Rob Booker presented at a workshop called, "Smart Money Management for Forex Traders." Unfortunately I don't have a complete review of this because I was at lunch during half of it. I figured that I paid for his training and he is sort of my mentor so I caught the last 20 minutes. I have to say that out of all of the presenters, Rob is definately the most interesting. He is also a pretty funny guy and I regret that I missed most of his workshop.
One of many questions he asked was, "If I locked you in a room for 6 months with the MACDizzle (what he calls the MACD), could you build a system from it?" The point he was trying to make here was that Testing, Testing, Testing of a system is imperative to success. He stated that he never goes live with a system until it has been thoroughly backtested. He also stated that if you spend enough time, you can create a system from almost anything.
Another question he asked was, "How many steering wheels are in your car." The obvious answer was to stress the need to keep your trading simple. If someone has 1 steering wheel, 1 gas pedal, and 1 brake in their car as opposed to someone that has 7 steering wheels, 7 gas pedals, and 7 brakes in their car, who would be most successful at driving? It's kind of silly but it was all about keeping things simple. How many indicators do you need? If you had tons of indicators on your charts, how easy would it be for you to actually come to a decision to make a trade. Not very, just like if you had 7 steering wheels when driving.
Here is one of Rob's ebooks from his Subscriber section which mentions some of the stuff he was talking about today.
Rob Booker trading naked 03/06/2006,21:28 548.82 Kb
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