Episode 266: Very Superstitious

by robbooker on June 25, 2014

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For Episode 266, your host Rob Booker talks about the coming of his new Trifecta 3 course (for the short-term charts) and the plan for his 2014 traders’ house retreat that he’s been teasing about for a while now. Next Rob thanks the listeners for all the reviews for The Traders Podcast on iTunes. Next Rob talks about the oddity and power of superstitions. Rob wonders if the listeners feel bound by any superstitions relating to their trading. So, Rob and Jason share some of their superstitious practices, and finally Jason recommends the movie “Blue Ruin” (2014) for anyone looking for a great flick this week. Write to us! Thanks for listening.

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{ 5 comments… read them below or add one }

FxCave: a Hopefull Trader House Participant June 25, 2014 at 4:14 pm

Please, Pick Me, Pick Me!

Been following Rob and the podcast forever. I tried to apply before but you weren’t exactly taking applications at that time. Remember my e-mail from 10-29-2013?

Anyway I love the idea of just getting together better than a Trader-Survivor Island show. The documentary concept doesn’t have to be live, especially if you don’t have a cable channel interested in buying it. Currency traders are boring anyway, …but not me, and not Rob. LOL

Love the podcasts! Thanks for doing them. They are the highlight of my trading week.

FxCave
https://www.tradingview.com/u/Cavex/

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FxCave: a Hopeful Trader House Participant June 25, 2014 at 4:27 pm

Oh, hi again. You should pick me because you are one of my Twitter Friends and I have a 94% reputation rating on TradingView.com https://www.tradingview.com/u/Cavex/#published-charts

Oh, and sorry about this but Scott Welsh said I had the best Twitter handle on Episode 245: The Retirement Lie — Part 3 . I hope this info helps LOL

Cheers!

FxCave

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Brian F. June 25, 2014 at 8:17 pm

“Baseball players and traders are very superstitious”

It’s a crazy coincidence that I speculated as I got off the second floor elevator today, about which sports were the most like trading. Baseball, poker, golf, all the process related sports were included. Then I got home from my tired commute and Rob observed that one of them was also the most superstitious. Maybe, when we engage in a process sport, where probability binds the range of what we can do and terribly punishes anything spontaneous, our minds rebel against such order and generate superstitious beliefs to keep us sane. A lot of the mental disorders are just reactions to balance out something else that isn’t right in our heads.

Something to think about in our cups. If we want to trade well, perhaps we have to engage in a hobby that releases those pressures, something not bound by process, or probability, maybe painting or renovating bikes like a trader who we know that is well balanced and very process driven in his trading life. Maybe we have to vent the human side somewhere.

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erik June 26, 2014 at 12:22 am

I live in Scottsdale and bought the tri_fecta 6 months ago
lov ya guys
erik

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Brian F. June 26, 2014 at 4:31 pm

Rob’s comment: “New traders can’t close losers and old traders can’t hold winners.”

One reason is it’s harder to hold winners than close losers,
but another reason is survivor bias,
you don’t get to be an old trader unless you close losers. LOL

William Eckhardt had a great comment regarding this very topic, he attributed it to use desiring to be right more than desiring to make money:

“One common adage about trading is that is completely wrongheaded is : You can’t go broke taking profits. That’s precisely how many traders do go broke. While amateurs go broke by taking large losses, professionals go broke by taking small profits. The problem in a nutshell is that human nature does not operate to maximize gain but rather to maximize the chances of gain. The desire to maximize the number of winning trades( or minimize the number of losing trades) works against the trader. The success rate of trades is the least important performance statistic and may even be inversely related to performance.”

– WILLIAM ECKHARDT

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