Episode 154: Ambition, Discipline and a Losing Week in the Markets

by robbooker on May 29, 2013

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In Episode 154 of The Traders Podcast, your host Rob Booker speaks with veteran trader Jared Johnson, the CEO, founder and president of Day Traders FX.com. Rob talks about his losing week of trading, and he asks Jared how he deals with a losing week in the markets. Rob also asks how big a loss Jared would have to suffer before he’d feel some trepidation about sharing the bad news with his wife.

Rob and Jared discuss whether you can you learn anything from a winning trade, and they wonder how much you can really learn from losing trades. They also have a discussion about the relationship between ambition and discipline. And Rob and Jared also start planning their upcoming trading partnership, where they hope to trade an account together to raise money for charity. We think you’ll enjoy this show. Don’t miss it!

“Trading, man … it’s a wild animal — for sure.”
— Jared Johnson, Day Traders FX.com

Links for this episode:

Day Traders FX.com

Twitter: @RobBooker

TFL365.com

The Traders Podcast on Twitter: @TradersPodcast

E-mail us! Producer@TradersPodcast.com

{ 4 comments… read them below or add one }

Ralph May 29, 2013 at 11:19 pm

I would like to disagree with Jared on “can’t learn from a winning trade.”
Now to state the obvious, he is the professional and I have been trading for only 2 years now, but my turn around came about when I decided to look at the set ups in my methodology that worked i.e. the winning trades.

My experience has been the exact opposite in terms of understanding the market and I actually developed my rules based on what worked. I went through about tons of examples of winning trades, slapping stoch’s MACD etc to try to understand the “conditions” of why these set ups worked and others didn’t. In the end as I said I developed my current rules based on the winners and not the losers.

Just my 2 cents, adjusted for inflation to 4 cents

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John Verbrugge May 30, 2013 at 2:50 pm

Hi Rob and Jason,

Here’s a great idea for a charity to donate to: http://www.kiva.org/invitedby/john88295952

Kiva makes micro-loans to families and small businesses in other countries, and you can watch the process of the family or business complete their project and pay back the loan. Kiva vets all of the applicants, so that you know your loan is going to someone who truly needs it.

So, you could donate to Kiva, and then divy up the donated money among several Kiva recipients, and then we could all see the results of the effect of the loans.

I donate to Kiva, and I think they are a great organization.
Best regards,

John

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Brian F. May 30, 2013 at 7:32 pm

Another great episode on one of the main themes of the podcast: You can do almost anything if you are willing to pay the price. Other episodes have phrased it differently, but the theme was there. For example, Rob once quoted some fabulously rich old fart like that dragon Andrew Carnegie and said, “It’s easy to make a million dollars when all you want to do is make a million dollars.” Yep, that would be trading.

This is not a magic money machine. There’s money in it for someone to blow smoke up yer arse and lead you to believe it’s easy, but it’s not and some coaches have too much honor to screw you for a quick buck. It’s aint pretty, but there it is, being a whore is easier than being a trader, and sometimes a whore feels better about herself than a trader does. There is a lot of opportunity in this business, but you’ve got to be willing to bleed.

Thanks Rob and Jason, I will listen to this episode again tomorrow, there’s a lot of wisdom in there.

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Brian F. May 30, 2013 at 8:08 pm

Oops, that was a comment for episode 153.

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