Trader Radio

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 "practici