Journalist, Rob Colville fell in love with trading. To be more exact, with trading’s potential. After one and a half years struggling, Rob’s became consistently profitable due to one simple trick.

He trades daily and weekly charts to have as much free time as possible. Rob loves trend-riding, but his best trades are reversal trades. In his journey, he made every single mistake possible and realized trading is a simple concept, made complicated by idiots.

In the show Rob shares:

  • One of his trend-riding strategies
  • Why trading the bigger time frames is the best approach
  • How news interferes with his trading
  • Why he scales out of a trade
  • Why you should not trade with money you cannot afford to lose

Interview

78: Rob Colville on Life's Rewards for Trading the Higher Time Frames
00:00:00 00:00:00

Quote

“The market doesn’t care what your story is.”

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Recommended Book

Trading in the Zone by Marc Douglas

Interview Links

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Key Lessons

  • Don’t give up your day job for trading
  • When you have an emotion attach to a trade, you’ll fail
  • Trading can make you rich if you’re very well-capitalized
  • Trend trading is not that profitable as trading reversals
  • The lower the time frame, the more labor-intensive trading is
  • Better to have a consistent monthly/yearly return, than having weekly targets
  • The market doesn’t care what your story is
  • Trading the lower time frames is emotionally exhausting
  • If you made a mistake, exit
  • Treat trading as a journey
  • Everyone’s experience in the market is different
  • Be reasonable with your expectations

Rob’s Trading

  • Rob trades daily and weekly time frames on 26 currency pairs, plus gold, silver, DowJones, SP500, and FTSE
  • He takes 3-10 trades/month
  • He looks at markets over the weekend and on Monday places orders
  • Rob trades reversal and trending setups
  • Trails stops as quick as possible
  • Uses big risk-reward ratios
  • Likes to trade the first pullback in a reversal

Rob’s Strategy of the Week – Trend Rider Pro

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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.