How Coaching helps Traders

This topic is meant to open up the minds of those who are closed or apprehensive about getting help on emotional management when they know they need it.  All too often traders keep things inside without having an outlet for venting their problems or releasing their pent-up thoughts. When I suggest coaching there are those traders who say “Oh what can coaching do for me, I can handle it on my own?” To be honest I am amazed because we ALL could use some form of coaching at some point to improve our lives.  Some of the top and most successful traders have coaches to assist them in keeping their lives in balance because an outside point of view can bring perspective and stimulate thinking.

For traders it’s very important to have an emotional outlet especially when things are off. Those outside trading just don’t comprehend or understand what goes on in a trader’s mind or can relate to what they deal with in day to day trading. In fact, one of the rules for my coaching clients is, NEVER talk to those who don’t trade about trading. It can only lead to trouble and confusion. 

How do you possibly talk to a non-trader about the topic of losing? What trader wants to talk to their friend about losing? For that matter what trader wants to talk to their spouse or significant other or better yet another trader about losing?

So having a coach provides a place to “dump or vent” and off load the mental pressures trading can produce.  It’s like taking the lid off the whistling teapot when it’s boiling. Letting go of pressure is critical to a trader’s health and wellbeing.

Pressure and tightness can have a physical impact on the body. It can lead to a tightening of the stomach muscles, which in turn can release stomach acids that can create an environment that is fertile for internal problems like ulcers.  No joke here. Holding emotions in for a trader can be damaging to ones health.

You may not be old enough to remember but in the old days if you met someone who was a stockbroker the first thing you thought or even said was “Oh you must have ulcers” and sadly most of them did.  Now this was before computers and all the innovations we now have that help us navigate the market today.  Old time stockbrokers really had a hard time.  Today we still have emotions as part of the trading equation to manage but it’s different, as they have shifted to the day to day management for the individual trader who have decided trading is their profession lively hood.

Over time traders and particularly men who trade have a tendency to hold things back and not find an outlet where they can “dump” let go, release and unwind.  Women run into this as well but tend to talk with other women regardless.

Having someone, who understands what’s going on and even make suggestions on how to change or improve things can be a big relief and have a positive impact on success. Coaching can bring an important balance we all need.

If you are a fairly new trader (1-10 years in the business) you may have had the thought that YOU were the ONLY one experiencing a particular problem?  Because you never heard anyone else talk about it and so you must be the only one. Well just knowing you are NOT the only one and everyone has gone through the same thing at one time or another can bring a certain level of comfort. When we are at home alone trading isolation can work on the mindset and feeling disconnected and having someone to talk to that understanding can bring relief.

Getting help is a challenge for the ego.  Some have the belief that if they have to ask for help it’s a sign of weakness.  When the reality is, it takes a great inner strength, security and determination to ask for help.  Traders who explore the possibilities of coaching move forward faster in their careers than those that do not.  Asking for help requires letting go of ones ego to and a fierce determined to “get it” no matter what.

Look, you have to admit that trading is such a unique and different business from most other professions out there. Emotionally, it requires discipline, flexibility, determination, calm, focus, resourcefulness and lots more to succeed. As trader’s, we are consistently having to modify and refine what we do. We just don’t learn one thing and do it over and over.

I guess you’re wondering where am I going with all this? I really want to encourage you to try coaching if you are struggling with trading or you are looking to take your trading to a different level.  It can really make a difference between great success and failure.

Don’t let ego and stubbornness hold you back from or get in the way of success.  As trader’s most will experience and fall victim to an “Emotional Block”, one topic I feel passionate about based on my 18 years coaching traders. In fact I decided is warrants a book I am now working on because it affects ALL traders. It has proven to be the number one reason trader’s come to me for help or end up leaving the business.

So I am encouraging any trader with an emotional challenge or fear apprehension, uncertainty or hesitation to learn how to remove this block so they can move forward to success.

As a special to all trader’s for the month of September I am offering $100. off the “Blockbuster” coaching package, which can prove to be the best investment you will make in your trading and yourself.

So check it out on www.robindayne.com website under coaching tab.

In the meantime: Trader Do’s and Don’t

> Do let go of your ego

> Do know who you are and be in touch with your emotions

> Do get help if you need it

> Do use courage as strength to face weaknesses

> Don’t talk trading to non-traders

> Don’t think you are the only one with the trading problem

> Don’t assume you know it all – leave room each day for growing and learning

> Don’t let stubbornness hold back your trading success

Till next time “Great Trading” – Robin