Interview: Trading Rationally With Rob Booker by Jayanthi Gopalakrishnan
Rob Booker is a currency trader, author, and speaker who believes that trading profitably is not easy but can be enjoyable. Nicknamed the “Prime Minister of Pips,” he has seen much success in currency trading in past years and continues to trade today. His eBook Forex Strategy 10: Low Risk/High Return Currency Trading has been downloaded more than 500,000 times. He is also the author of Adventures Of A Currency Trader.
STOCKS & COMMODITIES Editor Jayanthi Gopalakrishnan spoke with Rob Booker on February 6, 2014 via Skype about the emotions that can be encountered while trading in the currency markets and how to manage them.
Rob, tell us a bit about yourself and how you got interested in trading.
I started a business in the 1990s that was not successful. As a result of that, I took on a pretty substantial amount of debt related to that business and had to find my way out of that situation and still take care of my family. So I called a friend I had while I was in law school. I had been interested in the financial markets during law school. I said to the friend, “You work in the financial industry. I’ve got to make some money, and I’m not going to practice law. What else can I do?” My friend said, “Well, whatever you do, don’t start trying to trade anything. And especially if you’re thinking that you’re going to get rich quick, don’t try to do anything in the world of currency trading because it’s a shark tank and you’re going to get killed.”
So, of course, that was the first place I looked because there was a theoretical possibility that I could lose a lot of money very quickly, which gave me, as it does for everybody, the thought that maybe there was also a chance to make a lot of money very quickly. I immediately became drawn to the currency markets.
So you got attracted to the forex markets because of the high risk involved.