2021-04-30 13:18:07
One of the best ways to overcome the long learning curve and shorten the road to competency is having a mentor to guide the way.
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There are knowledgeable and talented individuals all across the internet (including in our Litefinance chat) who enjoy sharing what they do and willing to give out general advice, but most of these folks don’t have the time or ability to do the things that a coach does:
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Records and analyzes your effort and results
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Observes and identifies any psychological roadblocks
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Prescribe ways to improve trading processes or techniques specific to you
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Motivates when you need it
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Fortunately, there is an alternative that can be effective and it won’t cost you a dime: self-coaching!
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How can you (a non-experienced, wannabe forex newbie) coach yourself to perform better?
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Well, here’s the first thing to know:
A coach is not necessarily a teacher
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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.
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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.
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Remember that no coach wants to waste their time on someone who isn’t serious
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The great thing is that forex trading concepts and techniques are mostly simple to understand, and can be found for free in our blog http://amp.gs/6iJg or learned from folks willing to share all throughout the internet.
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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.
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