Episode 144: The Danger of Thinking Too Much About Trading

by robbooker 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

Facebook: Man vs. Market

Twitter: @RobBooker

Other links:

TFL365.com

The Traders Podcast on Twitter: @TradersPodcast

E-mail us! Producer@TradersPodcast.com

{ 3 comments… read them below or add one }

Matthieu April 25, 2013 at 9:53 am

Hi Jason, hi Rob,

I noticed that you don’t receive a whole lot of comments on these pages but I wanted you both to know that I think your podcasts are just awesome!

I’m an absolute forex-noob, just started a couple of months ago with a micro-account, but your interviews and opinions have helped me A LOT in understanding whats really involved in trading.

Thank you for the wonderfull episodes and I hope to enjoy them for a long time to come!

With kind regards,
Matthieu

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Matt LaCoco April 26, 2013 at 2:09 pm

Freakin Gold guys. David, I absolutely loved this episode. I too started trading 90% better when I started thinking 90% less. There’s something to this idea of walking away when you’ve done what you came to do. I remember the first week that I decided to quit trading for the week after hitting my weekly target on Monday. At first the feeling of missing out, leaving profit on the table, was quite overwhelming. However, after sticking with this approach, I’ve realized it’s truly the best way for me to trade, and I’m not missing out on anything, I just get a lot of days off.

I’m a 10-a-day guy too, and I don’t plan on ever actually targeting any more. The funny thing is that by going for 10 a day, I consistently wind up the week with considerably more. Sometimes it all comes on Monday, or sometimes it all comes on Friday. As long as I have faith it’ll be there, and don’t nag the market like a whiny kid who’s been in the car too long, it’s always there.

Not a day goes by I don’t think about the story of the American business man and the Mexican Fisherman (If you’ve not heard this, read it here: http://www.lifeprinciples.net/SuccessatLife.html).

Keep getting those 10 brother, and once you get ’em, Take a siesta!

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Chuck April 30, 2013 at 11:07 am

I think Duane’s story is something we can relate to and aspire to achieve. Knowing when to stop and shut it down for day or the week could be one of the most important things us as traders need to learn. There is nothing worse than starting out the week in a positive way and giving it all back by the end of the week.

Good job Duane and happy trading.

Chuck

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