#115 Robert Van Eyden: Badass Trader - How to Trade Your Way To Riches
Aug 23, 2023
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This week we talk with Robert Van Eyden, author of Badass Trader. Robert discusses the challenges and mindsets of traders in the market, the evolution of technical analysis, the importance of risk management and adaptability, the significance of trading approach and mindset, the danger of information overload, the impact of a terrible trade, and the importance of keeping trading simple.
Success in trading requires the right mindset and risk management, despite the potential for unlimited earning power.
Market outcomes in trading are unpredictable, and risk management is more vital than common advice like 'buy low, sell high.'
Making mistakes in trading is an opportunity for learning and growth, and seeking support from mentors can be valuable during challenging times.
Deep dives
The Importance of Mindset and Risk Management
Robert Van Aiden, CEO of IG Markets South Africa, shares insights from his book 'Badass Trader' and emphasizes the importance of mindset and risk management in trading. He highlights that the barriers to entry in trading are low and there is potential for unlimited earning power, but success requires adopting the right mindset and avoiding common traps set by the market. Robert also discusses the impact of making mistakes and the need for continuous learning and improvement in trading.
Challenges of Dealing with Uncertainty
Robert discusses how trading is an open and random process, making it challenging for traders to predict market outcomes consistently. He points out that common advice such as 'buy low, sell high' can be misleading in a random market, and emphasizes the importance of risk management and following a systematic approach. Robert also mentions that successful trading involves managing one's mindset and overcoming biases like fear, greed, and hope.
Learning from Mistakes
Robert shares his personal experiences of blowing up trading accounts early in his career. He acknowledges the emotional impact of failure and the self-doubt it can create. However, he emphasizes that making mistakes is a part of the trading journey and an opportunity to learn and grow. Robert encourages traders to reflect on their mistakes, retool their approach, and commit to continuous improvement. He also highlights the value of seeking support from trading coaches or mentors during difficult times.
The Role of Creativity and Individuality in Trading
Robert discusses the diversity of trading approaches and the importance of embracing individuality and creativity. He acknowledges that there are many different methods and styles that can be successful in trading. Robert advises traders to find strategies and techniques that resonate with their own personalities and strengths. He cautions against blindly following rules or advice that may not align with one's personal trading style or preferences.
The Quest for Success in Trading
In closing, Robert reiterates the need for time, experience, and continuous learning in trading. He emphasizes that success in trading is not instant or guaranteed, but a journey that requires dedication, resilience, and adaptability. Robert highlights the importance of managing risk, constantly improving one's skills, and seeking out wisdom from experienced traders. He encourages traders to persevere, maintain a long-term perspective, and focus on the principles and processes that can lead to consistent profitability.
Robert is a true veteran of the markets with over three decades of invaluable experience in the dynamic world of markets, predominantly in his home country, South Africa.
Robert's remarkable journey has seen him excel as an analyst, trader, investor, lecturer, and wealth manager. Currently he serves as the CEO of IG Markets South Africa.
The central premise of "Badass Trader" revolves around the tantalizing notion that as barriers to entry for traders have diminished, the doors have been opened to a realm of untapped potential and virtually boundless earning capabilities for people keen to develop their own trading practice.
However, there is a twist, and that is that though it appears deceptively easy is, it is in truth, a hazardous journey fraught with challenges and dangers which very few are able to successfully navigate.
That is why Robert says, ‘trading is the hardest way to make easy money’.
Within the pages of "Badass Trader," Robert delves deep into the crux of the matter, dissecting the hurdles that obstruct the path to success. Drawing from his wealth of experience, he generously imparts the mindsets, mantras, and principles that can safeguard traders from the snares laid out by the unpredictable markets.
Tune in now to hear Robert talk about his own painful experiences in markets and what he learned from them, that inspired him to write ‘Badass Trader’.
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