Can Forex Be Taught By A Trading Coach?
This article is mainly about the argument on whether or not a person can be coached to learn about Forex Trading or not. There exists lots of arguments and theories about Forex trading being best and generates success more if learned from a coach or mentor but to be honest, any aspiring trader can only become successful when he or she is ready to do what is necessary. And by necessary I mean it is a combination of learning from textbooks, listening and learning from people and colleagues who are successful in the business, and practicing the business itself, until such time that an effective strategy can be formulated by the trader himself.
Innate or taught?
While it is true that trading comes naturally to some people, there are others who have the brain chemistry that is hard-wired for success. Positivity, patience, and being disciplined are only some factors that are influenced by brain activity. In the end, it will only depend on how bad you want to become a successful trader and how much are you willing and committed to learning.
Nature Vs Nurture
A very good example of this is Richard Dennis’ Turtles. They are a group of people selected from a population that answered an advertisement in the Wall Street Journal placed by Dennis when his friend William Eckhart bet that trading is something that cannot be learned and comes naturally. They then selected a group of 23 respondents, composed of 2 women and 21 men. They were then classified based on their trading background. Some of the group members have experience and background in trading business, while majority does not. Dennis’ only request is a commitment to learning and applying his trading psychology and money management tactics and the perseverance and discipline to follow an established strategy. Those who responded to these requirements then produced positive results after only weeks of training. Eckhart then accepted that an effective mentor and an open-minded and willing student can definitely work together to achieve success.
This means that the effectivity of any trading strategies will only depend on the end user himself. It is up to him to utilize the information and modify it to suit his needs.
Traders in Success Vs Traders in Distress
One can only learn so much about trading in the numerous articles and textbooks about the business. But what sets the successful trader apart from their unsuccessful counterparts is that successful traders are willing to do more. They do not only learn the basics of any strategy; they know how to modify and change their own plans according to its outcome. They apply modified money management and psychological strategies based on their own experience. They listen and learn from trusted colleagues and then choose the information that will work best for them.
There are lots of educators and lectures regarding Forex trading but what you must remember is that in the end, all you really need is to continue learning.