Coaching - a must?

Discussion in 'Prop Firms' started by QuoteBoy, Jan 22, 2002.

  1. I know its late, I always lose sleep when something is eating at me. I'm also too busy to think about this stuff during the day.

    What does the gang at ET think about having a good coach to learn trading and the significance it has had in your success?

    I do not prop/pro trade yet. I've got the license, some exp., industry knowledge, youth, desire, etc.

    My best coach in sports was a guy named Sully, great man, inspiring, and made me realize the best for myself. Under his coaching our team had an awesome record, and I took home lots of medals. If I wasn't such a know-it-all and listened to him more, then I definitely would have went further.

    If he was a trader, 1) I know he'd be successful, and 2) I'd be on his team in a heartbeat, no questions about it. He's deceased, and I'm thankful for the time I got while he was around.

    I'd be willing to bet that a lot of the reason that great traders are from or work at BB firms is because of the serious training lots of time learning, working as an assistant, etc.
    Its also logical that the opposite is true with with so many rookies at daytrading shops.

    with that said, I think I've got all the prep work to trading well under way. I'm now searching for a great coach, or training program, experience, whatever it will take to increase my success rate.
     
  2. dozu888

    dozu888

    At least on the technical side, if you have programming skills, you can do research yourself and look for your edge.

    Otherwise, having a coach is absolute necessary, otherwise how would you what makes money?

    Fooling around without a TESTED plan is really stupid... and I think most people in the market are doing exactly that.
     
  3. vikana

    vikana Moderator

    the trick is going to be finding someone who actually successfully trades himself. If you have a good trader friend or can be referred to a trader, thats just about the only way I can see it work.

    There are lots of charlatans who call themselves trader coaches who have no documented track record. I just don't believe much in coaches who don't trade.

    Fortunately, trading can be learned slowly by trading small while you develop your methodology.
     
  4. Josh_B

    Josh_B

    Question is, even if you are fortunate enough to come across someone who is really good at trading, what would be his incentive to take time and train you?

    Since a great part of a veteran trader's profits are due to "bad traders and usually newbies" taking his other side, teaching a newbie how to trade may even be a disadvantage for the veteran.

    Just a thought

    Josh
     
  5. I believe this is one sport that you are going to have to refine and adjust and re refine all by your lonesome. I agree it's very important to surround yourself by successful traders as opposed to a coach which by the way I never ever heard of a trading coach. If they are out there and are successful traders they certainly could make allot more money trading than coaching. This is by far the most enjoyable career (at least for me) but one thing is for sure before you become successful be prepared for most emotional and financial upheavals that one can ever experience.
     
  6. more of a mentor type. Anyone have a good/bad mentor in their day?
    I firmly believe I could go it alone. but today I saw a perfect example of what I mean. I was in the gym and I saw this guy working out by himself. He had the genetics for sure and seemed to be pushing himself, but I could immediately see he was off course, and could use some solid guidance, probably a partner to get more results. Anyway I know how to get results in the gym, most of it self-learned through trail, error and injury. funny thing is two thirds of what it takes to get results in the gym (proper diet and rest) have nothing to do with working out, go figure. speaking of rest, I only got one hour of sleep last night sweating out trading career dilemmas.:confused: thanks for the input

    Quote
     
  7. Although we do have mentoring programs in a few of the locations....I would like to say that you should not expect any program to teach you to trade successfully. I have had people sit and listen to me for days at a time, and I would make money and do my best to explain what I was doing at the time, my mental process and all of that....just to see them go off on their own and not perform too well.

    In another case, we have had several traders follow an excellent mentor of ours, and the traders did well while in his office, but when left alone they fell prey to the market. When using a mentor, be careful not to get too locked in to the "hand holding" aspect...be sure that you understand the "why" and not just the "how" of entry and exits.....so you can replicate the thought process, not just the mechanics.

    Good Luck!
     
  8. I agree with some previous posts that a good coach must also be a trader too. I have been a trader and at times I was awesome and at others, frankly abysmal. A good coach is someone who can work with you iintensely for a while and help to uncover your weaknesses and to to help magnify your strengths. Then should work with you on an ongoing basis to keep you "in tune"

    I would recc talking to a few, asking how they work well with people and what sort of results can be expected. There are no free lunches, and a good coach is expensive...Just make sure you make at least as much with your trading, as the coach will cost you.

    After all, not only the best atheletes use coaches, but so do corporate bigwigs.
     
  9. tntneo

    tntneo Moderator

    there are no shortcuts.
    a coach is only a coach. I do think it is very important to have one, although you should be your own most important coach.

    indeed a coach will not make you winner or even just win. YOU have to do that. just like in sports, the coach is not on the field, scoring (or not!).

    While learning, I am totally convinced it helps to have a coach though. He will remind you when you don't follow the plan or do your homework. Kick your butt when needed and cheer when needed. That's not holding hand, it's coaching. Telling you 'buy now, sell now' that's hand holding and it is worthless in the long run. but that's not what a coach is there for.

    tntneo
     
  10. alain

    alain

    If someone that wants to start with trading finds a mentor. That's great. But real mentors that can show you the way are hard to find. I had to do all on my own... I think when I would have had someone showing me where to go.. what to read.. what to be careful with... how to gain a perfect mental state of mind.. etc... It would not have taken me 4 years to learn to trade. I could have learned all that in just one year I think.

    But in my opinion a mentor should not be someone that tells you how a system works or what a chart is. A mentor should be able to tell you what it really is all about. Give you the edge... and I think even many really successful traders can't do that.


    alain
    switzerland
     
    #10     Mar 11, 2002