Trading is not a game and isn’t something to try out casually because your hard-earned money is invested into the asset that you trade. It’s a serious business that can make or break your life. That’s why you need to be careful about how you approach trading. You need to be smart about it and take any decision wisely and only after gaining proper knowledge about it. However, if you feel this is hard enough to do all by yourself, you can hire a trading coach for you.
But, you have to be careful who you choose. As with any other profession, there are good coaches and bad ones. When looking for a trading coach, it’s important to do your homework to be sure the person you choose has the right experience and track record to help you succeed.
Some basic steps to follow:
- The basic thing you can do is you can ask for references from someone you can rely on. Before working with any coach, make sure they give references of current or past clients willing to speak openly about their experiences with that person or company.
- Check credentials and background information carefully! Web pages often provide limited information on coaches’ backgrounds; it may also help to search for articles written by or about them to get more insight into what kind of person they are and what training programs they offer.
- Knowing this will help ensure that if someone claims something about themselves, there should be evidence backing up their claims. Otherwise, it could indicate trouble ahead! You should also check whether or not your prospective coach has been involved in legal disputes involving fraud charges before signing up because those kinds of things could come back later down the road when trying times begin hitting hard.
By following these basic tips you can shortlist some potentially good trading coaches.
Once you have a shortlist of potential coaches, the next step is to arrange a conversation with each of them. This might be over the phone or in person. At this point, it’s time to ask some questions:
- What is their experience? How long have they been trading, and what are their results?
- What is their background? Have they written books or articles that can shed light on how things work at a deeper level or do they just provide trading advice?
- Do they have an opinion about what makes for good traders and why, or do they teach whatever will make them money?
- Do they trade themselves, manage other traders’ money, and give individualized coaching sessions? If so, which group comes first—their clients or themselves and how does this affect your relationship with them?
- How do they achieve success in their trading career? Does their approach align with yours? Are there areas where you’d need to compromise because of differing philosophies and styles?
Ask for results:
When looking for a trading coach, ask to see their performance history. Ideally, you need someone whose track record is longer than five years and who provides excellent strategies that will perform in various market conditions. Also, ask what sort of risk management strategies they use and whether they are realistic and effective. Do they have a real-time tracking system so you can see your progress against theirs? If all else fails, sample some of their trades and judge them yourself!
Don’t have emotional traits:
- Make sure to avoid getting carried away by the hype of social media about various false trading news.
- Don’t fall for the marketing tricks and traps, such as “is it just a coincidence that this trader is making more money than anyone else?” or “this system sounds so simple, it must be right.”
- Don’t let your emotions affect your decision when choosing a trading mentor or coach.
- Avoid letting your friends and family influence you – they are not experts in trading or investing!
Try out your ways too:
- Do not rely solely on a coach.
- Manage your own risk.
- Try out your ways, too, and be open-minded.
These are the basic rules you have to follow to find out the best trading coach for you. How you want your trading will be or how much return you wish to have depends greatly on how the coach is perfect to make them real.