Forex Coaching – An Insider’s View – Part Two
In Forex Coaching, Part One, I shared some thoughts on reasons why some people believe they don’t need Forex coaching and couple different types of coaches. Here in Part Two, we take a look at the benefits, expectations, and costs. Michael Jordan Had A Coach – You Should Too. I am a strong believer in getting coaching for whatever you plan to get really good at. How many professional athletes do you think got to the top without a coach?
What should you expect from a forex coach?
- Clear outline of the program and expectations
- Training materials and resources
- You should expect your coach to continue learning as well
- A consistent schedule
- Accountability program in place
- Easy communication structure
- Your coach should take notes on your progress and struggles
- They should get to know you personally
- Teach you more than just technical skills, focus on money management and psychology issues too.
What are the benefits of getting a coach?
- New strategies and ideas
- Learn to be a disciplined trader
- Hold you accountable for what you decide to do
- Trade journaling and journal analysis
- Facilitate proper planning
- Minimize costly mistakes
- Develop a healthy traders mindset
- Someone to bounce questions and ideas off of
- Ongoing support
What will it cost? When you look at the cost of hiring a coach, you have to believe there is value before you pull the trigger. Lets say the coaching program you’re looking at costs $7,000. Ask yourself these questions:
- Assuming that you can get to the same place on your own, how much time will you save with a coach?
- How many pitfalls will you avoid because you have someone who has been there as your guide?
- How many crappy strategies will you spend weeks testing in your search for the Forex holy grail?
- Most traders blow up an account as a part of their right of passage in the Forex market, what will that cost you and can a coach help you avoid that?
- How much is your time worth? It is widely understood that it usually takes 2-3 years or more to master this market, and see consistent results.
- What would it be worth to you to cut that time to 6-12 months?
- What could 2 years be worth to you as a successful trader? Â In light of the costs of failure, $7000 does not seem like that much really. The question is, can you afford not to get a coach?
In Part Three, I’ll share some thoughts on the pros and cons of using a large coaching firm or an independent coach. Is bigger really better?
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