Paul Scott: 30 Years in Institutional Trading 🎯

On this episode of the Words of Rizdom podcast we are joined by Paul Scott. Paul started out on the London Metal Exchange in 1994 at 16. He got into the business via his father who was a copper trader for 25 years. Paul believes that it's all just one big game, with a set of rules that are passed down from one generation to the next, that historical levels can and will be reached and traded over and over again, that time is of no value and that the value of currencies has nothing to do with the value of real money. Paul shares from his 30 years of experience and industry secrets.

Paul's Website: www.paulscottfx.com
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Timestamps:
00:00:00 - Introduction
00:05:11 - Starting in the Trading Industry
00:10:45 - Transition from Trading to Teaching
00:16:13 - The Changing Landscape of the Financial Industry
00:21:24 - Retail Trading Accessibility
00:27:05 - Technical Analysis: A Waste of Time
00:32:24 - Predicting Market Movements
00:37:26 - Predicting the Market with High Accuracy
00:42:50 - The Value of Money and Understanding the Game of Trading
00:48:34 - The Importance of Discipline
00:54:02 - "Set and Forget" Trading Strategy
00:59:42 - The Role of Analysts in Trading
01:04:55 - The Importance of Letting the Market Show You Its Hand
01:10:11 - Risks of Investing in Crypto.
01:15:07 - The Retail Trading Industry and its Problems
01:20:28 - The Importance of Fishing for Trades
01:25:31 - Becoming the Best Loser on the Planet
01:35:20 - Learning from Different Perspectives
01:40:35 - Trading Floor Mishap
01:46:14 - Misinterpretation and Miscommunication in Trading
01:51:41 - Fast-paced and adrenaline-filled environment
01:57:08 - Importance of Networking with Other Traders
02:02:22 - Outro

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DISCLAIMER:
The content on Words of Rizdom is for informational and educational purposes only and should not be considered financial, investment or trading advice. I am not a licensed financial advisor, and the strategies, opinions, and commentary shared are based on personal experience of the respective guests. We are not personally affiliated with any of the guests featured in our episodes. The views expressed by our guests are their own and do not necessarily reflect the opinions or endorsements of Words of Rizdom.

Trading and Investing involves risk, and you should always do your own research or consult with a qualified financial professional before making any investment decisions. You are solely responsible for your financial decisions. This channel and its creator are not liable for any loss or damage arising from the use of information presented in videos.
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