First question to ask: do coaches trade their strategy? If not, run - don't walk - run away! That means they do not have the confidence in the very system they are espousing. Why should you trade their system if they don't?
- I proudly trade my strategy. I do so because it works.
Does your coach earn his/her living from trading or training? The student also needs to have 'skin in the game', this making charges necessary. But a good coach should make trading the primary source of income, not training.
- My main income source is trading; teaching is secondary. I train because I enjoy it.
What is your coach's experience? If they say they never lose, they are lying. All experienced traders lose, even occasionally.I suffered losses just like anyone but I pass along lessons learned. Everything I teach, I learned the hard way.
- I made a lot over the years and I lost too. Your advantage: learn from my mistakes.
Is your mentor empathetic? We must have tough skin to weather the trading storms but a good mentor can relate to your experiences. Look for a good listener, not judgmental or critical. Maintaining confidence is crucial in this business.
- I never forget my trading roots, hence I relate to every emotion, every challenge.
Is your coach accessible? If your mentor flips you off to others or is tardy in replying, he/she may not be the right fit. If you're concerned about a position, your personal relationship coach should be right there all the way.
- I personally answer all your queries. I only accept as many students as I can handle.
Coaching rates: are their costs reasonable? If it's too high, you spend more time worried about costs. If it's too low, your coach is likely incompetent. Don't dicker to save a few cents. A good coach is well worth the cost.
- Despite my business advisors suggesting I raise rates, I want to enable the masses.
Does your coach display his/her results? Make sure it's all out there. No hypothetical or theoretical results. All too many gurus show 20/20 hindsight. Anyone can show history. Real traders would be proud of their real trade results.
- I display my real trades to members. Live trade subscribers witness it first hand.
Count how many times they use words... like 'if only', 'would have', 'should have', 'could have'. These words suggest regret or missed opportunities. If a trade sets up, do it. Simple. Say 'I did buy it'. Look for commitment.
- I banned the use of certain words in my vocabulary. They serve no useful purpose.
Does your coach accept responsibility? Good traders/trainers are in a constant state of learning. An effective coach will accept the stumbles from time to time. You likely don't want someone who always diverts blame.
- No one is immune to missteps. When I err, my members are the first to know.
Commit to you, the subscriber. Look for a mentor who will be engaged, there when you need them, even if just to vent about a particular trade. Maybe they can keep you focused, grounded... whatever it takes to succeed.
- If I accept you, we are committed. Expect to make money. Quickly. Consistently.
Feel free to contact me to see if we are the 'right fit'.
As exciting and fulfilling as it is, make no mistake: option trading can be hazardous to your financial health.
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Information in this website is for educational purposes only. Past performance does not guarantee future results. Option trading is inherently risky. Trade at your own peril. I/we do not give recommendations. Picks are only what I/we expect to trade given my/our own personal risk tolerances. Actual trades may differ should conditions suddenly and materially change.