Episode151: The Rob and Raghee Divergence or: Half Off Is for Walmart

by producer on May 20, 2013

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In this episode, your host Rob Booker responds to an inquisitive e-mail from someone that we’ll just call “M.” His e-mail asks a number of questions, including: Why sit in front of your computer and teach people about trading, instead of just flying around the world, enjoying your trading wealth? And there are many other Web sites with a trading room, and so forth, so what makes yours different? So, Rob has a good time fielding M’s queries.

Then, at about 9 minutes into the episode, we’re joined by special guest and friend, Raghee Horner, the creator of the 34EMA Wave and the GRaB indicator. Rob asks Raghee a few questions that are peripherally related to his previous discussion of M’s e-mail. Rob asks Raghee what is the mistake that she keeps making, and in response, she talks about her hit-and-miss affair with stop-losses. And then Rob and Raghee discover their point(s) of divergence as traders! Give this one a listen — we think you’ll have fun!

Links for this episode:

May 9, 2013 Open Trades and Pending Orders

Daily Forex Trading Edge.com

Raghee on Twitter: @RagheeHorner

Twitter: @RobBooker

TFL365.com

The Traders Podcast on Twitter: @TradersPodcast

E-mail us! Producer@TradersPodcast.com

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Episode 150: Sizing Up the Market, Psychics and Hand Jive

by producer on May 15, 2013

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Before and After In this second portion of Rob’s interview with Relaxed Trader Matt LaCoco, Rob and Matt talk more about sizing up the market and letting the first trade go by. They also talk about their experiences with psychics and the varied results those readings provided on lofty matters like trading and love. Matt spends some time explaining more about his relaxed approach to trading and how he allows his life to be enriched by other pursuits to avoid being consumed by worrying about the market. Matt gives some great advice here — so don’t miss it!

Links for this episode:

Check out Matt’s Scout restoration project, documented here: Matt’s 1974 International Scout II: Before and After

Twitter: @RobBooker

TFL365.com

The Traders Podcast on Twitter: @TradersPodcast

E-mail us! Producer@TradersPodcast.com

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Episode 149: Relaxed Trading and a Side Effect of Not Losing Money

by producer on May 13, 2013

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For Episode 149, your host Rob Booker talks about how terrible his trading was during the first week after his Trade-for-a-Living Tour. Rob also talks with special guest Matt LaCoco, a currency trader from Colorado Springs who Rob says is his idol because Matt is the most relaxed trader that he has ever met. So, Rob asks his relaxed trader friend for some advice on how to chill out and why being a zen trader is so important to his trading.

Matt describes how getting emotionally distraught can be expensive. Matt also talks about the concept of being happy with what’s offered, versus trying to shake down the market. Rob talks about the odd tendency to seek after drama or conflict, and Rob asks Matt to identify the kinds of things that affect his trading zen.

Matt talks about an exercise that he does, which he calls “a practice in patience,” that he says is vital to avoiding the loss of money. And Matt says he doesn’t “play to win”; instead, he “plays not to lose.” He says that making just enough money to get by is nothing more than a side effect of not losing money. Matt also talks about the practice of letting the first trade of the day go by (without taking it). All of this — and much more — during this episode of The Traders Podcast. Join us!

Links for this episode:

Strategy: 10 by Rob Booker [click to continue…]

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Episode 148: Trade-for-a-Living Tour Recap – Part 2

by producer on May 8, 2013

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As a follow-up to Episode 147, this show is the Part 2 (of 2) where your host Rob Booker and Bradley Fried finish reminiscing and recapping their Trade-for-a-Living Tour. Prefacing his recording with Brad, Rob begins this podcast by talking to Jason and giving some insights about his friend and traveling companion, Brad. Next we cut to the recording that Rob and Brad made from a hotel room in New York City. They continue to discuss what they learned about trading (and about themselves) during the trip.

Rob talks about coping with uncertainty and, at times, fatigue. Rob and Brad recall some good instruction from Brian in Mississippi and the importance of taking a rest and giving one’s self a break — in life — and in trading. They discuss the prominent theme that trading is about giving up freedom. They recall how Markus counseled to do what you’re good at and disregarding the rest. They talk about their meeting with Kevin in Arlington, Texas, as well as Duane’s three “approved trading strategies.”

Rob and Brad reminisce about Andhi and how he told them he once had taken 300 equity trades in one day. This leads to a short chat about overtrading and diminishing returns. Brad talks about his love for New Orleans and its rich history, and Rob professes his love for Tennessee. These are only half of the experiences recounted in Episode 148 of The Traders Podcast. Listen to hear much more!

LINKS FOR FOLLOWING ROB’S TRADE-FOR-A-LIVING TOUR: [click to continue…]

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Episode 147: Trade-for-a-Living Tour Recap – Part 1

by producer on May 6, 2013

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For the next two episodes, your host Rob Booker and his traveling companion Bradley Fried take the time to debrief after their Trade-for-a-Living Tour across the USA, which spanned April 2013. Rob and Brad reflect upon the essential lessons they’ve learned during the trip. Here are some highlights of topics you’ll hear about in this show:

Rob identifies what he calls “the first trading rule of all.” Rob and Brad also discuss whether it matters to have someone who “believes in you.” Rob recognizes himself in those who are struggling with trading. Brad reports that he hasn’t changed anything about his trading, but he traded less on the road and actually did better. Brad made money on the trip; whereas, Rob lost money and spent more than he earned (in fact, Rob reveals how much he spent during the month and how much he made).

Rob says he analyzed the market better and traded worse during this tour. They talk about the significance of generosity and the importance of passing it on. Rob says he learned to be less fearful, and Brad says there are two types of people: those who say, “I’m going to trade,” and those who are endlessly preparing. You’ll hear all about this — and more — during Episode 147 of The Traders Podcast. This episode is part 1 of 2. Look for the second part on Wednesday!

LINKS FOR FOLLOWING ROB’S TRADE-FOR-A-LIVING TOUR: [click to continue…]

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Episode 146: The Trading Lifestyle

by producer on May 1, 2013

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While visiting Northern Virginia on their Trade-for-a-Living Tour, Rob Booker and Bradley Fried recorded this conversation with their friend, Mohammad. Rob asks Mohammad what has been the most difficult aspect of his trading. And that leads to a discussion about “the trading lifestyle,” and the difference between being forced into this so-called trading lifestyle, versus freely choosing the trading lifestyle.

Brad says if you bring financial pressure into your trading, you will not succeed. He says when you focus on the money, it falls apart; but when you focus on the aspects of trading that can be controlled and the process of trading, then the money comes naturally. Rob talks about the principle of doing what you can do, not just what you wish you could do. And these three traders talk about the difference between making spreadsheets that are goal-oriented, versus making spreadsheets that are delusional. Another valuable episode! So, if you find yourself living the trading lifestyle — or planning to live it — listen!

Links for this episode:
Click to download Brad’s Spreadsheet – Note from Brad: Notice that this spreadsheet only models hitting a fixed pip target consistently every week over a period of years, and does not include the impact of losses, win %, etc. It just assumes what we get are net target pips each week risking a fixed % of equity to get those pips. [click to continue…]

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Episode 145: The Guy Who Lived Out of a Van and Traded

by producer on April 29, 2013

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In this very special episode of The Traders Podcast, you’ll hear your host Rob Booker and Bradley Fried having lunch with Ryan — a real-deal trader from the Knoxville, Tennessee, area. This very casual and natural conversation is indicative of the chats that Rob and Brad have enjoyed during their Trade-for-a-Living Tour.

Ryan shares the story of his first exposure to the magic of currency trading, and he candidly talks about the early days of his trading career, which began in October 2008. Ryan recounts some of the financial bumps and bruises that went along with a new trader’s learning curve. He discusses hedging and how he came to know that it was the right way for him to trade. Ryan also talks about how he used to live out of a van for four years — while trading! It’s all good stuff that you won’t want to miss!

Note to listeners: There’s a great deal of ambient noise during this lunchtime interview, so you’ll hear other people, helicopters, jets, cars, trucks and wind! But in the midst of the background chaos, you’ll also catch a pretty hilarious, female bystander who adds a provocative contribution to the podcast — as well as a man who sounds like he gets injured nearby. These little audio nuggets occur after Rob and Brad’s humorous riff on the historical significance of the Donchian channel.

By popular request:

Ryan’s blog: Joaquin FX Trading

LINKS FOR FOLLOWING ROB’S TRADE-FOR-A-LIVING TOUR:

Watch Rob’s daily videos on YouTube

Watch Rob’s daily videos on RobBooker.com [click to continue…]

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Episode 144: The Danger of Thinking Too Much About Trading

by producer on April 24, 2013

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For this episode, your host Rob Booker and his right-hand man, Bradley Fried, travel to Nashville, Tennessee, to interview Mr. David Watson as he experiences a turning point in his trading after listening to our Duane Hope interview in Episode 141. David says he was spending too much time thinking about trading. Brad talks about quality versus quantity trading and defines the elusive concept of “quality trade time.”

And in this episode you’ll also hear a discussion about what is acceptable proof that a trading method is working. Rob, Brad and David talk about how even though the best change usually occurs incrementally, sometimes significant break-thoughs are more dramatic and can happen overnight. Tune in and join us by subscribing in iTunes!

LINKS FOR FOLLOWING ROB’S TRADE-FOR-A-LIVING TOUR:

Watch Rob’s daily videos on YouTube

Watch Rob’s daily videos on RobBooker.com [click to continue…]

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Episode 143: Winning Trading Is About Giving Up Freedom

by producer on April 22, 2013

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Somewhere along the southern route of their Trade-for-a-Living Tour, outside of New Orleans, your host Rob Booker and Bradley Fried have a rambunctious conversation with Brian, a seasoned trader who has a lot of hilarious and insightful thoughts to share. Brian talks about the difference between trader experts and expert traders. He also talks about the two kinds of people who can teach you to trade. And in this episode, Rob, Brad and Brian discuss how trading is not about freedom; trading is about restricting your actions to what works.

Rob asks Brain what to do if you’re in a losing trade. And Brian describes the big problem with fundamental analysis. Rob and Brad make some observations about precious metals (namely gold). Brad says there’s something that you can learn from everyone. And these three traders talk about wasting weeks (and years) thinking about the way things should be, versus dealing with things as they presently are. And Brian also describes what you need to come to grips with, in order to make progress as a trader. All of this — and so much more — here on The Traders Podcast!

LINKS FOR FOLLOWING ROB’S TRADE-FOR-A-LIVING TOUR:

Watch Rob’s daily videos on YouTube

Watch Rob’s daily videos on RobBooker.com [click to continue…]

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Episode 142: If Being Profitable Is Wrong – I Don’t Wanna Be Right

by producer on April 17, 2013

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Dinner With AndhiThe Traders Podcast visits The Big Easy! When we catch up with your host Rob Booker and Bradley Fried amid their Trade-for-a-Living Tour, they listen to some wise counsel from Andhi in New Orleans. The three traders talk about how you don’t have to be right; you just have to be profitable. They discuss a common affliction of being too quick to enter trades, and Brad says that part-time traders who have a day job only have so much time to get in to their trades, so they often jump in prematurely for fear of missing out.

Throughout his conversation, Andhi mentions a list of five golden items that we suspect would help any trader who heeds his insights. Andhi also talks about “reversion to the mean” and how familiarizing yourself with some statistics can help you process the massive amount of raw data that traders study. Rob tells a story from his college experience about a bird that made him more popular for a day. And these traders discuss other fascinating concepts, such as The Human Moving Average and how to overcome obsessive thoughts about your next trade! Don’t miss this one!

LINKS FOR FOLLOWING ROB’S TRADE-FOR-A-LIVING TOUR:

Watch Rob’s daily videos on YouTube

Watch Rob’s daily videos on RobBooker.com [click to continue…]

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