subject: Lessons From A Trading Coach - Avoid These Mistakes [print this page] One of the great advantages of using a trading coach is that they have educated lots of people. They have seen the errors that are made and they know what has worked when they try to help their students. If you are learning trading by yourself, it is very difficult to know when you are heading in the wrong direction. The trading coach can use his experience to make sure that you do not end up making the same mistakes.
A trading coach can save you time and money. They will save you time, because you do not have to repeat the same mistakes that others do. If you do make mistakes, your coach will find them quickly and stop them before they become a bad habit. They will also save you money, as you will not lose money on trades that you should not, as you will be following their advice and hopefully avoiding trades that will cost you money. A trading coach can look expensive but consider the money you will save.
The very first mistake that your coach will correct is the belief that trading is easy. A lot of people believe that trading is easy and can be learned quickly. They think they can earn quick money. They tend not to think that they will have to slowly learn and develop skills over months or years. It is also thought that trading is a great lifestyle and not much work is involved. Your coach will correct your thinking on this mistake quickly and you will soon learn that trading is hard work and does not promise easy riches.
The next mistake that the trading mentor can help you with is not developing a plan. You must not start trading without a plan. A trading plan is your guidebook on how to trade in the market. It will contain your set of rules on what to do in different situations. Without a plan it is very difficult to remain consistent. A trading plan allows you to treat trading as a business and trade systematically.
When you have realistic expectations on the returns and work involved in trading, and have a trading plan, the next lesson that a trading coach will teach you is the importance of being objective. Subjective methods of trading like hop tips and acting on emotion will not help you. Trading is a serious business and you need to be disciplined and follow your trading system. No matter how tempting it is, if you are a serious trader, you will not follow a guru or act on a gut feeling. The best way to make a consistent profit from the markets is to follow your system and trading plan in a disciplined manner.
by: John Peters..
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