The Right Coach/Mentor?

[angelaktariel 10]

So, I am wondering, how does one find a coach? How do you even look for one? Do you look for one that you can see face to face, or someone you just talk to on the phone, or just in a chat room? I don't know where to start.

 

I am at the point, where I want to find someone who can help me set up my day trading system. I am trying to keep it simple as Brownsfan says, but I need to be able to speak to someone about the day to day things one does, when they do trading full time.

 

I am about to get the right capital to have a good chunk to trade with and for now I am looking to trade stocks strictly. I would be interested in futures and options, but I don't want to get an overload and want to learn those as I have perfected one thing at a time.

 

So, I am asking you guys, those who really jumped into this, as I am planning on, how do you find a coach, mentor, or whatever you may call that person who is going to help you day to day in the beginning.

 

I would appreciate the help. The education is tremendeous here, so I know I am asking the right people. If anyone would like to call me, if they have time for a chat, even a quick one, if they can help, please send me a PM and I will send you my cellphone number, as I wasn't sure if I should just advertise it for the world literally to see...hehehe.

 

Thanks,

Eva

[torero 10]

Hi Eva,

 

You can check LBR.com and tradethemarkets.com. I think they do face to face mentoring if this is what you prefer, but I don't think you can do that for a long time (1 week course) without putting alot of money. This is the reason why phone or chat room mentoring is a cost-effective way of doing it.

 

I think you can go any chat room and just familiarize yourself to the traders and their styles of trading and try to see if they can mentor you. I think this is better than those paid chat rooms where are 40 traders all being mentored by 1 or 2 persons. You can go to TL chat room and hang out and see if anyone is willing to help you out. It just a matter of getting the right match that is important. Good luck.

[brownsfan019 17]

Eva,

The coach/mentor thing is a tricky one. You'll want to screen any services that you pay for very hard. In particular, you'll want:

 

• Someone that trades similar to you. No point of having a scalper mentor you if you plan to trade 1-3 times a day.
  
• Similar/same markets.
  
• References that you can contact would be great.
  
• Local or in the area, would be even better.
  
• Need everything in writing when paying.
  

The value of a coach/mentor cannot be underestimated. The problem in trading is that there are many 'coaches' out there more than willing to snatch up your dollars. You really have to do some research to make sure it's a good fit.

 

As a side note, I've thought about doing something along these lines down the road. The problem is that I think my fees would not be manageable for a new trader. That's the catch 22 here - any good coach, is probably going to be real expensive. And when new to trading, that can be a large capital expenditure.

 

I would start with checking the ads and articles in trading magazines. One that I see a lot BUT CANNOT SPEAK TO THE VALUE is http://www.tradingontarget.com/

 

Here's a thread I started on the same topic: http://www.traderslaboratory.com/forums/f37/trading-coaches-good-bad-or-indifferent-2084.html

 

Keep us posted on your search. If you came back to this thread and provided reviews, that would help many traders out.

[brownsfan019 17]

Eva,

You can also sometimes find decent pay for seminars at http://www.tradersexpo.com

 

I believe Adrienne and others have spoken there in the past, so that could be a way to see some of these coaches live before plunking down any serious cash. Again, have to do your homework first.

[monad 10]

According to some folks on teh VSA thread, Joel Pozen is an excellent coach especially in the field of Price/Volume relationship and market manipulation by smart money. It might be worth contacting some of these guys via PM to get more details.

[fred333 10]

That sounds like a great idea.

[zdo 20]

90% of trading coaches are sincere and well intended - but 80% of trading coaches are incompetent. They attribute their own deficits to you and try to fix them. They ‘re actually learning to trade by teaching. They learn to fix themselves by learning (usually unsuccessfully) how to fix you – and as soon as they get it they no longer coach. Hm… so, basically, few trading coaches are actually strengths based…

 

I suggest you go for mentor instead of a coach. Unless you can precisely state your trading style and predilections, expect to go through a series of potential mentors before hopefully finding a fit. If you aren’t yet sure of your trading style(s), I would suggest you spend equal time in self exploration to your ‘screen time’ until you ‘know thyself’ - then apply the ‘speed dating’ technique to find a mentor.

 

If you want to post (or PM) your trading style – I will put together a few referrals for you.

 

All the best

[torero 10]

Very nice suggestion zdo! How true it is. I agree with the mentor part, I think it's the experience that needs to be relayed and learned rather than the technique of trading. I think the last part to success is more mental than market competence.

[AbeSmith 10]

Angela,

 

You might be interested in signing up for the free videos at tradethemarkets.com. They also have free webinars from time to time. Also you can sign up for their trading room, last I checked they had a free 14 day trial. There is also tradingeveryday.com. They have a free trial for their trading room as well. Last I checked their trading room had few visitors, and I found that I was getting more personal attention there than at the tradethemarkets.com trading room. Tradingeveryday.com had lots of emphasis on stock trading as well. I don't remember tradethemarkts.com doing any stock trading. Mostly they seem to do futures. But they are traders still so you migh find their videos helpful. And ofcourse there is Trader's Laboratory which is my favorite hangout. The people here are friendly and the site is well managed. When I first got interested in trading I read all the posts in the beginner's forum. Found it to be very helpful.

[angelaktariel 10]

First of all, thanks all of you for your answers, I knew I would get great information here.

 

 

 

Torero - funny you mention Tradethemarkets.com, as that is one of the sites I have been looking at, and do receive their free (so far) video e-mails and I like their style. I know they have the one on one, group face to face training and online as well, so that is a company on my list to check into as well. I am checking into LBR, as that is one I haven't heard of. I agree with you about the chatrooms. I did check in one day here and people who were there were very helpful, so I will pop in there more often. Also love the site in your signature line. Is that yours? Great stuff for sure.

 

Brownsfan - thanks for the pointers and I also read your thread of how to find the right coach and that is certainly helpful. Adrienne is going to be my psychology mentor, I already spoke with her and she gave me sort of an outline of what I should do. We talked about a certain school perhaps to attend, or find a mentor. After thinking more about what that school can offer me, I decided as I am getting my capital together quicker than anticipated and I have basic knowledge I have learned already, I would benefit more from a mentor than a school that would cost $5K just to get to a mentor that would cost me another $7.5K. I hope I don't sound too confusing here..hehehe. I also signed up for the tradersexpo and I am in the LA area, the next one here will be in June, but I already have my car gased up and ready to go...hehe. I will keep this thread update on what I find, so other people can learn as well.

 

Monad - thanks for Joel's name, I will check him out as well.

 

Zdo- You are too funny...hehehe....specially the speed dating part. Thanks for inserting some humor.... I am not sure what you mean by trading style, and by saying that, perhaps that means as you said I need to explore myself. All I know is that so far I am interested in plain old stock trading, specifically trading tech stocks, but exploring other sectors as well. So far I have been mainly swing trading, but have been glued to my stock's charts all day watching them to learn how they move, and what seems to make them move. Again, I am pretty much a beginner, but incredibly motivated to do my best, with the information I can find (which so far have been books and CD's). Pretty much willing to do whatever it takes, by that I mean that I will do what my mentor says or recommends. I guess when I said coach and mentor, in my english (which is not my first language, so forgive me for that) was meant the same, so thanks for clarifying as far as who I should be looking for. I am sure there are a lot of people who are good at what they do, but I have to make sure I will be mentored by the right person, with the right style and type of trading as you and Brownsfan both pointed out. I live in southern california and I will also need to switch to a new broker as currently I am with Ameritrade and they are not exactly the best for daytrading. I am also looking for advice on the right software and such, again, I am a beginner.

 

Thanks everyone so far for your input, it is helping me, and stirring up more questions in my head to answer or find answers for.

 

I welcome more inputs.

 

Thanks,

Eva

[angelaktariel 10]

Abesmith - Thanks.....yes, the only reason why I haven't jumped on tradethemarkets, as they do seem to trade futures mainly and for now I am into stocks. I do get their free videos already and love it, that is why I thought of them for being my mentor, but again I like stocks and they like futures...

 

I will go ahead and check out tradingeveryday.com, thanks for the tip on that.

 

And yesss...TL seems to be the best so far. As you said people are very nice and friendly, not mention knowledgable. The chatroom was a nice experience, as I wasn't boo'd on for being a beginner, definitely a plus, so I will be back for more.

 

I really just need a little start up help, point me to some directions and such. I am pretty good self study and good at researching and as I said, so far I have not made too many stupid mistakes by applying good discipline to my trades.

 

Just ordered Trading in the Zone book, which I know will be even more help and now trying to decide between two books on Technical Analysis. One by John Murray and one by Robert Edwards and John Magee. Any suggestions on which one? I will check the reviews here, as I know James does a great job of reviewing books.

 

Thanks,

Eva

[AbeSmith 10]

Eva,

 

I'm not sure about a book that deals strictly with technical analysis. Perhaps other members can give you some better suggestions. I also don't like reading very much.

 

However, I have 2 books that I read partly that I think you might find useful. They are both well known books.

 

1. Beginner's guide to day trading online, by Toni Tuner. This was the first books I bought about trading. I gave her a harsh criticism in the beginner's forum once, but in retrospect, and after reading more of her book, I think she provides useful info, and lots to do with stock trading. I'm about 2/3 done with it.

2. The Market Maker's Edge, by Josh Lukeman. I read about 1/4th of this. It has sections on technical analysis. Seems like a good book

[angelaktariel 10]

Hi Abesmith again,

 

I loved Toni Turner's book, that was the first book I read. I thought it was very easy read and covered a lot of great stuff for beginners, which I am. To me it was very beneficial. Again, wasn't too technical, easy to read. I would recommend that to someone who has no clue about it and not to mention she talks about stocks, and that is what I am interested in right now.

 

Not familiar with the other book you mentioned, but will check it out. I don't mind reading books, as I love to learn and that is one way of doing it, but would love to hear some feedback, as those two books have been pretty well reviewed on Amazon, however who knows who is really reveiwing those books...hehehehe. That is why I am asking here....

 

Another book that is awesome, well, at least I think so, is the Stock Market Wizards by Jack Schwager. I think you might find that interesting as it's interviews with top traders. I love it, as it talks about how people trade different things and with different methods. It just gives my ideas on what possibilities are out there, so it's helpful.

[AbeSmith 10]

Hi Abesmith again,

 

I loved Toni Turner's book, that was the first book I read. I thought it was very easy read and covered a lot of great stuff for beginners, which I am. To me it was very beneficial. Again, wasn't too technical, easy to read. I would recommend that to someone who has no clue about it and not to mention she talks about stocks, and that is what I am interested in right now.

 

Not familiar with the other book you mentioned, but will check it out. I don't mind reading books, as I love to learn and that is one way of doing it, but would love to hear some feedback, as those two books have been pretty well reviewed on Amazon, however who knows who is really reveiwing those books...hehehehe. That is why I am asking here....

 

Another book that is awesome, well, at least I think so, is the Stock Market Wizards by Jack Schwager. I think you might find that interesting as it's interviews with top traders. I love it, as it talks about how people trade different things and with different methods. It just gives my ideas on what possibilities are out there, so it's helpful.

 

Eva, I haven't read the Stock Market Wizards, but I have read the New Stock Market Wizards, also by Schwager. I liked it. Since you are interested in these type of books, I would recommend Millionaire Traders, by Kathy Lien and Boris Schlossberg. There is a review about it here at TL. I have read about half of this book, and it has lots of the charm of the Schwager book, except that it is about evey day successful traders who trade from their home rather than institutional traders.

[angelaktariel 10]

Thanks so much for the recommended book, I just added it to my Amazon wishlist. I have to finish the books that are coming my way first, otherwise nothing will be finished.

 

Eva

[AbeSmith 10]

My pleasure Eva. Glad to be of help.

[The Bear 10]

 

so far I am interested in plain old stock trading, specifically trading tech stocks, but exploring other sectors as well. So far I have been mainly swing trading,

Thanks,

Eva

 

Plain old stock trading is a great skill, and I recommend if you like it and feel comfortable doing it, stick to it. Make sure you don't get suckered in to thinking that more elaborate or esoteric instruments are they keys to making money. I started trading stocks and then moved to oil & gas also....I tried stock index futures too, but never could make much money doing it...i'll do it here and there for small gains, but that's about it, and before anything I wanted to trade options...but thankfully I never did. Now is a great time to be in the stock market. If you can learn and not get killed in todays market, you may just last.

 

I personally don't believe in mentors, but that's just an opinion. Send me a message if you want me to try and dig up a short list of books that I found useful.

[Phantom of the Pits 10]

Behavior modification is perhaps the biggest hurdle you will face. You must have your thinking correct in order to be in the 15 percent.

 

"Phantom's Gift" is a good book to read. Just do a search and it's free!

 

POP

[angelaktariel 10]

Thank you Phantom for stopping by and answering a newbie like me. I feel honored. Found your book and will be reading it for sure. Can't wait for your second book to come out.

 

Thanks so much!!

Eva

[Phantom of the Pits 10]

It's my pleasure...good trades!

 

POP

[james_gsx 16]

Eva since you're trading stocks, have you thought about signing up for IBD? You might have already talked about it in a previous thread, I'm not sure. But it's definitely well worth it.

[Jasonn 10]

http://www.traderslaboratory.com/forums/f30/searching-trading-mentor-s-7179.html

[Ingot54 13]

Just dusting this thread off since it hibernated 15 months ago.

 

So - does anyone know if Eva found her solution?

 

I found a few links to similar threads - not exhaustive ... :missy:

 

http://www.traderslaboratory.com/forums/f37/trading-coaches-good-bad-indifferent-2084.html

 

http://www.traderslaboratory.com/forums/f30/anyone-know-where-find-personal-mentor-653.html

 

http://www.traderslaboratory.com/forums/f30/searching-trading-mentor-s-7179.html

 

http://www.traderslaboratory.com/forums/f30/trading-mentor-necessary-not-171.html

 

The purpose I am wanting to re-open the inquest, is because for me personally, this is becoming a gorilla in my trading room - a glaring lack on my part. Far from seeing a Coach/Mentor as someone who can turn me into a clone of themselves, I think the right Coach would already have the insight to avoid such an outcome. They would determine MY strengths and weaknesses, and understand MY system, and work with me on that basis.

 

I am not so arrogant as to believe I have the best strategy available - but it is working for me ... at least it has shown me that it is now up to me to execute the thing well, if I want to move out of part-time employment for good. A Coach might point out a few tweaks perhaps, or maybe even recommend a makeover or to even scrap the method - dunno really - but I am happy with it as is. (I've heard a good trader can make money with any system, but a poor trader can not win with even an excellent system!)

 

What I am unhappy with, is my progress. There is very nearby, another breakthrough, and another. Reaching those breakthroughs is proving a little elusive, yet I can see the next step right in front of me, but can't touch it.

 

Given that good help comes at a price, I am willing to pay whatever it takes, as long as I am not "taken". And given that I don't know anyone personally, through at least regular correspondence, the job becomes even more vexing, to find that kind of support.

 

I do know of a good Aussie coach, but as I have moved further north away from Brisbane, this is almost out of the question, unless I can work with him via Skype etc.

 

Earlier in this thread, there is a link to Adrienne Toghraie's site here:

 

URL Deleted by Moderator

 

and a pretty good looking Home Study Course is offered.

 

The questions that arise are:

 

a) Are these Boxed Courses all they are cracked up to be? I mean, do seriously motivated student-traders actually get enough usable stuff that CAN be applied to make that breakthrough?

 

b) Compared to the cost of the Coach I know of (ca $200/hour) are these courses comparable? (I already know and trust the coach, and had 2 sessions going back a couple of years now) I feel I would probably do better with live assistance as opposed to a DVD feed.

 

c) Can any successful trader remember back far enough to know why this question is being asked, and then care to share their own pathway? (successful = you have "Trader" written on your IRS return/Income Tax return, stating 'TRADER' as your main occupation)

 

I find the influence of a Psychologist to have a very useful place in trading, but how does that rate as compared to Mentor, and/or Coach? Or are the 3 terms subtly intertwined and all indispensable in terms of getting a professional to assist?

 

I think the trader needs to be not only 'ready' to use a good coach - they also need to worthy of the coaches' time, notwithstanding that they are paying for the person's time.

 

Just putting it out there ... thoughts?

 

Getting a Coach seems to be the natural next step here.

Edited February 6, 2011 by Mysticforex

[Mysticforex 13]

I had a rather unique experience finding my Mentor.

 

I had been trading Forex about a year. Had recently blown up my third account. I was humbled and didn't know what to do next. I was searching Amazon for another trading book to buy, find a new strategy, something, anything. I came across a book, written by a popular Forex Trader, that was fiction. I figured why not? I needed a break and maybe something a little light hearted. I ordered the book. It turned out to be auto-biographical, about a trader starting out. This trader had made all the mistakes I had made, felt all the emotions I had felt. I almost felt he was telling my story. When I finished the book I sent the author an Email. I was surprised when he answered my Email. I replied, he replied, etc. Soon we were exchanging one or two Emails a week. He asked me how my trading was going, I told him I was struggling. After a few weeks he sent me an Email inviting me to spend some time at his office and trade with him. He also said he wanted to see what I was doing.

I wound up spending a week there. A few months later I went back for 2 weeks. This time he let me camp out in the office ( I live about 500 miles from his office). He had 3 employee's, and whenever I was there he sent out for lunch everyday, and took us to dinner a few times a week. After that I would visit twice a year for a few days at a time.

About a year ago he moved to California, I havn't been out there yet, but some day...

We still keep in touch several times a week, send each other trade ideas etc.

 

A small serendipitous event changed my life.

[Ingot54 13]

I had a rather unique experience finding my Mentor.

 

I had been trading Forex about a year. Had recently blown up my third account. I was humbled and didn't know what to do next. I was searching Amazon for another trading book to buy, find a new strategy, something, anything. I came across a book, written by a popular Forex Trader, that was fiction. I figured why not? I needed a break and maybe something a little light hearted.

 

I ordered the book. It turned out to be auto-biographical, about a trader starting out. This trader had made all the mistakes I had made, felt all the emotions I had felt. I almost felt he was telling my story. When I finished the book I sent the author an Email. I was surprised when he answered my Email. I replied, he replied, etc. Soon we were exchanging one or two Emails a week.

 

He asked me how my trading was going, I told him I was struggling. After a few weeks he sent me an Email inviting me to spend some time at his office and trade with him. He also said he wanted to see what I was doing.

 

I wound up spending a week there ... We still keep in touch several times a week, send each other trade ideas etc.

 

A small serendipitous event changed my life.

 

MysticForex

 

I enjoyed your serendipitous moment re a mentor, and all you did was evoke a bit of yearning in me for the same. Sigh.

 

I hope there is a Genie out there in some bottle just waiting to be smashed, that will bestow on me the enlightenment and skills I crave. Maybe all the bottles are already smashed, and all the Genies are running rampant with totally expended wishes!

 

Never mind - I am mostly self-taught and read as widely to the level I can understand, and this is why I have hit the wall now - I have come to the end of myself.

 

Maybe there is a Genie bottled up inside of me waiting to be released?

 

The bump to that thread:

 

http://www.traderslaboratory.com/forums/f30/right-coach-mentor-3335.html

 

was an attempt to raise these issues for many of us. We are very fortunate to have quite a few probably successful traders on TL and I expect some decent feedback (like yours) might yet eventuate.

 

But I don't believe in the Magic Silver Bullet - unless I mine the silver myself and cast the die to mold it to shape. No, the Intrinsic Factor has to be identified and birthed, and I can tell you, this event will not be still-born. And I don't believe in Genies either. I already know what is required to get to the next level - I just can't identify the bit that needs the work, to raise it from the subconscious.

 

I have always been a Fox Terrier of sorts, in that when I get hold of something, I will not rest until I have subdued and mastered it totally. I have a depth of stubbornness and commitment that WILL lead me to my goal.

 

But every dog needs a man too, and I am looking for that master.