Episode 143: Winning Trading Is About Giving Up Freedom

by robbooker on April 22, 2013

Play

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

Facebook: Man vs. Market

Twitter: @RobBooker

Other links:

TFL365.com

The Traders Podcast on Twitter: @TradersPodcast

E-mail us! Producer@TradersPodcast.com

{ 4 comments… read them below or add one }

Brian April 22, 2013 at 1:35 pm

Thanks Rob, I had a great time meeting and hosting you and Brad. I’ve never met a professional trader/author/coach before and it really releases almost maniacal energies to talk with someone who loves trading so much. After spending years of talking trading to glazed eyed friends and coworkers, it was a real treat.

It was also a big motivator to meet a mentor who actually likes doing the work of thinking about trading all the time rather than just another typical trader who regards trading as a necessary evil to get at the money. You know the type, the ones who only want to discuss indicators? I can see now how a good coach can short cut that 96 million steps to great trading.

Did you follow through with your intent to jump in the Gulf?

Safe trip.

Reply

Mike near London, GB April 22, 2013 at 6:40 pm

Hi Rob
Great road trip, really fantastic interviews and I have enjoyed them all. There are some really interesting traders who you have interviewed.

These episodes (& the rest) of TTP are superb and I think maybe what you were hoping for when you started out on your road trip?

I have just been watching FLOORED, I have not seen it before and thought it was a really interesting film/documentary. These guys and girls really put it on the line in the film (in all ways I think). The film seems to me to be about the decline in the importance of the pit as computer trading takes over. Really interesting.
But a very humble experience to watch the film as the traders explain themselves on film. But it is what you do on audio with TTP.

Cheers and keep up the good work…(can you really trade from the hammock!!)

Mike

Reply

Jeff Hacker April 23, 2013 at 3:04 pm

another really good conversation
“… cut your expenses and live IN the hammock” funny stuff.

Hey Brian, guess you’ll have to write a book now too. I would have liked to be there to listen to that whole conversation.

Reply

Brian F. April 23, 2013 at 6:46 pm

Thanks Jeff. Funny you should say that about the book. I love to write, and have kept notes since the beginning. Unfortunately, they were on a thousand scraps of paper but I’ve since reduced them to edited electronic files. I’d recommend anyone thinking about doing this for a living some day to keep very organized electronic files and spend your time listening to different people and doing the one thing that doesn’t come easy to us, changing our minds. Keeping good notes is important, because a journey of 196 million steps is long enough without retracing some of the path. The result of this is the book wrote itself. Will I ever publish it? I really don’t know. When you spend your life doing something, you need it to be perfect, and as we all know, trading isn’t a game of perfect.

Reply

Leave a Comment

Previous post:

Next post: