I was recently asked a question by a woman who had read a review I wrote of Brett N. Steenbarger’s book Enhancing Trader Performance (John Wiley & Sons, Inc., 2007). The book talks a lot about coaching, and she wanted to know how one goes about finding a trading coach and/or mentor. This is a tricky question.
Coach Versus Mentor
I think, first of all, we need to define what we mean when we use the terms “coach” and “mentor.” I brought this up with Brett recently, as he uses the two terms fairly interchangeably in his book. This comes from his medical background where these two terms mean basically the same thing. Coming from a coaching background myself, I have a different view.
I define a “coach” as someone who is at the core a teacher and who is well-educated on the subject in question. For example, as a volleyball coach I teach players the ins and outs of the sport and I help them develop their skills. I do this with a variety of approaches, including specific training regimens and video reviews. Beyond the skill development, though, there is also motivation, strategy development, and their other things.
“Mentor” in my use of the term is more like advisor. This is someone who has a broader view. He or she helps guide you through the learning process. A mentor is often someone who has achieved success and who can provide advice and suggestions, offering a sounding board for thoughts and ideas. Good coaches can certainly be mentors, and they often are. Mentors, on the other hand, are not as likely to be coaches.
In many arenas it is easy to define a coach. They are the folks who go through training programs and work under other coaches as they enter a field. I started coaching by helping out my own high school coach. Later, I assisted under other experienced coaches and then coached my own teams under the supervision of others. I read tons of books on the topic, joined the American Volleyball Coaches Association, and went through USA’s Volleyball Coaching Accreditation Program. I’ve gone to seminars and clinics, talked with coaches from all over the country, worked at camps, and coached teams of all levels. In other words, I’ve developed my coaching through education and experience.
Mentors, on the other hand, are more likely to be experienced in a given field. They can share their war stories and provide advice based on having had an experience similar to the mentee’s. Older players on a team can be mentors to the younger ones. In my role as a college coach I not only worked with players in developing their volleyball acumen, but I could also share with them my own playing experience. Even more, I could advise them on academic, career and other life issues at times as well.
The Making of a Coach
The whole...