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This interview features Rob Colville—better known as “The Lazy Trader”—breaking down how he built a stress-light, high-timeframe approach from the daily and weekly charts. Recorded on the Desire To Trade podcast, Rob explains why he ditched screen-glued intraday habits for a “set-and-forget” routine that fits real life: scan, place orders, then go live your day. His core message is simple but powerful: price action first, clean confirmations, and the discipline to let trades work while you’re away from the desk.
In this piece, you’ll learn Rob Colville’s practical playbook for trading around a day job or a busy life: why higher timeframes cut noise and emotion, how to think in probabilities not predictions, the risk rules he drills (keep risk small, aim for minimum 2:1), and why expectations management beats monthly targets. You’ll also see how he balances trend and reversal setups without over-optimizing, why the New York close matters for consistency, and the mindset tactics—patience, discipline, and rewarding the process—that keep your edge intact when markets test you.
Rob Colville Playbook & Strategy: How He Actually Trades
The Core Philosophy: End-of-Day Price Action
Rob Colville keeps trading simple, slow, and deliberate. He builds decisions on the daily and weekly charts, then lets pending orders do the heavy lifting so he isn’t glued to screens. The aim is calm execution and consistent risk, not constant action.
- Trade primarily on D1 (with W1 for context); avoid lower timeframes for core entries.
- Make all decisions after the New York close so candles are standardized.
- Keep charts clean: price action + support/resistance + volatility (ATR); avoid clutter.
- Use “set-and-forget”: place orders, place stops/targets, and walk away until the next daily close.
- Track process metrics (did you follow rules?) before outcome metrics (P/L).
Market Selection & Watchlist Construction
He wants markets that trend cleanly, respect levels, and won’t all move as one. A curated, diverse list reduces noise and correlation spikes. Fewer, better markets = fewer dumb trades.
- Build a core list across FX majors/minors, a few indices, and 1–2 commodities.
- Apply an ATR floor (e.g., 20-day ATR > threshold you set) so there’s enough movement to justify trades.
- Avoid stacking exposure in highly correlated pairs (e.g., don’t hold EUR-heavy trades at once).
- Skip instruments with messy, overlapping candles and whipsaw ranges.
- Re-score the list monthly; drop markets that stop behaving cleanly.
Setup Types: Breakouts & Reversals
He favours two simple, durable patterns that show intent without prediction. One rides momentum through fresh highs/lows; the other fades exhaustion at quality levels. Keep definitions tight so entries are black-and-white.
Breakout (Momentum Continuation)
Breakouts capture expansion after compression or a fresh range break. Rob focuses on clear structures and requires a clean trigger, not a guess.
- Structure first: mark a well-tested level (at least 3 touches) or a tight multi-week range.
- Entry: buy stop 1–2 pips/ticks above the breakout level (sell stop below for shorts).
- Confirmation: prior D1 close should be near the level, not stretched >1.5× ATR(20).
- Initial stop: beyond the opposite side of the structure (or 1× ATR(20), whichever is farther).
- Base target: 2R; consider a runner with a daily-close trailing stop once price reaches 1R.
- Invalidate if the breakout candle closes back inside the range; exit at the next close.
Reversal (Pin/Engulfing at Key Levels)
Reversals aim to catch turns where the crowd is trapped. Rob requires high-quality location and decisive candle behaviour so you’re not guessing tops or bottoms in the middle of nowhere.
- Location: only act at pre-marked weekly/daily S/R, prior swing highs/lows, or major trendlines.
- Candles: long-wick pin bars rejecting level (wick ≥ 2× body) or strong engulfing bars.
- Confluence: level + rejection candle + acceptable volatility (ATR not collapsing).
- Entry: stop order beyond the signal bar’s high/low; no market chasing intra-bar.
- Initial stop: beyond the signal bar’s wick (or 1× ATR if farther).
- Target: base 2R; if trend emerges, trail using prior day’s low/high on closes.
Risk Management & Position Sizing
His edge is built on surviving the next 1,000 trades. Small, consistent risk and a cap on total exposure stop one bad day from wrecking the month.
- Risk per trade: 0.5%–1.0% of account, fixed in advance.
- Position size via ATR: position_size = (risk $) ÷ (stop distance in $).
- Portfolio heat cap: max open risk 3R; if a new trade would push heat >3R, skip or reduce size.
- No adding to losers; never widen stops.
- If multiple setups are highly correlated, take the single best-quality signal or split the risk across them.
Entries, Orders, and Timing
Rob’s execution is rule-driven to remove second-guessing. He automates discipline by using pending orders and checking once per day.
- Place pending stop orders after the NY close; cancel unfilled orders after 2–3 daily candles.
- If spread/rollover spikes at your broker’s reset, set entries a small buffer beyond levels.
- Do not enter mid-candle; wait for the daily close to validate conditions.
- If a big news spike triggers and instantly invalidates the structure, exit on the next close—no “hope” holds.
Stop-Loss, Targets, and Trailing
He standardizes exits so results reflect the plan, not emotions. Initial risk defines everything; management only happens on new daily closes.
- Initial stop: beyond structure/wick or ≥1× ATR(20), whichever is farther.
- Default target: 2R; log any alternative logic (e.g., nearby weekly level) before entry.
- Move stop to breakeven only on a daily close beyond 1R (not intra-day).
- For runners, trail below prior day’s low (longs) or above prior day’s high (shorts); exit on close that breaks it.
- Time stop: if after 8–10 daily candles price hasn’t reached 1R, consider a scratch or tighten to reduce opportunity cost.
News, Sessions, and Gaps
He’s not a news trader, but he respects event risk. Structure and volatility rules keep you on the right side of chaos.
- Mark high-impact events; if a level is too close to release time, delay placing the order until the next close.
- Avoid holding correlated positions in the same macro event (e.g., multiple USD pairs ahead of NFP) unless heat is reduced.
- If gaps occur against you, act on the next daily close per plan—no discretionary “wait and see.”
Routine: The Daily and Weekly Workflow
Rob’s routine is designed to be done around a normal life. One focused burst after the NY close is enough when your rules are tight.
- Weekly (W1): refresh bias, mark key levels, update watchlist scores.
- Daily (D1 after NY close): scan, tag A-grade setups, place/adjust orders, log pre-trade notes.
- 15–30 minutes is the goal; if it takes longer, your criteria are too loose.
- Mid-day: do nothing; no checking P/L or moving stops until the next close.
Playbook Checklists (Pre-Trade & Post-Trade)
Checklists enforce consistency and make errors obvious. They’re the guardrails that let you trade “lazy” without being sloppy.
- Pre-Trade: level quality confirmed; candle signal present; ATR and spread acceptable; risk = 0.5–1.0%; portfolio heat ≤ 3R; correlation checked; entry/stop/target pre-written.
- Post-Trade: Did entry match rules? Was heat respected? Did you interfere intra-day? Screenshots saved? Lesson noted in one line.
Journal, Metrics, and Iteration
He measures behaviour first, profits second. Small tweaks come from patterns in your own data, not from chasing the latest indicator.
- Track rule adherence (% of trades 100% by-the-book).
- Log expectancy (win rate × average R – loss rate × average R) monthly, not daily.
- Segment stats by setup type (breakout vs reversal), market, and time-in-trade.
- Only change one variable at a time (e.g., time stop from 10 bars to 8) and run it for 30–50 trades before judging.
Psychology & Discipline in Practice
The “lazy” part is about emotional economy. You win by removing the urges that sabotage execution.
- Pre-commit: if you peek intra-day, you forfeit dessert, phone time, or another small reward.
- If a setup is missed, log it and move on—do not chase the next candle to “make up.”
- Define maximum daily trading decisions (e.g., 5) to prevent over-analysis.
- Celebrate perfect process days regardless of P/L to reinforce the habit loop.
Trade End-of-Day Price Action, Not Noisy Intra-Day Guesswork
Rob Colville builds his edge around end-of-day price action on the daily chart. By waiting for the candle to close, he forces clarity and avoids impulsive intra-day tinkering. This keeps decisions simple: mark levels, read the close, set orders, and step away. The focus shifts from chasing moves to executing a routine that can be done in minutes.
He checks markets after the New York close, places pending orders beyond clean levels, and lets time do the work. Stops sit beyond obvious structure or about one ATR away, with targets preplanned so emotions can’t rewrite the trade mid-flight. If the day’s close invalidates the setup, he cancels and moves on—no “maybe it comes back” hope trades. The result is fewer but higher-quality trades, and a calmer mind that follows rules instead of noise.
Size Positions With ATR, Cap Portfolio Heat, Protect Downside
Rob Colville sizes every trade-off volatility so risk stays constant when markets speed up or slow down. He measures the stop in ATR terms, then calculates position size so a fixed account risk—often around one percent—matches that distance. This keeps big candles from secretly ballooning risk and small candles from creating oversized positions. It’s the cleanest way to avoid “random risk” from chart to chart.
He also caps portfolio heat, meaning the sum of open risk across all positions. If the heat would exceed his limit, Rob skips the weakest trade or cuts size to stay honest. Correlated positions count as one big bet, so he doesn’t stack look-alike exposure just to feel busy. Protecting downside like this makes the edge durable, letting winners compound without one outlier loss blowing up a month.
Diversify By Underlying, Strategy, And Duration To Reduce Correlation
Rob Colville approaches diversification not as a way to take on more trades, but as a tool to reduce risk. He spreads his exposure across different markets—like FX, indices, and commodities—to prevent any single market from dominating his portfolio’s performance. But diversification doesn’t stop at markets; Rob also mixes different strategies and timeframes to smooth equity curves. This means some trades are trend-following, others are reversal-based, and the timeframes vary from daily charts to weekly perspectives.
By carefully managing the duration of his positions and avoiding excessive correlation between them, Rob keeps his risk smoother and more predictable. If all his trades are in sync or correlated, one sharp move can wipe out his entire portfolio. But by adding diversity in strategy, market type, and duration, Rob ensures that not all of his positions are affected by the same event or trend, which gives him a much higher chance of staying profitable through different market conditions.
Follow Mechanical Rules And Probabilities, Not Predictions Or Hunches
Rob Colville firmly believes that trading should be about following a set of mechanical rules, not relying on predictions or gut feelings. He emphasizes that successful traders focus on probabilities, not certainties. By strictly following a repeatable process, Rob ensures that each trade is part of a larger system, reducing emotional interference. Rather than trying to predict the market’s next move, he lets price action and structure dictate his decisions, focusing on risk management and statistical edge over time.
This mindset allows Rob to remain disciplined and objective. If a setup meets his predefined criteria, he takes the trade, and if not, he simply moves on. There’s no room for “feeling lucky” or forcing trades. By treating each trade as part of a long-term probability game, Rob avoids the emotional rollercoaster that often comes with discretionary trading, making it easier to stick to his plan—even when markets turn against him.
Use Defined Stops, Aim For 2R Targets, Let Trades Run.
Rob Colville keeps his trade management simple and focused on defined risk and realistic targets. He always places stops based on clear levels—either structural support and resistance or a multiple of ATR (Average True Range). This ensures his risk is always measurable and predictable, preventing emotional decision-making when the market moves against him. Rob’s approach is methodical: if a setup meets his criteria, he defines his stop, sets his target, and lets the trade unfold without interference.
Rob’s standard target is a 2R (risk-to-reward) ratio, but he also allows winners to run when the market shows continued momentum. He uses a trailing stop based on previous daily highs or lows, adjusting only at the close of each day. This strategy allows him to lock in profits while letting the market reveal its full potential. By focusing on defined risk and reasonable profit targets, Rob ensures consistency in his results without getting caught in the short-term noise.
Rob Colville’s trading strategy is built on simplicity, discipline, and consistency. His approach focuses on capturing high-quality trades through mechanical, rules-based execution that prioritizes risk management over prediction. By trading primarily on the daily and weekly charts, Rob avoids the chaos of lower timeframes and focuses on end-of-day price action. This allows him to set pending orders and walk away, ensuring that his decisions are made with a clear mind and without emotional interference.
His risk management framework is also a standout, emphasizing position sizing based on volatility (ATR), capping portfolio heat, and diversifying across markets, strategies, and timeframes to minimize correlation risk. Rob’s commitment to following mechanical rules, rather than gut feeling or predictions, sets him apart from many discretionary traders. With defined stops, clear risk-to-reward targets, and a willingness to let trades run with trailing stops, his strategy is designed for long-term consistency rather than quick wins. The key takeaway is Rob’s ability to remove emotions from the equation, which is achieved through a systematic approach that is both repeatable and sustainable.
