Stuart McPhee and Mark Cook talk about stock market training.
Stuart: 'Have you ever come from an environment where you are part of a great team and because I think that is something that hits people, where are all those people I used to have coffee with at morning tea and they're not there any more.
' Mark: 'I think a lot is your personality what you are.
Some of the traders I've mentored are very reclusive in nature.
One of my good friends is Marty Schwartz.
And Marty is very reclusive.
He doesn't like to be around people at all.
In fact, he'll say I want to trade in solitude, that's when he does the best things.
He likes to talk on the phone, but he talks on the phone at his own pleasure.
Personally with me I need noise, I need interaction with people, and that was one thing I did not like and still don't like.
Fortunately now I have some traders in my office with me, we're talking about the market, we're involved in our stock market training.
I think commiserating is a healthy thing, but then when it is time to focus, it's quiet and we're watching things and we're being very intent in that regard.
It is a problem for a lot of people.
I think if you are a gregarious, outgoing person and all of a sudden you are stuck in a trading room, with no interaction with people, then your mind can do bad things.
' Stuart: 'Yes well I know your background, you were a big sports player and playing basketball, that is all about team and coaching and stuff.
I was in one of Australia's break teams in the Australian army as an officer and there was camaraderie.
I found that personally difficult to get used to, the quiet of my own office and not having anyone else around.
I am sure it affects certain people in bad ways as you said.
I'll ask you a couple more questions if I may.
Look we can beat ourselves up about losses.
Sometimes those losses get a bit bigger than we want them to get.
If you have a really good winning streak, it may not be over a couple of hours or a day, maybe over a week or something, do you reward yourself? Do you recognize that last week was something special? Do you reward yourself in any way? Mark: 'Oh yes definitely Stuart.
It has got to be something quantitative and has quality to it as I gauge it.
For example, if you want to go on a certain vacation and you make x amount of dollars and you're quantifying it and then you reward yourself by doing it.
If you don't, you're going to sit there and become a workaholic so to speak.
So it's very important.
' Stuart: 'Because I believe that as well.
And I know people go, Oh no, it's just part of trading but I think we do beat ourselves up over losses so why not reward ourselves? And I think the vacation or the family dinner or the new driver for your golf set.
I think it reinforces the positive and why we do it.
I think this is part and parcel of stock market training.
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