It’s a verbal trope and insult that’s been handed down as folklore for years; “those who can do, those who can’t teach”. However, as a lazy stereotype it’s incorrect and falls down at the first challenge.
If anyone should offer you their services to either coach you as a trader, or to help improve your trading, you shouldn’t automatically dismiss them, assume they can’t trade and surmise they’re looking for another method to extract money from the market, by the indirect method of charging for their services. Many successful traders will look to supplement their income by offering up their services to coach. Many will have perfected their edge and be willing to share their knowledge with a select audience in perhaps a private trading room, whilst charging a small attendance and enrolment fee.
Many will have a lot of time on their hands and be looking to extend their contacts, by involving themselves with individuals located globally, who share the same interests and passion for trading. Many will simply not need the extra revenue coaching generates them, they might genuinely want to help novice, willing and potentially talented traders succeed, in an industry that can appear complicated, to the inexperienced. There are many reasons why good traders make good teachers, let’s list a few.
Experienced trading coaches have walked the same path you’re on, however, if they’re genuine, they’re not necessarily going to encourage you to take short cuts, they’re simply going to navigate you through the (at times) tricky geography of trading, saving you the most precious commodity in trading; time and money.
As referenced many times the phrase; “time is money” is more appropriate to retail trading than many other employment, or self employment occupations. Wasted time and poor trading technique will eat into your first account/accounts. An experienced mentor, or trading coach, should be able to apply all their experience to assist you in avoiding all the traps most novice traders face. A calm, reasoned, explanation, as to where you’ve gone wrong and how it can be corrected, can prove to be an excellent form of moderation.
Your trading coach and mentor will also be the highly disciplined trader, the qualities are inseparable. Other than receiving a crash course on how to manage your time better, in order to prevent wasting time and money, you’ll also derive a crash course in how to be disciplined. How not to breach the rules embedded in your trading plan, how not to use excessive risk, how to limit your risk to a small amount of your account, how to avoid overtrading, how to remain calm under pressure, how to introduce autonomy to your trading in the most appropriate and timely manner etc.
The advice on discipline you receive from your mentor; how to rewire your personal hard drive and how to change your psyche to eradicate damaging traits such as impatience, is one of the most crucial personality characteristics you’ll derive from being assisted by a genuine mentor.
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