Stuart McPhee has developed coaching tools to turn everyday people into successful, confident and most importantly profitable traders. He is able to hand on some knowledge on the key to stock market trading. Mark Cook has been a trader for 28 years and offers an Advisory Service on S&P and T – bond futures that is specifically dedicated to helping people become better traders. This is the last in a series of six interviews between Mark Cook and Stuart McPhee.
Stuart began by asking Mark, ‘You’ve had so many years of experience and seen so many things. If you had a back to the future car and went right back to 1977 what would be the single biggest thing you would change knowing what you know? Is there something you would do that from day as opposed to going through all those years and learning that?’
Mark replied, ‘Well that’s a very good question and I think I’ve got just one answer and it’s bothered me for a long time and I’m a little bit bitter about it. Back when I started in 1977 there was not enough education available.
I searched diligently to find a mentor, to find someone that had been through some hard knocks someone who had some scars, an older gentleman or lady and I could not find anyone. My losses and the pain and anger I endured, if I had had someone, I would have listened to them.
I just want to tell people out there, find somebody that has been through some hard knocks, who has got some scars and listen to them. They will undoubtedly have some valuable stock market trading tips which they will be eager to pass on. If you don’t, you’re going to have to live through that yourself and I think every person needs to have a few scratches and abrasions and bruises but they don’t have to get crushed.
But the first five years I did not make money at all. I learned everything the hard way. It does intensify your staying power as far as your maintenance in your mind because it’s got imprinted. Maybe if somebody else says it and because you haven’t experienced it, it doesn’t have the impact but you still have to listen.
I would encourage any young traders who’ve got all the other attributes to find somebody similar to them that has been through it maybe two decades older than them and has more experience and just drain the brain.
Stuart adds, ‘Just to finish, the other night you mentioned Reminiscences of a Stock Operator by Jesse Livermore and I remember how it said in that book you win a lot and you lose a lot and only by that losing do you learn a lot. It said something along the lines that every trader will go through that learning stage and I thought to myself right then I don’t want to do that because I’m here to make money. I don’t want to go through a really …but I did go through a bad patch.
When the Nasdaq crashed in 2001 I lost a ridiculous amount of money and it was only then that I said, okay I actually need to change some things. I will have to come to grips with some stock market trading tips. So I did go through that. Maybe you do have to go through that, maybe you don’t I’m not sure. Thank you very much I hope you all have been able to learn something from one of the absolute masters in trading.
Mark: Thank you very much.
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