Episode 40: Where and Why We Trade for a Living

by robbooker on April 25, 2012

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Rob Booker is joined again by his guest co-host, “The Coach” Scott Welsh, podcasting from Columbus, Ohio. Scott and Rob begin this episode by talking about the importance of knowing what you want when striving to achieve a goal.

Next your trader hosts discuss whether the location you’re trading from affects your trading, and whether you can trade from anywhere in the world (and by the way, where are the greatest places in the world to trade from?). Rob and Scott also consider Las Vegas: Is Sin City the perfect place for traders? Can automated trading enable you to trade from anywhere? Rob lists his favorite trading locations, and he reveals his pick for the greatest city of all time. And if you live in a certain location — which is named in this episode — and you’d like Rob and Scott to come and trade at your home with you for a week or two, then contact us at producer@traderspodcast.com.

Also, in this episode, we introduce a new segment called “Dumb Things That Rob Does,” which pertains to today’s topic.

And finally, Rob concludes Episode 40 with a remarkable epilogue that enumerates the reasons why, exactly, we trade for a living by recounting an unforgettable story about his friend, Mickey — a trader who realized his dreams.

Please leave us a comment, telling us where you trade from and where you’d like to trade from.

Scott Welsh’s Web site: Bossilator.com

This episode is dedicated to Mickey, who successfully did what he always wanted to do.

{ 8 comments… read them below or add one }

Pablo April 25, 2012 at 11:02 am

Rob, thanks for the story about the trader that went to Thailand to live with his girlfriend, it is very inspiring. I feel very related with the story at this stage of my life, especially with the desire to live and trade where your soulmate is!!! I would also like to thank you, Jennifer, Scott and Commander Rob Wilson for taking the time to do this podcast that I strongly believe it has a huge value for developing traders like me!

Keep uo with the good work,

Pablo (Conneciticut)

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Patric April 25, 2012 at 12:05 pm

Great show guys!

I’m an FX trader in Sweden. I’d love to trade from anywhere around the Mediterranean (so I’m awake during the London session and) where folks speak decent English and you don’t freeze your nuts off in the winter like Malta, Cyprus or the French Riviera.

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Bruce Mars April 25, 2012 at 6:46 pm

Island of St.Croix… US Virgin Islands I moved down here last June with $900 cash, a few clothes and my cat. I stayed with an old friend for a few months and got my own place, after finding a desent job. I was never a very good trader but I was getting better and learning more all the time. Today I’m still not a very good trader but “I am” a better trader. Tommorrow I know I will be even better than today. I came down here because I figured I could be broke and looking for a job in Minnesota, or I could be broke and looking for a job where it was warm and I could pick fruit from a tree or pull a fish outta the sea. Kinda a no brainer. I have and had no bills and /or nothing chaining me there. The world is full of friends I haven’t met yet! What is there to risk? I figured I would try it here for a year and if it didn’t pan out maybe try Ireland….(red headed women). I am leaning towards staying. Love your broadcast. If you deside to come down this way…..bring sunglasses.

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Daniel April 26, 2012 at 5:50 am

This has been for me one of the most interesting podcast because both of you talked about some of the things that a person that wants to join the traders world at some point of its early training forgets quite easily (I want to believe) and it is the important questions of “Why do I want to trade?” and “What I am doing to become a trader?”. Answering these questions properly and following the answers with severity is the first step to build your plan if not and quoting Scott Welsh “There´s no journey” and instead of a benefit it will become an expense.
I think that from this 20 minutes podcast you can talk hours about it’s message. 20 very deep minutes where I learnt a lot.
Here I have a question for you Rob. Have you ever considered to do a small podcast with somebody totally random and unknown that is trying to accomplish and reach the answers of “Why do I want to be a trader and what I am actually doing for it?” I think it could be really interesting.

Thank you very much,

Daniel

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Orlando April 26, 2012 at 1:11 pm

First off let me congratulate you on this podcast filled with dreams and emotions. This topic is what first comes to mind when you engage on trading for a living after working for the man, financial indipendence and freedom are the key motivations to jump in.

Most traders do want to move to a “sick house in Thailand”, but not me. I trade from El Salvador (Central America), I´m already in a tropical paradise; my goal is to trade from London .

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Clayton April 29, 2012 at 10:12 pm

Hey Rob,

I think this is the best TP episode yet, and the last 2-3 minutes of looking after yourself and wanting the best for yourself, etc. is so important that it probably in the end defines what make a trader or not.

In a recent episode you posed the question to Scott, Rob, Raghee, and Jen how long should it take a trader before they start to become truly profitable. Jen answered 5-6 years which I think is accurate and directly related to your point above, ie. that’s how long it can take people to realise that it IS ok to want a better life for yourself, it IS ok to think about your own needs over others, etc. It takes time for a belief system to adapt and even correct in some cases.

Of course there needs to be balance and I think most people would understand this, but without getting this concept right I think it would be hard for a trader to trade for a living successfully.

Thanks again, Clayton.

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TequilaTrader May 1, 2012 at 7:23 pm

Hi, nice Podcast!

Where would I like to Trade?

I would love to trade in:

– Somewhere in the middle of the ocean on a cruiser
– On a submarine
– Antartica!

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Scott (fatbeetrader) April 25, 2013 at 9:58 pm

Oh man i loved this episode re-listening to the broadcasting style is outstanding thank Rob, Jason and Scott

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