I have just started out learning how to coach traders in how to make better trading decisions and not get so emotional around money.
A little about me:
I have been trading now for 2 years. I messed around with a few systems and robots like a lot of newbie traders do. I was seduced by easy money and automatic profits and lost money. I found Rick Galloway at the pro trader network and bought his excel course (which is excellent by the way). I also trained with Jamie Smart who wrote a book called Clarity. After reading his book and attending one of his course I went from losing trader who was unfocused and emotionally reactive to the market and account balance to a consistently profitable trader. I am looking to start a trading coaching business to help traders like you become winning traders
So I wanted to create a thread in which you can ask me any questions regarding trading psychology challenges you may be having and I can share with you what I have learnt and maybe help you find some clarity and success in your trading.
Hi MoneyNVRsleeps, I am intrigue why you would like to know this. I am not wealthy yet although I estimate in a few years I will have that title as I grow my account
At least your honest. I ask this because, if you know the game well enough to coach mastering this business, and everything it takes to be successful, then you should be highly successful, and well off.
You wouldnt ask a homeless man how to buy a house, would you?
If you have the map to the treasure, why would you need anything else? Knowing the ins and outs of Forex, you could milk it like an ATM.
Some people like helping others, and some just like to bait others.
How confident are you " coaching" other traders when you ONLY have 2 years of experience under your belt?
Unless, you have other experience in “Pschycology” academically or a long time life experiences. To me, two years is not enough to " coach" someone…
allow me to disagree, since he is training people to be less emotional. There is some people out there that can teach others to be clear-minded and grounded even if those people have no “education” in any area, even psychology. Being emotional or not is easy to learn if you get the right models of behavior.
Completely agree. Your just need to trust me that I have mastered my trading psycology and that I can help you. If I help one person from this thread then brilliant. I enjoy helping others through the pain of trading, that you see all this potential to make a ton of money and yet it is so hard when you cannot execute properly and make poor trading decisions. I see trading as a lonely business, you are in you bedroom/office all by yourself and to balance that I feel I want to give back to the trading community and interact with people.
I understand your concern. I am not claiming to be a trading psychologist, only someone who has seen something useful which I want to share with other traders. It works for me and maybe it could work for you.
Yes I will help people see the reality of their experience and how this relates to their trading decisions. Once you see this it all becomes alot more simple. You do not need years in therapy to get over your market reactivity…
Trading is about making money. You either win or lose. Simple. Yet it is one of the most difficult endevours anyone can do. You see all this possibility on your computer screen to make large amounts of money doing very little work. You say to yourself, if only I could make 10 pips a day, only to end up making big losses and small wins. Have you ever considered what money means to you and how this effects your trading decisions. I have pondered this and came up with the conclusions it was a major factor in why I was making trading mistakes and getting emotionally reactive. What I realised is the meaning I attribute to money was directly correlated to my trading performance. The more I valued it the more nervous I became. I would not execute my trading ideas, close trades early only for them to later hit my profit target and let them run into their stop losses. I was being emotional reactive instead of responsive. The meaning I placed on money was like a filter over my vison, I couldn’t see my chart properly, my results or where I was going wrong and how to fix it. I looked for the quick fix, starting many systems and buying robots but when it did not give me the money I would move on. I was going around and around in circles. Then it all changed…
I realised “the meaning of money” was a problem, so I took a break of about 4 months (no thinking about trading or what I had done). I came back with a fresh head and new perspective to my trading. I understood the meaning of money. I realised that money per se is neutral (it has no inherent value). It is just a piece of paper with some ink on it or a number on a screen made of pixels. It is only our own value system which turns it into something emotional. You see in our society money is a highly prized asset. We see successful people with expensive cars, watched, houses and boats. We are bombarded with it on TV and at a very early age we are indoctrinated into the idea that wealth will bring you happiness and that there is better than here. When you look at why you are trading, the real reasons behind it and understand those motivations you become closer to what you really are looking for. I was looking for freedom, yet my trading was pulling me down, like a sinking ship it was taking more and more of my time and I was in fact losing my freedom. Now, when I trade, I look to how I can enhance my freedom and enjoyment. I moved from 5 mins charts to 4 hour and only spend a certain amount of time at weekends instead of 7 days a week with a 70 h week running on a hamster wheel.
Now I am trading with much more enthusiasm than I did before. I am actually enjoying marking out charts coming up with trading ideas and executing much more easily before. I can watch my trades for days go -200 pips without getting nervous, only to come back and hit my profit target. My understanding and trading experience is growing day by day as I trade larger and larger amounts.
So I’ll leave you with something you should look out for:
When your account balance is just a number and wins or losses mean absolutely nothing to you. Your trading psychology is just right…
