Uploaded November 2023 | Updated September 2026, 1 hour ago
Brent Penfold's trading career began with an accidental placement at Bank of America's Sydney trading floor in 1983 - during Australia's financial deregulation. One early win using Elliott Wave imprinted a belief that took 15 years and two blown accounts to undo.
► Full article: bettersystemtrader.com/trading-triumphs-the-journey-to-success-with-brent-penfold
In this episode:
• How Brent went from a family accountant's advice to watching Bank of America make a million dollars in a single week - at age 21
• The Fibonacci trade that sent him down the Elliott Wave path - and the decade of losses it eventually cost him
• Why early impressions imprint deepest, and what it takes to walk away from an approach that "owes you"
0:00 Introduction
0:49 Brent's accidental start in financial markets
5:00 Bank of America placement during Australian deregulation
14:10 The imprinting problem: why early wins shape beliefs too deeply
19:07 The 0.618 Fibonacci trade - and how it launched an Elliott Wave obsession
28:49 Meeting Jeff Morgan: the voice that cut through the Elliott Wave fog
38:46 Blowing up two accounts - and 10-15 years to finally let go
42:40 Advice for new traders: mentors, reading, and not risking capital early
51:15 Building an evidence-based approach: backtesting and mechanical systems
59:26 Learning EasyLanguage and finding a path that didn't depend on the platform
1:03:43 What focus on trading means - vs. obsessing over tools
1:06:15 Closing and Brent's workshop at indextrader.com.au
Related episodes:
• Brent Penfold on Trading Price Patterns (Episode 101): youtu.be/ovCdb6lot_8
• Trading Triumphs: Jerry Parker #1 - Fear of Executing Trades: youtu.be/TVpZ-V5am3k
Brent Penfold's most important insight from 40 years of trading: your earliest experiences press the deepest, and the bigger the win, the harder the belief is to abandon. He still catches himself counting Elliott Wave patterns today. Walking away from an approach that "owes you" is one of the hardest things a trader ever does - and one of the most necessary.
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► Better System Trader: bettersystemtrader.com
► Follow on X: twitter.com/bettersystrader
#SystemTrading #TrendFollowing #TradingPsychology
Disclaimer:
Trading in the financial markets involves a substantial risk of loss. All content produced by Better System Trader is for informational or educational purposes only and does not constitute trading or investment advice.
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Brent Penfold's trading career began with an accidental placement at Bank of America's Sydney trading floor in 1983 - during Australia's financial deregulation. One early win using Elliott Wave imprinted a belief that took 15 years and two blown accounts to undo.
► Full article: bettersystemtrader.com/trading-triumphs-the-journey-to-success-with-brent-penfold
In this episode:
• How Brent went from a family accountant's advice to watching Bank of America make a million dollars in a single week - at age 21
• The Fibonacci trade that sent him down the Elliott Wave path - and the decade of losses it eventually cost him
• Why early impressions imprint deepest, and what it takes to walk away from an approach that "owes you"
0:00 Introduction
0:49 Brent's accidental start in financial markets
5:00 Bank of America placement during Australian deregulation
14:10 The imprinting problem: why early wins shape beliefs too deeply
19:07 The 0.618 Fibonacci trade - and how it launched an Elliott Wave obsession
28:49 Meeting Jeff Morgan: the voice that cut through the Elliott Wave fog
38:46 Blowing up two accounts - and 10-15 years to finally let go
42:40 Advice for new traders: mentors, reading, and not risking capital early
51:15 Building an evidence-based approach: backtesting and mechanical systems
59:26 Learning EasyLanguage and finding a path that didn't depend on the platform
1:03:43 What focus on trading means - vs. obsessing over tools
1:06:15 Closing and Brent's workshop at indextrader.com.au
Related episodes:
• Brent Penfold on Trading Price Patterns (Episode 101): youtu.be/ovCdb6lot_8
• Trading Triumphs: Jerry Parker #1 - Fear of Executing Trades: youtu.be/TVpZ-V5am3k
Brent Penfold's most important insight from 40 years of trading: your earliest experiences press the deepest, and the bigger the win, the harder the belief is to abandon. He still catches himself counting Elliott Wave patterns today. Walking away from an approach that "owes you" is one of the hardest things a trader ever does - and one of the most necessary.
---
► Better System Trader: bettersystemtrader.com
► Follow on X: twitter.com/bettersystrader
#SystemTrading #TrendFollowing #TradingPsychology
Disclaimer:
Trading in the financial markets involves a substantial risk of loss. All content produced by Better System Trader is for informational or educational purposes only and does not constitute trading or investment advice.
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