Episode 179: A Conversation From The Cigar Shop With Matt LaCoco and Shonn Campbell

by robbooker on August 26, 2013

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In Episode 179, we bring you a little treat that’s a change of pace… Your host Rob Booker loves to hear what our fellow trading friends are thinking about — especially when those friends are Matt LaCoco and Shonn Campbell. Naturally, Rob sent them a digital audio recorder to capture their conversations about trading. … Naturally.

So, what you’re about to hear is a 20-minute excerpt of what was originally a 70-minute conversation between Shonn and Matt as they hang out at The Cigar Shop. This episode is a lot of fun, but it takes a little bit of concentration to listen to because there’s a great deal of ambient noise in the background, including a fountain and other people’s voices. But we sometimes like to capture the raw conversations that traders have “out in the field.”

Matt and Shonn discuss a number of topics, including the pitfalls of investing too much time and effort into trading; adding to — and over-complicating — your charts; why the “Great Bear of Wall Street” himself, Jesse Livermore, wasn’t a big deal after all; an unhealthy fascination with the machismo method for making money; several “don’ts” that are indicative ways to tell if you’ve already lost; why it’s difficult to trade strictly from indicators and the idea that perhaps planning out a trade on indicators isn’t really planning a trade at all; and if you can believe this — Matt and Shonn also cover some ground that we’ve probably never talked about on The Traders Podcast before: the secret to training your kids to be good traders.

Don’t miss it — this fun episode is worth your time. Thanks, Shonn and Matt!

Links for this episode:

Follow Matt on Twitter: @MattLaCoco

Follow Shonn on Twitter: @PlateauTrader

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 }

Nate August 26, 2013 at 1:58 pm

That was great! Matt and Shonn should do their own podcast under The Trader’s Podcast umbrella. So should Jared, Jen, Scott (FatBee), Scott (Welsh), Brad, & Rob Wilson. Twice a week is not nearly enough!

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James August 27, 2013 at 4:58 am

Hi Rob and gang. More Matt LaCoco please!! Matt’s attitude is so refreshing about trading to live and not living to trade. Every time I find myself watching the big moves that happen in the market and start trying to change my strategy to try catch them – I revisit the podcasts featuring Matt to try and get my feet back on the ground and remember that 10 pips per day can make a great living when coupled with consistency and high probability. Matt’s comment about only wanting to take the market’s lunch money was one of the best phrases I’ve heard since I started my trading journey.

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Brian August 27, 2013 at 9:16 am

Jesse Livermore was a real person. Larry Livingston was a fictional character in Reminisences of a Stock Operator. It’s untrue that Livermore died penniless, however he was deeply flawed as a person and let that leak into his trading. It’s my favorite book, however Livingston isn’t perfect either. Maybe that was intentional so that LeFevre could illustrate all the things not to do as a trader. The book provides an important caution to a trader not to use trading for anything other than making money. I’m not sure Livermore learned that lesson in life, and the fictional Livingston, who perpetually prattles on about not following his rules, definitely doesn’t learn that lesson in the book. Livingston wanted to make a name for himself in the market. He wanted to be known as a trader who could carry a big line of stock. And he liked and fostered his image as a big player behind the scenes, being jealous of the famed corners of earlier years. This led him to use his considerable skills in taking big chances. People with nerves of steel who can ignore the money and take big chances make big money, but they inevitably revert to type, and when they do their losses are all the more spectacular. For me, the two biggest lessons of the book were: 1) Our thirst for money is unquenchable, so don’t bet money you can’t afford to lose, because even if you win, you’ll eventually come back for more and lose it; and 2) Don’t use trading as a vehicle for anything other than to make money. I was guilty of this in my economic views of the market and learned my lesson. When trading, nothing else matters but trading. You got very close to this mark when you discussed trading without indicators perhaps improving your trading, because you shift your faith in your indicators into a faith in price. Sometimes indicators lie, but price doesn’t lie, even though it’s a tricksey little devil. Neither LeFevre nor Livermore went on to produce anything remotely as successful as the Reminisences book, and Livermore and his fictional counterparts were definitely highly talented and deeply flawed traders, but for this reason, LeFevre and Livermore together are my choice as the greatest trading coaches of all time.

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