Stuart McPhee from Melbourne, Australia, is an equities and forex trader for about 20 years and is the author of “Trading in a Nutshell.”
Stuart dives into trading plans, going into questions what what a trading plan actually is, how to make one and following through with it. In fact, Stuart shares a simple way to that will help traders follow their plans long term.
What’s Covered in This Interview:
- How traders can become desensitized with losing trades with time and perseverance.
- Why Stuart feels no pressure to take the rest of a bad bunch of trades by trading less, and giving himself the flexibility to execute when he sees high quality setups.
- Why fundamentals and news don’t have much impact on his trading but can impact the markets at lot.
- Why a failure to create a trading plan is basically planning for failure. Stuart provides an actual case study on how many traders don’t have a plan, but feel like they’ll succeed iin time.
- How traders can make a trading plan, including the components you need to include. Stuart dives into what a trading plan actually is, which is a collection of your rules to help protect you from constantly making still mistakes.
- Why it’s not natural to just follow your trading plan, including why it’s hard to change big habits, and a simple hack to make sure you stick with your plans in the long run.
- What many novice traders lack, including a level of professionalism and the availability of time.
- Why traders need to constantly simplify their trading approaches.
Links and Resources:
- Market Wizards series by Jack Schwager – A book Stuart claims that had the most influence for him.
- Trading in a Nutshell – Stuart wrote this book and is currently updated and expanded for the 10th anniversary of its release.
- stuartmcphee.com – Learn more about Stuart on his website.
- @StuartMcPhee – Follow Stuart on Twitter.
