I know that you are thinking this article is about trader coaching that focuses on your trading strategies. Well, you are wrong: The five reasons why you should consider trader coaching are about your psychology, not the way you trade.
Trading is 95% mental
Similar to any high performance sport you don’t win the game through action, you win the game in your mind first. Your mind is the driver that instigates right action, but only if you have primed your mind properly (trading) success.
90 % of traders fail in the long run, not because of their trading strategy, but because of their mental strategy
Here is the thing: 95 % of all traders have NO MENTAL STRATEGY
This is an extraordinary statistic. Even the majority of professional traders don’t have trading psychology as their number one trading strategy. And, guess what, most professional traders don’t make money.
A professional trader can hide behind the organisation though. It is good enough if the department breaks even. Unless you do something extraordinarily stupid your lacklustre performance will be tolerated, at least for some time.
The world is very different for the independent trader
If you don’t make money for a year or two years you will go broke. Never mind the psychology of things, without money you can’t trade, you can’t survive.
Few traders can sustain extensive drawdown periods. Knowing what to focus on to keep the ship on the straight and narrow is key. Most traders focus on the wrong things.
Losing has nothing to do with market conditions and everything to do with your inner condition
If you have extended periods of drawdown the root cause invariably can be found in some value conflict, or several which you are unaware of.
I realise that you probably don’t like the sound of that I have to say next “You have to clear your stuff”.
Unless you spend the time and effort on clearing out the mental cupboards you will find that lasting trading success will always remain elusive.
You may have good trading periods, and even make a profit at the end of the year, but you will at some point give more back than you should.
Success does not grow on trees. If you are serious about being a professional trader who makes money consistently you have to play a very different game from the masses of traders out there.
We all have imaginary glass ceilings we need to break through
Coaching will uncover these imaginary glass ceilings
Coaching will resolve your deepest hidden inner value conflicts
Coaching will make you a better, more peaceful person And finally it will make you a better trader.
A nice bonus is that your relationships with other people begin to improve as well.
So, you still think coaching is too expensive?
How can you put a value on, say spending $ 5000.00 on coaching and in return you end up making an extra 50 000.00?
The $ 5000.00 spent on coaching is cheap! The investment is compounded 100 fold when you then imagine how the rest of your life is going to improve in a relatively short period of time.
In the final analysis it isn’t about the money, it isn’t even about your trading. It’s all about how serious you are about becoming the best you are capable of being. Coaching is about improving the quality of your entire life and living from a place of excellence not from a place of getting by.
Mercedes Oestermann van Essen is a thought leader in the field of trading psychology. She has traded her own account for 15 years and is the author of “The Buddhist Trader” and other books on behavioural finance.