Forex Coaching – An Insider’s View – Part One
I’m going to try to shed some light on Forex Coaching. I’ve worked for years as a Forex coach – first for a big coaching firm and now in my own company. Here’s some thoughts on the subject from an insider.
Going It Alone. There are many people out there that do not consider hiring a coach to help them learn to trade, and then master the Forex market. (Yes, those are two very different things.)
People who decide to figure it out on their own usually don’t see the value in what a good coach (often called a mentor) can do for them. They either don’t think they can afford to hire a professional coach or they believe that they don’t need one. They talk to people online all day that are doing great and didn’t use a coach. They are really just assuming that those they chat with are doing great and did not use a Forex coach. Can you imagine? Here are some of the reasons people don’t get coaching:
5 Reasons Not to Hire a Forex Coach:
· You don’t need any help, you want to figure it out on your own.
· You want to save money, coaching is expensive.
· There is enough information online to get good at trading Forex.
· You get plenty of support on your favorite forum.
· You don’t really want to make any money, you just want a hobby.
Accountability is key: Arguably the greatest benefit to hiring a coach is the accountability. Having someone pushing us to do “one more lap”, or holding our feet to the fire when discipline is needed. We often times know what we should do, but lack the will to do it.
The question is, “Where does the leverage come from?” How does a coach gain the power to get you do do something that you don’t want to do, or are too lazy to do? You could give your coach some deep dark secret and they could threaten to release it to the world if you don’t comply, or maybe they could threaten to drop you as a student if you are not following the program. They might charge you extra every week that you have not done what you agreed to do.
Most of the time the student is aware enough to see that getting them to act is what they want most — even if they are less than motivated to actually take the action necessary on their own.
Types of coaches: There are basically two different types of coaches in every industry, nice coaches and mean coaches. Nice coaches use gentle encouragement to try and keep you on the right track. The “mean” coaches are not afraid to ruffle your feathers, piss you off and kick your butt to get you to do what you need to do. People respond better to one or the other. Excellent coaches will be able to determine what will work best for you and custom fit their motivation styles to fit you.
In Part Two, I’ll cover what to expect from a Forex coach and some thoughts on the benefits and costs.
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Good stuff Jared. will pass your blog url on with someone who mentioned that they are interested in Forex.
Am in your 4th Pillar group. You’re doing well on Alexa – bravo.