Interview with Stuart McPhee - Better System Trader

Stuart McPhee has been trading for nearly 20 years and is an author, trading coach, licensed adviser and regular speaker at major trading events all around the world.

Stuart regularly appears on the Sky Business Channel’s live panel TV show, ‘Your Money Your Call’ and has also appeared on Channel News Asia as a commentator on the foreign exchange market.

In this episode Stuart discusses the common mistakes traders make, the single biggest factor to trading success, the counter-intuitive side to trading and tips to improving trading discipline.

Your mindset is the single biggest factor in your trading success

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Topics discussed

Why trading can be simple but not easy
Common mistakes traders make
Factors to consider when choosing a trading strategy that suits you
Common Money Management mistakes
The single biggest factor to trading success
Common mindset issues traders experience
Tips to improving discipline and changing trading behaviour
How the Petronas towers can be applied to trading
The counter-intuitive side to trading
The Chinese Bamboo story

Resources mentioned in this episode

To learn more about Stuart and his work, checkout his website stuartmcphee.com or follow him on Twitter @stuartmcphee
Books:

Quotes

Trading is simple but it’s not easy

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People are not spending the time to learn what they need to learn to become quite good and it takes a long time

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Trading is a rules-based activity if you want to do it well

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In trading we actually have to unlearn behaviours and retrain ourselves to do different things

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Top tips from this episode

Petronas towers in Malaysia – they’re fantastic buildings, the tallest twin towers in the world. I took a look at the stats on the foundations and at some parts they had to add concrete piles 114m (or 374 ft) deep, which is huge. The most important part of the building, the part that anchors it and keeps it from falling over, is not even visible. Is your trading based on solid foundations?
Chinese bamboo story – when you plant the seed nothing seems to happen for 1, 2, 3, 4 years, then in the 5^th year it sprouts and grows 90ft in six weeks. It takes time for the bamboo to establish the foundations but once it’s set it really takes off. Trading can be similar to the growing process of the Chinese bamboo tree. It can often appear no progress is being made, we’re doing the right things but the results aren’t coming. But for those who do the right things, are patient and persistent, the result can appear.