Day Trading Coach


What is a Day Trading Coach

A day trading coach provides guidance to new and seasoned traders, to assist the trader in achieving their goals.  The trading coach should be someone that has already obtained some level of success in the market.  The trading coach is much like a coach in sports.  This person provides you with a trading plan and reviews your trading performance, all in hopes of making you a more profitable trader.

Developing a Winning Attitude

Very rarely do new traders proactively seek help from winning traders initially.  Most traders come to day trading coaches after taking a number of lumps in the stock market.  Since these day traders come with broken spirits, the first step for a trading coach is often rebuilding the trader's confidence.  Attempting to trade when upset or depressed is a guaranteed way to lose money.  Like sports a winning attitude is 80% of succeeding at day trading.  The day trading coach will assist in developing this winning attitude by giving you a number of exercises.  These activities will range from positive thinking, to reading self-empowering books.  This all sounds a bit silly, but just changing your mindset will improve your bottom line results.

Trading Plan

The day trading coach will also assist in the creation of your trading plan.  A day trading plan is  critical to your trading success, as it keeps you focused and prevents you from over trading.  The trading coach will review your system and after interviewing you to assess your strengths and weaknesses will assist in the creation of a plan that works specifically for you. 

Live Trading

Some trading coaches provide courses and interviews to assist the trader, but the best coaches will show you in real-time how to make money.  While simulation trading will assist in testing your day trading strategies, you must learn from a seasoned veteran.  Your trading coach should provide access to their trading room and or allow you to sit next to them during a trading day.  Studying yourself and developing plans are great, but unless you see it for yourself, you will on some level still wonder if becoming a winning day trader is possible.

Summary

A day trading coach is like any other tool in the market, if used properly it can help, but if you pick the wrong coach it can prove detrimental to your account.  Make sure before you settle on a coach you have actual proof that the coach themselves is a successful trader.  If you are able to find the right day trading coach that fits your day trading style, it can help you join the top 5% of winning traders.


 

September 24, 2008
John McLaughlin, Stock Trading - Consultant / Coach / Mentor (not verified)
John McLaughlin, Stock Trading - Consultant / Coach / Mentor's picture

Stock Trading Coach

Interesting article. As you have a comment area, I'd like to add the following thoughts. Coaching is all about learning. Thinking about the money (profits), while trading is what losers do. Winners think about one thing and one thing only - winning. Plenty of time to talk money after the market close. So, in our view the purpose for using a coach as a stock trader is about money but to learn to win. Period. To become a winner is what you need a stock trading coach for - to learn to trade well. Now there are a variety of "trade well" levels, which brings me to the second comment. You work with your coach to progress up through levels of competence, from incompetence, to minimally competent, competent, virtuoso, and so on to the extent that you can excel to the level of competence know as mastery. Not too many masters in the trading field as that's not the point for trading stocks. Again, the point for stock trading is to win and that's where the coach comes into play. So why talk about the point for trading stock? Because it's at the source of all losing. Losing traders are obsessed with money while trading stocks. That's why losing traders find trading so full of negative stress and emotions. All losers thing it's important to thing about the money. Not. Smart traders, traders who engage the services of a masterful consultant / coach know it's all about winning. Winning like a world-class tennis player - Nadel, a stand-out golfer - Woods, and a powerful business leader - GE's former CEO, Jack Welch. Money is absent, their conversation is void money talk while they play to win their game. I make these comments to shed more light on the field of stock trading consulting and coaching and to point out that trading without these services leaves traders to trade on their own like the rest of the losers, at their peril. John McLaughlin, Stock Trading - Consultant / Coach / Mentor