Episode 177: August Trading – A Real Super Summer Slow Low-Volume Kind of Month

by robbooker on August 19, 2013

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For Episode 177, your host Rob Booker speaks with veteran trader Jared Johnson, the CEO, founder and president of Day Traders FX.com about August trading. First Rob and Jared bring you an update on their charity trading account. Next Jared laments that the market has been so “August-ey” this month, which leads Rob to talk about his history of August trading and what had made this year different for him. Rob and Jared discuss how sometimes we think our trading system is broken, but in reality, the market conditions are just not favorable for trading. They talk about the trap that people who trade for a living fall into, namely, thinking they must be in the markets every day and refusing to take a vacation, in order to avoid “missing something.”

Jared talks about the popular practice of bragging about how busy we are and how busyness is en vogue. Rob discusses knowing when to walk away because you’re not at your peak-performance level. And Rob and Jared chat about learning what you don’t do well and then adjusting accordingly. All of this and more in Episode 177 of The Traders Podcast. Don’t miss it!

Links for this episode:

Jared’s Web site: Day Traders FX.com

Jared on Twitter: @DayTradersFX

Jason’s new podcast: THE DONUT SHOW

Rob on Twitter: @RobBooker

The Traders Podcast on Twitter: @TradersPodcast

E-mail us! Producer@TradersPodcast.com

{ 3 comments… read them below or add one }

David Pullen August 19, 2013 at 5:18 pm

Rob was intrigued by the discussion about whether to close or leave open your AUSCAD trade or not, and I kept coming back to a statement that Raghee Horner made many, many podcasts ago, with you.
She said, you have to keep asking yourself , what is the point of validity of the trade?
Recently I have been listening to your discussion of your trading style during the NLP course and I’ve loved the simplicity and consistency of the approach.
Just wondering if it would be beneficial given the longer time frames you trade, to incorporate an extra level of validity, besides the stop loss and profit target for open trades.
For example: occurrence of a reversal tab (red hopper) in opposite direction, or divergence against the trade, or break of a fractal, or trend line, might all be examples of evidence that market conditions have changed and time to exit the trade as setup is no longer valid.

DO AGREE THOUGH, THAT WHAT EVER THE EXTRA RATIONALE IS, YOU MUST DECIDE IT BEFORE THE TRADE IS OPEN AND HAVE IT AS A RULE IN YOUR TRADING PLAN.

Perhaps there is a podcast to be generated from this idea: “At what point does your trade become invalid? Would be great to hear how traders like Raghee, Scott Welsh and the Supreme Commander approach this

Regards
Dave

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Serge August 21, 2013 at 6:44 am

Hi Rob,

I was listening to your podcast and the one thing that really fascinates me is that you are super-honest; no BS about your account your loses and profits.
I never see it as you showing off or any such. I, for one, find it really refreshing to see how profitable you are (or not!)….

Thank you for your honesty and openness!

Cheers
Serge

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Paul September 7, 2013 at 9:28 am

Hey Rob

Loved the croc scenario, it is so so true. Spread sheet millionaires all of us.

T: @aceofwaste

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