A lot of new traders seem reluctant to pay for a Forex Trader coach and that can have a huge negative effect on their trading performance. I have never really understood why they are so reluctant because coaches (A.K.A. Instructors, tutors, mentors) form such a big part of our daily lives.
If you think about it, anything that we want to achieve in our lives, or anything we want our family or friends to achieve, if it is difficult, stretching and with plenty to learn we almost always get a coach!
Want to learn to drive - get a driving instructor!
Want to learn a new language - get a tutor!
Want to learn a new musical instrument - Music Teacher!
Most people who want to learn to drive a car will eventually succeed and the proven route to do this quickly & easily is a driving instructor ( A.K.A. Coach). However most people who want to learn to trade Forex profitably will fail so would anyone want to try to learn Forex trading without a Forex coach?
If you look at top performers in any profession there is always a coach, mentor or even a group of advisers. It doesn't matter if you're talking about a world class athlete, tennis player or even a business billionaire!
So if anything, that is difficult to achieve, becomes much easier with a coach and if more than 90% of Forex traders fail it is really blatantly obvious that getting a professional Forex coach is the best (if not the only!), quickest & CHEAPEST route to success
But who do you pick as your Forex Coach?
Here is what I would look for...
1. Experience
Pick someone who not only talks the talk but has walked the walk, someone who is making money from the Forex markets and has been doing so for at least 5 years, and so has seen all different market conditions. They can help you avoid some of the mistakes they made when they first started trading and fast track you to profitability.
2. It not just about the charts.
Learning how to identify the correct moment to enter a trade, where to put stop loss and how to manage the trade are of course vital but trading is far more about the correct trading mind-set that it is about more than just reading the charts.
You will need to learn to trade forex:
• risk management and position sizing,
• how to build a trading plan
• relationship between risk and reward and winning
• capital preservation (when not to trade)
• trading psychology when things go well and not so well
It is also important to learn that even with a successful coach not all trades will be profitable and you can even have more than 50% of your trades lose and still make money overall, learning how to deal with losing trades can be the difference between success and failure.
You will also need to learn about trading account management, how many trades to be in at a single time and how strict risk management can benefit their trading.
Having a coach that can teach you when not to trade, how to preserve your capital and how to deal with losing trade in essential. Creating the correct trading mind-set and having strong trader psychology which allows you to stick to your proven trading plan.
3. Someone that will hold you accountable?
Having to show all your trades and the explain the reasons for taking them to someone who knows more than you about it is a huge benefit to a new trader.
Just by asking yourself the question:
'What will my Coach think about me taking this trade?'
... adds another important layer to your decision making progress. There is nowhere to hide bad decisions.
4. Coaching is used in so many areas of life
As I said at the start, coaching is by no means unique to trading it is prevalent in most fields from sports to business and it is recognised as the way to achieve great things!
"Steve Peters is the most important person in my career," Victoria Pendleton, World and Olympic Cycling Champion said about Dr Steve Peters, Consultant Psychiatrist to the British Olympic Cycling team.
"Many of life's failures are people who did not realize how close they were to success when they gave up" - Thomas Edison.
To improve your trading, it's always essential to obtain the right forex training in order to maximise your chances of long-term success. Visit us at The Lazy Trader to discover how you can trade from only minutes a day.
Article Source: http://EzineArticles.com/?expert=Rob_Johns
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