In the life of a beginning to intermediate forex trader, there is no one that can be more instrumental in advancing your trading career than a coach/mentor. A mentor serves a number of purposes, chiefly among them is the relationship formed with the beginning to intermediate trader or protege’ that over time imparts the experience of the mentor to the protege’.
The advantages of learning any skill from a mentor/coach are numerous. A few of the these include a reduced learning curve, a greater focus on the more important aspects of the skills being sought, less trial and error, proper goal setting, and a shortened time horizon in achieving those goals.
The advantages of being under the watchful eye of an experienced, credible and knowledgeable mentor/coach are almost limitless. Realize though that not all mentor/coaches are skilled at imparting their knowledge, especially in the world of currency trading. A trader needs to know what qualities to look for in a mentor/coach that makes them credible.
The Value In Learning From A Mentor/Coach
Learning any new skill requires a great deal of time and effort. Trading is no different. You are much like an elite athlete in training. When a mentor has been chosen, you begin to learn at an accelerated pace without all the distractions of competing ideas. With the help of the mentor you focus on that which is important and gets you to your mutually agreed upon goals sooner.
The mentor imparts his knowledge generously. The tips and tricks from years of hard won experience are there for the student to access. The mentor/coach helps the student to focus their efforts in additionally important trading areas such as psychology, journaling, and risk analysis.
Learning from an expert in the field is how most knowledge is imparted. We’ve all had at least some schooling and during those years in the classroom, knowledge was imparted to you by people more experienced in that subject. Apprenticeships are the same. You could look at being under the wing of a price action trading expert as an apprenticeship.
Gaining a university degree is a wonderful way to start life as an adult, but even though you may have landed a great job, you are in no way ready to run the department. You need specific on-the-job training in order to be the best at your job. That training comes from mentors within the company. They are the ones who are adept at imparting knowledge in a way that the apprentice can use, greatly reducing the number of mistakes the student will make. This is required for any kind of worth while pursuit and particularly important in the field of forex price action trading strategies.
The most comprehensive and rigorous meta-analysis of professional coaching ever conducted was just published in print, and the results are unambiguous: Coaching in a businesses context “has significant positive effects on performance and skills, well-being, coping, work attitudes, and goal-directed self-regulation.”
Writing in The Journal of Positive Psychology, Tim Theebooma, Bianca Beersmaa and Annelies E.M. van Vianena of the Department of Work and Organizational Psychology at the University of Amsterdam conclude that “In general… coaching is an effective tool for improving the functioning of individuals in organizations.” As the authors note and, as the Harvard Business Review estimates, the median rate for an executive coach is $500 an hour.
You Need A Mentor To Teach You To Trade
Effective coaching may be, like good therapy, primarily a product of the connection between the coach and coachee: “Recent work in the field of executive coaching indeed suggests that non-specific factors such as understanding, encouraging, and listening behaviors of the coach may be better predictors of coaching effectiveness than specific factors such as the coaching methodology.”
Plenty of studies have established, to one degree or another, that coaching makes people measurably more effective at their jobs, yielding a quantifiable, positive return on investment for most investments in coaching (pdf.) But there is a great deal of variability between studies in terms of how effective coaching can be. There is even a term in psychological literature for this trait: “coachability.”
Simply believing that coaching is working—whether it’s mentoring, teaching or psychotherapy—inspires a positive feedback mechanism that is key to the kind of deep, lasting, underlying behavioral change that is the goal of most coaching.
As you no doubt have found, the internet world of forex trading and brokers is a jungle filled with just about every imaginable strategy guaranteed to make you many thousands of dollars almost overnight. It’s lightly regulated and highly leveraged compared to futures, options and equities trading. Why not go with a mentor that has proven through his own success in trading how to be profitable in the currency markets? At Forex Market Master, we have the proven ability to trade for success.
Learning to trade the currency markets is a complex task. It involves not only the act of placing trades at the best possible valuations, but also understanding how to analyze risk properly and the psychological underpinnings of dealing with profits and losses. A qualified mentor guides you through the mine fields of the marketplace, explaining in clear terms how to strategically set your trades up to attain the highest possible odds of success.
Choosing Your Mentor/Coach
Forex Market Master teaches price action trading strategies designed to take advantage of the market by putting you in control of your trading. We teach you how to combine differing price action chart analysis with correct order placement types at specific valuation levels and zones to put the odds of a successful and profitable trade firmly in your favor.
You will want a mentor that practices what he preaches. Within the Forex Market Master Member’s Community you’ll find access to Jack’s Blog, the Trader’s Forum, the FxMM Chat room, Member’s Only Market Analysis and much more. Jack is available via email and is also frequently available in the Chat room to answer questions, give pertinent advice on chart analysis and discuss live trades. Jack also posts live trades in both the Trader’s Forum and in the Post Trade Analysis area where he discusses all aspects of the trade. Many of the so-called gurus and experts never post a live trade for their community to see in real time.
You too can learn these same price action trading strategies from Jack by joining the Forex Market Master Trading Community. Joining up with a qualified mentor/coach is the single best decision you can make to fast track your trading success.