Had the same experience. They can give you insight and moral/emotional support. But the final conclusion is that YOU have to do the hard work to succeed. Don't expect any miracle solution.
I think exploring the psychology of trading is good to know overall, so you realize your issues are psychological in nature. After that, if you use a mindset coach, you need more. Otherwise, it is like teaching someone how to ride a bike, by explaining it rather than having them get on the bike and have to balance. When I work with clients, we are digging to find the root cause of their challenge and it's personal and individual. Sometimes in one session they can have a realization about why they are doing something that has been there for years, and they didn't notice. But for that you really need someone on the "outside" reflecting back. If you want to succeed and do it sooner rather than later, getting help can help! First, you need to realize that the trading challenge(s) you're having are from your mindset. . . and not something that a better strategy, chart, indicator, etc. will fix.
So true. I don't think a psychologist would be too helpful. At the end we have to work on our mindset.
That's one thing every trader should know. Until and unless they work hard, expecting reward of any manner is useless. It is only their efforts that can bring them closer to success, rather than depending on anyone else.
I think the problem is in a lot of cases with trading psychology the trader doesn’t know what the work is that needs to be done. Having a trading coach or psychologist that can ask questions and see your blind spots can be extremely helpful in pointing out blocks, such as belief systems, and core reasons for your challenges, to help you to turn your trading around. It doesn’t mean you don’t do the work, it means that you have someone helping you see what the work actually is. And then help you step-by-step as you work through the layers of it. Again, it’s hard to figure out what the layers are on your own.
I have plenty of people coming to me with years of experiences and frustrations that they are not profitable. They are very knowledgeable about almost every system out there but they do not know how they feel about them self's or even know why they behave in a particular way. I would almost say, the more knowledge about systems, the lesser they are in touch with what makes them tick. Their number one response to frustrations when something is not working is more knowledge. Endless loop. If you are stuck, spend time on starting to know your self. Start with a psychologist to see if you have any trauma. Hating a parent is one of the number one reason people fail in life, no matter how smart you are. No trauma? You are blessed, but you still have to know your self. Only someone outside of you can help you get insights in your behavior. And that someone needs to be a professional like for example Andrea or Van Tharp that also knows about trading.
Very well said! That is my experience with most traders. Even writing a letter (that you don't send) to a parent whom you still have negative feelings toward, and letting it all out, has been known to free people up and help their trading. It is a simple tool but can be powerful and effective.
agree, sometimes therapy is the only solutions, which is the easiest way, btw, to solve all your issues related to trading