Episode 176: Proper Prior Planning Prevents Piss Poor Performance

by robbooker on August 14, 2013

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This episode is one that many listeners have been hoping to hear: Back on Episode 159 of The Traders Podcast, your host Rob Booker invited our audience to write to us and let us know your favorite personal mantra — and the person who submits the best mantra (in Rob’s estimation) will win a $100 gift certificate to Amazon.com.

So, Jason the producer reads through a number of favorite mantras submitted by the listeners — with the winning submission among them — as well as an impromptu runner-up winner who will be awarded a $25 gift certificate to Amazon.com. And as a bonus, Rob picks up the winning mantra and runs with it by giving some valuable application for traders. Thank you for your submissions. Enjoy the show!

Links for this episode:

TFL365.com

Rob on Twitter: @RobBooker

The Traders Podcast on Twitter: @TradersPodcast

E-mail us! Producer@TradersPodcast.com

{ 3 comments… read them below or add one }

Mike August 15, 2013 at 7:51 am

Rob and Jason what a great episode.
I love the way Rob uses the winning mantra as a message for visualising and ultimately living a happy life (and good advice for salesmen too!) and for successful trading. My trading plan has screen shots of the successful set ups once the trade is complete but it is genius to get screen shots of the set ups before the successful trade “fires off” and use that to imprint “the set-up” in your mind.
thanks guys
Mike

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Brian August 15, 2013 at 9:03 am

Rob and Jason,

I loved this podcast because it tied together a lot of concepts. I liked the mantra: “If a set up in not in my plan, I don’t take it, period.” The most important lesson for me was to stick to the plan and avoid anything spontaneous. There was a previous episode where Rob said his spontaneous trades never work out, and he wished he could just erase them out of his journal like they never happened. This observation has stayed with me and I repeat it all the time. It’s one of Rob’s most powerful lessons, because we all feel the need to compromise, see something in the noise that might not be there, or to improvise on what we think is an opportunity. Everybody has a pattern recognition system in their head, everybody has an imagination and gut feelings, and everybody gives into spontaneity. Maybe that’s why almost everybody loses. Which of course, brings us back to the issue of preparation and categorizing our set ups. I’ve been working on a ES day trading system with my spouse and we both laughed when Rob talked about categorizing his set ups so they are emblazoned on his mind. We are still at that stage. We’ve gone so far as to give them names, and won’t go live until we have enough set ups that we don’t feel the need to compromise when trading.

Once again, great episode.

Brian

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Alien August 17, 2013 at 5:35 pm

Alien’s mantra…………….

The More You Learn, The More You Earn……………….

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