Interview with Brendan Egan
Could you tell us a little about yourself?
My name is Brendan Egan – I am a stock and forex trader and specialize in day trading and swing trading.
How did you get started trading?
Funny story – I saw all the traders pulling their hair out during the market crash and decided to compete with them and started trading full time.
How long have you been trading now?
Extremely actively since 2008, first became interested in trading around 2005.
What do you like best about trading?
The freedoms yet extreme challenges.
What markets do you trade?
Stocks and forex.
What style of trading do you use?
I am a strict price action trader. There are 3 typical types of traders: Fundamental, technical, and price action. Price action trading consists of two main subsections: crowd psychology and reading price. As a price action trader, I look only at raw market data, being price and volume. I base all my trades off of raw market data combined with an understanding for what others in the market will do given certain scenarios. I have about 10 different price action trading strategies that I utilize to spot high probability, low risk positions.
What have been the biggest influences on your development as a trader?
Meeting my trading mentors and a handful of books I have read. Also I have to mention experience as this has taught me many lessons as well.
What is the one biggest lesson that you have learnt since starting trading?
I have learned a lot not only about the markets, but I think my biggest lessons has been learning about myself and my psychology. Trading requires you to train yourself to think outside the box and think a bit differently, which has helped me not only in trading but in everyday life.
How did you get interested in coaching other traders?
My trading coaches are invaluable to me, so I naturally always wanted to help out others once I gained more experience.
Do you focus on coaching of one particular area of trading, e.g. risk management / psychology or finding trades?
I would say I focus on three main areas: Price Action Trading and reading the markets, trading psychology and forming the right mindset, and lastly position and money management.
How do you work together with your clients? E.g. phone / email / screen sharing?
All of the above and then some. I usually use a screen sharing software to coaching my clients, however I have done phone coaching in the past and I have also done in person coaching. I am always available by email to answer questions and I also have a special spot on my website for my students to interact with myself and one another.
What sort of results do your clients get after coaching with you?
It truly varies and this is one aspect of trading that I am super realistic and honest with. I always say that I am here to help them with every aspect of their trading, but it is entirely up to them to put that knowledge to work and have the discipline to do it every single day.
What is the most satisfying part of coaching traders?
Saving them from the thousands of online trading scams and showing them a method that works. Then seeing them go on to place successful trades and enjoy the freedoms that trading allows them. There is no better feeling than getting that “thank you” email from someone I have coached in the past.
What is the biggest but most easily fixed mistake that you see traders make?
There really are thousands, but everyone initially has problems with their analysis and with actually sticking to a method that is consistently successful.
Do you recommend journals or other record keeping as an important part of trading?
For traders with certain problems and those that are new this is a must.
What are the most common issues that you see in your clients that prevent them from becoming better traders?
Usually it is easy to teach them my methods, but when it comes down to the right mindset and psychology everyone struggles from time to time. This usually is what makes trading difficult for most, my clients included, and is usually what requires us to take a unique approach to their trading to help them through it.
What advice would you give traders who are just starting out?
Just be careful. Be realistic. Understand that you won’t make thousands overnight and trading will take time. And find a mentor who can work with you and show you the way–this was invaluable to me when I was newer.
What 3 books do you recommend traders read?
Trading in the Zone
High Probability Trading
Day Trading for Dummies (Only if you are entirely new)
Any other advice or wisdom from your experience in trading that you could share?
Yes. Trading is different. Trading is unique from every other profession out there and needs to be treated as such. Most people don’t realize this and if they ever do it is too late. Reach out for help when you need it–I give 100% free consultations all the time so give me a call at 1-888-612-6123 and I will gladly see what I can do for you.