• iTunes
  • Twitter
  • Facebook
  • Google+
  • Instagram
  • Youtube
  • Email
  • Home
  • Courses
  • eBooks
  • Library
  • The Empowered Trader Club
  • BST LIVE
  • About
Better System Trader

Better System Trader

Better System Trader is the podcast and blog dedicated to systematic traders, providing practical tips from trading experts around the world.

015 – The single biggest factor to trading success – Stuart McPhee

http://traffic.libsyn.com/bettersystemtrader/BetterSystemTrader-Ep15-StuartMcPhee.mp3
Play in New Window|Download

photoStuart 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

Click To Tweet

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

Click To Tweet

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

Click To Tweet

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

Click To Tweet

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

Click To Tweet

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 5th 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.

Transcript

Got A Question, Topic or Guest you want to see on the Podcast?

Do you have a specific question, topic or guest you’d like to see on a future podcast episode?

Click here and submit your suggestion for a chance to have it featured on an upcoming podcast episode.

Subscribe to Better System Trader and never miss another episode!

subscribe-with-itunes-button stitcher soundcloud android

Please support the podcast by giving an honest Rating/Review for the show on iTunes!

Episode Released:

12 July 2015

  • facebook
  • linkedin
  • twitter
  • google+
  • pinterest
  • stumbleupon
014 - Improving Trader Performan...
016 - Creating Robust Strategies...

Related Posts

  • 129 – Does it actually make sense to ALWAYS use a stop loss?
  • 094 – Cornering the market with Kurt Sakaeda
  • 136 – Anticipating market action and “pain points” with John Carter
  • 044 – Short Selling & Bear Markets (Part 2) – Laurent Bernut
  • 159 – Maximising the potential of portfolios – Adam Butler

Next issue (Jan 2021):

Get the new "The Empowered Trader" monthly newsletter, direct to your door (yes it's printed!)

Click here for more info

Just starting out?

Finally end the frustration and confusion of getting started in system trading...

Download your free copy now

What pro traders are saying about BST

"Being a trader himself, Andrew drives insightful conversations that uncover gems of practical knowledge that can improve your trading today"

Kris Longmore robotwealth.net

"I really enjoy listening to the Better System Trader podcasts. Even though I am in the industry for over 15 years, there is always something new to learn from these. Thank you!"

Martin Lembak striker.com

"If you have been looking for that little extra nugget to transform your trading, you will find it at Better System Trader."

Laurent Bernut alphasecurecapital.com

"Knowledgeable and credible guests talk about useful topics in an interesting and engaging discussion. What's not to like?"

Robert Carver systematicmoney.org

"The Better System Trader podcasts have become an invaluable resource... There's no other podcast around that covers the subject in so much breadth and depth."

Alan Clement helixtrader.com

"What really makes the BST podcast stand out is that Andrew is also an experienced trader and can therefore provide incomparable quality and depth in any interview. Thank you for endless inspiration."

Tomas Nesnidal systemsontheroad.com

"Andrew has interviewed some great people and I have picked up some useful new insights. His integrity, trading knowledge, light-hearted attitude, curiosity and enthusiasm shine through and enhance each of his podcasts. Given the quality of the information and the price (free!) any serious trader would have to be a fool to not take advantage. Keep it up my friend."

Bob Pardo pardocapital.com

"I get some of my best ideas from listening to other market participants and Better System Trader is a great resource of conversations with trading professionals."

Michael Cook thetradingmasterclass.com

"BetterSystemTrader is an amazing resource of valuable information, Andrew is always able to ask the right question at the right time to deliver the best content possible, a must listen for anybody interested in trading!"

Andrea Unger skilledacademy.com

"Andrew is a master at asking difficult and relevant questions."

Perry Kaufman perrykaufman.com

"Andrew seems to have a knack for getting the world's most famous traders to share valuable insights about how they trade for the benefit of the trading community."

Andrew Gibbs halifaxonline.co.nz

"This podcast provides unique information, from real traders, interviewed by an experienced trader."

Kevin Davey kjtradingsystems.com

"Better System Trader is an invaluable resource that I've gleaned tremendous amounts of information from over the years. I wouldn't be the trader I am today without having found this resource. Please keep up the great work."

David Bergstrom buildalpha.com

"If I had to listen to one trading podcast only, it would be Better System Trader. I am always learning new things and getting research ideas from Andrew’s guests."

Cesar Alvarez alvarezquanttrading.com

"Listening to BST is a requirement for everyone on our team."

Bert Mouler profluentcapital.com

"The right questions to the right people at the right time."

Nick Radge thechartist.com.au

"Professional, to the point and relevant content. Better System Trader should be followed by anyone with an interest in our field."

Andreas Clenow followingthetrend.com

Trading stocks, options, futures and forex involves significant risk of loss and is not suitable for everyone. Past performance is not necessarily indicative of future results.

© 2015 Better System Trader · Disclaimer & Terms · Privacy Policy · Sponsor