Episode 135: A Three-Step Process for Becoming a More Patient Trader

by robbooker on March 25, 2013

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For those traders out there who struggle (or have struggled) with so-called “over-trading,” Episode 135 is for you. Rob describes a time in his trading career when he was taking 30 to 40 trades per day — and he says this trader’s malady is due to a lack of patience for trading. This podcast is about having the patience to wait for trades that we want to make.

So, if you’re a trader who would close your winning trades early and then immediately launch back into the market again, you might need to become a more patient trader. In this show, you’ll hear Rob explain his three-step process for becoming more patient, a process that Rob says changed his trading career. You don’t want to miss this one! Rob also talks about monkeys, bananas and hot yoga!

Note: The map Rob refers to is located in the show notes for Episode 133, not Episode 134.

Links for this episode:

Our sponsor: Jennifer’s Live Trading Room

The Edge Trading Course

Rob Booker.com

TFL365.com

Rob on Twitter: @RobBooker

The Traders Podcast on Twitter: @TradersPodcast

E-mail us! Producer@TradersPodcast.com

{ 5 comments… read them below or add one }

David Pullen March 25, 2013 at 7:00 pm

Hi Rob, just wondering if you can employ the type of trading frequency you mention in Episode 135, when you are on the road in April, trading the $10K account. Don’t suppose there is any reason you can’t but might challenge your patience.

Also have to admit that waiting for a pullback to test the level I am wanting to enter at is one of the hardest things for me to do and something I am way off mastering, cheers Dave

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Cam March 25, 2013 at 10:05 pm

Great work today guys! Appreciate the Podcast getting back to some really informative topics that I personally got a lot out of this time.

Looking forward to the Road Trip and keep up the great work.

Regards,
Cam

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Dan C March 26, 2013 at 6:30 pm

Love the podcast. I’m certainly a chronic over trader, I like the notecard suggestion! Since I’m also guilty of chronic rule-bending, I’m thinking of taking it one step further and adding check boxes with the parameters for entry/exits on the notecards.

Wishing you a safe and profitable road trip,
Dan

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Brian F. March 27, 2013 at 8:04 am

Good idea about the index cards My wife is a new trader. She has spent a lot of screen time identifying her set ups, and has given them names like “The watering can.” I’ll pass on the advice about the index cards.

One piece of advice I have to pass on concerns how she has learned patience. She has over 1400 of screen time paper trading. She recently allotted a set number of live trades per session. In some respects, she has learned patience by being impatient, live trading is really just an interruption of her paper trading session. When it’s over she goes right back to paper trading. She feeds the need to punch the buttons by punching the buttons. I don’t know if I could have the patience it takes to sit in front of a screen all day and only take 3 trades, but I know I could paper trade all day and occasionally jump out for a juicy trade or two.

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Oro March 28, 2013 at 1:23 am

Hey Rob,
Safe travels man!
Just a clarification, in your strategy 10 book you talk about 10 pips a day and the story about the bear chasing the 2 hikers and how we have to outrun the other trades and the market.
When we try to ride winners we find that most of the time we end up losing what we gained.
Can you just put your thoughts regarding this.
Thanks
Oro

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