Trader Radio: Recent Episodes
Rob Booker
EPISOSE 91
Now, let's get into Arian's actual text message and talk about it:
"I used to trade on h4 and daily time frame after i burn 4 account. I used timothy morge median line (andrew's pitchfork) for 2 years and making 1-2% monthly. Then i went to london for my master and there i get a job to in financial markets. Forex managed account. I managed 200k. But after 1 year of managing fund i suddlnly start to loss money. I couldnt to decide when to trade. After that i lost my trading job and start to trade for my self imean my own fund. Which was leas than 5k. Becuase 1-2% of 5k monthly profit is not good enough for living i changed my trading to scalping and take more risk of each trade. And then just lossing money. Then i start robot trading in forex factory. I just found couple of robots and test them and nothing .... Now there is a simple method called 00 in ff and i subsribed to them and pay 97. He is a nice guy very helpful but i have a day job and i cant follow all his system. Thats all."
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Stop trading a system that you can't trade.
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Stop trying to live off a $5,000 account. There are maybe 2 traders on the planet that could do that. I don't know if they are actually mutant super heroes.
Now just move ahead and slowly, safely, compound your gains over time. If you want to make a lot of money in a short period of time, we can do an episode about that - but know that the more money you want to make, with a small account, in a small amount of time, the higher the probability that you will lose all the money.
There are a lot of other points here.
1) Making 1% a month is kind of awesome. Don't ever think that some amount of profit isn't enough. That comes from comparing yourself to other people. Once you start comparing yourself to other people (even to say you are better than them), you go down a road that only ends in depression. Eventually you will find that someone else is doing better than you, and it will depress you, and you will start to give up.
2) Some people say that comparing yourself to others, or wanting to beat others at the game - is a huge motivation. I want you to be motivated to do your best because you want the best for yourself and your family, not so you can get revenge on someone else who doesn't know you or care about you and who isn't paying attention to you. I want you to look up at the scoreboard during the game and see - OLD ME - 10 points, NEW ME - 100 POINTS. And do that every day. Keep score against the old, lazy, vengeful, working hard at the wrong thing part of yourself - and then you are going to start doing great things.
3) There is a difference between putting yourself in the role of the student, and putting yourself in the role of being below other people. It's one thing to say, this guy is my teacher. It's another thing to say this guy is my GURU. So I am pleased that you asked me for advice. I like that. I am happy to hear from you. And then also - keep in mind that the student has to become the teacher at some point. So humbly take what you learn and share it with others. Give credit where it is due, to your mentors or your teachers, but never worship someone to the point where you cannot make a decision without checking with a guru. I see traders all the time follow someone on Twitter, and wait for the pronouncement from on high. That's not how we do things around here in Bookertown. You are meant to do great things, we are all meant to do something great - and we learn from each other, we hold each other up, we interchange between the roles of student and teacher over time. In my lifetime membership program, a new member gets mentored by more experienced traders in the chat room, and then over time that new trader becomes a natural mentor to someone else. "Oh I learned that and here's how you do it," and we tell you from the start - when you become a lifetime member, as quickly as possible, start contributing, start learning new things and sharing it with the group. Take yourself out of the role of insubordinate, insufficient, inexperienced trader, and start diving in to the role of helper, advocate, cheerleader for others, etc. In our family we're happy for you when you do well, you're happy for others when they do well, and we're all striving for the same thing - net gains at the end of the week, at the end of the month, tossing out the dead old self who was losing money and making stupid mistakes, and inviting in the new self, that rises to the challenge, doesn't accept excuses, doesn't play the role of the victim, and does the great things he or she was meant to do.
EPISODE 90
To be a trader, you must do this one thing
First of all, I'm gonna be here tomorrow, and the next day, and the day after that, and the week after that, and next month, and next year, and ten years down the road.
I love doing this. I love talking to you, working with you, giving you advice that other people are trying to sell you for $10,000.
But I want to tell you something - I am not even close to reaching as many people as I want to reach. We get 10,000 listeners to a good episode of the podcast. That's not even close to where we should be. We can help a whole generation of older people who did not save enough for retirement. We can help an entire generation of young people who aren't going to get a good job, with good pay, at a good company - it just doesn't exist anymore.
Why am I saying this? Because more and more, I am seeing that this is now the world works - every man for himself. Every woman for herself. Companies don't take care of people anymore.
And guess what the answer is supposed to be? Start an internet company. Start a YouTube channel. Start selling something online. Well, I am gonna tell you - that takes 5-7 years to get up and running. It is hard work. And it's the only long term security - doing it yourself.
So here's the advice. Here's the one thing that every trader has to understand: You Gotta Do It By Yourself. It's all on your shoulders.
And I understand that. That's why I am here. That's why I do these podcasts. That's why I still travel around the world. Because I can see this from your perspective. I have been where you are, I still am where you are - trying to get this trading thing done, in the least amount of time possible, in the most efficient manner
So what does it take for a trader to be successful after having years of failure? I got an interesting text from a trader in Iran. His name is Arian.
He has been trading since 2005, without success. He told me that he has tried robots, all the systems you can think of. And still unprofitable. Why would that be?
I have one answer: He lost money.
I am not trying to be a jerk. (Maybe that comes naturally, sorry).
What I am saying is - he is unprofitable for a very simple reason: he lost money. That's the definition.
Now, the fastest way to become a profitable trader is to ... wait for it: close your winning trades.
It sound so simplistic as to be ridiculous. The first step in becoming a winning trader is to answer one question.
Can I make $1 this week?
If the answer is no, then maybe you have to reduce the number. Can you make 10 cents this week? Can you end the week, with 10 cents more in your trading account than when you started?
If the answer is yes, you already know how to be a winning trader.
It's such an unsatisfying answer. It makes some traders angry at me.
It makes a trader angry because what they want me to know is that they can't make enough money to support their family. And they want me to give them an answer on how to do that. So let me answer that question.
Make $1 this week, and then stop.
That's it. Make a $1. And then do the same for the next 4 weeks. After you make a $1, even if it happens on the first day of the week, stop.
This proves that you CAN make money. See, you can be a profitable trader. Now you have dispelled the horrible lie that the trading education industrial complex would want you to believe.
Now you need to go 4 weeks and make $1 per week. The next four weeks you make $2 a week. And week by week, you gradually increase that number until you hit a week where the number is too difficult to make. Then you stay at that level until it feels easy again. This is how it's done.
But there are some problems.
Some of you are accustomed to taking huge losses. This has to stop. If you can't bring yourself to stop taking massive losses, then you need to get some help in therapy. If you think that is a dumb idea, then you need to get some help in therapy.
Some of you have a chaotic life. One of you wrote to me and revealed that your life was so out of control, with drugs, and prostitutes, and crazy family members - and you were simultaneously asking me if I could help you with your trading. Listen, you gotta get your shit together before anyone can help you.
Some of you keep missing your trades - you aren't in front of the computer when you need to be. You either need to run your trades from a mobile device, and get the alerts you need, or you need to switch to robotic trading. That will solve the problem.
In short, here's how I feel about trading problems: find the absolute quickest, simplest path to the heart of the issue, and then implement the solution. Some people approach a trading problem with the hope that someone will tell them to buy another cool book or something. That's a person who likes having the problem. Most of the time - if you have a trading problem - you know what the answer is.
EPISODE 89 OF TRADER RADIO:
Why is it that two traders can have the same opportunity - but don’t get the same results?
Take Kylee, for example. She works at my favorite breakfast restaurant. One day she said, I see that you’re running a trading robot. I don’t know how to do that yet, would you teach me how? I did, and now she’s making money.
Here’s part 1 of her story.
We get so many emails. How do you know if an email that sells you a trading product is a scam?
In this episode, your host “Dark Rob” breaks down an email that looks like a possible trading scam. It turns out the guy selling trading stuff is a pretty good guy, maybe even a great trader, but his email is just terrible.
It’s hard to tell for sure if something like this is a scam. But there are some easy signs that someone is just trying to sell you something.
I get so damn angry about these emails - “The reason you’re a loser,” “They are better traders than you,” or the emails that compare you to bank traders. Why would you want to be a bank trader, with a boss, with a substance abuse habit, with crazy high housing costs, with an office dress code that doesn’t allow Star Wars t-shirts?
Roberto "Let's Try to Make Work Difficult"
Booker Show Notes: What's the fastest way to solve a problem? Could it be ... not doing anything about the problem?
What's the problem with stops? There are two types of traders. One type of trader uses a stop. The other does not. Usually, these two types of traders hate each other. Haha. Right? They argue. They fight. They seek followers to their particular brand of trading religion.
I want to talk about a few ways to make each side correct.
1) If you don't want to use a stop-loss, then reduce your trade size. You will immediately find happiness and peace of mind. You will immediately start winning. You will immediately forget what it is like to be frustrated that you picked the right direction but you got stopped out before you could make any money.
2) If you want to use a stop-loss, then increase your trade size, and extend your profit target, and protect your profits. And scale into the trade, or scale out of the trade. One way to immediately improve your trading (if you use stops) is to slightly increase your profit target.
3) If you don't want to do either of these two things, consider a time stop. I've been playing around with this idea for years. Here's one way to look at it. For example, I'm looking at the open order book at Oanda, the forex broker. I'm looking at this cool graph that shows me where all the orders are. You can actually see in real time, where price is now, and where people took their trades. And guess what? Price is moving up, and most people are short the EUR/USD. That means that as price is moving upward, traders are increasingly staying in sell positions.
Maybe those trades will work out. But probably not. Most people will bail on those short positions before they turn profitable.
What can we do? We could build a system that waits until a lot lot lot of traders are short, while price is moving up, and then we can short it, too, after they've all done that. And then we could hold for 24 hours. Or we could wait for the first sign that traders are accumulating sell positions while price is rising - when sell trades outnumber buy trades - and then we can trade against the crowd, and hold those trades for 24 hours.
For More Information:
http://tenfortyonetrading.com
http://robbooker.com
To get the book:
http://thefxrobot.com/the-fx-robot-method-rob-booker-special-offer/
I love hearing from you!
You can send a text message to: 1-304-281-8332 - and if you want to, you can record and audio message and send it to me.
Today's episode is all about your questions, sent by text and audio message.
For more information:
http://robbooker.com
This seems to have become a habit.
In this episode:
We'll talk about the urge to solve a trading problem too quickly, the heartache and disappointment that comes from trading, and much more.
Would it help if you spent 10,000 hours "practicing" at trading?
Consider this:
"Alex Van Halen has said that when he would go out at night his brother Eddie would be sitting on his bed practicing the guitar, and when he came home many hours later Eddie would be in the same place, still practicing. That’s the journey of mastery— it never ends."
- Keller, Gary; Papasan, Jay (2013-04-01). The ONE Thing: The Surprisingly Simple Truth Behind Extraordinary Results (p. 177). Bard Press.
It makes me wonder:
Is there such a thing as the 10,000 Hour Rule for traders? I'm not sure there is. But what if you spent 10,000 hours over the next 10 years doing something more fulfilling than trading?
You could do some incredible things.
For more information:
http://robbooker.com
My friend Martin in the chat room wrote:
Here are the key ingredients - as I see them - to make my discretionary trading consistent. These are the main lessons I have learned from TFL, and am hugely grateful to all who have helped me see the importance of these concepts.
I know for certain, that in a previous trading live my account would have margin called this week, and I only survived with a modest loss because I adopted the below to some degree.
(1) Small size - There is no doubt in my mind at this stage, that if one wants to hold positions over a period of time, the trade size need to be small relative to the account, and the longer one wants to hold, the smaller the size needs to be. I am also increasingly convinced that for this approach it makes more sense for me to be using the robots. Tying in with this, I also continue to question the use of a larger 2nd trade size on the robots. I think if using a 2nd trade, then the total size of both trades still needs to be small relative to the account size.
(2) Currency exposure - This is still a pit which I fall into repeatedly on discretionary. When one sees seemingly perfect setups, it is easy to open multiple correlated positions. On the robots this is not so much of an issue, because one sets the pairs in advance. It is probably a good idea to adopt the same approach to discretionary. Define the pairs one wants to trade to limit the exposure.
(3) Don't let losses get out of control (& focus on equity value)- One positive take home from this week is that I did close out losers. Gold broke through mental stop, and even though I was reluctant to close because it had dropped well below this level, I did close. Grateful I did as continued to fall. Same with GBP (2nd entries). It is tempting to think that this cannot drop much further, but I am so grateful that I stuck with my rule of having a clear stop for my 2nd entries.
(4) Focus on what works - This is where I think my main problem lies with my discretionary trading. What has worked well for me (which I define as having translated into consistent profits) is taking trades off lower time frames which are aligned with higher time frame outlooks & oversold/overbought indicators, and banking profits quickly. These last couple of weeks I deviated from the bank quickly approach, to holding positions. I have been visiting charts morning and evening, and opening or closing trades mostly at these times. I am increasingly realising that it is better to not trade, than deviating from what works. Which brings me to my second major issue with discretionary:
(5) Fear of missing out - I still feel an urgency to take on trades, even though when I take the time to pause I am aware that there is an endless stream of opportunities flowing by, I need to re-align my approach on discretionary trading in such a way that it fits schedule while letting me focus on what works. In view of the above, I am thinking that a better fit to my trading would be to focus on specific times of the day or week when I can commit myself to spending screen time.
(6) Always be aware of the risks – These sharp moves seem to happen every few months. It is essential that we fully understand and accept this risk, and make sure that my trading strategy reflects this. It might be relatively easy to write off a 10% overnight loss on a small account, but what about if the account was 10x or 100x larger?
For more information:
http://robbooker.com
My friend Scott from Episode 6 is one of the most successful traders I know. Why? What does he do that other traders don't? What does he think that other traders don't think?
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He asked the ONE question: What one thing can I do that will make everything else easier or completely unnecessary? (keep in mind that most traders are always changing what they are doing). He was willing to stay with ONE thing - robot trading, one robot, and get absolutely focused, and learn everything about that one thing.
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Absolutely committed to doing one thing and not joking around. Obsessed with accumulation of money.
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Not gonna freak out when things get tough. If he goes through a series of losers, he doesn’t give up. If he has an open trade that is negative, he’s not going to freak out.
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Started with a small account and learned everything - watched it for 8 months.
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Understood that he would make small money at the start and big money later on. Anyone who disagrees with this blows up.
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He’s not lazy, he’s focused. He doesn’t need to know everything about everything. He just needs to know everything about one thing. And get really good at it. He can ignore everything else.
For more information:
http://robbooker.com
Doubling a trading account requires:
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A deeply personal motivation;
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Asking yourself a BIG and SPECIFIC question.
A deeply personal trading motivation isn't "I want to buy a new car," or "I want to buy a new organ for my church." Those are gifts you want for yourself or for others.
The deepest and most powerful motivations are personal, and are for you. Not for anyone else. There are three kinds of powerful and personal motivations for traders:
i. Anger. This one's the worst. But many successful traders who make a great deal of money are jerks. They are angry people. This motivation comes with great cost.
ii. Proving Something. When you are proving to yourself that you are worth it, that you are capable, or you are better than what people thought you were - this is super powerful.
iii. Back Against the Wall. When you are fighting for your life - you can make some of the best trades of your life.
For more information:
http://robbooker.com
Doubling a trading account requires:
-
A deeply personal motivation;
-
Asking yourself a BIG and SPECIFIC question.
A deeply personal trading motivation isn't "I want to buy a new car," or "I want to buy a new organ for my church." Those are gifts you want for yourself or for others.
The deepest and most powerful motivations are personal, and are for you. Not for anyone else. There are three kinds of powerful and personal motivations for traders:
i. Anger. This one's the worst. But many successful traders who make a great deal of money are jerks. They are angry people. This motivation comes with great cost.
ii. Proving Something. When you are proving to yourself that you are worth it, that you are capable, or you are better than what people thought you were - this is super powerful.
iii. Back Against the Wall. When you are fighting for your life - you can make some of the best trades of your life.
For more information:
http://robbooker.com
First, we talk about the GBP - the huge move made by the British Pound on Thursday. There's more talk of Brexit and the consequences.
Then we move on to listen to an old episode of the Trader's Podcast - episode 99 from 800 years ago. It's one of the best ever.
For more information:
http://robbooker.com
Can meditation help you be a better trader?
Probably. Maybe. But that's not the point.
The point is that meditation, or prayer, or quiet reflection time every day - can help you become a better person.
For more information:
http://robbooker.com
Rules + Energy = Success.
It's a simple formula, and it's for real.
For more information:
http://robbooker.com
You look at a trader, and what do you see?
Sometimes, you see a gambler.
That's what this episode is all about.
(Plus a ton of listener feedback)
http://robbooker.com
In part two of our Mastery series:
Rob takes laughing gas (for real)
Rob talks more about the book Mastery, and what it means for traders
Enjoy!
For more information:
http://robbooker.com
Mastery of trading is about:
Leaving behind the frantic need for quick profits; ceasing to talk about trading as if it is a war; refusing to "need money quickly," and instead allow money to come to you at the right time in place.
Mastery is about craftsmanship - about taking time to set up, plan, and monitor your trading system.
Mastery is about a love of practice combined with a willingness to go to the edge of possibility to fulfill whatever it is that you are meant to do.
For more information:
http://robbooker.com
We've all got that one bad trading habit that we can't seem to break.
For more information:
http://robbooker.com
Why do you trade?
That's the question most people ask.
But there is a better question. Why do you trade the WAY you trade?
For more information:
http://robbooker.com
In your first three years as a trader:
Try everything in your first year, you aren't going to be any good at anything anyways, people have low expectations from you so don't worry about failing or being lousy at what you do. Have fun, try everything! Buy books, try a different strategy each week if you want to.
Try and figure out what you are good at in your second year. You’ll know because it’s what you do best that makes money.
Maximize what you are good at in your third year. And throw away all the crap.
For more information:
http://robbooker.com
How many systems should a trader trade?
How many financial instruments are too many?
Here's my conversation with Scott Welsh, a profitable trader for the last 7 years.
For more information:
http://tfl365.com/scott
http://robbooker.com
Have you ever wondered what your potential is?
Have you thought, "I wonder if I can really make a lot of money?"
If you're wondering, then the answer is no.
The (happy) truth is that whatever you believe all the way deep down - is what you are going to be, become, achieve, and get.
This is very much a New Age concept, a Law of Attraction idea. I know that. But it's still true. We will achieve what we know is possible. Today we're talking about that unlimited power that we each have inside.
Happy trading.
For more information:
http://robbooker.com
Richard found himself flying over the desert, nothing for a hundred miles in any direction.
And his airplane's engine failed.
It's a story about not choking under pressure.
And taking things a little bit more seriously.
For more information:
http://robbooker.com
Do you know Tom Sosnoff?
He's the founder of Think or Swim, which he sold to TD Ameritrade for $600 million.
He was a floor trader for 20 years at the CBOE.
He's no dummy.
But wow, he has some crazy opinions. And because he's rich, and because he's famous, a lot of people will believe him.
(He's also running a web-tv show called TastyTrade.com for options traders)
Recently he said that no quant model, or trading system for forex, futures, or stocks, would ever be able to "beat the market."
This statement is not only unprovable, but it also calls into question if Tom's simply lost touch with reality. He's flat wrong.
I like Tom.
Tom's smarter than I am.
He's richer than I am.
But on this, he's just wrong.
For more information:
http://robbooker.com
Have you ever felt like you needed more motivation to trade the right strategy?
To stay on track?
Dmitri wrote me a text message. He said, "I think I should be trading the weekly charts, but I don't know if I can keep the patience to do that." Today on the show we talk about how to get and keep the motivation to trade the right strategy.
For more information:
http://robbooker.com
Today I consider the question:
Is it easier to "take trading seriously" with a larger account?
The answer is:
If you can't take a small account seriously, you'll never take a larger account seriously. And you'll probably lose it all.
For more information:
http://robbooker.com
Today my guest is Rich Jaycobs of Cantor Exchange.
Cantor Exchange just launched its new weather-protection trading platform:
http://tradewx.com
And it's a completely unique way to buy and sell financial protection, based on the weather. I took my first trade on the platform on the day of our interview, and I loved it.
For more information:
http://tradewx.com
http://robbooker.com
One of the best ways to trade for a living is to develop your own strategy.
But how do you do it?
- Copy someone else's strategy.
- Learn it perfectly.
- Write down the changes you want to make after using it.
- Make those changes.
- Rename it. (Always give credit to your mentors and teachers).
- Trade it. Focus on it.
Fore more information:
http://robbooker.com
What does it mean to think like a trader?
- Wait for your trade.
- No compulsion to trade frequently.
- Trade to make money, not to take more trades.
- Aggressively protective of your account balance.
- Willingness to automate or make any element of the process easier.
- Refusal to deviate from the one thing that you do well.
For more information:
http://robbooker.com
My favorite Trading Maxims:
- It is better to finish something that is good than it is to never finish building something that was going to be great.
- Nobody cares about your amazing idea. Go build it. Stop talking about it.
You can't be great at seventeen different ways to trade. You can't even be good at that many. Focus is greatness. - You can accomplish all of your trading goals if you lengthen the amount of time you give yourself and reduce your trade size.
- If you chose your trading system because of how much it made in backtesting, your trading system is going to kick you in the crotch. Pick some settings that work ok and then start trading.
- If you don't have a plan for dealing with your trading system when it breaks, then you don't have a trading plan.
- At least 49 of your next 50 trading system ideas won't work. But you only need one to work.
- The only way to "get better at trading" is to practice dealing with losses, with real money, in your real account, with your real trading system. If you are "practicing" by watching historical prices and trades, you are dreaming, not practicing.
For more information:
http://robbooker.com/my-trading-maxims-pt-1/
Happy Friday and welcome to Trader Radio!
In this episode, Rob reads some of the text messages he's received from listeners all around the world.
- You'll hear his answers about:
- What are the best settings for the robots you trade?
- What is a simple strategy for trading the relative strength index?
- Is it safe to change the settings on my indicators?
- How do I learn to be "my own trader"?
- Is it too risky to trade the Mexican Peso?
And a story from Rob's college days.
Happy listening!
For more information, visit:
http://robbooker.com
Chad wrote me and asked 9 really good questions about robot trading.
I decided to call him up and answer his questions.
You'll get answers to these (and more) questions in this episode:
- What is the 1 (or 2) thing(s) that a new trader can do before ever opening an account to put them on the road to success?
- If trading with robots is as easy as it sounds. Why isn't everyone making money doing it?
- What is the difference between someone succeeding at robotic trading and someone who doesn't?
- What do you mean by "get the robot out of trouble?"
- If I'm running robots in my account can I discretionary trade also?
- What is the smallest amount of starting capital a person needs to get started?
- What is a VPS? And what is the benefit?
- What do I do if the robots get shut down or closed out?
- Why do you choose to run the robots in ForEx? Can we do it on other financial instruments?
For more information about Chad's podcast, visit:
https://www.facebook.com/HIPodcast
To get the robots, visit:
https://tfl.mykajabi.com/store/FGjTefBd
If you're looking for show notes that describe this episode, you've come to the wrong place. I can't remember what I said today.
I do remember that I got a little bit crazy.
I do remember that trading is simple:
You do not need hundreds of hours of backtesting.
You do not need hundreds of trading books.
You do not need lots of trading mentors.
You do not need fancy expensive indicators.
You need to control your losses, and know what you do best.
For More Information:
http://robbooker.com
Have the best day ever
- Rob
I have one question for you:
Will your trading improve if you close your winning trades early?
Some traders say no. They'll tell you this:
"If you close your winning trades early, you will miss out on profit that you will need later on."
I say this is horse poo.
It's ridiculous. It's a lie, it's a myth, and it's wrong. I want to explain why.
For more information, go to:
http://robbooker.com
The truth hurts. I'm addicted to discretionary trading.
It doesn't matter how much money I made over the years. It doesn't matter how much money I lost. It matters how much TIME I lost planning trades, not taking trades, taking extra trades, overtrading, undertrading, missing profit targets, not stopping out ... laying awake at night thinking about my trades when I should have been dreaming of Swedish supermodels and yachts.
So the time has come to talk openly about trading and addiction. And the fact that over the years, I developed that addiction - and I beat it back with robotic trading.
For more information, visit:
http://robbooker.com
Scott Heywood lives in Brisbane, Australia. He quit his full time job in May. And he's making about $1,000 a day, just with algorithmic trading. This podcast episode is his story.
After attempting to make money from the currency market from "discretionary trading," Scott started running trading robots in June of 2015. He started with a paper trading account. Then, when he felt comfortable, he began using the robots on a small live, real money account. By the end of 2015, he had made back the money he'd lost in his previous trading experiences. And much more than that.
In 2016, Scott put more money into his robot trading accounts, and now trades 18 currency pairs using a version of my "Finch" Robot. That's a robot that looks for short-term divergences - in other words, discrepancies between the movement of price and the momentum at which it's moving. These robots aren't perfect - but they're working for Scott.
For more information, visit:
http://robbooker.com
Some people love trading. Too much. I'm one of those people. And it's not that I love trading. It's that I loved building trading systems, and testing them, and then ... building MORE trading systems, and testing them ... and it never stops. This episode is for people like me.
Every successful trader knows how to do one thing: TRUST HERSELF - and ignore those outside voices that tempt her to change her mind, change her position, exit the trade too early, or stay in the trade too long. She also knows that asking for advice is a loser's game.
Some people trade to make money. Some people trade to fulfill a need to be proven right. And both of these motivations are super dangerous. In this episode, Rob talks about the motivation to do a good job. This is the desire to follow a process and create something of value, as if we are each craftsmen/women, who take pride in our creations. It's a different way of looking at trading for a living.