Episode 263: The Trade Size That a Professional Trader Should Take

by robbooker on June 16, 2014

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TTP Ep 263 art

For Episode 263, your host Rob Booker is solo-broadcasting from Paris, France. In this show Rob uses a set of articles that he’s been writing for Experts.ForexMagnates.com about cutting losses quickly as a launching point for his sentiments. Rob suggests that perhaps the practice of cutting losses quickly isn’t the Gospel truth that we’ve been told it is, and he says it’s often blasphemous to say so.

Rob talks about a friend of his who made $21,000 trading a counter-trend system. Then Rob discusses another friend who made $8,000, and he did not close all of his losing trades immediately. So, Rob gives some tips on how to trade in a different way, other than closing losing trades immediately. And Rob tells what he thinks makes a person “a professional trader,” including the specific trade size that a pro should take. Good stuff. Don’t miss it!

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{ 4 comments… read them below or add one }

ryan the quitter of working for the man June 17, 2014 at 6:59 am

Oh ill be sure to let you know how this experience goes. Stepping out into the unknown is a bit scary but deep down, i feel called to do it. I think my wife is more excited than i am! lol before we made this decision, she told me, ” a ship is safe while parked in the harbor but ships were made to sail.”

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Philipe Rubio June 20, 2014 at 4:58 am

Congratulations Ryan 🙂 It’s a great feeling to finally be the captain of your own ship.

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Cmazzsr June 21, 2014 at 3:45 pm

Love the saying
Sounds like you have a great wife. Good luck to you in all you do

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BrianF July 2, 2014 at 6:18 am

Ryan,

Just by coincidence, I was re-listening to Episode 146, and I immediately thought of you. In this episode, Rob and Brad spend a lot of time talking about some of the pitfalls of transitioning to a full time trader. It’s really worth the time to review. Episode 144 also covers these topics, especially the hazards of thinking we have to trade more than we should when we switch to full time trading. Brad gives some great advice about playing with spreadsheets to come up with a long term plan, something which really emphasizes how much money we can amass with very small position sizes over time.

Speaking about small position sizes, my own advice would be to explore what amount of money is significant to you personally, and size risk accordingly. If $1000 makes your head go haywire, then keep risk below that number and wait for your personal number to grow with your account. It’s a lot easier to stay out of trouble than to recite a mantra about discipline and do something likely to cause a brain malfunction.

Good luck, we are all jealous!

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