Episode 468: Don’t Play Chess-like Games with a Wookie

by robbooker on October 21, 2015

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Good morning Traders Podcast listeners! Welcome to Episode 468. In today’s episode Rob and Jason Pyles answer a listener’s e-mail question from Gomez98. He’s asking for favorite trading movies. Jason refers him to Traders Podcast Episodes 41, 42, 43, 44, 116 and 215. There are so many trading movies: Trading Places, Boiler Room, Pretty Woman, The Wolf of Wall Street and a plethora more. They also talk about the upcoming movie The Big Short. You’ll love today’s show!

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{ 2 comments… read them below or add one }

gomez98 October 21, 2015 at 9:48 am

Thanks for the heads-up on the past shows about trading movies. I’ll check ’em out. And nice job of taking Star Wars and pulling out lessons that apply to trading. Great show, fellas. 🙂

For ‘Lessons On Life’ movies, I like It’s a Wonderful Life (for obvious reasons) and Groundhog Day. IaWL might be too easy of an answer, but it’s such a great example of the ‘appreciate what you have’ lesson. I used to dread Xmas time television because I knew it’d be on all the time, but now I love it and watch it every December.

Groundhog Day is great movie to show that to mature and achieve our dreams, we need to be confident and content with ourselves. And getting to that point takes work. We need to work on ourselves, on our ideas and ideals and work on being a better person. I think that definitely translates to trading. To get to my end goal in trading, I constantly need to work on myself. I feel confident I’ve learned everything, or nearly everything about the trading method I’m using and the rules I’ve fashioned for myself. What always needs work is me, the trader, which I’m always learning about and making efforts to improve.

Hopefully, I’ll get to that end goal, with ever having to drive over a cliff with a rabid groundhog. 🙂

Later
gomez98

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Jeffrey October 21, 2015 at 11:27 am

Have to chime in on the Yoda/Luke discussion. Yoda’s point was that if Luke didn’t finish his training, he would never be strong enough to defeat Vader, so saving his friends would be futile because they would still lose in the end. And Yoda was right–in the end, Luke was *not* strong enough to defeat Vader. But Luke was never *trying* to defeat Vader, he was trying to save his father. Yoda and Obi-Wan thought it couldn’t be done, which was why they despaired of Luke’s choice, but it was Luke’s belief in his ability to accomplish the impossible that enabled him to succeed in the end. Of course, he went through terrible pain to achieve that victory and it was a huge risk and he almost lost everything. So I think the lesson for traders is: when your trading mentor tells you to go slow and take small, consistent profits, that’s the safe and sure way. If you want to ignore their advice and go for the glory, that’s fine, because your mentor doesn’t know everything and spectacular success is possible, but just know that you’re dramatically increasing your chances of failure and you might have to be willing to pay a heavy cost for success.

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