Last Updated on 17 November, 2020 by Samuelsson
In trading, as in any other industry, it’s always important to receive insights from the more experienced colleagues. This can help improve your performance big time. While you can learn some things on your own, having a mentor in trading can help achieve your objectives faster. Finding a trading coach who can help you expand your knowledge and expertise in this area should always be on top of your priority list when you are just starting out in this field. But how do you find the right person to follow?
To find a trading coach you should start by making a list of what you expect from a trading coach. Gain a general overview of the industry? Practically apply the theory? Learn more about the local market? Your search will be naturally guided if you have a clear image of who you are searching for. Finally, the simplest way to find a trading coach is to search for one through different online resources, such as social media, search engines or local online communities.
If you’ve been thinking about getting a trading coach, here we have some information that you might find helpful in your search!
The Benefits of Having a Trading Coach
Coaching is a practice encountered in various fields, a positive choice that can add value and help you grow in the long run. Having a trading coach increases your chances of developing positive behavior in trading and business. Also, a trading coach will help you work on your weaker traits by telling you what you need to hear at a certain point, helping you to make the right decisions.
Before you get started in trading, hiring a trading coach can help you see and understand important signposts for you in this business. A coach will work with you closely to help you understand the market and the trading principles. Moreover, a coach can help you identify your unique style as a trader and work with you on developing some discipline. Your coach will help you evaluate risks and guide you on how much risk you can afford to take.
It is a time saver!
Another advantage of hiring a trading coach to get you started is the time you save. If you get into trading alone and try to learn it all by yourself, you will probably go through a complex trial and error process, which will take much of your precious time. Also, you are prone to taking on bad trading habits that can cost more money and time in the future. Your trading coach will help you work with your bad habits and propose clear directions to correct your mistakes.
In all the fields, having a mentor helps a lot with the overall learning process. A trading coach can become a very valuable asset for any aspiring trader for various reasons. For example, you will be able to learn more from your own mistakes and understand what caused them in the first place. Having an experienced person to clearly see your mistakes and go through them with you can seem overwhelming, but it is in fact a great way to improve your skills as a trader. Psychologists say that our mistakes teach us more than our accomplishments. Imagine if you had a trained specialist right there when you made a mistake – you would take full advantage of the situation by correcting it, right?
Tips for Finding a Trading Coach
Here are some tips on what you need to consider when getting a trading coach.
1. Where to look for a trading coach
Finding the right teacher is challenging, but the process can be made easier with all the online resources that are available today. If you are looking for a trading coach right now, going online seems like the best choice; especially if you live in an area where trading coaches are difficult to find. Look through resources like LinkedIn and Google and you’re sure to come across a few good trading coaches to shortlist from.
Online resources can also help with finding a trading coach in your local area as the majority of schools and training programs advertise on the internet now.
2. Types of trading coaches
As the field of trading is wide and complex, so are the types of trading coaches out there. So, it is important that you choose your trading coach depending on the niche you want to master. Here are some examples of trading coaches that you may want to have your back:
- Forex Trading Coach – These are the professionals that specialize in the Forex market. The trading coaches that work with this area will help you gain a better perspective of Forex trading.
- Stock Trading Coach – The stock market is one of the biggest trading options around, so it can get overwhelming for newcomers who want to trade stocks. Finding a stock trading coach to help learn the most valuable insights is a good step in tailoring a future as a stock trader.
- Options Trading Coach – Coaches working in this field teach directional call strategies and non-directional strategies. If you are looking to get specialized in this area, finding an options trading coach is a great idea.
- Equities Trading Coach – These are the professionals that specialize in Equities trading and can guide you about the best strategies to apply if you want to be a successful Equity market trader.
- Day Trading Coach – If you want to make some quick money by trading within the same day, you must master the art of day trading with the help of a coach who is specialized in this type of trading.
Apart from these more obvious specializations, there are some coaches that focus more on the psychological aspects of trading, while there are others who deal with more practical trading matters.
3. Things to Consider When Hiring a Trading Coach
It’s important to be able to connect with your future trading coach, as you will be working closely for a longer period of time. Pay attention to the aspects below when you do your research. If the potential coach matches these criteria, there is a high chance you will establish a good teaching relationship, which means there are more chances for you to enhance your learning experience and become better in your field.
- Expertise and experience in the area you are interested in (forex, day trading, equity, etc.)
- Experience in managing both bigger and smaller accounts
- Experience as a trading coach
- A communication style you can understand
4. Be Aware of Scams and Fake Trading Gurus
As with anything online, there will be scams and fake trading gurus that promise impossible things for an amount of money in return. You have to make sure that you do not fall into a trap or get fooled by a scammer.
Here are a few signals suggesting that something is off:
- The potential coach doesn’t accept to have a chat via webcam/voice (for example, if you need to ask for more information)
- The landing page or social media profile looks incomplete or made up from stock photos and lacks important information
- There are unusual requirements you are not comfortable with (for example, early deposits that involve large sums of money or they ask for too much information about you)
- You cannot find any type of certification for the trading coach or there are bad reviews online about their activity
In the end, when you are looking for a trading coach online, the most powerful signal is the gut feeling you get. As a ground rule, do not get involved with a lot of money in anything that seems suspicious, hoping that it’s just an impression. A real trading coach will be open, transparent and ready to share his knowledge and insights about the industry in a professional environment.
Trading coaches are great for traders who wish to step up their game. With the help of an experienced mentor, you can fast track your success and get help with overcoming some of the challenges you are facing.
If you enjoyed this article you might also like our other articles answering common questions traders have!