Paul Scott entered the high-stakes trading floor of the London Metal Exchange at just 16 years old, survived years of trading under survival-mode pressure, and turned old-school pit wisdom into lifelong success.
After starting with a three-month probation and carrying the weight of his father's legendary legacy, Paul developed a disciplined approach to the most volatile corner of the market: commodities and forex. Today, his edge is built on experience and his pit logic trading approach, using price and value to guide his decisions while human behavior gives him the confidence to take the trade.
In this conversation, Paul pulls back the curtain on his Survival to Success Arc, sharing the specific setups that allowed him to survive and scale through market chaos. He breaks down the fundamentals of his strategy, the open outcry framework, and how he transitioned from trading under pressure to trading with total directional agnosticism.
In this episode, we explore:
• How Paul Scott Navigated 30+ Years of Volatility on the LME Trading Floor
• Paul’s start at 16 years old and trading under extreme physical and mental pressure
• The mechanics behind his pit logic trading approach
• Why Timeframe Doesn’t Matter • Why every major trade should be simple enough to explain in one sentence
• How Do the Big Money Trade?
• The Traits Identified in Successful Students
• His advice for beginner traders
About Paul Scott:
Paul is a veteran commodities and forex trader known for his raw, practical approach and deep generational knowledge. Starting with the guidance of his legendary father, Harry Scott, he has documented more than three decades of trading through massive market scandals and institutional shifts. He specializes in momentum strategies and order flow behavior, focusing on the intersection of horizontal value zones and trader psychology.
Links + Resources:
Website: https://paulscottfx.com/
Youtube: https://www.youtube.com/@paulscott3066/videos
LinkedIn: https://www.linkedin.com/in/paulscottfx/
Sponsor of Chat With Traders Podcast:
Trade The Pool: http://www.tradethepool.com
Time Stamps: Please note: Exact times will vary depending on current ads.
00:00 Why Technical Analysis Is Just Retail Noise
02:14 Being a Second-Generation Trader
06:36 The Pressure of Having a Trader Dad
07:48 What Was the Pit Really Like?
15:06 The Biggest Metal Scandal in History
21:00 Market Manipulation in the Digital Age
24:50 What Is Pit Logic?
31:56 Working with Goldman Sachs
37:05 Modern Retail Traders vs. Professionals
38:40 Can Traders Find Success Purely on Technicals?
44:00 Trading for a Client vs. Trading for a Company
42:55 Why Timeframe Doesn’t Matter
47:42 Explain Your Trade in One Sentence
49:39 Thinking About What the Institutions Are Doing
54:04 How Do the Whales Trade?
1:01:20 Let's Talk About Capital Preservation
1:06:17 The Traits Identified in Successful Students
1:12:27 Is There a Trade That Stands Out to You?
1:20:18 What Is Your Advice to Your Younger Self?
Trading Disclaimer:
Trading in the financial markets involves a risk of loss. Podcast episodes and other content produced by Chat With Traders are for informational or educational purposes only and do not constitute trading or investment recommendations or advice.
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