Summary: 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: <a href="https://youtube.com/robbooker" target="_blank" rel="noopener">https://youtube.com/robbooker</a> Rob on Twitter: <a href="https://twitter.com/robbooker" target="_blank" rel="noopener">@RobBooker</a> The Traders Podcast on Twitter: <a href="https://twitter.com/traderspodcast" target="_blank" rel="noopener">@TradersPodcast</a> <a href="http://tfl365.com/" target="_blank" rel="noopener">TFL365.com</a> <a href="http://www.traderinterviews.com/" target="_blank" rel="noopener">Trader Interviews.com</a> 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,
