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For Episode 110, we’re giving you a flashback episode from TraderRadio.net — the precursor to The Traders Podcast. In this recording you’ll hear your host, Rob Booker, chatting with his old friends Corbin Layton and Joshua Hauck in an episode recorded on June 16, 2009, titled “Bernie Madoff Blew Up My Account: Taking Personal Responsibility.”
You’ll also hear these traders discuss the importance of confronting the brutal truth, as well as the news of the day, including a surge in home construction; small rallies that were occurring due to a false perception that the recession was ending; currency pairs reacting to news quickly (like they did years ago); and Detroit’s financial and grocery store problems.
This episode also features Rob, Corbin and Joshua talking about staying in a trade that you didn’t plan that’s going poorly, staying in a trade that you didn’t plan that’s now going well but was going poorly, getting out of a trade that you did plan when it’s going poorly, and getting out of a good trade that you planned too early when it’s going in your favor. Very fun. Enjoy!
Links for this episode:
John Mauldin’s Frontline Thoughts.com
Book: Good to Great: Why Some Companies Make the Leap… and Others Don’t
Book: Buffett: The Making of an American Capitalist
Rob on Twitter: @RobBooker
The Traders Podcast on Twitter: @TradersPodcast
E-mail us! Producer@TradersPodcast.com
Tagged as: 2009, bernie madoff, blew up my account, confronting the brutal truth, corbin layton, currency, currency trading, detroit, episode 110, forex, joshua hauck, june 16, non farm payroll, professional trader, recession, recovery, rob booker, surge in home construction, taking personal responsibility, the traders podcast, trader radio, traderradio, trading career, trading for a living, trading from home, trading method, trading strategies, trading strategy, trading success
{ 3 comments… read them below or add one }
Hello guys!
what do you think about this?( talk about it in some later episode?)
“The question is asked: if these traders were really good, would they teach? I’d venture to say that while some of these teachers/operators may be producing a level of profitable consistency, none of them are at the peak of their game. The reason is pretty simple: when traders are at their peak, they simply don’t have the time or energy to spend on a trading education business or arcade where a significant amount of time is devoted to dealing with customers and their needs. They have to sacrifice the need to diversify their income with their desire to keep trading. ”
Source article:
http://www.meetpips.com/members/TonyIommich/blog/57327-trading-education-and-trading-arcades-worth-it-or-fluff
This is an interesting one too
“The truth is quite different by comparison:
It takes years to learn to be consistently profitable, as you learn to develop your own style, understand different market environments, and go through your own cycles of inspiration and having to become re-motivated.
Seminars and trading education are wickedly over-priced in exchange for the time-instruction value you receive, and there is no guarantee that you will be getting credible education from market professionals that have a proven track record (and if so, why are they teaching and not trading?)
The only way to run up an account real fast is to take a lot of risk AND happen to fall into a cycle where your style is in tune with the market. The sad thing is that most of the time this ends with an account blowing up, as the market never tells you when your lucky streak is about to run out, yet your risk keeps increasing. By the way, nobody realizes it but Tim Sykes’ hedge fund ended up closing down. Now you know why he’s showing up to Trader’s Expo hawking his for pay website.
Trading is a profession that has high earnings volatility. That is a main reason why traders either have spouses/parents who have a day job, or they start their own businesses on the side. More often than not, those side businesses are related to trading education (that explains the plethora of books, signal services, and seminars you see out there!)”
Source
http://www.meetpips.com/members/TonyIommich/blog/55179-how-to-survive-and-plan