Forex Coaching – An Insider’s View – Part Three
In Parts One and Two of Forex Coaching, I discussed reasons why some people erroneously believe they don’t need Forex coaching and the types of coaches. Then talked about what to expect from a Forex coach and some thoughts on the benefits and costs. Now, let’s assume that you realize you would probably benefit from coaching – here are a few helpful thoughts about finding a coach.
Is Bigger Really Better? One thing you should consider is whether you want to work with a big coaching firm or a small focused operation. There are pros and cons to each. With a large firm, you have typically have more stability, more flexibility for you schedule, a more active hotline process and more professionally written materials.
On the downside, a larger firm is usually more interested in their sales force than their coaching staff. I worked for a firm for 1 year that had 34 coaches. The sales floor staff made a lot more than the coaching staff. Another problem is that as the customer you don’t get to pick who you work with, and they might be just as new to Forex as you. Believe me, in the firm I worked we trained coaches for 1 week, then gave them clients, even if they had never traded Forex before. Of the 34 coaches where I worked there were 2-3 that really made a difference to their students. Here is how I look at it, large firms are really just sales companies that are using the Forex market to to create a high profit margin product to sell.
On the other hand, if you decide to look at a small one or two man training/coaching operation, then you are for the most part really getting the opposite of the large coaching firms . Would you rather be nurtured by the owner of the company or pushed through the system by one of it’s hourly employees. You can usually tell when you go into a store who the owner is, he or she is usually much more helpful and sincere to the clients. They really care, because they have a passion for what they are doing. How would you like to be taken under the wing of a professional trader, someone with years of both trading and coaching experience? Someone that is more interested in your success that your credit card.
As a Forex coach, I am looking primarily for people who I can add to our Forex mastermind community. People that will both benefit and contribute to the community so that we can all become better traders. I have found that I trade better when I’m working with other people, it keeps me sharp. I also get many great ideas from my current and past students. Not to mention some really good trades. A one-man-show will not have the extensive manual you will get from a large firm, they will probably not answer your questions all hours of the day, but you sure won’t be shoved into a Forex trader cookie cutter template. You will most likely get what you really need.
Tying it up, I’m sure you are at least a little more informed when you are considering adding a valuable team member to your journey to success in Forex.
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