Episode 149: Relaxed Trading and a Side Effect of Not Losing Money

by robbooker on May 13, 2013

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For Episode 149, your host Rob Booker talks about how terrible his trading was during the first week after his Trade-for-a-Living Tour. Rob also talks with special guest Matt LaCoco, a currency trader from Colorado Springs who Rob says is his idol because Matt is the most relaxed trader that he has ever met. So, Rob asks his relaxed trader friend for some advice on how to chill out and why being a zen trader is so important to his trading.

Matt describes how getting emotionally distraught can be expensive. Matt also talks about the concept of being happy with what’s offered, versus trying to shake down the market. Rob talks about the odd tendency to seek after drama or conflict, and Rob asks Matt to identify the kinds of things that affect his trading zen.

Matt talks about an exercise that he does, which he calls “a practice in patience,” that he says is vital to avoiding the loss of money. And Matt says he doesn’t “play to win”; instead, he “plays not to lose.” He says that making just enough money to get by is nothing more than a side effect of not losing money. Matt also talks about the practice of letting the first trade of the day go by (without taking it). All of this — and much more — during this episode of The Traders Podcast. Join us!

Links for this episode:

Strategy: 10 by Rob Booker

Twitter: @RobBooker

TFL365.com

The Traders Podcast on Twitter: @TradersPodcast

E-mail us! Producer@TradersPodcast.com

{ 3 comments… read them below or add one }

fxoutlier May 13, 2013 at 8:58 am

Brilliant episode Rob. Can’t wait for the next part. The stuff at the end about the key, finding something that you believe that works, even if its got no historical support in that it actually works, every trading system is viable, if you can believe in it you can make it work was very interesting. Also finding something that works and sticking with that rather trying to get a little more out of it, as well as the part about doing analysis on pairs that Matt doesn’t trade, then your analogy with the guy who went to the strip club. There’s lot’s to think about in this one. Excellent!

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Matt LaCoco May 13, 2013 at 6:26 pm

It was an absolute pleasure to be part of the show. Thanks guys!

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Ian Murton May 14, 2013 at 5:03 pm

Wow! Matt you have nailed it for me on so many levels. I have heard and read many of the concepts/beliefs that use but your explanations of how you put them into practice are insightful. So many good and great traders talk about trading not to lose but for some reason your explanation helped me understand the idea.
Love the analogy of taking the market’s lunch money.
I am looking forward to part 2!

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