Did you miss our Big Saturday Interview with trader Brent Penfold last weekend?
“When people come to trading, they are attracted by the money. And they want to take the fastest route to the money … But in my experience, people haven’t built a proper foundation for their trading. And so I wanted to write a trading book that doesn’t talk about the every day ABCs of entries, stops and trends. I wanted to talk about something that is more important – which are these universal principles.
“Regardless of whether you are a day-trader, a short-term trader, medium-term trader, long-term trader, whether you are trend-following, counter-trend following, whether you trade options, shares, currencies … it’s irrelevant. That’s all secondary to developing a good process of trading.”
Click here to access our wide-ranging, no-holds-barred conversation with Brent Penfold, trader and author of The Universal Principles of Successful Trading: Essential Knowledge for All Traders in All Markets.
From the fundamentals of risk management and establishing financial boundaries to how to really find a trading style that fits your personality, The Universal Principles of Successful Trading takes a step-by-step approach to helping traders build – or rebuild – themselves into the kind of trader they’ve always wanted to be.
Says Brent Penfold early in our Big Saturday Interview conversation:
“We can get ten profitable traders into one room, and they can all trade different ways. But when you come down to these core, foundation stones, you’ll find they are essentially all in common.
“In my experience, we spend a disproportionate amount of time looking for that perfect entry technique, that perfect methodology that’s going to minimize the pain of trading. That’s important, but it is second in priority to having those foundation stones in place.”
To learn more about Brent Penfold’s book, The Universal Principles of Successful Trading, click the link below.
And to listen to our candid conversation with trader and author Brent Penfold, click here.
“Once you have a proper knowledge about how you should engage with the market, which is with sensible money management, a sensible methodology or expectancy that combines to give you a zero percent risk of ruin, you’re in a far more knowledgeable place …”
“Psychology is important, because you need a good mindset to follow your trading plan. But you would be surprised, once people understand the mathematics of why people “blow up” (in trading) … they suddenly realize that trading is just a numbers game.”
“If you place small sensible trades relative to your account size, then over time, if you are trading with a sensible trading plan, you will have a positive outcome over the longer term.”
To hear the entire 35-minute interview with Brent Penfold, trader and author of The Universal Principles of Successful Trading: Essential Knowledge for All Traders in All Markets, click here.