In order to find a good day trading coach - find a good day trading student. Ok, that's probably not why you are reading this article, but let's take a realistic view of what it takes to successfully find and work with a day trading coach and follow up with the characteristics of a good student.
We have to run through our due diligence in order to find an experienced coach. A few key points to consider:
1) Is the coach an active day trader himself? Remember the idiom "Those who can, do; those who can't teach." We're not saying you can't find an effective coach whom isn't an active trader, but we really want someone who can demonstrate day trading success and share CURRENT experiences with us. The term "coach" shouldn't be someone that just provides a CD set along with an encyclopedia of PDFs for us to struggle through. We want a trading coach that is active and current in the financial markets.
2) Is the day trading coach flexible with his approach and will willing to work with us to adjust their trading methodologies to align with our trading experience and goals? We believe it is critical to find someone with a "similar trading personality" as ours. The coach should readily have a trading plan along with a foundation of trading rules and strategies as the tenants of their coaching program. Trying to work with a trading coach that has a completely different style of trading that greatly contrasts from our trading personality could be more harmful than helpful.
3) Ensure the trading coach offers a free consultation. As previously stated not all of our personalities or trading styles are compatible. Our initial dialogue should be aimed at how we can be successful with our coaching candidates.
4) Select a day trading coach that offers a well rounded program. Chart analysis, technical indicators, and trading strategies alone often do not yield success. Our choice should have a holistic approach which focuses on all aspects of trading. Their coaching program must include the creation of a trading plan, discussions of trading psychology, money management, and detailed rules.
Now for our reality check. Once we find the right trading coach, we can't expect miracles of overnight success. The path to profitable trading is a learning process. Using a trading coach provides guidance to keep us focused and on the right path. However we must understand that the only person that will evolve us to a successful and profitable day trader is us. Working with the best compatible coach we can find may greatly enhance our chances of success, but we must make it happen. Our coach will arm us with all the necessary tools - we have to execute.
Our keys to a good day trading student include:
Commitment: We have to commit not only to following our coach's program, we must also commit to our success.
Discipline: Coach or no coach, without the necessary discipline to follow and execute our plan is a sure path to failure.
Be coachable: We've gone through the trouble to find a compatible day trading coach, let's make sure we work as a team as we let our coach lead. We must be open to deprogramming ourselves from our obstacles to success.
Stay the course: We must factor in flexibility to best fit our trading style with our coach's trading program. However, it is absolutely critical that we do not allow "indicator creep" to dilute our focus. We have to give our program a chance. Adding technical indicators to our plan just because we found the next best thing on the internet is a bad idea. We need a constant program so we may track what is working and where we need help.
Strong work ethic. We like to say day trading is not easy - but it can be simple. We have to put in the effort to practice our craft on a simulator. "Learning is remembering," so we must practice our strategies as often as possible. Nothing comes easy, but for those of us that put in the hard work, we enable ourselves to achieve all of the benefits that day trading has to offer.
Commitment to keep a journal. We can't track our strengths and weaknesses along with what is working and what needs to be fixed without a journal. Keep it simple and consistant.
To conclude - we've provided some keys to finding a day trading coach to help us reach our trading goals. The relationship between a coach and student is a two way street. Let's make sure we take responsibility for our actions and commit to our success!
Article Source: http://EzineArticles.com
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