Trader Radio

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.

What will it take to achieve your goals in 2017?

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.

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? 1. 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. 2. Absolutely committed to doing one thing and not joking around. Obsessed with accumulation of money. 3. 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. 4. Started with a small account and learned everything - watched it for 8 months. 5. Understood that he would make small money at the start and big money later on. Anyone who disagrees with this blows up. 6. He’s not lazy, he’s focused. He

Doubling a trading account requires: 1. A deeply personal motivation; 2. 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: 1. A deeply personal motivation; 2. 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