Episode 259: Lessons Learned From Missionary Service

by robbooker on June 2, 2014

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Episode 259 is a rather unusual Traders Podcast, because your host Rob Booker and the producer Jason Pyles share some personal anecdotes concerning what they learned during their two years of missionary service in Italy and Tucson, Arizona, respectively. Rob says that a lot of what he knows about being a good trader comes from lessons he’s learned while knocking on people’s doors in Italy. For instance, Rob talks about how all the rejection he faced as a missionary informs his trading career. All of this and more in Episode 259 of The Traders Podcast. Join us! And thanks for listening.

Links from this episode:

The Man Behind the Mic — Jason Pyles

Rob Booker.com

RobBooker.com/mail

Call and leave us a voice mail: (801) 382-8789

Rob on Twitter: @RobBooker

The Traders Podcast on Twitter: @TradersPodcast

TFL365.com

E-mail us! Producer@TradersPodcast.com

Trader Interviews.com

{ 1 comment… read it below or add one }

Brian F. June 4, 2014 at 8:42 pm

Zero comments? Is it just me or do you guys also have no idea what will provoke a discussion and what will not. I LOVED this episode.

It was very ambitious of you to devote an episode to the similarities between religious faith and trading, but I think Episode 259 went well and was one of the best. You touched on a lot of topics like how having a core belief system helps you to ignore the here and now and stay faithful to your process and believe it will ultimately work out for you. The analogy was very accurate.

I also think Rob really nailed Jason’s question about putting “first things first” with his answer about risk management. Yes, risk management may take a lot of the fun out of trading, but then again, so does detailed knowledge and a scientific approach to any risk related endeavor. I doubt pro golfers, poker players, race car drivers, or Olympic athletes are thinking about fun when they perform. They are thinking about process, because they want to win.

Rob said there’s a whole other universe of enjoyment when you discover and finally appreciate risk management. Great comment. Risk management is the defensive part of the game. Two quick comments:

1) Optimizing offense is a double edged sword. You can actually make your system less profitable and will get diminishing returns.

2) There’s always something that could be better about your defensive game. Improvements translate into money. In a large series of trades, there’s no difference between preserving profits and making your system more profitable.

Warren Buffet emphasized the importance of the defensive side of this game when he said: “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” In trading, it takes a long time to build the minimal necessary fortune , that is, an account big enough that the money coming in feels LIKE REAL MONEY, but it only takes a few moments to lose it.

* This was a off the cuff post, there’s not implied warranty of sanity or usefulness in this post. Use at your own discretion.

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