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FOREX TRAINING

Solution Focused Trading

Getting The Biggest Bang  For Your  Buck

forex training solution focused trading

Example of a trader's coaching sesion: Sean was a trader who was very capable but who’s P&L returns did not seem to be reflective of this. I remember sitting down with him in one of our early coaching sessions and conducting some analysis of his trading looking at where he tended to make money and where he tended to lose money, where he traded well (made good decisions) and where he traded not so well. As we went through this process it soon became evident that Sean’s profits and best trading decisions were centred around market events such as economic releases, announcements, speeches and higher volatility conditions. Where he tended to lose a disproportionate amount of money was in trading markets that were less event-driven, less volatile and more range bound.

What were the options for Sean going forward?

• Stay the same.

• Work on developing his trading in range bound conditions.

• Look to maximise his opportunities in the volatile markets he thrives in.

One of the key underlying principles of my coaching practice is what is called a solution focused approach essentially helping clients to build on their strengths and successes to enhance their performance. This is somewhat paradoxical when you consider that the majority of self-referring clients come for coaching because they believe they have a problem. However traders, as with people in sports, business and any performance activity, are most likely to succeed where they play to their strengths, and so starting coaching from this perspective is a very effective approach, and where people ultimately get the biggest bang for their buck.

There are three key phases to adopting this solution focused approach:

1.            Identify your strengths

2.            Utilise your strengths

3.            Focus on, and build on your strengths

But what about my weaknesses I hear you ask? When tennis legend Steffi Graf was a junior she had a very strong forehand and a not so strong back hand. The coaches had a decision to make – develop the backhand or develop her game to enable her to play to her natural strength – the forehand. The proviso was that the back hand had to be good enough that it did not become a weak link in her game. Over the years the coaches harnessed Graf’s forehand into a phenomenal force which was assisted by playing to another of her strengths her extreme athletic ability which enabled her to ‘run around’ the shot to hit the forehand, and they developed a backhand that kept her in the game and wasn’t adversely ‘hurting’ her performance. What would had been the case had she worked and devoted time and effort to developing a good backhand at the expense of having the ‘killer’ forehand? We will never know, but without the legendary forehand she would have certainly have been a different player.

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