“Been there, done that” trader, Paul Scott from the UK, is a rare find as he’s someone who has been through the entire trading industry and come out the other end as a retail trader.
Today you’ll hear a story or 10 from Paul’s trading career, including what you can do in “45 seconds” and how he trades the bank price levels he discovered during his time working at institutions.
Podcast Interview
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Interview Links
Website – PaulScottFX.com
LinkedIn – Paul Scott
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Paul’s Industry Secret…
Key Lessons
[12:20] Trading is, and always will be, done on the basis of supply and demand.
[19:53] Every market is the same. It’s traders that didn’t understand in the same way by the people that are trading at the institution.
[20:37] Price and value, that is the key to trading.
[20:42] You have to understand that there are particular places and particular prices which institutions revisit time and time and time again.
[33:23] You are not in control of this market. The market is in control of you.
[39:08] Once you understand what you are looking for, you start to see structure in the market.
[58:04] Expect the worst. Always expect the worst.
[58:19] As a trader you should just look at it and say, “Right, it’s not how much money can I make. How much am I willing to risk to make more?”
[59:36] You could make money by being wrong.
[65:20] Learn the rules of the game before you engage.
