Coaching traders as a business

A

andrasnm

I like to share something with you.
I used to do this - I like doing research, I had people develop software for me so I figure I got something to offer.
Since I had my own business I was thinking I approach trading as a business and my consulting is how to set up such a business even for part-timers.
Now I am closing the coaching for good.
After 3 years of coaching and dealing with people I just about had enough...
I love to share two stories with you along my coaching stories to illustrate this...
Firstly I am not complaining I want to thank all who actually gave me your business and confidence...
One very nice client flew down to California from Alaska. He was a builder at one point and he was working in the construction trade. He had tried futures trading prior without much success - he was willing to gave me a shot. Whoa!
So I offered coaching for life and he made a trip to Sacramento twice in fact.
After these trips I talked with him, shared software and ideas, invested a ton of time and energy into him but failed to mention one aspect to him; At work he was to keep his mouth shut and not talk too much of his part time business, his dreams and aspirations...
He unfortunately I was late- he not only mentioned that he flew to California to see a trading coach but I suspect was boasting a little. Next thing - I never hear from him again - he does not answer my emails etc. Finally I found out that he was fired from his job (that he though was super secure) and to support his family he had to take up a job in some mine to operate a backhole heavy equipment. So trading bit him again before he could even get going..
I could never recover from the inherent guilt of me somehow be part of this personal tragedy and failure.
The second story is to illustrate the kooks one runs into as part of business.
This gentleman was a customer already
a pilot from Atlanta. He decided that I was his coach and wants to do repeat business with me. SO I say great! Noting better than a repeat customer for an ego booster.....
He also wants to meet me face to face.
No problem there...I am game and will pencil him in. I ask (via email) where they wanted to stay while in Sacramento. I can help making some arrangements, save some money etc etc.
Time passes by....I never hear from him again....
After some thinking I realize he was expecting that I put him up and his wife while visiting in California. Apparently we are shortchanged in Southern Hospitality here... :)
Unfortunately I have my sister in law and my wife's mother here from Europe and we are not a hotel. If I happen to invite someone that is fine but never assume that just that you give me your business you can move in with me!
So much for coaching.....
 
andrasnm,

If you don't mind me asking, I have a couple of questions:

1) How did you get word out that you were a trader's coach?

2) When they asked the inevitable question of what you could do for them, what did you say?

Richard
 
What is that suppose to mean? (Some) Clients want to know you IN PERSON. Check you out if you drive a mercedes or not....where you live. I am too private plus I have a 5 year old to divulge my address to someone I meet on the Internet.
Quote from nkhoi:

have you ever heard of teleconferencing software.
More...
 
I have advertised in Stocks and Commodities and via Google etc etc
I have a technology background plus I ran my business so I just tell them that I help them set up this new business the best way it would fit. That's all. There are no secret magic bullets in trading. What works for me may not work for you if it is forced upon you.
Quote from rickty:

andrasnm,

If you don't mind me asking, I have a couple of questions:

1) How did you get word out that you were a trader's coach?

2) When they asked the inevitable question of what you could do for them, what did you say?

Richard
More...
 
Quote from andrasnm:

What is that suppose to mean? (Some) Clients want to know you IN PERSON. Check you out if you drive a mercedes or not....where you live. I am too private plus I have a 5 year old to divulge my address to someone I meet on the Internet.
More...

if the client want to see you eye to eye tell him get a web cam
 
So was the coaching gig profitable, was the money worth your time? It would seem that the intense one-on-one people would expect would have to cost them a pretty penny to make it worth your while.
 
Quote from andrasnm:

I like to share something with you.
I used to do this - I like doing research, I had people develop software for me so I figure I got something to offer.
....
More...

Hello from fellow californian............ by the way the SAC area is a great area to be based.

Your comments sound like ones I made after I initially got into the consulting business. The bottom line is that any type of consulting focused business requires large investments in face time - whether that is in person or via teleconference/phone conference/IM. This is an inherent problem with consulting busineses in that they really only scale linearly. That is each time you get x number of clients you need x numbers of additional people. Moreover, it really takes a lot of people and street skills to know how to handle problem clients and more importantly how to qualify them in advance so you dont take on the problem clients. Like anything else you get better at this with time. .... but still you have the issue with the scaling aspect of the buiness.

On the matter of the trading coaching business ... many many people have come and gone in this business over the years and to stay in it and be successful as a standalone business you really need to be worldclass with worldclass clients. This is very hard to achieve.

I wouldn't worry about exiting this line: perhaps focusing on a product centric business would be more profitable.
 
Quote from andrasnm:

He decided that I was his coach and wants to do repeat business with me. SO I say great! Noting better than a repeat customer for an ego booster
More...

Depending on one's point of view, we could look at this as bad coaching for the first time.

I am not saying you are a bad coach, but if they keep coming back maybe they are not made for trading, what you should tell them if you are a good coach and able to see....
 
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