About Trading Coaching

Australian Trading Coach Directory

Steps to Becoming Your Own Trading Coach - Using a Trading Journal

It can be expensive to use a stock or forex trading coach. A trading coach will typically charge per hour and often you will need to purchase a block of hours to get started. For example you may need to purchase 10 or 20 hours which can easily run into thousands of dollars. This can be hard for new traders to invest a large amount of money into the unknown of what may be returned by working with a coach.

So what are the alternatives? One of the benefits of working with a trading coach is knowing that you will be accountable for your trades and you will need to explain what you were thinking before, during and after each trade. One way to improve your performance in being clear about your thinking in each stage of managing a trade is to use a trading journal.

A trading journal can be used to document your thinking processes before, during and after a stock or forex trade. Before a trade, you must have a plan of when you will enter the trade, the planned point to take a profit, the planned point to take a loss and the size of the position.