Trading Coaches - Good, Bad or Indifferent?

[brownsfan019 17]

We've all heard the adages that pro athletes and other top performers in their fields have coaches. An outside 3rd party that only has your interest at heart.

 

So my question is - has anyone dealt with a trading coach and how was/is the experience? I know the mod's don't care for websites to be posted for co's, but I would like as open and honest feedback as possible.

 

I'm sure some might say why bother and others may see the possible value here. It's the old Tiger Woods question, right? Why does the top golfer in the world need a coach? My point being that at what stage(s) of a trading career should a coach be present, if at all?

[TinGull 10]

The coach I'm currently with is Leroy Rushing, and he's a contributer on these boards. I wish I found him sooner in my career, though just being a little less than a year in it's soon enough.

 

A coach has helped me out tremendously in that I've got a set of experienced eyes looking at what I'm doing and he tells me as it is. No sugar coating. If I'm off, I find out quick enough what I should be looking at to make things improve. I'd say overall, I wouldn't be close to where I am right now without him.

 

There's also been another coach I've got my hooks into, and he likes to be kept kinda secret. If he chooses to let himself be known he will. He is on these boards. He's been a huge part of my progression thus far as well. Without those 2 people, I wouldn't be this far along, though I know I've got a long long ways to go yet.

[brownsfan019 17]

Thanks for sharing Tin.

[wrbtrader 10]

We've all heard the adages that pro athletes and other top performers in their fields have coaches. An outside 3rd party that only has your interest at heart.

 

So my question is - has anyone dealt with a trading coach and how was/is the experience? I know the mod's don't care for websites to be posted for co's, but I would like as open and honest feedback as possible.

 

I'm sure some might say why bother and others may see the possible value here. It's the old Tiger Woods question, right? Why does the top golfer in the world need a coach? My point being that at what stage(s) of a trading career should a coach be present, if at all?

 

I've had a trading mentor (coach) and it made a huge difference in fine tuning my approach to trading the markets.

 

He taught about all the things that makes a difference between being a profitable trader or a losing trader and those things had very little to do with my strategies.

 

In fact, when he visited me, immediately he saw many things I was doing wrong that had impact on my trading before I even tuned on the darn computer.

 

Further, he refused to work with me until I corrected those problems.

 

That's why I always recommend to traders to visit any trader mentor (coach) to see how he/she trades and teaches prior to investing time/money in that individual.

 

It doesn't stop there because a good mentor (coach) will do the same and that's the initial relationship I had with my mentor.

 

My point is that you really need to know what your problems are prior to soliciting a trader mentor (coach) and/or be lucky enough to find someone that can identify your trading needs prior to getting involved with you.

 

Therefore, its extremely difficult to find a right match and that's why many top athletes will move from one mentor/coach to the other until they find the right one.

 

Even then after they find the right one...they usually only stick with the mentor/coach until they move into a different stage of their athletic career that requires a different type of mentor/coach.

 

Also, some top athletes have more than one type of mentor/coach that deals with a specific task involving the athlete.

 

Thus, I strongly feel traders are no different in that as our career develops...

 

We need to be alert that its time to get a different type of help when looking for improvements in our trading when such improvements can't be done.

 

Getting help doesn't imply mentoring (coach).

 

Mark

[brownsfan019 17]

Thanks for sharing Mark!

 

Are you able to share with us what coach(es) you have used in the past and your thoughts of each?

 

Better question - are you, yourself, a coach now? I ask b/c you obviously have years and years of profitable experience and you would seem to be a logical choice for traders!

[wrbtrader 10]

Thanks for sharing Mark!

 

Are you able to share with us what coach(es) you have used in the past and your thoughts of each?

 

Better question - are you, yourself, a coach now? I ask b/c you obviously have years and years of profitable experience and you would seem to be a logical choice for traders!

 

Hi brownsfan,

 

My step-father was my first mentor in many ways when he was a floor trader at the time.

 

However, at that time I was a teenager just learning about what moves the market and I was not doing any trades.

 

The second mentor (the one mentioned in my first post) I do not want to reveal his name even though I believe I was the only one he ever mentored.

 

I myself do not mentor although I do get solicitations for such about 2 - 3 per month.

 

Yet, if I did mentor, I don't think anyone could afford me and the link below explains my personal views about mentoring programs.

 

http://www.traderslaboratory.com/forums/f30/educational-trading-programs-1657.html#post9866

 

Mark

[GCB 10]

I had a trading mentor for awhile. I still consider him my mentor. But I'm not employing his services at this time.

 

He taught me two very important things.

 

1) Take every legitimate setup religiously.

 

2) Traders are just people, just specially disciplined people. (He didn't teach me this I just learned it from getting to know him.)

 

It was a great and helpful experience. I also made a good friend. He's a great guy.

 

His name is Kevin. This is the link to his website.

 

http://www.protrader1on1.com/

[Reaver 10]

I am not a big fan of mentors/coaches, but that could be because I don't daytrade.

 

I may have a completely different outlook if I were a daytrader.

 

I stay in touch with a guy that has been trading for 30 years and bounce ideas and get advice, but nothing major.

[walterw 10]

I am not a big fan of mentors/coaches, but that could be because I don't daytrade.

 

I may have a completely different outlook if I were a daytrader.

 

I stay in touch with a guy that has been trading for 30 years and bounce ideas and get advice, but nothing major.

 

 

Got me curious here Reaver.. Do you trade long term ? cheers Walter.

[Reaver 10]

Yeah, I guess long term is relative- but I trade for days up to weeks...but if I found something I liked, I'd go with it for months.

[walterw 10]

Interesting... How did this down move treated you ?

[Reaver 10]

If you're referring to the drop in the dow...I only trade forex right now but I am waiting for USD/JPY to get done retracing and maybe hop on board for a nice carry trade.

 

But other than that, I didn't have any issues, as I just happened to have closed out of a GBP/USD and CAD/JPY position a day or so before the fall. I was blissfully unaware of the impending down move though....Just rang the register based on profit/momentum slowdown.

[walterw 10]

Oh Ok... so you are a forex trader... thats nice, I am trying to figure a way on this markets... are you planning to share some of your methods here on TL ? would be interesting to learn something new here... cheers Walter.

[Reaver 10]

My method is very simple and very discretionary. Hard to share really.....

 

Probably too boring for most people. Let me get a little more solid with my knowledge and I will try to help anyone here as much as I can.

 

I believe the key to forex is longer term.

[walterw 10]

My method is very simple and very discretionary. Hard to share really.....

 

Probably too boring for most people. Let me get a little more solid with my knowledge and I will try to help anyone here as much as I can.

 

I believe the key to forex is longer term.

 

No problem Reaver, if its boring normally is good... feel free whenever you feel confortable to open a thread about your method, it will be very nice to hear from... cheers Walter.

[Reaver 10]

Yeah no worries there Walter....I just don't want to seem like I am on a high horse by telling people how I trade.......I am very confident in my knowledge and what I do.....

 

But

 

I don't want anyone to assume the inherent risks in my method that I am comfortable assuming, as everyone has different tolerances. Being discretionary, it is hard to actually quantify what the set ups and exits are, as each trade is treated differently....Understanding the method (which is simple) is merely one part of it....the most important part is understanding what I am willing to lose and making constant decisions as part of the total approach to trading.

 

I will help out as much as I can though.