Episode 303: Stop Being a Baby, Grow Up, and Be Successful

by robbooker on November 3, 2014

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Welcome to Episode 303 of The Traders Podcast. In this show, your host Rob Booker talks with Jason the producer about cashless payments in Sweden and the prevalent security problems with traditional credit card payments. We also talk briefly about space tourism. But then, the majority of this episode is a response to a trader named Luke’s e-mail inquiry, asking for Rob’s advice for someone who wants to make the leap to trading for a living. This show is a must-listen for anyone who has felt sheepish or timid about pursuing a full-time trading career.

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{ 7 comments… read them below or add one }

Scott (FBT) November 3, 2014 at 6:29 pm

This is a friggin brilliant @traderspodcast episode!
A MUST Listen to for anyone thing about beginning trading!

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Paul O'Neill November 4, 2014 at 12:37 am

Hey Rob and Jason
I’m new to trading and new to your show and I love it!!!
But this episode – oh man!! At times I felt like you were speaking directly to me.
I have “noob syndrome” – its new and different to most everything I’ve done (I’m a software developer) and at times I literally threw my hands in the air and said “#$@%^ it! I’m done!”.
But I had to get back in and with some wins like Friday’s EURJPY bull run I get my junior Mojo back 🙂
Anyway just wanted to share – love your work – thanks guys!!!

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Brian F. November 4, 2014 at 9:59 am

I love the Matt LeCococ stories, they remind me of the encyclopedia salesman in Reminisences of a Stock Operator. This character prepared for the encounter, strolled into Livermore’s office, and with infinite confidence in his abilities and process, he did what he knew best in the way he knew best. The result is he sold a set of encyclopedias Livermore didn’t even need. It never occurred to me why LeFevre put that encounter into the book, but it has so much to say about trader psychology, I probably should have recognized it before now: preparation; process; self knowledge; and confidence. He wasn’t desperate to sell, he knew if he did things his own way, he’d reach his goal in the long run.

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BrianF November 4, 2014 at 7:58 pm

Is it me, or has Jason become a very competent trading coach? He continues to make observations and analogies which contribute in a meaningful way. Everyone makes analogies about trading and everyday life, but early on in the cast Jason pops up and observes that there are a lot of lessons in trading for our everyday life.

I liked the comment about fear and martial arts, and the analogy to trading. This is one of my common themes, like Rob’s themes of making yourself a better person and you will be a better trader, or his theme about the dangers of spontaneity. I’ve come to the conclusion that great traders avoid situations involving great fear, or else their results are less than great. One of my favorite books about trading that never mentions trading is Gates of Fire, a novel about the Spartan defense of the pass of Thermopylae against the Persians. This book understands the human mind, therefore it understands trading:

Spontaneity: “Habit will be your champion. When you train the mind to think one way and one way only, when you refuse to allow it to think in another, that will produce great strength in battle.”

Process: “Fear conquers fear. This is how we Spartans do it, counterpoising to fear of death a greater fear: that of dishonor. Of exclusion from the pack.”

Pressure: “performing the commonplace under uncommonplace conditions.”

Or my personal favorite, which I will quote from memory because I can’t find it, the grizzled old veteran Dienekes, discussed fear, and likened your mind to a darkened house with all the doors closed. If you intend to do your duty, you needs must leave some doors closed.

Available on Audible for your listening pleasure. Once again, a great cast, one easily in the top ten, with great observations and infuriating, outrageous assertions about how the risk intolerant are somehow inferior rationalizing wimps compared to their idiotic ignorant counterparts that take on the markets when they don’t know the game. Neither side of the force is better, they are in balance. You take who and what you are and you make little changes to produce a profitable trader. But thanks for the vote of confidence, we of the scardy cat side of the force are determined to make you eat those words.

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BrianF November 4, 2014 at 8:16 pm

Because my posts tend to be comprehensive (LONG) I try not to post more than twice, but I have to point out that Rob’s coining of the phrase “Trading Education Industrial Complex” was absolutely spot on and probably the most concise and easily recognizable evidence that he is the real deal. The system, like all human systems, wants you to follow the crowd, and wants you to believe that submission to the herd will somehow get you a different result than everybody else gets. That sounds a lot like Linus standing in the pumpkin patch believing if you are just sincere enough, the Great Pumpkin will arrive. I don’t know any other trading educator saying these things, do you? What I see is serial book writers with 40 books in 30 years beginning their pitch with the words “You can be free.” Yeah, right. That’s really worked out well for most of his students, right?

This isn’t about being a fan, because trading is about money, you can’t afford to be a fan, you have to follow the logic and get paid. When someone keeps pounding away about how you have to trade a certain way because that’s how other primates who have won have organized themselves, and that reality undercuts sales of systems and indicators and secrets, you have now established credibility and you now know they are telling you the truth. I think, after 303 episodes, we all owe Rob and Jason a round of applause for attempting to wake us up and point to the things that work.

Thank you guys for racking your brains to find ways to bring the message.

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Matthieu November 6, 2014 at 2:27 am

“[Luke:] I can’t believe it. [Yoda:] That is why you fail.”

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Ken January 6, 2015 at 5:20 am

“There’s no reason to have a plan B because it distracts from plan A.” ― Will Smith.

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