#Digitalskeptic: How a Trader Coach Turns Emotions Into Profit
"It's about your emotions," Dayne said. She's a professional life coach with a specialty in improving the performance of financial traders. And Dayne has been talking with me for the past few weeks on how to get the most out of those who put their livelihoods on the line trading in financial markets.
"It's your scars that shape your trading. The big losses. The bets that took you out," she warned. "They are what get you stuck."
Dayne has developed her own street-smart sense and sensibility about the dark emotions that turn good trades bad. After a career as a ballet dancer and marketing executive for the since-vaporized Digital Equipment Corp., she's been both a part-time financial trader and a trader's coach since the mid-1980s. And three of the thousand-plus clients she's said she's worked with over the years confirmed to me she acts as a sort of a golf-swing-meets-life-coach for their trading."I decided to take the plunge and trade full time on my own," Laila Rhodes, a client of Dayne's told me in a call from Swindon, England. "And I could not have done it without Robin's help." Fees run between $750 and $1,500 an hour -- which, by the way, I was stunned to learn is cheap for such services. Some trading pros I spoke with, who tellingly did not want it known that they use such trading support, say six-figure annual fees, plus a fat cut of the gross, is not unheard of for a trading coach. The digital-age meat grinder
It's sadly not surprising that it does not take much for Dayne to fill me in on the emotional wear and tear traders face in today's grueling digital age. "Everybody is feeling terrible pressure in the commoditization of trading," she said. "The number of trades. The amount of information traders are expected to manage." Traders today suffer from loneliness and an almost relentless pressure to perform from spouses and bosses. And they're on an almost inhumanly short lease when it comes to mistakes.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV