I get trading questions from people all over the world. Here’s one from a trader on the other side of the globe – from me, anyway.
From my observations there are many websites offering coaching in forex and so to my local forex training platform in my country MALAYSIA.
My problem is in choosing who’s the best and what competitive advantages that differentiates amongst them.
The subject of coaching, of course, is a major concern for new traders everywhere. Naturally, this is not the first time I’ve been asked this sort question, and it won’t be the last, I’m sure. It’s also not the first time I’ve addressed the subject in this blog or in print.
Trader Development: The Value of Coaching and the Difficulty of Finding One was actually the basis for an article in SFO Magazine and which they liked enough to put in their compilation book SFO Personal Investor Series: Psychology of Trading. I also wrote Trading Coaching and Mentoring a while back, and some other stuff along the way.
My advice in this regard is simple enough, but it’s not something a great many people do.
Know exactly what you require from an instructor, mentor, or coach before you start looking for one.
(To understand how the three differ, read Can Anyone Help Me Find a Mentor?)
My point is that if you don’t first understand the gaps in your knowledge which need filling, the chances are good that any coach/mentor/instructor your work with will be a waste of time and/or money. That’s a simple fact based on the high odds that you will probably end up not getting what you need, which will likely only occur to you after the fact.
I strongly recommend you refer to my series of posts on developing a trading plan, particularly the assessment posts (starting with Your Personal Trading Assessment). Alternately, you can read The Essentials of Trading or go through my trading course. Both have thorough discussions of assessing where you are in your trading and figuring out where the gaps are in your approach to the markets.
Once you know what you need, finding the right coach is a question of matching that up with what a given coach can offer to find the one that best suits you.
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About the Author
John Forman, author of this blog, has traded for more than 20 years, is a professional market analyst, and authored The Essentials of Trading. He is an active participant in trading forums, consults for trading related businesses, as published literally dozens of trading articles, and has been quoted in a number of books and in the media.
** See John’s full bio.
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