Why Work with a Trading / Mindset Coach
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.
- 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.
- 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.
- 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.
- 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.
- 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