BarroMetrics Views: Coach or No Coach?
The email (attached) I received on Sunday (from ‘Ron'[not his real nam]) reflects a common problem. Essentially Ron is asking: how can I achieve consistency in my trading?
The advice I give is usually rejected because…..?
My advice is to hire a trading coach, and good ones can be considered pricey.
Why is the only solution a coach? Because the trader needs to identify with relative certainty the factors that cause the behaviour.
For example, in Ray’s case, he ascribes his overtrading to situations when he makes ‘consistent money’ or when he hits predetermined targets. The problem is his descriptions are too vague. We need to enter into specifics.
- What does ‘consistent money’ look like?
- What was his trading behaviour i.e. what steps did he take before he hit his target?
- In what way did those steps change after he hit his target?
- Has he tried taking a break after making ‘consistent money’ or ‘hitting target’ etc.?
As they say, the devil is in the details.
In Ron’s case, seeking advice from books, or via email, no matter how skilled the author or educator, will probably not lead to the desired result. It’d be like Andy Murray seeking help with his game by reading a book rather than hiring Ivan Lendl to enable him (Murray) to win Wimbledon.
Yes, I am aware that hiring a coach is not for everyone. In the first place, your trading account size is critical. The benefits of coaching and the fees charged are directly related: if your desired coach is charging $1,000.00 per hour, it does not make much sense to hire him if your trading account is $2,000.00.
That said, it amazes me that so many go into trading without any thought of what success will demand of us – in terms of effort, time and money.
Coaches are one resource – an essential one if your trading size warrants it. So in your case, will a coach help you attain your goals? Have you even considered engaging one? Perhaps it’s worth a thought.