Episode 146: The Trading Lifestyle

by robbooker 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 SpreadsheetNote 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.

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 }

Oro May 1, 2013 at 11:34 pm

Hi Rob and Brad,

Great podcast, very very useful for so many traders out there , me included.
Perhaps you can post a sample spreadsheet of what you were talking about as a starting point for everyone that does not know how to put one together.

Brad’s input on financial pressure was spot on and extremely important, I think all traders feel that (including me) The pressure of needing to trade to make money makes you not wait for the right setup many times. Sometimes if the market conditions are not perfect or right and you don’t trade you feel that you did not produce any result and then the next day you feel double pressure to make what you missed on the day you did not trade and that gets you into more trouble.

Thanks and keep them podcasts comin’
Oro

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Ryan Herron May 3, 2013 at 7:52 am

love what you said about do what you can do. Almost anyone, with patience can make 10 pips per day or even 10 pips per week. profit is profit.

i died laughing about the baby sleeping only 2 hours at a time. mine did the same thing for 2 years. lol

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ndabenhle December 27, 2014 at 2:55 pm

this is one of my favourite Podcast and i have listened to it over and over, countless of times there is that simplicity and wisdom that Bred covers or explain about his spreadsheet and how he approach his trading with weekly goals. same as episode 125 Plateau trading with Shonn Campbell
Thank you traderspodcast!

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