Coach Yourself To Trading Success by Jamie Theiss
Be your own trading coach!
I never quite understood the concept of a trading coach. For one thing, I could never afford a top-of-the-line one, so I just bought their products and had to be satisfied with that. And Iíve been hesitant to hire a lesser-known one ever since I overheard one say at a forex conference that they had recently blown out their personal trading account and was looking to pick up some coaching clients so they could replenish their trading funds.
At the other end of the spectrum are those accomplished traders who generously give their time and insights to help newbies become better traders. They may be trading room moderators or other senior traders who want to give back but have no desire to become full-time trading coaches. They wouldnít want to take the pay cut!
YOUR TRADING PLAN
So using the guidance of accomplished traders, what Iíve tried to develop is a method to coach yourself using your own written trading plan as your guiding force. You do have a written trading plan, donít you? Unfortunately, most traders do not. And if they do have something written down, it is probably nothing much, meaning someone else couldnít take the plan and execute a trade according to the authorís desires. Or maybe the plan sits in a drawer unused. Most traders have heard they need to have a written trading plan, so they will write something down, maybe some market theories and generalities, and call it a trading plan so they can say they have one if asked.