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As you know, I have been offering trading coaching through 123LearnToTrade for several months now. However, my trading strategies and my approach to the market is not for everyone, and there certainly are individuals who are looking for a trading coach to teach them about other types of strategies. So I have outlined a few things I think are important when picking a trading coach.
1) Make sure the coach trades as well as coaches. A lot of people out there simply start trading related websites but they themselves don't actually trade or stopped trading to just work on their service. Make sure you are getting coaching from someone who still plays an active role in the markets and is current on what is happening now in the markets.
2) Make sure they teach a time tested method. Tons of people try to sell indicators and softwares that time the market and tell you when to buy and sell. They then also make more money by selling support for these systems and softwares. Make sure your trading coach is in touch with the market and truly understands markets before you move forward with them.
3) See if they will offer a free consultation. Not everyone's personalities or trading styles are compatible. This is the main reason why I always offer a free consultation to anyone interested in receiving coaching from me. If the coach you want to work with doesn't advertise a free consultation, ask them if they will offer you one and I think most coaches will be open to it.
4) When in doubt, check them out. Find a coach that has reviews and has been coaching for some time. Most trading coaches also will have a trading blog or some other free form of educational materials that you can read before you sign up with them. These can provide important clues as to how the coach trades, teaches, and what their personality is like.
5) Find a well rounded coach. Trading psychology is just as important as money management which is just as important as analysis which is just as important as... I think you get the idea. Make sure your trading coach focuses on all aspects of trading and doesn't just specialize on one specific aspect. To be a successful trader, you must be well versed in all things trading, and a good trading coach should bring all the elements of trading to the table.
By following these 5 simple steps I think you will be well on your way to finding a quality trading coach, and more importantly getting a quality trading education. ...[Click Here To Continue Reading...]
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A few weeks ago everyone thought the oil spill and British Petroleum ($BP) would cause the market to undoubtedly crash again. A few weeks before that the Goldman Sachs ($GS) story of federal investigations hit the press and yet again we thought the market would crash. Not too long before that the Toyota ($TM) recalls were issued leaving a great deal of mistrust in the automaker and yet again we thought this would surely cause the market to react.
Months before this dozens of other news stories hit the fan, from Fannie and Freddie ($FNM $FRE) to Lehman Brothers, from AIG ($AIG) to General Motors, and we thought it would change the entire economy, change the entire market, and cause mass chaos among traders.
It's funny how hard we have to think to recall some of these catastrophic market events, however at the time that the event is hot in the news everyone has it on their mind when they place their trades. A true professional trader knows how to read both fundamental and technical aspects of a company and understand the impact that news stories may have on a given company. The reality is most companies are able to survive just about anything as long as they are a strong and solid company. So many times a great opportunity arises on a fundamental front yet as traders we are just too scared to get into a position.
So next time a big story hits makes the news, will you be the one too scared to get into a position because you believe the over hyped newscasters whose job it is to make you interested in their show, or will you be the one who reads in between the lines and finds out the real news story and subsequently capitalizes off it?
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I would say that law number 1 of the price action trading course, of my personal trading rules, and of trading in general is that the market is always right. With that being said, there are times that we feel as if the market is wrong because our analysis just doesn't work for what the market is currently doing.
Case and point: Not too long ago I had a position that looked like a picture perfect entry. I used one of my 10 trading strategies outlined in the price action trading course and I thought it would be one of my better trades of the year. Soon after entering into the position, it went against me and went against me fast. I didn't have a hard stop loss in place because I was monitoring the trade, and I soon got out of the position with about a 1% loss. The stock continued to go against me after I exited, and ended up falling some 3 or 4 percent before it was all said and done.
Now why exactly did the stock do this? Well, I have no clue first of all and secondly it was something that I was certainly not expecting. Being a trader for a few years now, I remembered that while this one position and one trading strategy just went against me, I can think of a handful of times that it went in my favor. In fact, I estimated that using this one trading strategy my positions went in my favor about 7 times and went against me about 3 times, so it had about a 70% success rate.
So while I am a more experienced and more psychologically sound trader, I knew that this one losing position didn't mean that the trade setup wouldn't work anymore or that I was screwing up as a trader. We can perceive the market as irrational at times, meaning it does things we never thought it would do. However as long as we have a time tested trading strategy, in the long run everything will pan out.
This post is designed more for beginner and intermediate traders who are sitting there after having a losing position questioning their method. I know I went through this and every single trader out there has gone through it at some point in time. Rather than question your trading method (assuming it is a reliable one like the ones taught in the price action trading course) then everything will pan out in the long run. It is super important that rather than questioning the method you spend time to look at what went wrong, understand why, or understand that it might just be one of those few trades that you can't explain. Either way, it is super important to put the trade behind you and get ready for the next trade, because it is always right around the corner.
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