There are many books on the market for stock traders, to help with your trading mindset and psychology. I find these books fascinating and interesting and often right on the money with the topics they discuss. My question is, "do they help?" I think for some people, in some situations, they do. Overall, I think we traders need more help with our psychology and mindset than a book can provide. While the book can provide ideas and tools , working with a trader coach directly with personal one-on-one sessions is much more powerful. I wanted to look specifically at what a coach can help you with, in case you ever consider working with one. 1. Accountability—Having a professional on your team that you can check in with and be accountable to is invaluable for some people. Especially if this is set up on a daily basis. Perhaps you’re sending your trades to your coach daily for feedback. This can greatly affect your behavior in the market as you know that your coach will be reviewing what you do. 2. Setting the structure—Helping you create structure such as trading plans, clarity on your risk management, and tools to help you with your emotions. This also includes getting clarity on when to trade, when not to trade, the best time of day for you, what you really want as a trader, etc. 3. Seeing your blocks—it’s usually hard to see our own shortcomings. Having a coach who is skilled at recognizing behaviors, bad habits and blocks... and reflect them back to you can be invaluable. Once we are aware of these impediments, we can start to change them. 4. Powerful questions—Expect a good coach to ask you powerful questions which are designed for your particular situation or challenges. The questions get you thinking in new ways and open up new avenues, behaviors, and beliefs to help you move forward in a more successful way, with increased confidence and reduced fear. 5.Championing and support—A good coach will supply positive support and feedback to help you see what’s going well, even when you can’t. Getting this positive feedback and helping you focus on what you’re doing well is very important. Most people tend to focus largely on the negative. For those of you who have not worked with a coach before but have thought about it, I hope this gives you an idea of some of the value in having a relationship like this. Trading is hard enough to create success in. The odds are pretty low in the industry to consistently make money. So if you’re serious about your success and you haven’t yet created it, it may make sense to use all helpful, accessible tools to your advantage. Coaching is not always 100% but I am able to assist 60 or 70% of my traders obtain success. Overall, I think coaching on the psychological level or getting a therapist to help you with your mindset can be a very valuable tool. If you may be interested in support reach out to me and we can schedule a consultation. I hope this was helpful, happy trading, Andrea For full article go to- https://enlightenedtraders.wordpress.com/2020/11/05/why-work-with-a-trader-mindset-coach/
hi Andrea..i totally agree about mindset..in fact..i would go as far to say that it is the most important aspect of trading..if your head is not right..how can your trading be right ! i have seen some very worrying information put forward by so called "reputable" people..one such instance was a PowerPoint presentation put together by a brokerage/software firm..to cut to the chase..the main point put across was as follows.. "there is only one way to make money trading against the pro's..you have to learn to trade like them" what do you think of a statement like this? M3
I agree with you about psychology being so important. Hmmm, You have me curious. . . I think I would have to see the context of the sentence. But overall I’m a believer that there’s a lot of ways (strategies) to trade successfully. I don’t think it has a lot to do with “being like the pros.” I think it has more to do with having a great strategy and being able to follow it.
i don't have the presentation at hand..as it was about a year ago i came across it..it basically had all the hallmarks of a broker sales pitch to get more gullible people involved in very short term trading based on order flow analysis..hence the remarks that to "make money trading index futures you "have to" learn how to trade like the "pro's".. this of course is pure rubbish..for a start..the algo trading boom is just another step in financial scheming to maintain the status quo..and we all know what that is since the "cozy cartels" started to die off in the early eighties.. in fact..using order flow analysis can be detrimental to the small trader..as all he/she is doing is getting caught in the myriad of trades that the "pro's" are executing with black boxes..which can vary from such silly things as gann divisions to fractional fractals..but as usual..it is not their money they are throwing around..and they get paid..very well at that..no matter what transpires so..should the aspiring trader waste loads of precious hours..and loads of hard earned money..on learning to "trade like the pro's"..or should he/she take a big step back..and look at a chart !!! M3
A statement; "Trading like a pro" as some sort of standard to attain is imo a futile kind of statement to make to the wannabes. This as, 'Pros' can have all sorts of psychological issues, no different from the rabble, be it a divorce or gambling addiction or alcohol etc. These things will definitely affect a trader negatively. Another, Pros can often be well connected, highly educated, come from the right pedigree which opens doors or have substantial financial backing which the rabble will rarely attain. Probably can be compared to a racehorse or a any pedigree animal, given the right circumstance they will rise to the top but if there is any type of abuse be it physical or mental in their lives, those chances drop quickly.
Yes, and I'm guessing that most "pros" actually do much more poorly financially then a solid good experience Trader.
I've seen trading competitions at the CME Group that shows such as fact that the top pro trader performs poorly against top retail traders that have solid trading experience. Yet the difference may be that the Pro trader in a competition is independent and away from his / her institutional trading firm whereas the experience retail trader is use to being independent. wrbtrader