Episode 159: 3-2-1 and I’m Done

by robbooker on June 17, 2013

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In this 49-minute, extended episode of The Traders Podcast, your host Rob Booker chats with Matt LaCoco and Shonn Campbell about all the usual topics that you’d expect — psychics, yaks and traveling through the time-space continuum — sure, but they also discuss the following:

Personal mantras for life; the purpose in having someone to talk with about trading; the practice of skipping the first trade of each day, what it can do for your trading, and if this rule applies to automated trading systems; since robots never get emotional (but humans do), then why does anyone ever want to run their trading account in a discretionary fashion?; the role of intuition or “gut feelings”; the dangers of becoming obsessed with extraordinarily profitable days in the market and the way these big days can alter our thinking about trading; ceasing to worry about “What Could Have Been”; getting fed up with our pitfalls to the point that we’re motivated enough to stop falling into the same traps… just to name a few.

Leave a comment below and let us know your personal mantra! The best mantra submitted within one week of this podcast (by June 24, 2013) will receive a $100 Amazon gift certificate! Thanks for listening. [Note: A reading of some mantra submissions and the winning mantra itself can be heard in Episode 176.]

Links for this episode:

Follow Matt on Twitter: @MattLaCoco

Follow Shonn on Twitter: @PlateauTrader

Twitter: @RobBooker

The Traders Podcast on Twitter: @TradersPodcast

TFL365.com

E-mail us! Producer@TradersPodcast.com

{ 23 comments… read them below or add one }

ryan June 17, 2013 at 9:26 pm

Im good enough. Im smart enough. And doggonit, people like me…by stuart smalley. Lol. Now my real mantra… im working full time on my job and part time on my fortune-jim rohn

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Shonn June 18, 2013 at 1:22 pm

Ryan, this is a classic and I wish I would have remembered it at the time… doggonit people like me… HA!

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Troj June 18, 2013 at 12:32 am

“Never fry bacon in the nude”

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Parm June 18, 2013 at 4:13 am

“Pain is temporary. It may last a minute, or an hour, or a day, or a year, but eventually it will subside and something else will take its place. If I quit, however, it lasts forever.”

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Matt La-COCO! June 18, 2013 at 11:39 am

“If I quit, however, it lasts forever.”

This is amazing. In general, people don’t give any thought to the consequences of ‘quitting’ anything.

“Failure cannot cope with persistence.” – Napoleon Hill

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Kevin June 18, 2013 at 7:12 am

“I’m not a complete idiot, some parts are missing.”

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DJ June 18, 2013 at 11:49 am

“Don’t be afraid to WIN”

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Jay June 18, 2013 at 2:31 pm

My business mantra, specifically pertaining to putting on option positions I am confident in, is the acronym LITFA (…as in Leave It The F— Alone!). Too many times I’ve done my research & executed an options strategy based on my system, only to muck it up well before expiration by messing with the position, and of course afterwards I realize that I should not have messed with it to begin with!

I guess a similar acronym would be DNPTS (…as in Do Not Pick The Scab) but it’s a lot harder to say!

Best to you & Jason, Rob!

J

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Theresa June 18, 2013 at 3:26 pm

“my financial opportunities are boundless and the universe supports me completely” It doesn’t work when I used to chant it at a losing trade, but it does seem to help in my all around finances – money goals, spending, budgeting, not spending, simplifying. started it a year and a half ago when I started trading, trading journey had some really bizarre twists to it, and though my mantra didn’t halt emotional or mirage trading, it kept me going so that i could find a way of trading that works for me

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Keith June 18, 2013 at 3:35 pm

“This too shall pass!” – Whether I experience an unbelievable win or a gut wrenching loss, I refocus my mind to face the new day!

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Batts June 18, 2013 at 5:18 pm

If the trade doesn’t fit my plan then I don’t take the trade, PERIOD.

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Brian F. June 18, 2013 at 7:35 pm

Brian’s Mantra: “If I control what I can control, keeping my losses smooth and small, but as frequent as mother market demands, my profits will take care of themselves.”

Other favorites:

“Jesus is my broker,
Brokers want us to trade as much as possible.
I have to win to keep trading,
therefore, Jesus wants me to win”

“Do as Blue Horseshoe would do.

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Scot W June 18, 2013 at 9:16 pm

Rob,

Found you via DaytradersFx & Jerod, so I took a listen one night. First let me admit I fell asleep in under 5 minutes, but I think that was due to Jerod’s midnight trade setups. Yet, the quick 5 minutes got me interested enough that I listened the next day while working out and I have never listened to anything but music during a workout.

I ended up listening to another 4 podcasts while at the gym. Now it’s Clash, Stones, STP, AWOL and Booker. I love the Zen like thought, no doubt it helps us mere mortals.

Thanks
Scot

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Bill June 19, 2013 at 3:32 am

“A trade not taken cannot lose” (in the context of not over trading. If I keep my winners and just not trade some losers my result will be much better)

“I long for the day the market goes up”

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Pablo June 19, 2013 at 4:09 pm

“Trade or Fade.”

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Shewey June 21, 2013 at 10:33 am

“Don’t trade drunk”.

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Derek L June 21, 2013 at 11:30 am

“Do now, ask for forgiveness later.” That has been my motto in my career and I am now applying it to my trading. The idea is that it is better to do SOMETHING and be wrong than to do NOTHING at all. Worst case you are wrong and you learn from it.

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fxoutlier June 21, 2013 at 2:05 pm

My favourite mantra comes from day 8 of tfl365 lessons, ‘’Big things come from small things.’’ I’ve made a list of 12 things that I need to improve and gain control of in my life, and am tackling one or more in a small way every day. I’ve actually lost a stone in weight since starting this 5 weeks ago with little effort, I’m getting control of my personal finances and have managed to vacuum the carpet once at my home. This mantra also ties in with Ben Franklins’ rules that Duane Hope mentioned in the book by Frank Bettger he spoke about on the tour.

In the Tom Selleck movie, ‘’High Road to China,’’ a little old wise man tells Tom’s character an old Chinese proverb, ‘’The Ox maybe slow, but the earth is patient.’’ It’s going to take time for my trading results to follow, but hey I was born in the year of the Ox!

Finally I repeat one thing to myself in the mirror when I get up in the morning which greatly improves my motivation and desire to succeed. This 7 second youtube video shows you exactly what it is I say. Try it out yourself, you’ll be amazed at the results.

http://www.youtube.com/watch?v=0vb5zwLbwds

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ryan June 22, 2013 at 7:36 pm

Love it! ha!

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chris ann June 21, 2013 at 4:09 pm

Shoot for the stars. At least you’ll hit the moon.

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Manfred June 22, 2013 at 1:20 am

Either Lead, Follow or Get Out of the Way

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Dao June 22, 2013 at 4:05 am

My mantra is simply “Do or Die”. I choose to “Do”.

This mantra is rooted in my mind all the time. I was unhappy with my day job for many years because I have an strong entrepreneurial spirit, and can’t stand a regular office kind of job and working for a big corporation. So, for many years I have been trying to find something that I can do that can get my out of my day job. I’ve tried different things in the past, but nothing seemed to resonate with me until I found out about swing trading.

I knew absolutely nothing about trading, but had this strong instinct that I have the potential to do well in this business. So, back in about 2009, I went to a few seminars and signed up for some classes to educate myself. Shortly later, I traded a few times in a live but small account to get a feel for how it is to lose and gain money. I wanted to feel all the emotions that people talk about in trading and it was pretty wild. Then I got distracted and busy with other things in life and put trading on hold until about the summer of 2012. I realized how easily 3 years have passed and I was still in the same place as far as my unhappiness with my job.

So, I got my act together in summer 2012. I have been work hard ever since on learning and experimenting continuously about trading. I thought trading was very boring at first, but I knew how it can be very rewarding if I build the business right. I find that having a business mentality about it works for me. So, I have been working on building my own little trading system, and I am having fun right now with the process. I still have my day job but I have reduced my hours to part-time so I can focus on my business. I think I would really Die in the emotional, mental, and spiritual sense if I stop Doing something about it.

I have really enjoyed listening to your podcasts!

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Jennifer June 23, 2013 at 11:23 pm

I have two. First is “Drink water before coffee!”, I’d rather have something a little more pure in my body first thing in the morning before the caffeine addiction takes over. The second one is “Bulls and Bears make money every day.” This simple idea I have posted on my weekly cheat sheet and it reminds me to plan my trade and trade my plan, basically. Since I am mostly a day trader I pay attention to how each session rolls (Tokyo, London, NY), i.e.: are bulls in control with higher highs, lows. Or, are the bulls getting tired after a long run during early London? If I can take 15-30 pips on a contra trade or trend trade during the London/NY overlap then I’m feeling good. It is a rare day when the bulls or bears are firmly in control all three sessions of the day. I shut down after London closes. Always.

But, hey, thank you for sharing the “3,2,1 and I’m done!” mantra. I like it!

Cheers,

Jennifer

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