Episode 298: The Critical Importance of a Daily Routine for Traders

by robbooker on October 15, 2014

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Welcome to The Traders Podcast, starring Rob Booker. In Episode 298, Rob starts off by talking about some New York Times headlines, which he quickly transposes into analogous trading metaphors. This leads Rob to talk about the critical importance of establishing a daily routine for your trading procedures. Next Jason plays some business television audio clips, and Rob responds to them — rambunctiously. Rob rants about worldwide fears about dropping oil prices, and we discuss deflation versus disinflation. Please leave us a comment, and let us know about your trading routine. And thanks for listening.

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{ 4 comments… read them below or add one }

BrianF October 15, 2014 at 7:51 pm

You can see that oil will never hit $70 with a 4hour/2hour/and FIFTEEN MINUTE divergence? Damn Dog, you are good! Me, I don’t have any faith left in my predictive abilities, but being a trader, I don’t really care that much about prediction anymore. Flip a coin, oil goes up, oil goes down, it’s all in how I separate the noise from the trend, weather volatility, manage risk and react. I can’t follow that path anymore.

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Dorial October 16, 2014 at 6:36 am

I loved the podcast, and I publish your podcast to other websites so more people will know how great Rob Booker is. Thank you.

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Dirk October 16, 2014 at 9:52 am

Hey Rob and Jason,

at first, thak you for your great podcast!
You asked your listeners about our daily routine, or how we keep track on our trades.
I want to tell you how i do the latter.

I use evernote to keep a journal for each of my Trades. Each trade gets an own notice, where I document the whole lifecycle of the trade. I add a screenshot of the chart at the entry-time, write down the catalyst for the trade, entry-price, SL, TP, RR and so on.
I do this before I enter the trade, it is the documenting-part of my praparation for a trade.

From time to time I write down my feelings about open trades; at least after a trade is closed.

I use Tags to do a quick selection: Order, Open, Closed, (closed by) SL, (closed by) TP, win, loose, mistake.

Every few weeks I review some of the closed trades, watch the charts again and think what I could have done better. Especially in loosing streaks, I force myself to review those tagged as a mistake.

Keep going guys, I really like listening to you!
Dirk

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BrianF October 18, 2014 at 11:59 am

You learn so much from this show. Where else can you get a six year macroeconomic forecast from a Cocco Fuffs/Cinnamon Toast Crunch Inflation Indicator? Genius!

Routine: You mean avoid anything spontaneous? Yup, that’s a recurring theme on this show, one I can’t get enough of because it’s so important and so easy to forget.

More craziness, we want more!

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