How to maximize your Trading Development

You have made significant financial commitments in this thing called trading, and would like to minimize the disruption of your trading .... You need some advice to get you through your trading journey, and are thinking that a coach could be the way to go.

If this sounds like you, you are exactly where I was a few years ago. I have been on both sides of the trader/coach relationship, and want to share some ideas on how to get the most out of your coach. Here are some key points to remember when considering a potential coaching relationship:

• Trust
  • Establish a level of trust within the coach/client relationship
• Goals
  • Communicate your key goals for trading.
  • The best results are achieved by a limited number of quantitative as well as qualitative goals.
• The Plan
  • Make sure that your coach understands the level of assistance that you require.
• Personality/Style
  • Ensure your coach's trading and mentoring style matches your needs.
• "Like Minded"
  • Make sure you are getting the adequate, dedicated focus and attention you deserve.
• Over Communication
  • Ask a lot of questions. You will become a better trader if you understand the reasons behind each session.
  • It also your job to make sure the coach understands how you are doing.
  • Take advantage of every opportunity to update on your progress.
• Belief
  • Coaches should have the skills necessary to create and enhance the traders ability to achieve their goals.
• Structure
  • Based on their experience, coaches should have the knowledge to provide the trader with a structured environment that will enable the trader to move safely and consistently toward one's goals. Structure gives the trader a feeling of control and confidence -- thereby strengthening the power of belief as well as increasing the probability of success.
• Clarity
  • There are two aspects of clarity:
    • Coaches should be able to explain goals, sessions, techniques and strategies in a clear manner that the trader can understand; and
    • Coaches should strive to remain independent from the trader's results, thereby being able to offer the trader the benefit of an objective opinion.
• Open
  • Coaches should be open to (and with) their clients. Traders should know that they will not be judged by their coaches. This builds trust between coach and trader, increasing the effectiveness of the relationship.
• Responsibility
  • Coaches must take full responsibility for the programs that they create. Likewise, traders must take full responsibility for executing the coach's suggestions to the best of their ability. When doubts arise, coach and client should review them together and agree to the overall strategy. This builds trust and strengthens the power of belief.

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