StockFetcher Forums · General Discussion · Trader Education<< >>Post Follow-up
10,158 posts
msg #90882
Ignore johnpaulca
4/7/2010 11:46:47 AM

Should I get a coach?’.

In any field, except that of trading and Internet marketing, this question would not even be raised. Imagine asking a lawyer: “Do you need to attend Law School to be a lawyer”? Or asking Tiger Woods: “Do you become a champion without a coach?”

The problem with trading is there is no recognised course or institution that teaches the subject of ‘trading success’. As a result, the industry is plagued by many a ‘get-rich-quick scheme’. On top of that you need to take into consideration that for most newbies you would need two coaches:

•A coach that focuses on the psychological issues and

•One that focuses on the trading strategy (with its tools) and risk management.
If you take an overview of good coaches that are available, you’ll see that those that specialize on the psyche side do little on the other areas and vice-versa.

Putting those preliminary issues, let’s turn to the question: should a newbie look to hire a coach?

The research done in the field of neurology suggests that the answer is ‘yes’.

A good coach will reduce the time, effort and money that a newbie will spend learning trading on his own.

But the research assumes that a student is committed to becoming a master (or least as good as he can possibly be). My experience suggests that many newbies, perhaps most, ‘wish’ to become successful but do not 'want' to be successful. By ‘wish’ I mean they lack the commitment to do whatever it takes to succeed i.e. they lack the commitment to take focused action. They would like to attain the rewards without having to put in the necessary effort , time and money. For them, no amount of coaching will lead to success.

So, my advice is: coaches are not inexpensive. If you decide to head down that route, make sure you are committed to succeed.

Source: Ray Barros - Greenfaucet

671 posts
msg #90890
Ignore miketranz
4/7/2010 4:46:12 PM

John,most if not all of the "self proclaimed" market gurus,talking heads,coaches,couldn't trade their way out of a paper bag.These "market merchants" are in reality,failed traders who went broke,trying to sell you a bag of goods.Ask anyone of them to pull up their trading statements.You'll never hear from them again.Like Vince Lombardi says "In all my years,I have never been successful using somebody else's plays.Some of the most successful traders,you probably never heard of.That's because they were self taught through real time market experience.You just can't be successful in the market by reading a book,and especially from the advice of someone else.The market itself is your best education........

76 posts
msg #90891
Ignore Venice
4/7/2010 5:02:51 PM

That's why I keep paying my Yearly 'tuition' fees to the market until I get it right! Even in just six months, I have gone from every single trade being bad to a much higher ratio.

Now it's just time to train myself further. After my learning and teaching of myself the last 6 months and getting back into the market, out of 15 trades, I *should* have only had 1 bad trade. Less it be not the case, for I did not follow my own rules that I set (rules that were created from my experiences).

My next step is to hammer in the reason I have rules in the first place... getting rid of that emotion.

4,577 posts
msg #90896
Ignore Eman93
4/7/2010 9:37:27 PM

Hammer to head sometimes.......LOL

671 posts
msg #90898
Ignore miketranz
4/7/2010 11:50:43 PM

If I only followed my rules,I would have been much better off.........

10,158 posts
msg #90921
Ignore johnpaulca
4/8/2010 10:44:53 AM

Trade Better by Keeping it Simple

When I operate in the markets, I utilize a basic strategy that is grounded on a simple analysis and methodology of execution. With this in mind, here are five essential tactics to think about when deciding on how/when to take a trade:

1. First, we need to identify a trend. This can be accomplished by examining price/volume action, chart patterns, sentiment. We avoid trend following methods that are extraordinarily complex or require an extreme manipulation of data. Technical indicators can be extremely useful, but always keep in mind that these measurements are derivatives of the same prices (and/or volume) you can plainly see on the chart.

2. Execute on trend as early as possible, with a consideration that there is typically increased risk of a stop-loss being triggered when we try to enter the market more aggressively. Always adhere to logical risk management rules.

3. A trade is only executed if it meets a minimum risk/return objective that ensures that we are running a profitable system. As a result, an executed trade already has a minimum profit target and stop loss area defined from the beginning.

4. Position is only closed when a specific set of criteria for exit has triggered based on risk/return objective, and the trend following system.

5. Thoroughly review each trade after it has been realized. A trader must ensure that his "business" is running smoothly, and that he/she is operating in a manner sufficient to ensure long-term survival and profitability.

All investors and traders must stay in tune with the action of the general market indices, because underlying market action accounts for a substantial portion of the movement in an individual security. Keep in sync with the market by following our updates.

Source: Drew Birenbaum - Greenfaucet

624 posts
msg #90923
Ignore jrbikes
4/8/2010 11:17:41 AM

Good words!

Plan your trade and trade your plan!

My problem is such that I look at too many filters, I have found that all filters, if they are bullish in nature, will Identify the same stocks, so its really not the filters, so what is it that stops a person from buying when they know they should, and I mean you know you should do it, its right there, screaming at you, BUY ME!

Fear, and you dont really know if its going to go up anyway, its a reasonable assumption based on your criteria!

Got to pull the trigger on your plan, otherwise, you dont have no plan!

Like TRO said, if you really believed in your plan, you would execute on your signal 100%

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