My Interview with ‘Chat with Traders’

Recently I was interviewed by Aaron Fifield from chatwithtraders.com and he has now made this audio interview available.   Aaron wrote down the following list of ‘lessons learnt’ in this interview, as follows:

  • Why a combination of time and perseverance will lead you to become desensitised with losing trades.
  • By trading less, Stuart feels no pressure to take the best of a bad bunch, and has the flexibility to only execute when high quality setups appear.
  • Stuart discuss how fundamentals and news have a huge impact on the markets, but little to no impact on his trading.
  • The importance of a trading plan, failure to plan is planning for failure. Stuart gives a real life case study on how the large majority of traders have no plan, yet also believe they need one to succeed over a period of time. He highlights a true disconnect here.
  • How to form the basis of a trading plan, and what you should include as an absolute minimum. A trading plan is a compilation of your rules to protect you from making silly decisions on a routine basis.
  • To follow your trading plan is something that does not come naturally. Stuart shares with us the reason why it is difficult to change major behaviour, and one very simple discipline hack to ensure you stick with your plan for the long term.
  • Risk: With four letters, Stuart sums up where most beginners continually slip up. Additionally, he discusses the level of professionalism and time commitment that many novice traders lack.
  • Why we need to consciously simplify our trading approach – even though it is hard to be simple, and simple to be hard.

I was quite open in the interview, so I hope you enjoy listening to it …

Stuart McPhee
Stuart McPhee
Australian private trader for nearly 20 years, author, trading coach, licensed adviser and regular speaker at major trading events all around the world. Graduate of RMC Duntroon and former Australian Army Officer.