Rob Booker catches up again with Raghee Horner, the chief market strategist at Interbank FX, and they discuss the flogging of Jamie Dimon and his testimony before the Senate panel on the subject of the $2 billion dollars losses. This topic leads to some breaking news about how traders thought the losses were going to reverse and the fascinating concept of monkeys flying out of one’s butthole.
Raghee and Rob also talk about how traders typically deal with losses and how they treat themselves in response to loss. They discuss how most traders will fear losses far more than they will ever enjoy any gain. Raghee discusses the employee mentality versus the entrepreneur mentality and how traders live in a results economy.
Raghee also gives an example of how the NFL football drafting process illustrates our tolerance and patience for how soon we want a return on our investment. They talk about expanding one’s time horizon in order to keep short-term set-backs in perspective, as well as the concept of point of validity. Don’t miss this one!
Catch up with Raghee Horner here:
Tagged as: currency trading, episode 55, forex, how loss affects traders and why, jamie dimon, magic 8 ball, monkeys, professional trader, raghee horner, rob booker, the traders podcast, trading career, trading for a living, trading from home, trading method, trading strategies, trading strategy, trading success