Having an experienced trading coach to go to with questions is always a plus when you’re trying to learn everything you need to know about trading. If you’re lucky enough to have a personal coach, you’ll want to use your time wisely and be sure to ask important questions to help get the most out of your experience. Here are a few examples of questions you could ask your coach…
Question #1: Approximately how long have you been trading forex?
You might want to ask this question to ensure that you’re dealing with a qualified, experienced coach that actually knows what they’re talking about. If your coach has been at it for a while, they will have more advice when it comes to dealing with the market because they were personally trading during many major market events. While more experienced coaches might charge a higher price, you can expect to receive a better quality of advice thanks to their experience.
Question #2: What strategies do you use while trading?
This question might be basic, but it can give you a good insight into the strategies that have helped your trading coach to become successful. It would help to ask how they evaluate the market and choose when to enter, exit strategies, how they manage their risk, and so on. This can also give you some insight into whether your coach prefers short-term or longer-term strategies, although you should keep in mind that different things work for different people.
Question #3: Have you ever learned any hard lessons?
One of the best ways to avoid making mistakes is to learn from the mistakes of others. This is especially true when it comes to trading, where mistakes result in financial loss. Maybe your instructor risked and lost a lot of money early in their career, or they might have made another big mistake along the way. If you ask about it, you might be able to avoid falling victim to the same problem yourself.
Question #4: Which trading style seems right for me?
Your coach will need to spend some time talking with you before they can answer this question, but it shouldn’t take too long for them to figure out what kind of trader you are. You might even be surprised at their answer! Some of us aren’t always as observant when it comes to our own personality, so allow your coach to figure out whether you seem disciplined, timid, fast-paced, etc.
Question #5: What are the best ways to analyze the market?
Different traders decide to enter trades based on different data. Some lean more towards technical analysis, while others analyze fundamentals, and some look at a mixture of the two. Your trading coach should be able to tell you which market analyzing tools and strategies are best, along with the ones you’ll want to stay away from. This can save you a great deal of time and money because you won’t have to learn what doesn’t work through trial and error.
Question #6: How much do you recommend I risk per trade?
Many beginners make the mistake of risking too much money at the beginning of their careers. This is why it’s a good idea to ask your coach how much they think you should personally risk since they can consider the amount of money you actually have in your account and your goals. If they suggest an amount that is lower than what you had originally planned, you may want to reevaluate your risk-management plan to ensure that you don’t go in risking way too much money.