rob-bookerRob Booker is a well-known trader in the industry. He is a 17 year veteran when it comes to trading who became profitable 11 months into the process.

His trading career can be summed up into four phases; support and resistance years, interest rates differential trading (carry trade), divergence trading, and now a full time robotic trader with his trading robot the “FINCH”.

In the podcast Rob discusses:

  • The difference between a making money and trading
  • The story behind Knoxville Divergence
  • How the right support and resistance foundation can benefit any trader
  • The importance of rational thinking in trading

Your Episode Sponsor:

 

“Learning to trade is like learning how to press buttons at the right time. But learning to make money is about putting capital to work without my personal intervention.” – 14:38

Recommended Books

Interview Links

Broker & Platform

  • Oanda & Metatrader 4

Key Insights

  • Stay in your job if you are a trader with a day job. It helps in managing your emotions
  • Keep it simple
  • Know your support and resistance
  • Be persistent. Try until it works
  • Do not over estimate and underestimate the power of the market
  • Treat trading like a business
  • Forget the fantasy of a perfect trading career, accept the ebs and flow
  • Focus more on asset management by trusting a system
  • Never give up
  • Price moves from level to level

Rob’s Trading

  • He loves to trade support and resistance
  • He loves to trade trendline bounce and breaks
  • His favorite technique is using divergence
  • He takes notes of interest rates for price movement
  • He rides the drawdown to a certain dollar value
  • He likes to observe momentum and overbought prices using RSI
  • He exits at a certain dollar value not on a certain pip value or pattern
  • He focuses on managing his assets more than the technique
  • He trusts his system
  • He doesn’t trade on elections

Rob’s Strategy

rob-booker-strategy

  • He picks a time frame for his entry and exit
  • He draws a dynamic trendline above and below (support and resistance)
  • He enters on the break of the short term trendline

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.

ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES, OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES, ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL, OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM, WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.

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Forex, futures and options trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. Our website, product contents, and materials are neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on our website or in any materials. The past performance of any trading system or methodology is not necessarily indicative of future results. Substantial risk is involved. Forex trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the Forex markets.

Don't trade with money you can't afford to lose. Nothing in our course or any materials or website(s) shall be deemed a solicitation or an offer to Buy/sell futures and/or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on our site. Also, the past performance of any trading methodology is not necessarily indicative of futures results. Trading involves high risks and you can lose a lot of money.

CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.