Andrea Wylan
Sponsor
Check out my newest video on hiring a coach.
I go over some of the areas that people seek coaching on.
I go over some of the areas that people seek coaching on.
New Video--How to Tell if You Need a Coach
- Thread starter Andrea Wylan
- Start date
Coaching is easy. Trading is hard. There are more successful coaches out there it seems than traders .
Am I wrong ?
Am I wrong ?
Andrea Wylan
Sponsor
Coaching comes naturally for me. Not sure it is always "easy," but I love it. The value is in the results for the client.
It think it is always best if we can do work we find "easy" and that we love.
The odds for being successful in trading are low. I have helped many traders overcome challenges, beat the odds, and become successful. I think that's what people are seeking when they work with a coach.
It think it is always best if we can do work we find "easy" and that we love.
The odds for being successful in trading are low. I have helped many traders overcome challenges, beat the odds, and become successful. I think that's what people are seeking when they work with a coach.
%%
Good points+ question '' do you experience fear while trading??'' Not much in an uptrending bull market.
WELL, since nervousness is mild form of fear, yes + that helps in a[current ] bear market.
Thanks for asking[public video post] .
No fear @ all can easy turn into being careless or sloppy; another income stream or streams help. I enjoy research + planning my work
Hey Coach,
You talk to a lot of traders. It would be interesting from your professional standpoint, what would you say is the percent of traders that you work with that have a trading plan which includes written step by step rules and specific criteria on how to operate a tested box of setups that meet the requirements of the Robert Morse Code? It's linked below.
Thank you.
https://elitetrader.com/et/threads/...solid-trading-plan.340340/page-4#post-5031706
You talk to a lot of traders. It would be interesting from your professional standpoint, what would you say is the percent of traders that you work with that have a trading plan which includes written step by step rules and specific criteria on how to operate a tested box of setups that meet the requirements of the Robert Morse Code? It's linked below.
Thank you.
https://elitetrader.com/et/threads/...solid-trading-plan.340340/page-4#post-5031706
Andrea Wylan
Sponsor
Hi easymon1, great question.
When I first meet them probably 10% or less might have a plan in writing. It’s usually just part of a strategy and not flushed out.
One of the first steps we take together is to flush out a more complete plan. More similar to a business plan, including vision and goals, strategy, risk management, how to deal with mindset, managing trades, documenting trades, etc. things like that.
When we used to have trader Meetup groups in San Diego on the topic of the trading plan, only a fraction of the traders would show up . . . vs. a meeting to discuss strategies, for example. My conclusion is trading plans are not a popular topic or practice!
If you want a ton of people to show up to your meetings and seminars and books and consultations....label it from 'Journal Diaries'......to....'How to Make a Million in the Market'.
Everyone hates personal, mopey dopey, diaries and feelings, but loves the word Million.
Just look at social media.....Millionaire Opens a Can of Soup.....and that video has 4,665,882 Views
Lady Opens a Can of Soup.....that video has 42 Views
That makes good sense to me.
More specifically what percent can Provide written writing that _What triggers a buy or a sell to open? and _What triggers an exit??
I have seen on ET estimates of 5% are rules based traders. This leads me to wonder if the remainder are now or are striving to be Artistic Intuitive traders that characterise their trades on ET with paragraph after paragraph of handwaving interpretation.
One ET'er that does well trading in that fashion but makes short concise posts nonetheless opines that noobs should prepare to consume upwards of ten years getting a handle on that technique.
Passing that technique from one trader to another, One Artistic to another Artistic, off the top of my head is like a musician that plays 'by ear' and don't read sheet music teaching a band with 5 members how to play a complex song. The sheet music guy on the other hand can transfer the sheet music online to the band and say let me know when you are ready and I'll book a flight.
The protocol for taking that song from one to another with sheet music written in a standardized format that they all understand, a standard way of depicting a how to in specific format on non-changing 'paper and ink' that can be tested in black and white GO / NOGO terms in the case of trading. If it meets all the criteria, the "buy of sell to Enter".
Does that make sense?
I would be very surprised if 10% of your clients have those documents in hand and still show up at your door.
Conversely, the percent of traders that are willing to "defy human nature, do the work yourself" as Larry Pesavento says on his youtube https://www.youtube.com/results?search_query=+on+TFNN+-+2022
is so scant that the supply of Artistic traders will flow like a cornucopia of business prospects.
Got your shades?
Break a leg!
Andrea Wylan
Sponsor
Very few provide the detail of what factors specifically would have them take a trade. One of my first steps with them is ironing out these details. The clearer the plan is about entry, exit, trade management, etc. the easier the trading is, in theory.
If they are partly "intuitive" traders, I have them put that in the plan too. Flushing it out with some detail as to what that means and how it works.
Same with the risk. For example, what % of your account are you risking per trade, per day, etc.? So, if your risk was going to be $200 per trade, let's look at that. Are you okay to lose $200 on your next trade if it goes against you? Or, are you okay to lose $600 total on the next 3 trades, total? If so, great.
Often they realize they are not okay with that. They were just "hoping" the trade(s) would work out.
As far as taking the strategy from one trader to another (is that what you are saying?) I don't really know. I don't usually get involved in the strategy specifically unless it seems to have problems--like a poor risk / reward.
Not sure if this answered your question . . .