The Traders Podcast with Rob Booker

Good morning traders! Welcome to The Traders Podcast with your hosts Rob Booker and the producer Jason Pyles. Today we are bringing you episode 573. Listen in as we talk about the tax cuts we have been hearing about in the news, surely you've been hearing about them, too. Is this new tax plan really going to be a reality? And if so, what would the repercussions be? Throughout the show we land on the idea that it is OK to be wrong. Rob recommends checking out the book Thinking Fast and Slow by Daniel Kahneman. Thanks for joining us! The Traders Podcast releases new episodes every Tuesday and Thursday. Subscribe free in iTunes! Links for this episode: Subscribe to Rob's YouTube channel here: https://youtube.com/robbooker Rob on Twitter: @RobBooker The Traders Podcast on Twitter: @TradersPodcast TFL365.com Trader Interviews.com Jason’s movie podcasts: Movie Podcast Network A group of eight movie-related podcasts covering new movie releases and many genres: sci-fi, horror, western, etc. Movie Podcast Network Twitter: @MovieCastNetwrk

In Danzan Ryu Jujitsu (and other forms of martial arts), taking falls is inevitable. A martial artist will be thrown, and he or she must learn how to fall like a black belt to avoid major injury. There are two ways to take a fall: the way your opponent wants to throw you, or you can actually choose to take control of your own fall and assist your opponent in throwing you so you can remain in control of how you fall and particularly how you land. This is how you fall like a black belt and avoid getting injured. In Episode 572 of The Traders Podcast, your hosts Rob Booker and Jason Pyles draw some parallels to the inevitability of taking a financial loss when trading the markets (and being in control of your own “financial fall” to avoid catastrophic injury). We discuss the inevitable and eventual fall of Bitcoin and whether that great fall is nigh… Join us! Links for this episode: Subscribe to Rob's YouTube channel here: https://youtube.com/robbooker Rob on Twitter: @RobBooker The Traders Podcast on Twitter: @TradersPodcast TFL365.com Trader Interviews.com Jason’s movie podcasts: Movie Podcast Network A group of eight movie-related podcasts covering new movie releases and many genres: sci-fi, horror, western, etc. Movie Podcast Network Twitter: @MovieCastNetwrk

Welcome! In Episode 571 of The Traders Podcast, your hosts Rob Booker and the producer Jason Pyles talk about the benefits that come from experience. Have you ever noticed how you can tell in the first few minutes if a movie will be good or bad? You just know! You've probably had a lot of experience with movies and you know what to look for to identify a good movie. Applying the same concept to trading, let's talk about intuition. How can you tell in just a few minutes if a trade is going to be good or bad? There are 3 phases that every trader goes through. First, the trader is excited about all of their trades. Second, the trader experiences boredom. And third, the trader starts to break out of the box. But here's the key: in order to break out of the box a trader must have the experience under their belt to help them have that all-important intuition. Thanks for listening to The Traders Podcast. We release new episodes every Tuesday and Thursday. Subscribe free in iTunes and join us! Links for this episode: Subscribe to Rob's YouTube channel here: https://youtube.com/robbooker Rob on Twitter: @RobBooker The Traders Podcast on Twitter: @TradersPodcast TFL365.com Trader Interviews.com Jason’s movie podcasts: Movie Podcast Network A group of eight movie-related podcasts covering new movie releases and many genres: sci-fi, horror, western, etc. Movie Podcast Network Twitter: @MovieCastNetwrk

Welcome! In Episode 570 of The Traders Podcast, your hosts Rob Booker and the producer Jason Pyles talk about an important lesson: the recurring cycle in the markets which teaches us that anticipation is more powerful than reality. Rob talks about this principle in relation to the stock market’s reaction to the expectation of tax cuts. We also talk about the problem with deciding how we think things should be rather than recognizing the way things actually are. Rob also tells us about an in-flight discussion he had with an oil trader. Thanks for listening to The Traders Podcast. We release new episodes every Tuesday and Thursday. Subscribe free in iTunes and join us! Links for this episode: Subscribe to Rob's YouTube channel here: https://youtube.com/robbooker Rob on Twitter: @RobBooker The Traders Podcast on Twitter: @TradersPodcast TFL365.com Trader Interviews.com Jason’s movie podcasts: Movie Podcast Network A group of eight movie-related podcasts covering new movie releases and many genres: sci-fi, horror, western, etc.

Happy Halloween! Welcome to The Traders Podcast with your hosts Rob Booker and the producer Jason Pyles. Want to talk about something really scary? Episode 569 is a listener feedback “mailbag” episode whose questions coincidentally pertain to discipline in trading. We talk about how getting what you want requires making tough decisions to do things that are difficult. During the course of this show, we field questions from Steve, Tyler and a person we call “Grateful.” Join us! The Traders Podcast releases new episodes every Tuesday and Thursday. Subscribe free in iTunes! Links for this episode: Subscribe to Rob's YouTube channel here: https://youtube.com/robbooker Rob on Twitter: @RobBooker The Traders Podcast on Twitter: @TradersPodcast TFL365.com Trader Interviews.com Jason’s movie podcasts: Movie Podcast Network A group of eight movie-related podcasts covering new movie releases and many genres: sci-fi, horror, western, etc.

In Episode 568 of The Traders Podcast, your hosts Rob Booker and the producer Jason Pyles talk about fear and how bad experiences with trading can haunt you and tend to affect your perception of yourself and your ability to trade successfully. Jason cites singer-songwriter Glen Phillips who sings about this victim-mentality rut in his song, “Professional Victim.” Technically, the possibility of success always exists, so it’s never completely impossible to make money. Unfortunately, sometimes we convince ourselves of the defeatist C-3PO perspective that “we seem to be made to suffer” and that being an unprofitable trader is just “our lot in life.” Join us for Episode 568, so Rob can explain how to break out of the victim cycle of abuse from the currency markets. Thanks for listening to The Traders Podcast. We release new episodes every Tuesday and Thursday. Subscribe free in iTunes and leave us a review! Links for this episode: Subscribe to Rob's YouTube channel here: https://youtube.com/robbooker Rob on Twitter: @RobBooker The Traders Podcast on Twitter: @TradersPodcast TFL365.com Trader Interviews.com Jason’s movie podcasts: Movie Podcast Network A group of eight movie-related podcasts covering new movie releases and many genres: sci-fi, horror, western, etc. Full Episode Transcript: Rob Booker: Jason, have you ever punched anybody in the mouth? Jason Pyles: No, actually I have not. Rob Booker: Okay. I got in one fight when I was in 7th grade. Jason Pyles: Oh, yeah? How did it go? Rob Booker: One kid, a little bit larger than me, pushed another kid into the lockers and the other kid was disabled. I don't know. I just flipped. All of a sudden, I just flipped and I punched this kid in the mouth and then he beat the tar out of me. Jason Pyles: But still you were trying to help someone and I think that's admirable. That counts. I mean that counts and you probably got a lot of very positive attention from people after that. Rob Booker: Okay. True that. That's very true. Jason Pyles: That's right. Rob Booker: Now, what do you think the ordinary reaction is, kids on a school ground, kids on a playground, the usual reaction if one kid who is smaller gets punched in the mouth and beaten up by a kid who is bigger? What's the usual reaction the next time the little kid sees the bigger kid? Jason Pyles: Oh, just runs away. Fear. Rob Booker: Runs away. Jason Pyles: Yeah. Fear. Rob Booker: Fear. Trading is the only profession in which something punches you in the mouth and then somehow you wake up everyday and you can't wait to go see that person again. I don't understand why that is, but I think that there are elements of ... It is difficult to understand why some people continue to trade, especially when we get punched in the mouth so often. It's an interesting profession, Jason. We get ground into the dirt by a currency pair or a stock or an options contract and then we get up and we go back straight at it all over again with the expectation that we're going to get back at it. Jason Pyles: Glen Phillips refers to this as a being a professional victim. It's that whole abusive relationship syndrome where the abused is, for whatever reason, just compelled or addicted to stay within that relationship. It's interesting. Rob Booker: Is he related to Glenn Frey? Jason Pyles: I don't believe so. Rob Booker: Smuggler's Blues is one of my all time favorite songs and it's just not a very good song but... Tell me more about Glen Phillips.

Halloween might be around the corner, sure, but of course, serial killers are no laughing matter. In Episode 567 of The Traders Podcast, your hosts Rob Booker and the producer Jason Pyles don’t intend to make light of how much traders have in common with serial killers, but as you will hear in this episode, the similarities are uncomfortably numerous… Serial killers can do unspeakable things and still feel totally “normal.” Much like traders, serial killers tend to live outside of typical societal norms (in some ways), and they do things that tend to separate them from others. And they are completely at peace with this fact. We trust that all our listeners are fine, upstanding contributors to your respective communities, but if you’d like to hear more out of morbid curiosity, listen to Episode 567! Thanks for joining us for The Traders Podcast. We release new episodes every Tuesday and Thursday. Subscribe free in iTunes so you don’t miss any new episodes! Links for this episode: Subscribe to Rob's YouTube channel here: https://youtube.com/robbooker Rob on Twitter: @RobBooker The Traders Podcast on Twitter: @TradersPodcast TFL365.com Trader Interviews.com Jason’s movie podcasts: Movie Podcast Network A group of eight movie-related podcasts covering new movie releases and many genres: sci-fi, horror, western, etc. Full Episode Transcript: Rob Booker: Okie dokie artichoky. Mr. Pyles. Jason Pyles: Hey, Rob. Rob Booker: Have you watch Mindhunter on Netflix? Jason Pyles: No, I haven't, but I'm curious about it. Tell it. Rob Booker: All right, so Mindhunter, without spoiling anything, is the story of a fresh off the boat FBI agent who tightens his tie so tightly it's shocking that he can breathe. It's the story of how he ends up on the hunt for serial killers, which they call sequence killers because it's 1977, and they don't know the word serial killer yet, I guess. Didn't realize that. It is a David Fincher show actually. He directed the first episode and produced it, so you know it's kind of twisted. Jason Pyles: Yeah. Love it. Okay. Rob Booker: I love David Fincher, so anything that he produces I really enjoy. What the story ends up becoming is the story of how in order to catch a serial killer, you have to get into the mind of a serial killer. It brings to mind, for me anyway, this idea that in order to become a successful trader, you have to get into the mind of a successful trader. The mind of a successful trader, I'm not going to compare it similarly to serial killers, that would be terrible, but I'm just going to talk about some of the characteristics of serial killers and tell you how that's similar to traders. Jason Pyles: Okay. Great. Rob Booker: All right, so serial killer, in the show anyway, a sequence killer is unable to factor in or in some cases detect the emotions of others. I don't know if you would call it lacking empathy or just being completely narcissistic. Some of the best traders I've ever met, some of the traders that are willing to take the most risk and make the most amount of money in the shortest amount of time, if that's what we're talking about, really making a lot of money, they have some kind of way to turn off the connection between choice and consequence. These individuals in some cases sort of have this blank stare when someone else is criticizing their way of looking at the market. They are truly wrapped inside of their own world and their own point of view. It's not just that they disagree.

Most people go through life making the same mistakes at age 60 that they made at age 20. It’s astounding and even discouraging, but unfortunately, it’s true. And some people structure their lives so they can succeed in one area while acting out internal conflicts in another area. In Episode 565 of The Traders Podcast, your hosts Rob Booker and the producer Jason Pyles explore the pitfall of self-destruction and how many traders get caught in this downward spiral. Rob says that 75 percent of experienced traders are struggling with self-destructiveness. Join us to learn how to escape the self-destruction cycle! Thanks for listening to The Traders Podcast. We release new episodes every Tuesday and Thursday. Subscribe free in iTunes, and please leave us a review! Links for this episode: Subscribe to Rob's YouTube channel here: https://youtube.com/robbooker Rob on Twitter: @RobBooker The Traders Podcast on Twitter: @TradersPodcast TFL365.com Trader Interviews.com Jason’s movie podcasts: http://moviepodcast.network/ - A group of eight movie-related podcasts covering new movie releases and many genres: sci-fi, horror, western, etc. Full Episode Transcript: Rob Booker: Mr. Pyles. Jason Pyles: Hey, Rob. Rob Booker: Did you know that four years ago this Christmas it was a very Bitcoin Christmas? Jason Pyles: I remember that Christmas. Rob Booker: Episode 214 of The Traders Podcast featured a conversation about Bitcoin, and then episode 224 featured a conversation about Bitcoin and Tesla Motors and some other stuff. Four years ago in one or the other of those episodes, I think we talked about Bitcoin at some point in time, at some day, would travel all the way to $10,000 or even $20,000. Jason Pyles: I remember that very Bitcoin Christmas. I think if I'm not mistaken, either that was going to release on Christmas Eve or we actually recorded it Christmas Eve morning, and so I have fond memories of this, yes. Rob Booker: Yeah, I do too, especially of those episodes. Back in 2013, I can't even go back this far on my Bitcoin charts right now. I can't even go that far back. After that time, Bitcoin went up and down, sideways. It went down again as far as ... it halved in value at that time. It dropped precipitously in value. It went down to 200, then it hovered around $200, $250, $400 or whatever, and I have a friend and a friend of the show that around the time that Bitcoin was still trading in the $100-$200 area put his life savings into Bitcoin, Jason. Jason Pyles: Wow, okay. Rob Booker: Not because of the podcast, but put life savings into Bitcoin, and then started a business that basically ended up handing him a 1,000 ... it was so many Bitcoins I can't remember anymore. 2,000 Bitcoins? A lot of Bitcoins. Today as we record this episode, Bitcoin has now reached $5,800 per Bitcoin, is trading at $5,500 per Bitcoin right now, and all of this movement has happened this year. All of it, from $700 to $5,800, the big jump happened this year. I just want to say two things: Number one, everyone should listen to us, because it only takes about four years for stuff that we say to come true. When Facebook IPO'ed, we did a podcast and we talked about it, and I said Facebook will be $100 a share stock, and we had people write us and tell us that we were stupid and that we were crazy. We had a lot of people tell us that we were insane. Today Facebook is trading at $172 a share, and it will probably fall from there, but ... Jason Pyles: Right. Rob Booker: Still the same, that's an extraordinary move. Anyway,

Most people go through life making the same mistakes at age 60 that they made at age 20. It’s astounding and even discouraging, but unfortunately, it’s true. And some people structure their lives so they can succeed in one area while acting out internal conflicts in another area. In Episode 565 of The Traders Podcast, your hosts Rob Booker and the producer Jason Pyles explore the pitfall of self-destruction and how many traders get caught in this downward spiral. Rob says that 75 percent of experienced traders are struggling with self-destructiveness. Join us to learn how to escape the self-destruction cycle! Thanks for listening to The Traders Podcast. We release new episodes every Tuesday and Thursday. Subscribe free in iTunes, and please leave us a review! Links for this episode: Subscribe to Rob's YouTube channel here: https://youtube.com/robbooker Rob on Twitter: @RobBooker The Traders Podcast on Twitter: @TradersPodcast TFL365.com Trader Interviews.com Jason’s movie podcasts: http://moviepodcast.network/ - A group of eight movie-related podcasts covering new movie releases and many genres: sci-fi, horror, western, etc. Full Episode Transcript: Rob Booker: Mr. Pyles. Jason Pyles: Hey, Rob. Good morning. Rob Booker: How are you? Jason Pyles: Oh, I'm great. How are you? Rob Booker: I'm good but I have a really important question for you. Jason Pyles: Okay. I'm ready for it. Rob Booker: I need your advice for our listeners. Jason Pyles: Okay. I'll do my best. Rob Booker: I'm going to share with you a problem that most traders have, and then I'm going to ask your opinion about it. Then I'd like to read a quote from one of my favorite trading books I ever read. Jason Pyles: Okay. Excellent. Rob Booker: How do people control or contain their self-destructiveness? In your experience, is that even a real thing? Jason Pyles: Oh, yeah. Yeah, absolutely. In fact I think that a lot of people go through phases so you don't even have to characteristically be a self-destructive person. Sometimes you just go into a phase of this. All kidding aside, sometimes you might buy a bag of Oreos and feel like you're going to destroy yourself that night. But, anyways, let me see here. Rob Booker: Well, I feel like going out and buying that bag of Oreos when you know that it's going to cause some health problems, or immediate problems, or whatever is kind of like in those horror movies when someone looks under the bed. Jason Pyles: Yes. It's like- Rob Booker: You feel like they're better off not looking under the bed. Jason Pyles: Why are you doing that? What's wrong with you? Rob Booker: But, we don't often think that it's that way because fulfilling a desire is like a first order consequence, meaning I'm hungry for Cookie Crisp cereal. I'll go get the Cookie Crisp cereal. Now, I have it. Now, I fulfilled the basis first order desire and then there's all kinds of second and third order consequences that are now tripped up because of that. Self-destructiveness is trading what you want most for what you can have right now. Jason Pyles: That's right. What you mentioned there, Cookie Crisp, is a great example because that's among Maslow's hierarchy of needs. Yes, it's an excellent example. Rob Booker: What is it? It's video game time, texting your friends on an iPhone. The highest need is having Cookie Crisp cereal? Jason Pyles: For sure. At least it is for me. That's been my experience. Rob Booker: Maslow's hierarchy of needs. Jason Pyles: Right? Doesn't it come down to if one wanted to try to contain this,

We understand. We like excitement, too. But trust us when we tell you that your trading account is not the place to look for thrills. In Episode 564 of The Traders Podcast, your hosts Rob Booker and the producer Jason Pyles warn that when your tried and true trading strategy becomes boring for you and you’re tempted to mix it up, remain steady and safe. Look for roller coasters and drama elsewhere in life, but not in trading. Also in this episode we discuss our newly opened comments section. We hope you will get involved in our community! Thanks for listening to The Traders Podcast. We release new episodes every Tuesday and Thursday. Subscribe free in iTunes and join us! Links for this episode: Subscribe to Rob's YouTube channel here: https://youtube.com/robbooker Rob on Twitter: @RobBooker The Traders Podcast on Twitter: @TradersPodcast TFL365.com Trader Interviews.com Jason’s movie podcasts: http://moviepodcast.network/ - A group of eight movie-related podcasts covering new movie releases and many genres: sci-fi, horror, western, etc. Full Episode Transcript: Rob Booker: All right, Jason, I have a special announcement, which we alluded to on the previous episode. Jason: Okay. Yeah, tell it. Rob Booker: The comments section of Traders Podcast.com is fixed. That means that hundreds of comments that were previously not visible on the blog and on the episodes are now visible and you can go in there and just argue with your friends right on the episodes. Jason: Right. That's right. That's what we do. We tend to sow seeds of discussion, right? Rob Booker: That's right. Exactly. And we ran a contest recently, and I think it came in episode 559, and we said, "Hey listen. Go to the episode. Leave a comment and we'll give an Amazon gift certificate to one of the commenters." And we're ready to announce that winner, because now we can actually see the comments. So, I'm going to read you a few of these comments. You ready for some of these? Jason: I'm ready. Let's do this. Rob Booker: Desiree writes, I think the idea of a live stream of people is great. You guys are awesome together. I love listening. I listened all the way through and always do. I thought that was a really sweet comment. Jason: Yeah, that's nice, because a lot of people shut off a podcast like three fourths of the way through, but it's amazing she goes all the way to the end. Rob Booker: I heard that the new version of analytics for Apple podcasts is going to include the ability to see how far into each episode people are listening. Jason: Okay. Rob Booker: Yeah, I'm really looking forward to that. Scott writes, Jason's rules for movies sounds legit. That live trading idea is something Myfxbook or Fundseeder should jump on. The top ranked traders on Myfxbook will be given the option of live streaming their trading. Those top ranked traders would be compensated for sharing their live trading and compensation would come from traders who paid to view the live trading streams. Jason: That's kind of brilliant, actually. Rob Booker: Subscribers would be given a preview for each top trader to let them know how they trade. Price action, Fibonaccis, etc., swing, day trading, et cetera. What a wonderful comment. Jason: Yeah, I like that one. Rob Booker: This one comes in from Rohan. It just made me think of the Lord of the Rings. Jason: Yeah, me too, I was just thinking that too. Like, wow, this is serious. Rob Booker: I wonder if that woman that Aragorn, I wonder if that woman that he spurned or didn't marry, I wonder if she ever found anybody she fell in love with...

Sometimes the most valuable truths about trading are those we don’t want to hear … or accept. In Episode 563 of The Traders Podcast, your hosts Rob Booker and the producer Jason Pyles talk about the importance of focusing on how to reduce your risk, not making money. If you manage your risk, the money will accrue over time. This is not very sexy news for those who want to “get rich quick” and become overnight successes, but those are the realities of trading. Also in this episode, we receive a question from Dave in Columbus, Ohio, who asks about hedge funds and why so many have closed this year after being so profitable for so long. Dave wants to know why they aren’t profitable anymore. Join us, and we’ll discuss it! Thanks for listening to The Traders Podcast. We release new episodes every Tuesday and Thursday. Subscribe free in iTunes and leave us a review. Thank you! Links for this episode: Subscribe to Rob's YouTube channel here: https://youtube.com/robbooker Rob on Twitter: @RobBooker The Traders Podcast on Twitter: @TradersPodcast TFL365.com Trader Interviews.com Be sure to catch up with Scott Welsh at his Website and at Twitter Jason’s movie podcasts: http://moviepodcast.network/ - A group of eight movie-related podcasts covering new movie releases and many genres: sci-fi, horror, western, etc. Full Episode Transcript: Jason Pyles: Hey, Rob. One of my favorite things on The Traders Podcast and something I really missed was getting questions from the listeners because I find that these episodes where we're discussing the listener's thoughts and concerns are some of the most insightful, for me at least. Rob Booker: I love it, and I love the episodes where we get comments inside of the show notes, so wait a minute, are you saying you have a question? Jason Pyles: Yeah. Well, there's a question here that comes from Dave from Columbus. Rob Booker: Dave from Columbus. Jason Pyles: Yeah, and Dave says, "Home of the greatest trader in history, Scott Welsh." Rob Booker: Not anymore. Scott lives in Florida now. Jason Pyles: That's funny. He says, "Hey, Rob. I thought that this story might interest you. Apparently several hedge funds have closed this year due to poor performance. I'm curious to hear why you think all these guys who have been elite for so long can't seem to turn a profit in the markets anymore." Rob Booker: Well, fascinating. Yeah. There have been, especially in a year where the S&P 500 is way up, the stock market's way up, it is interesting that hedge funds are down. Like a lot of hedge funds are down. Now not all of them are down, but it is interesting. Jason, it is a quandary wrapped in a paradox. Jason Pyles: Okay. A conundrum within a donut. Yes. Rob Booker: It's a shroud of uncertainty wrapped in creamy filling. Jason Pyles: Yes. Right. Rob Booker: The answer is most of these hedge funds are driven by performance, meaning they are constantly striving for gains, and most of these hedge funds were started, I hate to be so crass, but the reason they started was because someone wanted to make a lot of money. If you just think about it for five seconds, if you build a set of relationships in the world of finance, and then you have the potential to go out on your own and raise 100 million dollars, you're going to do it. It's just going to happen. Finance and arrogance go hand in hand. If you have had one good year,

Do you use the news to make your trading decisions? Or perhaps you’ve been wondering if you should learn more about trading fundamentals in relation to economic news and news in general. In Episode 562 of The Traders Podcast, your hosts Rob Booker and the producer Jason Pyles discuss trading off the news cycles and how economic fears and hopes can influence the markets. Join us to learn more! Thanks for listening to The Traders Podcast. We release new episodes every Tuesday and Thursday. Subscribe free in iTunes! Links for this episode: Subscribe to Rob's YouTube channel here: https://youtube.com/robbooker Rob on Twitter: @RobBooker The Traders Podcast on Twitter: @TradersPodcast TFL365.com Trader Interviews.com Be sure to catch up with Scott Welsh at his Website and at Twitter Jason’s movie podcasts: http://moviepodcast.network/ - A group of eight movie-related podcasts covering new movie releases and many genres: sci-fi, horror, western, etc. Full Episode Transcript: Rob: I call this meeting to order. Jason: All right. Rob: The Traders Podcast Episode 562, I believe. Jason: I think so. It might be right. Rob: I'm not quite sure, but I believe it's 562 and want to welcome our new listeners to the podcast. If you want to start with the Traders podcast and you're brand new to the show, might I recommend episode one which you can find at traderspodcast.com. And if you like the show, we'd love to hear from you and you can leave a comment on the episode post at traderspodcast.com. Just leave a comment. We'll maybe read it on the air, answer your question. That kind of thing. Okay, let me ask you a question Jason. Nothing in mind, I just want to ask you, right now in the United States, as we're talking and as we're recording this message, what is the big news? Jason: Oh, the big news? Rob: First thing that comes to mind. Jason: Presently the NFL people kneeling and people standing for the National Anthem. Rob: Okay, it was easy. You came up with it. It rolled right off the tongue. It didn't take you a long time to think about it. Now, there are some days and times when answering that question is a little bit more difficult. There are quiet news cycles, and during those quiet news cycles, there really isn't a major thing. You might have said recently, Oh well it's Hurricane Irma or Hurricane Harvey or this devastation in Puerto Rico,' from I think it was Maria. Whatever it was. But from time to time, there's no major news but usually you can say, with absolute certainty, this is what the major thing that I'm hearing about in the news is. And today on the podcast, what I'd like to do is address how that relates to the world of trading, because there are traders out there who announce that fundamentals or economic news or just news in general, is the major driver of price action. And because it's the major driver of price action, that it is the sole thing that someone should focus upon. Now hey listen, I'm no one to argue with focus and I think that's a great idea. And I think that if you do want to focus on fundamentals and you want to make that a strategy, then focus on it exclusively and do great at that. And if you want to do that, focus on watching for the release of the economic news reports that come out and focus on learning how to trade short term strategies that are in line with whatever numbers were released or the surprise, or I don't know,

Peter Drucker once said we greatly overestimate what we can do in one year, but we greatly underestimate what is possible for us in five years. In Episode 561 of The Traders Podcast, your hosts Rob Booker and the producer Jason Pyles discuss trading goals, namely, what they could be versus what they should be. Often a trader’s goal-setting has to do with bottom-line numbers, as opposed to goals that help the trader develop characteristics over time to accomplish those goals. Join us to hear more! Thanks for listening to The Traders Podcast. We release new episodes every Tuesday and Thursday. Subscribe free in iTunes! Links for this episode: Subscribe to Rob's YouTube channel here: https://youtube.com/robbooker Rob on Twitter: @RobBooker The Traders Podcast on Twitter: @TradersPodcast TFL365.com Trader Interviews.com Be sure to catch up with Scott Welsh at his Website and at Twitter Hear Jason’s movie podcasts: Movie Podcast Weekly where we review new movies in theaters. Horror Movie Podcast where we’re Dead Serious About Horror Movies. Movie Podcast Network a group of eight film-related audio podcasts that cover various movie genres. Full Episode Transcript: Rob Booker: Mr. Pyles. Jason Pyles: Rob Booker. Rob Booker: Peter Drucker once said, People often over estimate what they can accomplish in one year, but they greatly underestimate what they could accomplish in five years. Your thoughts? Jason Pyles: Oh my, when I hear this quote it’s a little overwhelming for me because I’m like, okay, how am I supposed to know? If I have trouble grasping the smaller amount of time, how could I even have an idea of what to shoot for in the larger amount of time? Rob Booker: So, where do you fall on the subject of, the spectrum of goal setting then? Jason Pyles: Well, that's a good question. I get the concept that where if you work backwards, reverse engineer your big goal, then you can break it down and find out what the smaller thing should be, what you should do next. Yeah, I’m a big fan of goal setting actually. My biggest mistake has always been I try to make too many goals, too many things to accomplish. For me it’s like pick one or two things and focus on those, accomplish those, and move on to the next thing. Rob Booker: Oh, that's interesting. I really like that. I was thinking this morning about my own goals related to trading and what those goals could or should be. I realize that so often in the world of trading, what we do is we set goals that are largely financial in nature. We set a goal to make a certain amount of money, but we don’t often set goals, or we forget that we should set goals that focus primarily on the things that someone does to make money in the markets. What someone will do is they will set a goal to make $500 a week, but they don’t really set any goals related to the type of person that they’re going to be or the type of schedule that they’re going to keep, or the little things that they do, the incremental things that get you all the way to the goal that you said that you wanted. A little bit of each of those things is really necessary, and as a trader, it’s good to think about what you can and want to accomplish in purely financial terms. What I thought I’d share today is maybe a little bit of a strategy that has worked for me in the past,

Author Ray Dalio is the founder and co-chairman of Bridgewater Associates, which has become the largest and best-performing hedge fund in the world. In Episode 560 of The Traders Podcast, your hosts Rob Booker and the producer Jason Pyles discuss Palio’s book, “Principles: Life and Work.” Rob says what was most important in building his company wasn't knowing the future; it was knowing how to react appropriately to the information available at the time. We traders often become obsessed with a desire to know the future and with being right. Join us for this episode, and let’s explore these principles together. Thanks for listening to The Traders Podcast. We release new episodes every Tuesday and Thursday. Subscribe free in iTunes! Links for this episode: Subscribe to Rob's YouTube channel here: https://youtube.com/robbooker Rob on Twitter: @RobBooker The Traders Podcast on Twitter: @TradersPodcast TFL365.com Trader Interviews.com Be sure to catch up with Scott Welsh at his Website and at Twitter Hear Jason’s movie podcasts: Movie Podcast Weekly where we review new movies in theaters. Horror Movie Podcast where we’re Dead Serious About Horror Movies. Movie Podcast Network a group of eight film-related audio podcasts that cover various movie genres. Full Episode Transcript: Rob Booker: All right, there's a new book out, Jason. Jason Pyles: Oh, tell it. Rob Booker: This is my favorite book, other than Shonn Campbell's book Inventory Trading, which if you have not read that book, stop everything, go to Amazon. I think it's even part of the Kindle Unlimited program. It is magnificent. Shonn's not a writer and he's not a professional educator, but it's a great book. I'm just going to give him a little plug there. Other than that, I just finished reading essentially what is the best book about the financial markets I've ever read in my life. Jason Pyles: Wow. That's high praise. What is it? Rob Booker: And I don't ever say that, really. I said it about Shonn's book, but there's not a lot out there otherwise. Jason Pyles: Yeah, okay. Rob Booker: So a few years ago, I became enamored with, and there really is not a better word for it, enamored with Ray Dalio, the founder of Bridgewater Associates, and the story behind the building of the largest hedge fund in the world, now managing over $160 billion in assets. And I became fascinated, Jason, with this guy because of his reputation for having a culture at work of radical transparency, which I think we've touched on this subject before in previous episodes. Jason Pyles: Okay, yeah. Rob Booker: At the company, there are no meetings about other people held in private, unless it's something sensitive to do with their health, which you don't reveal outward. But there are no conversations about other people, there are no reviews, there are no private conversations in the company. Everything is recorded all the time, and there are editors at the company that chop up the footage into digestible chunks so that it can be archived and searched for and watched later. There is a culture of radical openness about disagreement, and there's only about 1,500 employees there, and they have just cycled through and chewed up people left and right, because this culture just does not do well for people who are conflict avoiders. As you and I know,

Good morning and welcome Traders Podcast listeners. Imagine if there were a website where you could watch others trade in real time… Not like a webinar, but more like a live reality TV show. Well, in Episode 559 of The Traders Podcast, that’s exactly what Rob Booker and the producer Jason Pyles talk about, among other things. We're happy you're joining us! Thanks for listening to The Traders Podcast. We release new episodes every Tuesday and Thursday. Subscribe free in iTunes and join us! Links for this episode: Subscribe to Rob's YouTube channel here: https://youtube.com/robbooker Rob on Twitter: @RobBooker The Traders Podcast on Twitter: @TradersPodcast TFL365.com Trader Interviews.com Be sure to catch up with Scott Welsh at his Website and at Twitter Hear Jason’s movie podcasts: Movie Podcast Weekly where we review new movies in theaters. Horror Movie Podcast where we’re Dead Serious About Horror Movies. Movie Podcast Network a group of eight film-related audio podcasts that cover various movie genres. Full Episode Transcript: Rob Booker: When is your meetup? Jason Pyles: It's October 14. Rob Booker: I really gotta plan ahead on this. I think I already bought my ticket for it and I haven't even- Jason Pyles: Yeah, that's awesome. Rob Booker: Where is it gonna be? Jason Pyles: Yeah, it's gonna be fun. It's gonna be in Salt Lake City. Rob Booker: I gotta come to this. Jason Pyles: And I'll tell ya, I mean yeah, if you're gonna be in town, that Friday the 13th, we're gonna hit a couple movies that day. And then the next day, Saturday, we're doing the screening. That's the actual formal event. And then we have a director coming in, we're gonna do a Q&A. It'll be really fun. Rob Booker: Why do I get the feeling that you're gonna go see a scary movie on that Friday? Jason Pyles: I think, let's see, one of them is Jackie Chan action movie, it's The Foreigner. Rob Booker: Okay. Jason Pyles: And then the other one is called Marshall. Yeah, I don't think there are any horror movies out that Friday, unless I'm wrong. I mean it is October, so they'll probably be something by then but- Rob Booker: All right. Jason Pyles: But there will be a couple non-horror that you could hit with us if you're around. Rob Booker: Okay. That sounds great. I really hope to make this. This is really- Jason Pyles: It's super fun to go with the listeners, like to a movie. It's really neat. It's so funny. Rob Booker: There's nothing even similar to this in the world of trading. Nothing. Jason Pyles: Really? Okay. Rob Booker: You can't go to a trading together, you know what I mean? Jason Pyles: Okay, yeah. Rob Booker: Are we recording by the way? Jason Pyles: Yeah, it's recording. Rob Booker: Okay. This is the best part about working with you. It's the greatest part ever, it's the best thing ever. Jason Pyles: Oh, thanks. Rob Booker: So what is the equivalent in the world of trading to, and could something be structured to produce that same, cause going to a movie together, right, you go to see it and then you get to talk about it with people who love to talk about it, right? Jason Pyles: Absolutely. Rob Booker: Does anybody talk during the movie? Jason Pyles: Oh, no. They know all my rules about going to movies cause we talk about it all the time.