I sat in on part of Adrienne’s session at the Traders’ Expo on ways that traders sabotage their own success. It was quite good and refreshing to see sessions on how traders can help themselves rather than highlighting another fancy indicator.
Read on for more about what Adrienne likes about coaching and what questions you should ask yourself at the end of each trading day.
StockTickr: Tell us a little about yourself, Adrienne.
Adrienne: My name is Adrienne Toghraie and I am a Trader’s Coach. I was born in New York and lived in New Jersey and California before I moved to North Carolina. While my degree is in Accounting, most of my education is in the field of human development. I use the science of modeling known as Neuro Linguistic Programming (NLP) to assist people in getting to their next level of success in all areas of their life. I have been assisting those who want to be high achievers since 1989 specializing in the financial industry.
StockTickr: How did you get interested in the financial industry?
Adrienne: A colleague of mine, who was already working with traders, invited me to do a seminar and I was hooked. Coming from a long line of risk traders in my family history, I loved the idea of working with people who work with risk on a daily basis. This felt very comfortable for me.
StockTickr: What’s the most common mistake you see traders consistently make?
Adrienne: There are several mistakes traders make. The first mistake is not being prepared by having a business plan, the education necessary and enough financial resources to support the new endeavor. Once they are in the business of trading, most often while they will agree that discipline is the most important part, only a small percentage will actually invest in themselves to be more successful.
StockTickr: Do you consider good record keeping an integral part of trading success?
Adrienne: Good record keeping allows you to improve on your technique and have an overview of what is holding you back psychologically when you do periodic reviews. These reviews should be every 3 to 4 months and not every day or week as some traders do.
StockTickr: How can traders improve upon the journals they keep?
Adrienne: After every day of trading, they should ask themselves several questions -
- What did I learn?
- What opportunities did I not take?
- What was I saying to myself when I did not take these opportunities?
- What time of day did I not follow through in my trading?
StockTickr: How do you suggest traders deal with inevitable drawdowns?
Adrienne: Traders need to look at the bigger picture and not at their hourly, daily and weekly returns. If a person has a good system that they have tested and works over the long haul, then they should trust that the system will bring the returns in the over all picture. If they can’t trust their system or themselves, then they need psychological coaching, or they need to revamp their rules.
StockTickr: Do you recommend backtesting and if not, how do you suggest traders instill belief in their system?
Adrienne: I recommend backtesting if and when possible, however, there are people who are discretionary traders and backtesting can be challenging for these types of traders. For them, I recommend forward testing or in other words, paper trading. Paper trading gives you the conditioning to take trades but in real time the challenge of the risk comes into play and very often this is where a trader will have the biggest challenge.
StockTickr: What 3 books do you recommend traders read?
Adrienne: Reminiscences of a Stock Operator and any book that will hone in on the skills necessary for their particular technique that they want to pursue, and, of course, my Trading on Target Course which includes 8 books on the psychology of trading.
StockTickr: What is the most gratifying part of trader coaching?
Adrienne: The most gratifying part is when traders follow thru on the material that I have worked hard to give them which results in them being extremely successful.
It makes my hard work worth all the effort.
StockTickr: What advice can you offer traders who are just starting out?
Adrienne: Trading is a business and you have to treat it as such and enter the field like any business person would. It is helpful to have a supportive environment and the support of significant others in this new endeavor. If you don’t have the passion to wake up each morning with the joy of being a trader, then this is not the right profession for you. Successful traders have told me that if they didn’t make money and were just able to trade, this is reward in and of itself.
StockTickr: Thanks, Adrienne!
Adrienne: Sure, Dave.
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