Episode 126: For Lisa and Anyone Who Wants to Trade for a Living

by robbooker on February 20, 2013

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In Episode 126, your host Rob Booker has a heart-to-heart talk with a trader named Lisa (and anyone else who wants to trade for a living). Lisa sent us an e-mail with some significant concerns about her goal to trading for a living.

The story will be familiar to too many traders… Lisa is not fond of her day job, and she’s trying to transition to trading for a living as soon as possible, in hopes of improving her situation all the way around. But the road to becoming a full-time trader is often longer and bumpier than we had hoped it would be. So, Rob shares some very candid thoughts and advice with Lisa and any other listener out there who shares her same concerns. Thanks for listening, and we hope you enjoy this episode.

Links for this episode:

TFL365.com

Rob on Twitter: @RobBooker

The Traders Podcast on Twitter: @TradersPodcast

E-mail us! Producer@TradersPodcast.com

{ 22 comments… read them below or add one }

Dick February 20, 2013 at 2:07 pm

hi guys, i dont know how i got here it is great i found it. love to sisten to the podcast and your great and honest answers .
Regards from the netherlands
Dick.

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robbooker February 20, 2013 at 2:27 pm

Dick,

I don’t know how you found us, but I am happy you did. Keep in touch!

Rob

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Merle February 24, 2013 at 4:22 pm

Just what I needed to hear. I have a small acc. and want to trade more I am retired and need to be conservetive which makes me nervous but starting to feel more at ease being part of the room.

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Dick February 20, 2013 at 2:08 pm

I never sistened before so better to listen i guess..

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Brian Bice February 20, 2013 at 2:25 pm

I was once right where Lisa is and Rob is right – you must confront the issue. Trading won’t take you away from the real reason for your unhappiness. I have succeeded in meeting my monthly expenses by trading, but I’m still working the job that I once hated. I couldn’t wait to get away, but what actually happened (and I’m not saying this will happen for everyone) was I found out that the job wasn’t the problem. The problem was how I approached the work that I had to do every day. At the same time that I changed my attitude towards my work, my trading began meeting my expenses. It’s no coincidence.

So I had my way out, but I didn’t go. I’ve found happiness and peace working and trading. By the way: my job doesn’t offer any benefit packages nor do I have a fixed salary, so there isn’t any “cushion” keeping me there, for anyone who might have been wondering.

Lastly, trading will kick your ass physically and mentally if you don’t let go of whatever burdens you bring with you to the desk. Let go, relax and don’t look at trading as an escape, because when trading gets rough (and it will) you’ll just go looking for another escape. I tell myself this when I feel I’m getting in too deep and bringing life’s problem to my trading, work or family life.

Thanks Rob and Jason – keep ’em coming!

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robbooker February 20, 2013 at 2:27 pm

Brian,

As always you have amazing comments and advice and personal experiences to share. I am so happy to hear from a trader who found some balance between work and trading.

Rob

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dwt February 20, 2013 at 2:25 pm

Rob & Jason,

Thanks for a great dialogue. It’s worth re-listening to a time or two.

Regards.

dwt

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robbooker February 20, 2013 at 2:26 pm

DWT,

I’m happy you enjoyed the dialogue, and thank you for taking the time to leave a comment. Keep in touch!

Rob

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Birger Segerhorn February 20, 2013 at 4:04 pm

Rob have you seen Deen Malones DOTS yours and jenifers hoppers togethers is sush a good indicaters to go in and out is so good

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Scott (theecohouse) February 20, 2013 at 4:07 pm

I listened to this last night and slept on it before making comments, as I was lost for words last night. I think that’s because after listening to it again this morning i realize this episode is so spot on the money, that it’s scary! its is a friggen golden nugget for traders who are feeling the pressure or anxiety!

Hard advice to follow but the right advice!

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robbooker February 20, 2013 at 5:03 pm

Scott,

Thanks for listening. I’d really like the chance to talk with you sometime on the podcast about everything that you do – the way you set up your life, your trading, your home. If you’d ever consider that, let me know!

Rob

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Scott (theecohouse) February 20, 2013 at 6:46 pm

Hey Rob

I’d love to do that sometime,
cheers
Scott

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Lisa Van Meter Perry February 20, 2013 at 5:53 pm

I am very grateful and appreciative for this podcast (and the rest of them, too). I listened twice. I’ll listen again. I may even ask my husband to listen.

What I’m willing to tolerate on the job used to be a wide open space, but like a narrowing pennant coming to a point, I can’t anymore. I’m ready to break out. There’s an analogy.

I know I have much to learn. My trading will evolve and improve over time. I see things now that I didn’t see just three weeks ago.

In the spirit of full disclosure, I went to a licensed therapist to clear out old issues & junk a few years ago. I bring to the table a reasonably healthy (albeit imperfect) brain.

I’m reinventing myself. The Provider hat no longer fits. I’m a Trader and a Certified Health Coach (on the side).

Thank you very much, Rob & Jason, for your support, concern, and understanding.

Lisa Perry

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robbooker February 20, 2013 at 5:55 pm

Lisa, you are amazing. You let me really get into it – and today we have received so many emails and comments from people who appreciate the episode. You are an inspiration, to go out there and set these high goals and put your story in front of others. And to have you respond to the episode in the comments … I just can’t express how grateful I am that you wrote me and told me your story.

Rob

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April February 20, 2013 at 6:28 pm

Lisa, I just wanted to thank you for giving Rob & Jason the opportunity to use your story to inspire and help each of us who have been in your shoes at one point or another in life.

Rob, What a great podcast. My top 2 favorite podcasts thus far, Lisa & the littering episode.

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Scott (theecohouse) February 20, 2013 at 6:44 pm

agree with April, this is one of my all time Favs…thank you Lisa for being brave asking the question, thanks Rob and Jason for providing a considered discussion. keep it up.

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Kelly February 20, 2013 at 4:58 pm

Thank you Rob & Jason! I’ve never commented on one of the podcasts before but this was one was just so fabulous. It’ll be one I replay often …

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Derek February 20, 2013 at 8:23 pm

Rob & Jason, Thanks for yet another great episode. I love listening. My situation is, like many, similar to Lisa. I work at a job that I hate. Trading is my true love, but trading doesnt love me back. Sound familiar? Anyways, I have been working on the attitude that I bring towards my job. I am in retail management, which brings alot of stress. I make a deliberate choice to focus on the things that I like about my job, no matter how small they seem in the big picture. I do it because I love numbers. I am great and making sales and profit numbers happen. I also do it for the people who so badly need someone who can lead them with a plan and teach them to grow personally and professionally.

Now as part of Jennifers trading room I am learning to be consistent and focused in my trading. I am only able to attend 2 sessions each because of work, and I still have not finished a week with any gains I know that it is comming. The work you guys are doing is great. This episode really helped me to refocus on the basics that need to be addressed before I ever even sit down to trade.

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Gary Brooks February 23, 2013 at 2:29 pm

Rob,

You hit a home run! I knew there was a reason I still liked you…. You are a breathe of fresh air, keep it up.

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Merle February 24, 2013 at 4:28 pm

Thanks hit home for me. I now live for the Room with you & Jennifer

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Brian March 7, 2013 at 6:48 pm

I liked this episode too. No matter what you do, sooner or later, you yearn for freedom or you learn to love the leash.

I hate the leash.

Anyway, there was so much ground covered in the discussion that something important was missed. Lisa had a steady state plan for trading development. A certain risk/pip progression with account growth smoothly aimed at a 3 (?) month target to trading professionally and replacing her job. (I forget the details).

I agree you have to have a generalized plan, however returns are never smooth unless you are trading with Bernie Madoff. A whole month’s returns can come from one day of trading. The same goes for weeks, months, and years. Unfortunately, for those of us who don’t take precautions, the same goes for losses.

How we think is affected by our emotions. This is part accounts for why returns seem so clumpy. You make stupid money for days, and then you go into drawdowns.

I have given up on daily, weekly, and monthly profit targets. I admit, I have no friggin control over profits, they come when they come.

However, I have complete control over losses and where targets are concerned, I focus completely on making my losses as smooth as possible. I welcome losses in a single trade, or in a single day, but those losses have to be within a certain range or I am doing it wrong.

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TG April 18, 2013 at 5:33 pm

My gosh, this spoke to me on so many levels. THANK YOU

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