Episode 305: Entering Trades to Immediate Profitability and the Launch of the Rise and Shine Podcast

by robbooker on November 10, 2014

Play

Rise and Shine Podcast

For Episode 305 of The Traders Podcast, your host Rob Booker received a question in the TFL365 chatroom from his friend “Mavrick,” who asked about entering trades that immediately go the other way, subjecting him to a nerve-racking period before eventually becoming profitable. So, Rob asks Jason the producer (a non-trader) to address Mavrick’s question. But rest assured, Rob takes a stab at answering the question, as well. And then we conclude this episode with the epic announcement of our brand new podcast:



Today, Rob and Jason have launched a new, daily, inspirational show called the RISE AND SHINE PODCAST

We’re calling on our Traders Podcast friends to help our launch by asking you to please:

1. Listen to our new podcast.
2. Subscribe to the new show free in iTunes.
3. Leave the Rise and Shine Podcast an iTunes review.



Links for this episode:

Rob and Jason have a new daily show! Rise and Shine Podcast

Call and leave us a voicemail: (801) 382-8789

Get our Traders Podcast App for iPhone

Get our Traders Podcast App for Android devices!

Rob Booker.com

RobBooker.com/mail

Rob on Twitter: @RobBooker

The Traders Podcast on Twitter: @TradersPodcast

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

TFL365.com

Trader Interviews.com

{ 3 comments… read them below or add one }

BrianF November 11, 2014 at 2:54 pm

Mav,

If you’re not seeing it from the git-go, it’s either a bad entry, a bad trade, or both. You know what you have to do, close it and get ready for reentry. If you are feeling anxiety from a non-cooperative entry, it’s because you either are sizing your trades too large, or your set up/set ups don’t give you enough trades to filter out the false break outs.

There are three issues here.

1) Are you getting enough set ups? If not, you are going to be pressured not to miss this “opportunity” and won’t be able to trade.

2) Is your position size causing the anxiety? If you are not comfortable with losing what you have adopted as your USUAL stop loss, make it smaller.

3) The Second Mouse Gets the Cheese: Combine the above two answers. A lot of price movement is shake outs. You have to be able to weather these things. That means you have to have enough set ups to enable you to get in late when the first mouse, those traders who jumped at the entry on breakout, get their necks broken by the trap, otherwise known as a hook, or return to breakout. If you don’t have all the setups you can handle, you won’t be able to hold back and take a higher probability trade.

That’s it, size down, find more set ups, and enter later after the first break out. Will you miss a lot of trades? Sure, but missed trades don’t cost you anything.

Reply

Dave November 12, 2014 at 1:02 pm

Hi, both,
I am picking up some – subliminal – intuition from Rob, during this discussion; almost metaphysics. But, you are entirely right: one gets ‘caged’, by self-doubt, throughout life…cause of many a divorce; or sequestration.
Love to support your ‘Rise and Shine’ -and I will listen!……though, I don’t do Itunes [ nor Apple]…firmly, in Android camp.
Regards, Dave, Aberdeen exile

Reply

TraderSchizz November 12, 2014 at 1:46 pm

I had the same issue as your listener. Seemed that every time I’d close a trade or have a stop loss triggered, it would immediately go the other way. I cut my trade size in half, widened my targets a little, and it’s been working nicely.

Reply

Leave a Comment

Previous post:

Next post: