Interview with Brian McAboy
Could you tell us a little about yourself?
I currently live in South Carolina with my wife and two sons. My daughter just started college this year. I still call Colorado home as I’ve lived there twice, once as a kid and again as an adult, plus I have most of my extended family there and it is just a great place to be.
The main themes of my life have been helping others to grow and pursue their dreams, teaching, and personal development. I have always been fascinated with what I call ‘practical spirituality’, and learning about the mind and human spirit.
How did you get started trading?
I’m not sure the very first thing that happened, but it probably was receiving a mailer from Ken Roberts back in the 80’s. That got my interest and then in 2000 I placed my first trade. I lost money on that first trade, so I stopped and then in 2002 I started trading on a regular basis.
How long have you been trading now?
I started trading full time in 2004.
What do you like best about trading?
It is a great self-learning experience. I think that everyone should trade at some point in their life, at least to try it just for what you’ll learn about yourself.
What markets do you trade?
I like the energies, metals and grains in the futures markets.
What style of trading do you use?
I prefer synthetic options and medium to long term positions.
What have been the biggest influences on your development as a trader?
Applying the quality principles, tools and practices from my previous life as a Quality Engineer in manufacturing. These have such tremendous benefit to all traders regarding stress reduction, confidence, consistency, that it would be worthwhile to learn and implement.
What is the one biggest lesson that you have learnt since starting trading?
To treat it the same as any other business pursuit, because sound trading has more parallels to a brick and mortar business than it does to investing. When NOT treated as a real business, trading is more akin to gambling and all the “get-rich-quick” scams out there.
About Your Trading Coaching
How did you get interested in coaching other traders?
Back in 2005, when running a mortgage business, I interviewed a gal who was a Certified Life-coach with a specialization in Emotional Intelligence, training which I’d been through. We wound up talking about that and not mortgages during the ‘interview’.
I told her that she was totally missing her calling, as there are thousands, probably millions of traders that are struggling and need help keeping their emotions under control. We talked about starting a company together to help the traders of the world, since I had experience with both the training and what it’s like for traders. That didn’t pan out, so I decided to do it myself. I wrote “The Subtle Trap of Trading” and have expanded the help I provide as I’ve developed as a trading educator.
Do you focus on coaching of one particular area of trading, e.g. risk management / psychology or finding trades?
I focus on introducing traders to the Quality practices that can help in so many aspects, particularly in treating trading as the business it is, plus I focus on ‘Practical Psychology” for traders, with the notion that they are healthy (not in need of a therapist), just some good guidance on how to become a proficient and successful trader.
How do you work together with your clients? E.g. phone / email / screen sharing?
I work with my clients via phone, email, Skype, webinars and videos, pretty much whatever works.
What sort of results do your clients get after coaching with you?
They have a much better understanding of the nature of trading, plus they always feel less stressed simply from the anxiety reduction and knowing what to do to get things under control. They usually feel more confident about the whole business, realizing that it doesn’t have to be difficult when approached properly and sensibly.
What is the most satisfying part of coaching traders?
Hearing the change in their voices. When I first contact them, they usually have a lot of tension resignation and stress in their tone. It usually happens pretty quickly that they’re able to relax and find some peace of mind.
What is the biggest but most easily fixed mistake that you see traders make?
Trading without a business plan. This is the common mistake that I see all the time for both traders and small business owners and is the REAL reason for the 90% failure statistic – which is shared between the two groups. The statistic and the cause (no business plan) are the common denominator among those that fail.
Do you recommend journals or other record keeping as an important part of trading?
The most important thing for a trader to track is your performance statistics. The numbers help keep matters in perspective, plus bring necessary objectivity to your trading. The best way to get good at trading and then to get into the Continuous Improvement Cycle – is through measurement f performance. Journals are good too of course, but in a manner that works for you and can be maintained consistently. Many traders don’t like to journal, try it in a way that is too much for them, then drop the practice and lose the benefit. Keep with what works.
What are the most common issues that you see in your clients that prevent them from becoming better traders?
Refusal to take responsibility and /or continued belief that all they need is a good system. Trading is a business and until it is truly treated as a business, struggle and failure are likely.
General Advice
What advice would you give traders who are just starting out?
Be patient with the process, understanding that you’re building a business and that takes some time. Keep a long-term perspective and don’t be afraid to take a break if you need to.
What 3 books do you recommend traders read?
I wholeheartedly recommend that traders read
1. “The Power of Now” by Eckhart Tolle
2. “The E Myth Revisited” By Michael Gerber
3. “Rich Dad Poor Dad” by Robert Kiyosaki
These are books that will get you in a good mindset for trading. They are NOT about trading, but give you perspectives that will serve you well as a trader seeking financial freedom and wealth generation through trading.