Coaching traders as a business

It is hard to say. As a part time business it is OK, you suppose to make money in trading/investing anyway so how much you make as a coach is gravy. I also wrote a commodities howto book and a partner of mine was suppose to bundle it with Gecko Software and sell it worldwide, the partnership soured but I could have made a pretty penny had it worked. So anyone who buys the stuff is automatically an upsell lead for coaching too. The relationship with the partner had gone south....
NOW I just want my life a little more simple and no need the sad stories of my pupils getting fired for having a little side hobby and ambition. It just made my stomack turn.....
Quote from lescor:

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.
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Never. I do not "believe" in the Expo get together in Vegas and elsewhere - was too busy to attend and hang out. I was thinking of doing seminars in Vegas and even to move there but as it turns out it will not happen.
Quote from SethArb:

did you ever give trader coach seminars

at the any of the Traders Expos ?

:)
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Quote from Randek:

Instead of being a "trader coach", ever though of getting a real job?
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How is that not a real job??


You can hire a personal trainer for the gym but not for trading?
 
I had(have) a product too. (As it was mentioned in some of my posts) I had a decent PR and marketing plan and a partner too. Coaching was my "gravy" upsell from the product lines anyway.
Where in CA are you?

Quote from prt_systems:

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.
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money MADE from trading, gambling and freelance business is twice as sweet as money earned from working for a BOSSMAN.
:)
Quote from Randek:

Instead of being a "trader coach", ever though of getting a real job?
More...
 
Hello:

I am trained as a mechanical engineer, however I established a consulting practice early on, and aside from managing money, that is all I have ever done. In my relatively short career as a money manager (12 years) I approached that work as though I were a consultant. Work is work. You need to establish trust, as well as competence, with your clients. They want to feel that they are obtaining value, not only for the fee you charge, but for the time they spend with you. It is incumbent on YOU to establish that relationship. If you can't or it is difficult for you to do this, generally you will not succeed. If you don't enjoy that process, generally you won't succeed. If you can't get positive results, generally you won't succeed. No criticism here, just the facts as I see them.

I retired a couple of months ago at 54. If I wanted to work again, I would establish my competence with a series of articles on trading. Then I would arrange to speak in public as often as possible. You have to have something to offer that distinguishes you from the rest of the herd. I say this to you, because as of this date, I have heard nothing about you from anyone else. What I am pointing to is that you have to either promote yourself, and obtain some publicity or work by word of mouth recommendations. Otherwise it is an uphill battle and you really don't have a viable business.

Just a couple of thoughts
Steve
 
Steve
Selling myself was NEVER the true problem for me. I had clients, I had sold products to 40 countries with one incident where a person complained. in 3 years I had one return for a product that I promptly honored and that was that.
After running my business I become intimately familiar with advertising and promotions from A to Z.
You missing the point I am leaving this business because I want to not because I need to. Actually I am moving more towards a market timing business backed by true broker verified trading results - so no prospect will feel the need to invite himself to my house or form an opinion on me based on a car I drive....
Quote from steve46:

Hello:

I am trained as a mechanical engineer, however I established a consulting practice early on, and aside from managing money, that is all I have ever done. In my relatively short career as a money manager (12 years) I approached that work as though I were a consultant. Work is work. You need to establish trust, as well as competence, with your clients. They want to feel that they are obtaining value, not only for the fee you charge, but for the time they spend with you. It is incumbent on YOU to establish that relationship. If you can't or it is difficult for you to do this, generally you will not succeed. If you don't enjoy that process, generally you won't succeed. If you can't get positive results, generally you won't succeed. No criticism here, just the facts as I see them.

I retired a couple of months ago at 54. If I wanted to work again, I would establish my competence with a series of articles on trading. Then I would arrange to speak in public as often as possible. You have to have something to offer that distinguishes you from the rest of the herd. I say this to you, because as of this date, I have heard nothing about you from anyone else. What I am pointing to is that you have to either promote yourself, and obtain some publicity or work by word of mouth recommendations. Otherwise it is an uphill battle and you really don't have a viable business.

Just a couple of thoughts
Steve
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thats nice. As I mentioned, I am not criticizing you, instead I am simply offering my opinion on the subject of working as a trading coach. Good luck in your endeavors.

Steve
 
Quote from andrasnm:

I had(have) a product too. (As it was mentioned in some of my posts) I had a decent PR and marketing plan and a partner too. Coaching was my "gravy" upsell from the product lines anyway.
Where in CA are you?
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Orange county although i split my time between there and the Chicago area. ...
 
Quote from steve46:

Hello:

.... I would establish my competence with a series of articles on trading. Then I would arrange to speak in public as often as possible. You have to have something to offer that distinguishes you from the rest of the herd. ...
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This is really sound advice and represents a well worn pattern of business development in most consulting .....
 
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