I know that you are thinking this article is about trader coaching that focuses on your trading strategies. Well, you are wrong: The five reasons why you should consider trader coaching are about your psychology, not the way you trade.
Trading is 95% mental
Similar to any high performance sport you don’t win the game through action, you win the game in your mind first. Your mind is the driver that instigates right action, but only if you have primed your mind properly (trading) success.
90 % of traders fail in the long run, not because of their trading strategy, but because of their mental strategy
Here is the thing: 95 % of all traders have NO MENTAL STRATEGY
This is an extraordinary statistic. Even the majority of professional traders don’t have trading psychology as their number one trading strategy. And, guess what, most professional traders don’t make money.
A professional trader can hide behind the organisation though. It is good enough if the department breaks even. Unless you do something extraordinarily stupid your lacklustre performance will be tolerated, at least for some time.
The world is very different for the independent trader
If you don’t make money for a year or two years you will go broke. Never mind the psychology of things, without money you can’t trade, you can’t survive.
Few traders can sustain extensive drawdown periods. Knowing what to focus on to keep the ship on the straight and narrow is key. Most traders focus on the wrong things.