Episode 152: Never Ever Ask Anyone for Advice Again

by robbooker on May 22, 2013

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In this very candid episode of The Traders Podcast, Rob says he feels like he’s in a perpetually bad mood. Jason suggests that it might be a so-called “funk,” which leads Rob to enumerate the things that are bothering him. So, Rob opens with a pretty amusing rant on the unpleasantness of Arizona’s climate in the summertime. That’s the first thing that’s been bothering Rob.

And for the second thing that’s troubling our host, an exasperated Rob also discusses (anonymously) a trader that he corresponds with who refuses to write a trading plan, despite his persistent recommendation to do so. Through this experience Rob realizes that he’s tired of giving advice, and he floats a new theory that maybe we simply shouldn’t seek the advice of others. Rob suggests that perhaps we should just do what we want to do, and learn from our own mistakes.

Also in Episode 152, Rob observes that the one trait of ours that people tend to complain about the most is probably the one thing we should have been doing all along. Rob talks about the concept of being a leader by setting out and embarking on your own adventure and “learning on the job.” You’ll hear Rob in rare form during this episode of The Traders Podcast.

Links for this episode:

Twitter: @RobBooker

TFL365.com

The Traders Podcast on Twitter: @TradersPodcast

E-mail us! Producer@TradersPodcast.com

{ 9 comments… read them below or add one }

marius May 22, 2013 at 11:32 am

a great podcast. yes! Rob uncensored.

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ryan herron May 22, 2013 at 12:14 pm

Good advice! 😮

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fxoutlier May 22, 2013 at 2:18 pm

I don’t know if it’s me writing this or you pretending to be me. I need some advice on this.

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ed karlin May 22, 2013 at 3:02 pm

You’re right on target Rob. You shouldn’t give anyone advice. Just show us how you trade and we’ll learn by your example and not by your words of “wisdom”. I got very frustrated by the fact that my children didn’t follow my advice until I just gave up and proceeded to live my own life. They went on to live very successful lives. I just sit back, smile and let them know that I am very happy with them. I sometimes have to bite my tongue, but noone is perfect.
That trader has the right to lose his money, don’t deny him that opportunity.

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producer May 22, 2013 at 4:40 pm

Mr. Karlin sounds very wise. Ironically, I’d be tempted to ask someone like you for advice. It sounds like you’ve figured out life. I’m jealous, Sir. Thanks for commenting.
Jason

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Jort May 23, 2013 at 1:32 am

I just read the book “Richest Man In Babylon” by George Samuel Clason which dispenses financial advice through a collection of parables set in ancient Babylon. It’s all about getting advice from people who already achieved what you want to achieve so you can learn it in a shorter period of time.

It’s just stupid not to listen to that. You like to give advice Rob, so please just keep doing that.

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Brian May 24, 2013 at 9:37 am

Life is short and can’t ever match up to your expectations, so instead, just apply yourself to something meaningful to you, and enjoy the good aspects of life. (my 2 cents)

I agree with the Jason’s voice comments. His voice and demeanor make me think I’m listening to two guys who have been friends since high school.

I can’t agree with Jason’s low assessment of his trading knowledge. He may have had no previous experience with trading, but after associating with Rob and all of his guest for 152 episodes, I’d hazard a guess that he has a better appreciation and understanding of the realities of trading than 95% of the people out there who think they know something. Now whether he could make any money at it, well that’s a question we all periodically ask ourselves, isn’t it?

Jason answered Rob’s question regarding whether someone can make good business decisions based on intuition with a yes. I agree with that, however I do not agree this transfers to the world of trading. Yes, there is intuition involved in trading, usually bad trading. This was the topic of the episode regarding spontaneity. Rob observed that his spontaneous trades never seem to work out. I have noticed this too, and I’ve come to the conclusion that good trading requires us to not give into the urge to be spontaneous, to believe we can read meaning in what is mostly noise, and to listen to gut reactions and try to read the future. Most people start with these beliefs, like innocent children who think they can never die, however the market has a way of disabusing us of our misconceptions.

This leads me to my final comment regarding this episode, the fellow who sought Rob’s trading advice, but won’t accept any of it. He’s just not ready. He won’t write out a plan because he won’t let go spontaneity. He still believes he can predict the future, have the right gut instincts, make the right decisions under pressure, and read meaning in noise. How many times have we read interviews of traders that say they didn’t make any progress until the market humbled them, and then they looked in the mirror and said they just didn’t want to lose anymore, and then they changed. This guy isn’t humiliated enough yet to change. You cannot teach him, give up, he’s not ready yet. Sooner or later, he’ll change and do things in a precise fashion, or he will give up and leave trading. There’s no third alternative.

Brian

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David Pullen May 26, 2013 at 10:02 pm

On a lighter note, Robs discussion of the heat in Arizona, the need to be comfortable when you trade, and his admission of having to wear tan slacks as a child (does he still wear them, we normally just see the top of him on videos?) got me thinking about whether I should have a “trading outfit”.

What do you think Rob / Jason?

Raghee as jungle cat trader I assume must wear khakis, Commander Wilson one must assume wears his naval cap into battle (I mean trading), I have a friend who calls himself “the one sock trader” and I’m not even sure what to make of that?

Maybe a trading hat is the way to go…..?

Anyway, enjoyed the podcast as always and must say that the “funk”is ok once in a while, especially if you reset at the end of each day!
Cheers
Dave

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Brian August 7, 2013 at 1:36 pm

I wear my Medievel great helm, so when I’m losing I can lower the visor and not see the screen very well.

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