" delivers a prescribed curriculum or body of information to "students", often for the purpose of preparing them for particular roles or skills.
Training does not typically take into consideration the uniqueness of peoples' existing skills, motivation or commitment, and it does not usually result in radical shifts in people's thinking and actions.
Training tends to reinforce traditional trading styles and dependency on top down analysis of stocks and trade execution.
Coaching guides the person being coached through the learning process of becoming a successful trader.
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What is the basic philosophy of coaching?
Simply put, it is that people are great, that we're all discovering what we really want, and that we can get what we want more quickly and more easily by having a coach who's been there and who can help us.
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Why do trader's hire a coach?
People hire a coach because they want more, they want to grow and they want to do things more efficiently and effectively.
Coaches help a client get all three, quickly.
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What makes a trader ready for coaching?
A trader is ready to use a Personal Trading Coach when they express a need for one or more of the following:
- Creating a set of habits that promotes innovation and accelerates trading results
- Improving trade knowledge of setups, better risk and money management, and retaining profits
- Producing better results from present trading strategies
- Creating a more vital trading life style
- Establishing a common framework for identifying and eliminating past mistakes
- Creating a clear trading vision for when to trade and not to trade
- Developing and sustaining trading confidence and learn how to take trading losses
- Learning to control emotions related to trading
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What results do you get from coaching?
The most common results are:
- You take your trades more seriously.
- You take more effective and focused actions immediately to cut losses.
- You stop chasing the market and allowing your emotions to control you and begin discovering how to manage your trading emotions.
- You create momentum so that it's easier to get profitable results.
- You set better and more realistic trading goals that are more attainable and help improve your trading.
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What does a coach focus on?
Coaches focus on where their clients need them the most.
Part of their discussions often include:
- Getting the client's trading skills strengthened.
- Helping the client build up their confidence.
- Helping the client set goals based on individual trading styles.
- By including these with what each client wants, coaches help their clients have fewer problems and focus on what will make them the most successful trader. Clients really enjoy this approach.
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Why does coaching work?
Coaching works for several reasons:
- Synergy between the coach and client creates momentum.
- Better goals are set -- ones that naturally pull the client toward the trading goal rather than goals that require the client to push themselves to the trading goal.
- The client develops new skills, and these skills translate into more success.
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Do traders who are already doing really well in their trading ever need a coach?
They might not need a coach, but it may still be helpful to find the answers to questions like: - Am I maximizing my trading opportunities consistently?
- Am I trading multiple trading styles?
- Am I tolerating any bad trading habits?
- Is my trading consistently profitable?
- Am I constantly changing my trading goals too fast?
Often, traders have the ambition to expect more out of their trading lives. A coach can help in this process.
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Can a dependency be created between coach and client?
Not really. The client may "need" the coach in order to maximize an opportunity or accelerate their growth, yet not be "dependent" on the coach. Anyone who's working on major changes "needs" structure, advice, support, and a place to brag, so, in that sense, the coach is certainly helpful, but an emotional, psychological dependency is not created.
The coach works with people who are just fine and strong enough on their own. Remember, we're not resolving issues here or healing anything broken. The coach is simply helping the client to create a better future.
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Can coaching hurt someone?
No. Remember, coaches aren't doing psychological work. They're not trying to control the client's thinking. They're not cattle prods; they're partners.
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Can I hire a coach just for a short-term, specific set of topics?
Yes. Some clients hire a coach to help them accomplish specific trading goals or learn new areas of focus. Usually, however, the client keeps working with the coach after that because there are even more interesting things to accomplish.
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How long must I commit if I start working with a coach?
Most coaches ask for a three to six month commitment, but usually let you stop immediately if coaching is not working for you right now. Very, very few coaches ask for a written agreement or contract.
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What does it cost to hire a coach?
Most personal trading coaches working with individuals charge about $200 to in excess of $500 per hour. Well known trading coaches and other coaches with exceptional skills or specialties may charge more. Some coaches may work with a client for an hour or two a week. Most coaches tailor their approaches to their clients' needs.
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