We understand. We like excitement, too. But trust us when we tell you that your trading account is not the place to look for thrills. In Episode 564 of The Traders Podcast, your hosts Rob Booker and the producer Jason Pyles warn that when your tried and true trading strategy becomes boring for you and you’re tempted to mix it up, remain steady and safe. Look for roller coasters and drama elsewhere in life, but not in trading.
Also in this episode we discuss our newly opened comments section. We hope you will get involved in our community! Thanks for listening to The Traders Podcast. We release new episodes every Tuesday and Thursday. Subscribe free in iTunes and join us!
Links for this episode:
Subscribe to Rob’s YouTube channel here: https://youtube.com/robbooker
Rob on Twitter: @RobBooker
The Traders Podcast on Twitter: @TradersPodcast
Jason’s movie podcasts:
http://moviepodcast.network/ – A group of eight movie-related podcasts covering new movie releases and many genres: sci-fi, horror, western, etc.
Full Episode Transcript:
Rob Booker: All right, Jason, I have a special announcement, which we alluded to on the previous episode.
Jason: Okay. Yeah, tell it.
Rob Booker: The comments section of Traders Podcast.com is fixed. That means that hundreds of comments that were previously not visible on the blog and on the episodes are now visible and you can go in there and just argue with your friends right on the episodes.
Jason: Right. That’s right. That’s what we do. We tend to sow seeds of discussion, right?
Rob Booker: That’s right. Exactly. And we ran a contest recently, and I think it came in episode 559, and we said, “Hey listen. Go to the episode. Leave a comment and we’ll give an Amazon gift certificate to one of the commenters.” And we’re ready to announce that winner, because now we can actually see the comments. So, I’m going to read you a few of these comments. You ready for some of these?
Jason: I’m ready. Let’s do this.
Rob Booker: Desiree writes, I think the idea of a live stream of people is great. You guys are awesome together. I love listening. I listened all the way through and always do. I thought that was a really sweet comment.
Jason: Yeah, that’s nice, because a lot of people shut off a podcast like three fourths of the way through, but it’s amazing she goes all the way to the end.
Rob Booker: I heard that the new version of analytics for Apple podcasts is going to include the ability to see how far into each episode people are listening.
Rob Booker: Yeah, I’m really looking forward to that. Scott writes, Jason’s rules for movies sounds legit. That live trading idea is something Myfxbook or Fundseeder should jump on. The top ranked traders on Myfxbook will be given the option of live streaming their trading. Those top ranked traders would be compensated for sharing their live trading and compensation would come from traders who paid to view the live trading streams.
Jason: That’s kind of brilliant, actually.
Rob Booker: Subscribers would be given a preview for each top trader to let them know how they trade. Price action, Fibonaccis, etc., swing, day trading, et cetera. What a wonderful comment.
Jason: Yeah, I like that one.
Rob Booker: This one comes in from Rohan. It just made me think of the Lord of the Rings.
Jason: Yeah, me too, I was just thinking that too. Like, wow, this is serious.
Rob Booker: I wonder if that woman that Aragorn, I wonder if that woman that he spurned or didn’t marry, I wonder if she ever found anybody she fell in love with. Maybe she fell in love with a hobbit.
Jason: Maybe, I bet. She was a keeper, I think.
Rob Booker: She was as keeper, yeah, exactly. Okay. Plus, her dad wasn’t a zombie anymore.
Jason: Yeah, that helps. That helps.
Rob Booker: Rohan says hi. Just listened to the episode. Rohan here, from Jamaica. Welcome back guys. I didn’t enjoy this episode as much as some of your previous ones, but just wanted to give a shout out and put my application in the hopes of winning that gift card. Now, points for being honest.
Jason: Right, right. Because, that was that one episode where we were just kind of talking about nothing sometime, yeah, I remember. I remember it.
Rob Booker: But…
Jason: It’s fun.
Rob Booker: Andy says best. Random. Episode. Ever. That’s great. So, you either love that episode, or you hate that episode. Lynn says, sorry, I wouldn’t like a trading reality show and I heard this from a bunch of people on the Twitter and on Facebook and a bunch of other places. Some people just said, “No, that’s a terrible idea.” I don’t want to get confused by other strategies, I don’t want to watch other people do it. I thought, fair enough, that’s fair enough, and then for someone who’s purely interested in making money as a trader, I agree. Watching a show of people trading other strategies would only mess you up.
Jason: Right. It reminds me of watching golf in a way. Some people find value in it, but I could see where some people would be like, “Oh wait. I’m overthinking my swing now.”
Rob Booker: What if the golfers, though, could run after each other and hit each other with the clubs?
Jason: Now that’s hilarious. That’s almost as funny as mascot fights.
Rob Booker: Exactly. That’s what I’m talking about for the show.
Rob Booker: Ivan says, very interesting topic. It seems a difficult choice. I’d watch it, something like poker on ESPN, but at the same time, may become so hooked on it that it could be counter productive for my work. Keep up the good work guys. Peter says, great podcast. Even more fun when they’re a little random. You mentioned the shotgun and then you think of an analogy, which is what you tend to do a lot. I recently started to go clay pigeon shooting, something I’ve always wanted to try. Not blowing my own trumpet, but was a natural when having lessons. Hitting roughly 8% of the clays, like my first few months of trading, the more I learned and progressed and a keen urge to get better, the worse I got. Yep, that was my trading too. You just go the same trap where you know the direction, the angle and the speed, but what’s this, an unexpected win? Oh, I missed the clay pigeon.
Was there some unexpected trading news? This is a good comment, I like this. Okay, I’ve got this now, I can compensate for the wind direction and just shoot below the target. The wind didn’t behave as suspected and calculated. I traded what I knew and I took into consideration what might happen. I watched the news, I took into consideration all the stuff and I missed again. So, I bought my own gun, and in the end, had it customized just for me. In other words, I changed my changing trading strategy from what worked to customization. So then I went out to shoot with my shiny, new customized 12 Bore, my result was hitting about 20%. I did this with my trading and it went downhill. Now when I go shooting, I learn again from the beginning how to shoot, same with my trading. I go back to the basics and I do what works. Pete from the UK.
Jason: Wow, that was-
Rob Booker: That was a lot of really great wisdom.
Jason: … and profound, really, yeah, excellent Pete.
Rob Booker: Peter, you’re the winner of the gift card. Peter, would you, well, I don’t know, maybe I can even reach out to Peter. I can’t reach out to Peter. I got to find the comments and … Peter, you’re the winner. Write to me. Write to us. Send me a text to 304.281.8332 and give me your email address and I’ll send you back an Amazon gift certificate. Peter, thanks for listening to the show, that was awesome. We’ll do a new contest, and we will … one of the listeners of this episode who leaves a comment on this episode, just leave a question for the show and we’ll read your question on the air and respond to it and let you know what we think and give you an answer, and we’ll give you an Amazon gift card as well, to one of those commenters.
About that, I want to just jump on this point that Peter made and we can close out with that, Jason.
Jason: Mm-hmm, okay.
Rob Booker: He’s got this point that when you deviate from the basics everything starts to go wrong. But the problem is sometimes the basics are boring. How do you deal with that?
Jason: Well, honestly, for me, it seems like in that case you wouldn’t want your whole world to revolve around trading in the first place. If that’s the only fulfillment you’re getting out of life, then maybe you should add some other things into your life. Trading doesn’t have to be all consuming and life consuming, and so, that’s kind of where I go. I mean, it’s like, yeah, that’s boring, but I’ll do what I need to do and then move on to the next thing. That’s my two cents.
Rob Booker: All right, well, we look forward to hearing your comments on this episode. Go to Traders Podcast.com. Leave a comment on this episode and leave a question for the show, we’ll read it on the air. I’m Rob Booker, that’s Jason Pyles, the producer, and you’re listening to the Traders Podcast.