Episode 295: A Ritualistic Rhythm and the Trader’s Morning Routine

by robbooker on October 6, 2014

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In Episode 295 of The Traders Podcast, your host Rob Booker regales us with an anecdotal tidbit about speed-reading, which is just one step that led him to trade for a living. Next Rob talks about what’s coming up on The Traders Podcast — and he even teases about another podcast! Then Rob moves into a discussion of using deadlines and the trader’s morning routine. Rob asks the listeners to let us know what they do for their trader’s morning routine.

Rob also talks about the concept of getting in to a “ritualistic rhythm” for being ready to trade and be successful. Next Rob gives an update on Dayvid Foo. In short, if you’re a trader, this episode is for you! Thanks for listening.

Links for this episode:

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If you’re interested in having your own podcast (trading-related or of any sort) e-mail Jason: Producer@TradersPodcast.com

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{ 3 comments… read them below or add one }

Ryan Awesome October 7, 2014 at 1:10 pm

my routine…
1. Wake up and promptly go to the keurig and fix a cup o joe.
2. Go wake up the boy and lay his clothes out.
3. Kiss wife
4. Go out on the porch with my cup o joe an read yahoo news to try to find awesome stories.
5. Make boy breakfast and turn on curious george.
6. Hop in the shower, dress myself.
7. Take kids empty plate to kitchen.
8. Help dress kid.
9. Take kid to school.
10. Get to office and fix another cup o joe.
11. Look at or write top 5 things to do today.
12. Check my facebook group, email, etc…
13. Look through charts and strategies and take care of my top 5 things.
14. By this time, it is 9:30am. Now I either have already placed trades or I am waiting on a setup.
16. Go through a 10-15 meditition around noon.
17. Read a chapter in an inspiring or educational book.
18. Check on my trades
19. For the rest of the day, I backtest various sytems everyday almost.
20. Go pick up boy.
21. Eat dinner that my wife has fixed and spend the next 3 hours with family. Computers are off.
22. Get boy ready for bed and read 3 books to him, tuck him in and say goodnight.
23. Spend the next hour watching a nightly episode of something with my wife.
24. Read another chapter of something.
25. Spend 15 minutes looking at a couple of charts for the next day.
26. Meditate for 45 minutes.
27. Sleep
28. Repeat this throughout the week.
29. On the weekends, computers are off from 5pm friday night till 9pm sunday night. This is family time.

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Brian F. October 8, 2014 at 10:41 am

Everybody has some kind of pre-trading routine. Unfortunately, a lot of them resemble ours. If we don’t want to replicate the results of everybody else, we need to try something different. Rather than give you a long list, I’ll give you three critical things everybody must do:
Volatility: Most trading books are written from the perspective that trading is a 50/50 proposition, but it’s not. Price does three things: it goes up; it goes down; and it goes sideways. If you are not properly prepared to weather the volatility, you are playing a 33%/66% game and are doomed from the start. Therefore, your pre-trading routine should include a volatility study, and a game plan to manipulate your position size and stops to maintain the integrity of your holding time. Yes, position time, stops, and holding time are interrelated. You can’t discuss one without the other two. It’s like discussing how attractive a woman is without considering how much money she has, or how much beer you’ve ingested.
Journaling: Rob has observed that trading is a lousy coach. Trading is about affecting the balance of a large number of trades. You can’t measure that while trading, therefore you are blind at the keyboard. In fact, you are worse than blind, because blind people don’t kid themselves that they can see. You just have to journal. Everybody else is trying to optimize their preparation and paying inadequate attention to their journaling. If you want to win, you have to do the opposite. Your pre-trading session should include a review of what you learned in your journaling, otherwise, you’ll continue to do more of what you shouldn’t do, and less of what you should do.
Plan to Lose: Mike Tyson said, “Everybody has a plan until they get punched in the face.” Therefore, don’t do what others do, instead, plan to get punched in the face. Intellectually, you know you are going to lose a percentage of days this year, but let’s face it, emotionally you somehow believe that if you just do the right pre-trading ritual, you will win, so of course, when you lose due to chance, you blame yourself. Instead, look in the mirror each morning and vocalize the truth: “I can’t control whether I win or lose today, but I can control how much I lose in any given trade and how much I lose in the day.” With reality openly admitted, the task becomes setting accurate limits on what you can emotionally afford to lose today. Your daily number fluctuates based on your account balance, your health, your family life, how much sleep you got, you name it. You can’t trade with scared money and you’ll never, ever, smooth out your performance. These are common myths among traders because they look up to blowhards who prefer war stores to reality. Prepare to get punched in the face. Bob Beman set a world record in the long jump that he never again approximated, was he a steady performer? Alabama lost to Ole Miss last Saturday, was THAT a steady state? They were the Crimson Suck. Human performance isn’t a steady state in any arena, why should trading be any different? Your number one task each morning is determining how much size you can handle that day before it will influence your performance.

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Jerry October 9, 2014 at 3:00 pm

Check out “The Miracle Morning” the not so obvious secret guaranteed to transform your life, by Hal Elrod

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