Professional Documents
Culture Documents
By Dr. Pipslow
November 9, 2022 7:06 AM EST in PSYCHOLOGY
Unless you’re among the few who have worked their way into a
hedge fund, proprietary trading firm, or institutional trading team,
your access to an experienced and willing coach is probably slim to
none.
to you
While the two roles can be blended and a coach can teach, a
coach’s main job is to lead, observe, redirect, and motivate that
individual or team to do the right things to achieve the goal.
Before one can be coachable, they must have the fundamental
skills of their chosen profession internalized.
In the world of forex trading, you should have all of the fundamental
knowledge and trading skills (e.g., understanding market behavior,
entry/exit frameworks, trade/risk management, position sizing, etc.)
locked down before taking trades and being coached.
Once you’re past the initial learning stage and have chosen a basic
trading framework that you feel fits you, then the self-coaching (i.e.,
the real work of a trader) really begins.
And if you have great attention to detail and you’re good with words,
then it’s possible to work your way to the competency stage of
development by diligently keeping a simple written journal.
If you really need help, show your journal to others for feedback.
3. Create guidelines.
Create guidelines so you can avoid bad trading habits. Also,
remember to practice good trading habits for future trading
sessions.
With time and practice, this can be internalized, but you should
make it a habit to review it regularly.
Write down why you got into trading and/or your life goals. Review
every day to motivate you.
You will need to do this because there will be days (very many in
the beginning) where trading will not fun (read: profitable).
A lot of the questions you ask yourself to improve will take time, and
maybe some experimentation before you find the right answer that
fits you.
And don’t think this process only applies to discretionary traders,
chartists, or mechanical traders. Robots need to be watched and
improved upon as well, as with any other tool.
But the one thing that I can say is that without a process
of deliberate practice and reflection like self-coaching, your
probability of success in this business is significantly reduced;
maybe even zero.
So, don’t just look at charts, aimlessly buy or sell, call it day, and
then grab a drink with friends to celebrate (or sulk) over your trading
session… grab your journal and get to work!