Episode 160: Fear and Timing

by robbooker on June 19, 2013

Play

In this memorable episode of The Traders Podcast about “Fear and Timing,” your host Rob Booker and the producer, Jason Pyles, answer a valuable e-mail inquiry from a podcast listener named Jason, who asks us how to know when it’s the right time to make the necessary sacrifices to become a successful trader.

Jason the listener also asks how one has the confidence to step out in faith and take that risky leap into the darkness. He also asks how to address the resistance of disapproving family and friends who view such actions as being reckless, foolish and irresponsible.

Naturally, Rob answers these questions with all the fiery conviction and honesty that you’ve come to expect from him. And Jason the producer also offers some heart-to-heart answers, since Jason the listener also directed these questions at him.

Also in this episode, you’ll hear Rob describe a Tweet that made him want to throw the Starbucks furniture through the windows, and you’ll hear a few stories from both Rob and Jason. Thanks for listening!

Links for this episode:

Twitter: @RobBooker

The Traders Podcast on Twitter: @TradersPodcast

TFL365.com

E-mail us! Producer@TradersPodcast.com

{ 4 comments… read them below or add one }

Carlos June 19, 2013 at 8:12 pm

Hey Rob , I really like your show , it was great to hear about your point fo view. I also a member of TFL365 it´s really helping me on my trading . I´m just on my way to becoming a consistent trader , and i know that i will be ….

Saludos y Pura Vida

Reply

Evan June 20, 2013 at 1:03 pm

Rob, Jason,
Awesome episode per usual! This one really hit home for me so please do keep up the great conversations. I always look forward to new episodes to get me through my morning commutes!

Evan

Reply

Brian F. June 21, 2013 at 5:30 pm

Regarding Jason the listener’s question about taking the difficult step of becoming a trader and dealing with disapproving family and friends, I’d like to add the following:

Family: You have obligations to your family, and they have obligations to you. They should support your dreams. That being said, you still have to support them. There’s a balance that has to be struck. The old adage goes, “You can’t trade with scared money. It’s doesn’t make the distinction between being scared of losing, scared of looking like a fool, or scared of seeing your family suffer. If you can’t lose, you can’t trade. Unfortunately, your discomfort comes from how they feel, and you cannot control how they feel. So it sounds to me like you are not ready. It also sounds like you haven’t been married that long, because when you’ve been married as long as I have, you would trade just to spite her.

On the other hand, you may try to educate them about the trading profession. A lot of people consider it gambling because they know nothing about probability, expectancy, and edge. I don’t have much hope in this regard, because in my experience, people think what they think and we are hardwired to resist rethinking it, especially things we believe are important.

On a brighter side, trading dreams are not like other dreams. If you wanted to be a fighter pilot, or a professional athlete, there’d be a time limit to make that decision, and you couldn’t do it part time like a hobby. The markets will still be here when you are ready, and I trust you will use that time to be even better prepared to deal with the initial failures that plague every new business. Even though I too would like to trade full time, trading is absolutely the least stressful part of my life.

Friends: Friends are like socks, if they start making a stink, change them. You can’t trade surrounded by negative people. You are already surrounded by negative family, so these friends have to go regardless of whether you decide to go full time or not. Sorry, this is a lifeboat, and somebody’s got to be the first to be eaten.

Bottom Line: You have to ignore the results of individual trades, days, and even weeks to trade well, because trading well involves probability. That’s hard to do for a homo sapien, and impossible to do if your friends and family are perched on your shoulder pointing to each meaningless loss and screeching “See, I told you so!

Reply

Ben Wise May 27, 2015 at 2:29 am

I think this is my favorite episode of them all, It offers some really hard hitting insights about life and making money. I’ve recently put trading ahead of everything else in my life. It seems like a really foolish thing to do from a logical standpoint. It doesn’t make sense, but I’m okay with that. I’m ready to burn the boats. I’ve put a lot of thought into what it takes to be successful lately and I realized I’d never make it without some fundamental changes. No one has wild success in life by playing it safe. I think you can have normal success by being a “normal” person but if you want crazy success you have to be a little bit crazy yourself. As Will Smith says, “Being realistic is the most commonly traveled path to mediocracy.” Hearing Rob talk about how commited you have to be to make it work just reinforces my resolve about the choices I’ve made. And hearing how Rob traded with a broken computer off of a sawhorse desk makes me wish I’d gone for it sooner. Love the podcast, It’s a tremedous value for the money. Keep em’ coming!

Reply

Leave a Comment

Previous post:

Next post: