Trader Radio

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/FG

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.

How does someone learn to trade for a living?

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.