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13 episodes with new market wizards
13 episodes with new market wizards
3 episodes with new market wizards
3 episodes with new market wizards
2 episodes with new market wizards
2 episodes with new market wizards
4 episodes with new market wizards
2 episodes with new market wizards
Can anyone become a market wizard? Looking at the common thread to success. December not what is was cracked up to be... 2024 is coming to an end and we are looking towards 2025 Inspired by Market Wizards with our guest, the renowned Jack Schwager. NEW! DOWNLOAD THIS EPISODE'S AI GENERATED SHOW NOTES (Guest Segment) Mr. Schwager is a recognized industry expert in futures and hedge funds and the author of a number of widely acclaimed financial books. Mr. Schwager is one of the founders of Fund Seeder (FundSeeder.com), a platform designed to find undiscovered trading talent worldwide and connect unknown successful traders with sources of investment capital. Previously, Mr. Schwager was a partner in the Fortune Group (2001-2010), a London-based hedge fund advisory firm. His prior experience also includes 22 years as Director of Futures research for some of Wall Street‘s leading firms, most recently Prudential Securities. Mr. Schwager has written extensively on the futures industry and great traders in all financial markets. He is perhaps best known for his best-selling series of interviews with the greatest hedge fund managers of the last three decades: Unknown Market Wizards, (2020), Market Wizards (1989, 2012), The New Market Wizards (1992), Stock Market Wizards (2001), Hedge Fund Market Wizards (2012), and The Little Book of Market Wizards (2014). His other books include Market Sense and Nonsense (2012), a compendium of investment misconceptions, and the three-volume series, Schwager on Futures, consisting of Fundamental Analysis (1995), Technical Analysis (1996), and Managed Trading (1996). He is also the author of Getting Started in Technical Analysis (1999), part of John Wiley‘s popular Getting Started series. Learn More at http://www.ibkr.com/funds Follow @andrewhorowitz Looking for style diversification? More information on the TDI Managed Growth Strategy - https://thedisciplinedinvestor.com/blog/tdi-strategy/ eNVESTOLOGY Info - https://envestology.com/ Stocks mentioned in this episode: (SPY), (NVDA), (TOST), (QQQ)
Tom Basso, famously coined 'Mr. Serenity' in Jack Schwager's "New Market Wizards" book, joins us for an enlightening and entertaining discussion. On a particularly turbulent day in the market, with the VIX making one of its largest ever moves, Tom shares his calm and collected approach to trading. Tom's trading approach is like a finely tuned orchestra, using seven different strategies across multiple markets and timeframes. He doesn't let any single position dominate his portfolio. Instead, he balances everything out, making sure he's ready for whatever the market throws at him. Whether it's ETFs or futures, Tom adapts his diversified strategies to fit the market and the investor. Tom shares some great stories and wisdom from his trading journey. From his interactions with Jack Schwager to Van Tharp, he emphasizes the importance of self-awareness and staying balanced. His philosophy is all about being cool, calm, and collected—just like him. Tom's all-weather trading approach is a blend of multiple strategies and extensive diversification. He's always ready for anything the market can throw at him. His ability to adapt and stay serene in the face of market volatility is a lesson for traders of all levels. www.thealgorithmicadvantage.com www.thealgorithmicadvantage.substack.com
✅ Get Funded & Create Your Freedom Lifestyle Trading Business➡️ Where You Can Find Jack SchwagerMarket Wizards - Interviews With Top Traders [Book]Join us in this captivating conversation with industry legend: Jack Schwager. Jack is the author of the most popular trading book series of all time: Market Wizards - starting with the original in 1989 followed by The New Market Wizards (1992), Stock Market Wizards (2001), Hedge Fund Market Wizards (2012), and Unknown Market Wizards (2020). Discover the insider secrets that set highly-successful traders like Ray Dalio, Michael Marcus, Bruce Kovner, and Paul Tudor Jones apart from the masses in this illuminating episode with the "Wizard Whisperer" himself.
➡️ Where You Can Find Tom BassoWebsite: EnjoyTheRide.WorldAuthor of The All Weather TraderFeatured in Jack Schwager's New Market Wizards
BIO: Jack D. Schwager is a recognized industry expert on futures and hedge funds and the author of the iconic Market Wizards series, in which he interviewed about 70 trading legends of our time.STORY: Jack stayed too long in a position where his short was the strongest and his long the weakest, even though he knew this wasn't the way to invest.LEARNING: Never stay in a position that violates something that you believe in. In every position, know where you'll get out before you get in. “A mistake is not a trade that loses money. It's a trade where you did something that violated whatever your approach is that makes money over time.”Jack Schwager Guest profileJack D. Schwager is a recognized industry expert on futures and hedge funds and the author of the iconic Market Wizards series in which he interviewed about 70 trading legends of our time.His most recent work in the series is Unknown Market Wizards, published in November 2020. Previous books in the series include Market Wizards (1989), The New Market Wizards (1992), Stock Market Wizards (2001), Hedge Fund Market Wizards (2012), and The Little Book of Market Wizards (2014). His other books include the revised edition of A Complete Guide to the Futures Markets (2017). Market Sense and Nonsense (2013), Getting Started in Technical Analysis (1999), and the three-volume Schwager on Futures series (1995-96).Worst investment everIn late 2008, the world was falling apart. Jack looked at certain things like the metals index, down about 80%. He thought China was still an emerging market growing rapidly and had every reason to continue growing. Jack believed that this economy would come back somewhat.So, Jack decided to buy ETF calls on China and the metals as far out as he could, assuming that the longer the time, the more likely they were to come back. He bought them deep out of the money, so they were pretty cheap.Several years later, Jack still had that position. Instead of just taking the profits, he hedged himself by selling the S&P Retail ETF (XRT) and the NASDAQ ETF. Jack put himself in a spread position where he was short NASDAQ and the retail index and long China.One day, China dropped 2%, and the XRT rose 2%. So Jack's long position went down 2%, and his short position went up 2%. So he got a 4% loss on position in a single day. Essentially, you want to be long the strongest and short the weakest. Jack's position was precisely the opposite. Instead of getting out of the position, he stayed, hoping it would return in a bit, but it didn't. Jack eventually got out but lost most of his profits.Lessons learnedEnsure your long position is the...
My guest today is Tom Basso, a renowned hedge fund manager, the founder and former president of Trendstat Capital Management, and the chairman of Standpoint Funds. Known as “Mr. Serenity'' for his disciplined, calm trading approach. He has helped clients worldwide with his expertise in stocks, bonds, options, commodities/futures, and FOREX. One of several traders featured in Jack D. Schwager's New Market Wizards, Tom now runs his own website. The topic is his book The All-Weather Trader: Mr. Serenity's Thoughts on Trading Come Rain or Shine. In this episode of Trend Following Radio we discuss: Retirement Strains in the system Political, cultural, societal Capital risk reduction and diversification Money management Trend following Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!
My guest today is Tom Basso, a renowned hedge fund manager, the founder and former president of Trendstat Capital Management, and the chairman of Standpoint Funds. Known as “Mr. Serenity'' for his disciplined, calm trading approach. He has helped clients worldwide with his expertise in stocks, bonds, options, commodities/futures, and FOREX. One of several traders featured in Jack D. Schwager's New Market Wizards, Tom now runs his own website. The topic is his book The All-Weather Trader: Mr. Serenity's Thoughts on Trading Come Rain or Shine. In this episode of Trend Following Radio we discuss: Retirement Strains in the system Political, cultural, societal Capital risk reduction and diversification Money management Trend following Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!
Tom Basso: Market Wizards Mr SerenityTom Basso first came to prominence when he was featured in Jack Schwager's second Market Wizards book “New Market Wizards”. His chapter is called Mr Serenity. In the introduction to the interview with Tom, Jack, made a point of saying, that “although Tom's results are significantly better than the industry average, they were ‘hardly extraordinary'. And yet, ‘Jack says, “in an important sense, Basso is perhaps the most successful, trader I have ever interviewed.” This success Jack Schwager referred to, stemmed from Tom's ability to make money, and yet remain calm, centred and completely balanced, living the life he wanted to live, and doing the things he wanted to do, without it being dictated by the market, or his ego's response to the market. As you will hear in this interview, very little has changed. Tom has achieved extraordinary success, both financially, and in the way he has lived his life. And, if we are honest, trying to get both of these to happen together is an extraordinary feat. You will enjoy this interview and will learn so much that is important to consider, when taking and managing risk, and remaining in control, in a way which allows you to ‘enjoy the ride'. You can find out more about Tom at this website: https://enjoytherideworld.odoo.com/And on Twitter: https://twitter.com/basso_tomAlphaMind Podcast Sponsor: TradeStation GlobalTradeStation Global is a multi-asset trading platform with access to international markets. Trade Stocks, Forex, Futures and Micro e-Mini Futures from one account. Leverage professional-grade tools like RadarScreen®, The Matrix, and EasyLanguage® an intuitive coding language for traders.With TradeStation Global there are no hidden price spreads - just transparent, low commissions. Click here to find out more and open an account.TradeStation International Ltd, authorized and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom, acts as an Introducing Broker to Interactive Brokers (U.K.) Ltd. The firm does not provide investment advice or trading recommendations. Investment and trading involve risks, including possible loss of principal. AlphaMind Podcast Sponsor: The Society of Technical Analysts (The STA):The Society of Technical Analysts provide world beating technical analysis education programmes and offer outstanding membership services with regular talks and meetings. Their Home Study Course is based on the Diploma Programme they deliver to students at the London School of Economics and has been created by many of the leading minds in the field of technical analysis. Alphamind Podcast listeners can obtain a 10% discount on the Society of Technical Analysts world-beating Home Study Course at this link: bit.ly/3r3TawOTwitter: Steve Goldstein bit.ly/3J9SNHQ Mark Randall bit.ly/3uqL9EzLinkedIn AlphaMind Group: bit.ly/3vwo6Hu The AlphaMind Project Ltd: bit.ly/3O
FREE Download chapter one of the Financial Freedom Blueprint to learn how to stay ahead of the herd. Visit http://www.pathtorealwealth.com Get the Monthly Market Insight, http://www.wealthnetinvest.com Originally released 10.6.2020 Episode 47: The Psychology of Investing with JP Tremblay Note: Watch on my YouTube channel, The Market Call Show https://youtu.be/Y-XRwOr2miU&list=UUZZBFVZq3wIkZtToH-StTYw (this part of the you tube tag remains static, only change the link portion to video) I had a great conversation with JP Tremblay back in October 2020 and I wanted to share it with you because it is so relevant today. In this week's podcast episode, we talk about protecting your money and avoiding common mistakes that come from listening to noise in the media. I strongly recommend listening to it from beginning to end. In This Week's Episode, You'll Hear: About herding behavior and how to avoid it Why overconfidence can lead you astray What is prospect theory Why overreaction is a huge downfall Recency vs History Next week, Tom Basso joins me on the podcast for an insider's discussion about “All-Weather” investing. Tom is famously known for being a market wizard interviewed in The New Market Wizards, written by Jack Schwager. You won't want to miss this one! P.S. You may have noticed...the podcast is now in both video and audio format. For best viewing, please watch on my YouTube channel here, https://youtu.be/Y-XRwOr2miU&list=UUZZBFVZq3wIkZtToH-StTYw
My guest today is Tom Basso, a hedge fund manager who currently runs enjoytheride.world, a website dedicated to trader education. Tom was one of several traders featured in Jack Schwager's The New Market Wizards and dubbed “Mr. Serenity” by Jack. He was president and founder of Trendstat Capital Management. He is the author of two books, Panic-Proof Investing and the self-published The Frustrated Investor. In 1998, he was elected to the board of the National Futures Association. He is also the chairman of the board of Standpoint Funds, located in Scottsdale, Arizona, which specializes in all-weather investing. The topic is Trend Following. In this episode of Trend Following Radio we discuss: Modern society and inflation Trading short-term, medium-term, and long-term with extreme diversification A trader's work-life balance Viewpoint on cryptocurrencies Trend following in the year 2022 Tom's happy retirement life Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!
My guest today is Tom Basso, a hedge fund manager who currently runs enjoytheride.world, a website dedicated to trader education. Tom was one of several traders featured in Jack Schwager's The New Market Wizards and dubbed “Mr. Serenity” by Jack. He was president and founder of Trendstat Capital Management. He is the author of two books, Panic-Proof Investing and the self-published The Frustrated Investor. In 1998, he was elected to the board of the National Futures Association. He is also the chairman of the board of Standpoint Funds, located in Scottsdale, Arizona, which specializes in all-weather investing. The topic is Trend Following. In this episode of Trend Following Radio we discuss: Modern society and inflation Trading short-term, medium-term, and long-term with extreme diversification A trader's work-life balance Viewpoint on cryptocurrencies Trend following in the year 2022 Tom's happy retirement life Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!
หนังสือ The New Market Wizards: Conversations with America's Top Traders ของ Jack D. Schwager - เป็นหนังสือเล่มที่สองของซีรีส์ Market Wizards ซึ่งแน่นอนว่าอัดแน่นไปด้วยสาระสำคัญของการเทรดสินค้าต่าง ๆ ในตลาดการเงิน - หากว่าการเทรดเป็นสิ่งเดียวที่คนรุ่นใหม่ต้องการ แล้วเราจะเรียนรู้ได้จากประสบการณ์คนรุ่นเก่าได้อย่างไร คำถามที่สำคัญนำมาซึ่งคำตอบที่สำคัญยิ่ง - เหมือนว่าคำถามจะเจาะลึกกว่าเล่มก่อนหน้านี้ แล้วคนที่เขาไปสัมภาษณ์ก็จะเป็นคนที่มาจากหลากหลายตลาดการเงินมากขึ้น รวมไปถึงคนที่เป็นกลุ่มเทรดทุกตลาด - คนที่จะเป็นพ่อมดทางด้านการเงินได้นั้นจำเป็นอย่างยิ่งที่จะต้องมีคุณสมบัติหลัก ๆ นั่นก็คือต้องมีวินัยที่สูง โดยที่อารมณ์ต้องเข้ามาแทรกน้อยที่สุด และใช้สิ่งที่เราวางแผนเอาไว้ - การเรียนรู้ในตลาดการเงิน ไม่มีวันสิ้นสุดลง ทุกวันคือความรู้ใหม่ทั้งหมด เราสามารถสอบทานความคิดของเราได้จากหนังสือเล่มนี้ เพราะอย่างน้อยความรู้ก็จะมาเป็นส่วนช่วยขยายกรอบมากยิ่งขึ้น
A crônica de hoje é sobre o The New Market Wizards (Os Novos Magos do Mercado), segundo livro de Jack. D. Schwager seguindo o sucesso do primeiro, que já trouxemos aqui.Texto: Ivan Sant'Anna | Narração: José Inácio Pilar
#Silver options trading, SILJ, SilverFest II, Hunt brothers history, (#ChrisMarcus, #RobKientz) In case being a silver investor isn't volatile enough for you already, we did talk about #silveroptions trading, silver junior miner indices, the #Huntbrothers and more at last year's SilverFest II. It was a fun conversation about some interesting silver topics with Chris Marcus, Rob Kientz, and Jim Forsythe, and to hear some silver insight that you won't find anywhere else, click to watch this video now! - To get a copy of The New Market Wizards by Jack Schwager go to: https://www.audible.com/pd/The-New-Market-Wizards-Audiobook/B01FN8IBWW - To get Arcadia silver videos delivered straight to your email inbox click here: https://arcadiaeconomics.com/email-signup/ - To get your paperback copy of #TheBigSilverShort go to: https://www.amazon.com/gp/product/B08BFL34T9/ref=dbs_a_def_rwt_hsch_vapi_tkin_p1_i0 - To get your audio copy of The Big Silver Short go to: https://arcadiaeconomics.com/thebigsilvershortaudio/ - To see the stunning evidence regarding how JP Morgan, Goldman Sachs, and the CFTC colluded to suppress the price of silver (as well as how you can send it to your local regulators and Congressional representatives) click here: https://arcadiaeconomics.com/cftc-complaint/ - To support legal action against the CFTC, who has acted as an accomplice to the banks' manipulation of the silver price, go to: https://www.gofundme.com/f/will-the-cftc-honor-its-oath-in-the-silver-market?utm_campaign=p_cp_url&utm_medium=os&utm_source=customer - To sign the petition to ban JP Morgan from having any involvement in the silver industry click here: https://www.ipetitions.com/petition/ban-jp-morgan-from-trading-gold-and-silver - Follow Arcadia Economics on Twitter: https://twitter.com/ArcadiaEconomic - To receive updates about Arcadia option trading events: https://arcadiaeconomics.com/options/ - #silver #gold And remember to get outside and have some fun every once in a while!:) (URL0VD)Subscribe to Arcadia Economics on Soundwise
#Silver options trading, SILJ, SilverFest II, Hunt brothers history, (#ChrisMarcus, #RobKientz) In case being a silver investor isn't volatile enough for you already, we did talk about #silveroptions trading, silver junior miner indices, the #Huntbrothers and more at last year's SilverFest II. It was a fun conversation about some interesting silver topics with Chris Marcus, Rob Kientz, and Jim Forsythe, and to hear some silver insight that you won't find anywhere else, click to watch this video now! - To get a copy of The New Market Wizards by Jack Schwager go to: https://www.audible.com/pd/The-New-Market-Wizards-Audiobook/B01FN8IBWW - To get Arcadia silver videos delivered straight to your email inbox click here: https://arcadiaeconomics.com/email-signup/ - To get your paperback copy of #TheBigSilverShort go to: https://www.amazon.com/gp/product/B08BFL34T9/ref=dbs_a_def_rwt_hsch_vapi_tkin_p1_i0 - To get your audio copy of The Big Silver Short go to: https://arcadiaeconomics.com/thebigsilvershortaudio/ - To see the stunning evidence regarding how JP Morgan, Goldman Sachs, and the CFTC colluded to suppress the price of silver (as well as how you can send it to your local regulators and Congressional representatives) click here: https://arcadiaeconomics.com/cftc-complaint/ - To support legal action against the CFTC, who has acted as an accomplice to the banks' manipulation of the silver price, go to: https://www.gofundme.com/f/will-the-cftc-honor-its-oath-in-the-silver-market?utm_campaign=p_cp_url&utm_medium=os&utm_source=customer - To sign the petition to ban JP Morgan from having any involvement in the silver industry click here: https://www.ipetitions.com/petition/ban-jp-morgan-from-trading-gold-and-silver - Follow Arcadia Economics on Twitter: https://twitter.com/ArcadiaEconomic - To receive updates about Arcadia option trading events: https://arcadiaeconomics.com/options/ - #silver #gold And remember to get outside and have some fun every once in a while!:) (URL0VD)Subscribe to Arcadia Economics on Soundwise
Jack Schwager, an industry expert in futures trading and author of the book: Unknown Market Wizards, sits down with the founder and CEO of Optimus Futures, Matt Zimberg, to discuss the habits, methods, and ways trading professionals evolve to become full-time traders. What is it like to become a full-time trader, and how do you trade when you are on your own? What are the habits, routines, and mindsets of professional traders? Jack Schwager sheds light on these common questions while reviewing his experience with the traders in his recent book: New Market Wizards.
Eric Crittenden, CIO, Standpoint Asset Management joins us to talk about how portfolios can be constructed to withstand or survive a variety of market shocks and regime changes, as well as and all importantly provide potentially superior long-term equity like returns.In a regime where market shocks have a tendency to send most risk assets' correlations to 1, how and what do you combine in a portfolio that will greatly reduce 'sequence of returns' risk, survive the behavioural risk of wanting to exit at the wrong time, and superior long-term outcomes?Believe it or not, most investors are wired to dislike diversification, especially when it's done correctly. A thoughtful perspective and approach is required to re-wire our lizard brains. For advisors, true diversification represents short term career risk; for investors, it leads to a minefield of impatience and potentially dear behavioural mistakes. We dive into the realm of All-Weather investing, how it works, and how to think about it. Eric Crittenden tells us the story of his career journey to solve the problem, his chance acquaintance, then long-term friendship with investing legend and mentor, Tom Basso (think The New Market Wizards), and the very thoughtful ways they do it at Standpoint Asset Management.Full Transcript: Coming SoonWe'd love your comments and ratings are very important. If you don't want to miss another awesome conversation, hit that subscribe button. Thank you so much for being with us.Full Transcript: Coming SoonWhere to find Eric Crittenden and Standpoint Asset Management:Eric Crittenden on LinkedinStandpoint Asset ManagementWhere to find the Raise Your Average crew:ReSolve Asset ManagementReSolve Asset Management BlogMike Philbrick on LinkedinRodrigo Gordillo on LinkedinAdam Butler on LinkedinPierre Daillie on LinkedinJoseph Lamanna on Linkedin*****"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie MungerWelcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)
My guest today is Tom Basso. He bought his first mutual fund at 12 from funds received from delivering newspapers. From those early days, covering over 50+ years, Tom has extensively traded stocks, bonds, options, commodities/futures and FOREX. Tom's engineering background with a knowledge of math and computers helped him leverage his time and talents in managing portfolios over his 28 years career. Tom was one of several traders featured in Jack Schwager's The New Market Wizards and dubbed “Mr. Serenity” by Jack. The topic is Trend Following. In this episode of Trend Following Radio we discuss: The New Market Wizards – Mr. Serenity Engineering Mindset Trend Following Mindset Covid-19 Data Trend Trading Euphoria and Depression ETR – Enjoy the Ride US Government Media and Government Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!
Trend Following Mindset brings to life the timeless conversations between Tom Basso and Michael Covel originally featured on Michael’s renowned Trend Following podcast. In these profound and enlightening exchanges, Tom shares with Michael his deep wisdom on trading, business, life, and the how and why of his mindset. Tom Basso, dubbed Mr. Serenity by Jack Schwager, is one of the most experienced and knowledgeable trend-following traders in the world today—a trading legend who lives life to the fullest. Tom’s most important trend following research papers are presented together for the first time, delivering a treasure trove of trading insights. Michael also pulls from Tom his perspective on: How to get started in trading; What trend following is, and how and why it works so well; Constructing your trading system; Position sizing and account management; The work-life balance of a trader; The transition from independent trader to professional money manager; and so much more. Trend Following Mindset will teach you the mindset of one of the great trend followers. Most important of all, it will show you how to do as Tom does and enjoy the ride. Bio: Tom Basso bought his first mutual fund at 12 from funds received from delivering newspapers. From those early days, covering over 50+ years, Tom has extensively traded stocks, bonds, options, commodities/futures and FOREX. Tom’s engineering background with a knowledge of math and computers helped him leverage his time and talents in managing portfolios over his 28 years career. Tom was one of several traders featured in Jack Schwager’s The New Market Wizards and dubbed “Mr. Serenity” by Jack. In this episode of Trend Following Radio: The New Market Wizards – Mr. Serenity Engineering Mindset Trend Following Mindset Covid-19 Data Trend Trading Euphoria and Depression ETR – Enjoy the Ride US Government Media and Government
Learn from the best in the biz. This week's guest, Jack Schwager gives us a peek into the world and habits of the most successful traders. Plenty to like in the markets as the the world is slowly reopening and the economic backdrop is strengthening. But there are some warnings signs emerging. Looking at the blowout employment report and what that could mean for interest rates and markets. Plus: What to do with that misplaced FOMO? We get into it... Mr. Schwager is a recognized industry expert in futures and hedge funds and the author of a number of widely acclaimed financial books. Mr. Schwager is one of the founders of Fund Seeder (FundSeeder.com), a platform designed to find undiscovered trading talent worldwide and connect unknown successful traders with sources of investment capital. Previously, Mr. Schwager was a partner in the Fortune Group (2001-2010), a London-based hedge fund advisory firm. His prior experience also includes 22 years as Director of Futures research for some of Wall Street‘s leading firms, most recently Prudential Securities. Mr. Schwager has written extensively on the futures industry and great traders in all financial markets. He is perhaps best known for his best-selling series of interviews with the greatest hedge fund managers of the last three decades: Unknown Market Wizards, (2020), Market Wizards (1989, 2012), The New Market Wizards (1992), Stock Market Wizards (2001), Hedge Fund Market Wizards (2012), and The Little Book of Market Wizards (2014). His other books include Market Sense and Nonsense (2012), a compendium of investment misconceptions, and the three-volume series, Schwager on Futures, consisting of Fundamental Analysis (1995), Technical Analysis (1996), and Managed Trading (1996). He is also the author of Getting Started in Technical Analysis (1999), part of John Wiley‘s popular Getting Started series. Interactive Brokers’ Stock Yield Enhancement Program lets you earn extra income on fully-paid shares of stock in your brokerage account. Learn More at http://www.ibkr.com/funds Follow @andrewhorowitz Looking for style diversification? More information on the TDI Managed Growth Strategy - https://thedisciplinedinvestor.com/blog/tdi-strategy/ eNVESTOLOGY Info - https://envestology.com/ Friday Pre-Market Run-Down Webinar Registration - https://www.triggercharts.com/webinar-pre-market-rundown-fridays/ Stocks mentioned in this episode: (ARKK), (TSLA), (TLT)
Jack Schwager is an American Trader and author. His books include Market Wizards, The New Market Wizards, and Stock Market Wizards.
The numbers don't lie. Today the stock market is more expensive than it has been at any point in history... More expensive than the 1929 Crash or the Dot Com bubble... Even worse, rampant speculation is as bad as it's ever been. New investors are entering the market like never before, buying call options like lottery tickets. How do we make sense of this environment? Can you reap the big gains of a market like this while trading safely? Dan brings Jack Schwager onto the show to help tackle some of these questions. Jack is perhaps best known for his best-selling series of interviews with the greatest traders and hedge fund managers of the last three decades: Market Wizards (1989), The New Market Wizards (1992), Stock Market Wizards (2001), Hedge Fund Market Wizards (2012), and The Little Book of Market Wizards (2014). Jack has interviewed all of the greatest investing minds on the planet. During their discussion, Jack shares some of the most vital lessons he's learned from these titans, including what they all preach and where they differ in strategy. Jack gives a ton of timeless advice that you won't want to miss. Listen to his discussion with Dan and more on this week's episode. For more from Stansberry Research, check out the American Consequences podcast here: https://americanconsequences.com/podcast/
The numbers don't lie. Today the stock market is more expensive than it has been at any point in history... More expensive than the 1929 Crash or the Dot Com bubble... Even worse, rampant speculation is as bad as it's ever been. New investors are entering the market like never before, buying call options like lottery tickets. How do we make sense of this environment? Can you reap the big gains of a market like this while trading safely? Dan brings Jack Schwager onto the show to help tackle some of these questions. Jack is perhaps best known for his best-selling series of interviews with the greatest traders and hedge fund managers of the last three decades: Market Wizards (1989), The New Market Wizards (1992), Stock Market Wizards (2001), Hedge Fund Market Wizards (2012), and The Little Book of Market Wizards (2014). Jack has interviewed all of the greatest investing minds on the planet. During their discussion, Jack shares some of the most vital lessons he's learned from these titans, including what they all preach and where they differ in strategy. Jack gives a ton of timeless advice that you won't want to miss. Listen to his discussion with Dan and more on this week's episode.
My guest today is Jack D. Schwager, a recognized industry expert on futures and hedge funds, and the author of the iconic Market Wizards series in which he interviewed many of the trading legends of our time. Previous books in the series include: Market Wizards (1989), The New Market Wizards (1992), Stock Market Wizards (2001), Hedge Fund Market Wizards (2012), and The Little Book of Market Wizards (2014). His most recent book, the revised edition of A Complete Guide to the Futures Markets, was published in January 2017. His other works include Market Sense and Nonsense (2013), Getting Started in Technical Analysis (1999), and the three-volume Schwager on Futures series (1995-96). He is also a Co-founder and Chief Research Officer of FundSeeder, a firm that seeks to find undiscovered trading talent worldwide via its trader platform (FundSeeder.com). The topic is his book Unknown Market Wizards: The best traders you've never heard of. In this episode of Trend Following Radio we discuss: Jack Schwager Books Market Wizards Book The Unicorn Sniper He's his own worst enemy – Peter Brandt Trading for Women Penny Stocks Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!
Today on my show one of my most popular guests… Jack Schwager returns. The Market Wizards are back! Unknown Market Wizards continues in the three-decade tradition of the hugely popular Market Wizards series, interviewing exceptionally successful traders to learn how they achieved their extraordinary performance results. The twist in Unknown Market Wizards is that the featured traders are individuals trading their own accounts. They are unknown to the investment world. Despite their anonymity, these traders have achieved performance records that rival, if not surpass, the best professional managers. Some of the stories include: – A trader who turned an initial account of $2,500 into $50 million. – A trader who achieved an average annual return of 337% over a 13-year period. – A trader who made tens of millions using a unique approach that employed neither fundamental nor technical analysis. – A former advertising executive who used classical chart analysis to achieve a 58% average annual return over a 27-year trading span. – A promising junior tennis player in the UK who abandoned his quest for a professional sporting career for trading and generated a nine-year track record with an average annual return just under 300%. World-renowned author and trading expert Jack D. Schwager is our guide. His trademark knowledgeable and sensitive interview style encourages the Wizards to reveal the fascinating details of their training, experience, tactics, strategies, and their best and worst trades. There are dashes of humour and revelations about the human side of trading throughout. The result is a engrossing new collection of trading wisdom, brimming with insights that can help all traders improve their outcomes. Bio: Jack D. Schwager is a recognized industry expert on futures and hedge funds, and the author of the iconic Market Wizards series in which he interviewed many of the trading legends of our time. Previous books in the series include: Market Wizards (1989), The New Market Wizards (1992), Stock Market Wizards (2001), Hedge Fund Market Wizards (2012), and The Little Book of Market Wizards (2014). His most recent book, the revised edition of A Complete Guide to the Futures Markets, was published in January 2017. His other works include Market Sense and Nonsense (2013), Getting Started in Technical Analysis (1999), and the three-volume Schwager on Futures series (1995-96). He is also a Co-founder and Chief Research Officer of FundSeeder, a firm that seeks to find undiscovered trading talent worldwide via its trader platform (FundSeeder.com). In this episode of Trend Following Radio: Jack Schwager Books Market Wizards Book The Unicorn Sniper He’s his own worst enemy – Peter Brandt Trading for Women Penny Stocks
Legendary Author, Mr. Jack Schwager, of the Market Wizards Series joined CEO Paul Gray of IronHold Capital to discuss his latest edition titled 'Unknown Market Wizards'. Jack's latest masterpiece chronicles the stories and profiles of some of the greatest traders in the world who trade on the behalf of their own accounts. These traders typically fly below the radar and operate outside the public scope as the title of the book suggests. Among his many accolades, Jack is best known for his profile interviews with some of the greatest hedge fund managers of the last three decades as depicted in his Market Wizard Series. These managers have included the likes of Ray Dalio, Paul Tudor Jones, Stanley Druckenmiller and Edward Thorp just to name a few. Jack's Best Sellers have included the following: Market Wizards (1989, 2012), The New Market Wizards (1992), Stock Market Wizards (2001), Hedge Fund Market Wizards (2012), and The Little Book of Market Wizards (2014). Jack is also the proud Founder of FundSeeder which connects some of the most talented individual traders in the world with seed capital. Previously, Mr. Schwager was a partner in the Fortune Group, a London-based hedge fund advisory firm. His prior experience also includes 22 years as Director of Futures research for some of Wall Street's leading firms, most recently Prudential Securities. Full Video: https://www.ironholdcapital.com/libi Linkedin: https://www.linkedin.com/in/pauljohngray/ Newsletter: http://eepurl.com/hbYkxf
This is the podcast interview we have been waiting to do all year. We have been huge fans of the Market Wizards series of books since the first one landed with a splash in 1989. That was a time when trading had first exploded beyond the confines of the old-fashioned stock and commodity exchanges. There were new futures floors, new instruments, and rapid expansion of trading activities buoyed by the growth of futures and derivatives contracts and juiced up by the early computerised trading systems.Through a series of interviews for the book Jack Schwager introduced the world to trading legends, until then relatively unknown outside their small corner of the world. Traders such as Michael Marcus, who busted time after time after time, before finally growing $30,000 into $80,000,000 over a 10-year period. We learned of the wisdom of Ed Seykota, the feats of Paul Tudor-jones, and the skills of Richard Dennis. Jack introduced us to the Trading Turtles, and to many quotes which even now people repeat over and over again as inspirations. Schwager followed up the original book with 3 more outstanding versions, the New Market Wizards, Stock Market Wizards, and Hedge Fund Wizards, and now he has done it again, taking us in one sense back to the beginning and in another sense into the 2020s, with Unknown Market Wizards.We were delighted to have a chance to talk with chat, and for once Jack the interviewer, become Jack the interviewee. You can hear the fantastic insights Jack shares with us in his own words from years of talking to and working with the best around.It was a pleasure for us to this interview, and we are sure you will get something from it, whether you are new to the scene, or like us, have been around the markets for decades. You can find out more about Jack Schwager at his website https://jackschwager.com/Jack is also a partner of Fundseeder, a financial data and analytics company which provides a free trader platform that provides performance analytics, data tracking, and monetization opportunities for promising traders. You can find out more about Fundseeder at https://fundseeder.com
My guest today is Eric Crittenden, the Chief Investment Officer of Standpoint Funds. He has over 20 years of experience designing and managing investment strategies, with an expertise in systematic trading in both mutual funds and hedge funds. Aside from creating sound investment strategies, his ability to simplify and communicate complex topics is what sets him apart from other investment managers. Tom Basso is the Chairman. He brings over 40 years of money management experience to Standpoint as Chairman of the Board. He was the Founder and CEO of Trendstat Capital, one of the largest futures managers in the U.S. in the 80s and 90s. Tom's successful career has been highlighted in the book The New Market Wizards by Jack Schwager. The topic is Trend Following. In this episode of Trend Following Radio we discuss: Critical Thinking Social Media Portfolio Returns “Let's do our best not to mistake psychological problems for philosophical insights.” –Sam Harris Increase Diversification Trading Commodities Zen Proverbs Understanding the Fundamentals Return on Investment 2020 The FED Tom Basso Standpoint Funds Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!
Eric Crittenden believes using an all-weather approach is the most effective way to prepare for a wide range of market environments, while still producing meaningful investment returns with limited downside risk. An all-weather approach is an asset allocation methodology that diversifies across geographic regions, asset classes, and investment styles. This approach helps investors navigate prolonged equity market declines, inflation, and negative real returns from bonds due to low interest rates. Historically, an all-weather approach has achieved higher returns than equities, with lower volatility, and smaller declines. Bio: Eric Crittenden is the Chief Investment Officer of Standpoint Funds. He has over 20 years of experience designing and managing investment strategies, with an expertise in systematic trading in both mutual funds and hedge funds. Aside from creating sound investment strategies, his ability to simplify and communicate complex topics is what sets him apart from other investment managers. Tom Basso is the Chairman. He brings over 40 years of money management experience to Standpoint as Chairman of the Board. He was the Founder and CEO of Trendstat Capital, one of the largest futures managers in the U.S. in the 80s and 90s. Tom’s successful career has been highlighted in the book The New Market Wizards by Jack Schwager. In this episode of Trend Following Radio: Critical Thinking Social Media Portfolio Returns “Let’s do our best not to mistake psychological problems for philosophical insights.” –Sam Harris Increase Diversification Trading Commodities Zen Proverbs Understanding the Fundamentals Return on Investment 2020 The FED Tom Basso Standpoint Funds
About Tom Basso Tom was CEO of Trendstat Capital Management, Inc., an Investment Advisor (RIA) and Commodity Trading (CTA) firm, managing $600 million at its peak. An engineer by degree, he approaches the markets with math and computers. He has now authored two books: 1- Panic Proof Investing, which is dedicated to helping investors. 2- Successful Traders Size Their Positions – Why and How? which helps traders size their trading positions. Tom was one of the traders featured in The New Market Wizards by Jack Schwager, a book on successful traders. Tom currently has a website: enjoytheride.world with educational resources for traders. Show Notes 0:01 Introduction 2:18 How to build confidence using mental rehearsal technique 4:54 Boosting the self-confidence in other areas of the life 10:31 Why self-confidence and self-esteem is crucial to follow trading strategies 14:16 How to cultivate self-awareness using a simple post on a computer screen 20:46 A simple technique to dissolve physical pain 24:10 Using the fear of missing out to deal with emotional pain and lessons from having a 50% drawdown 33:06 Managing emotions as a money manager and the #1 mistake that most money managers do and how to fix it 39:50 Dealing with burn out managing other's people money 44:04 How to get your family on board as a trader 45:05 Why you should quit identifying yourself as a trader 47:17 The importance of having other hobbies and activities too avoid overtrading and trading for excitement 52:00 The three secret ingredients to enjoy the ride in trading 56:56 How to connect with Tom Basso www.EnjoyTheRide.world https://blog.beyondtradingpsychology.com/tom-basso/ Join our Facebook group: beyondtradingpsychology.com/group
Market Wizards is a trading classic written by Jack Schwager in 1989, which he followed up with The New Market Wizards in 1992. Interviewing the top Wall Street traders of the time, Schwager exposed their secrets of success, such as control over ego, discipline and learning from mistakes. Three decades later - in the age of new technology and social media - the writer explores what’s driving the new generation of market wizards. He talks about self-awareness, journaling, emotional intelligence, and mentions traders who follow signals exclusively from Twitter. Any opinions, news, research, analysis, prices or other information contained does not constitute investment advice.
In this episode, we welcome Jack Schwager to the podcast for a discussion on trading, writing and the current state of the markets. He studied economics from Brooklyn College and Brown University receiving an MA and BA in those fields in the early ’70s then moving into the Futures markets as a researcher which led to his first publication in 1984 ‘The Complete Guide to the Futures Market’. Mr. Schwager is most famous for his writing and publishing of The New Market Wizards series with the first of the series coming out in 1989 where he interviews some of the greatest traders in the world. He’s written extensively regarding trading futures, hedge funds and conducted interviews of the great trader’s through his books. Matt talks to Jack about some of the characteristics of the markets in the ’80s when he first published the book versus today in 2019. Listen in to hear from one of the greats in our industry and a very knowledgeable trader and author. It is great to hear Matt interview Jack and learn from his experience and wisdom. We know you guys are going to love this one. After that, the boys discuss the broad markets during the Market Skyline. Stocks are near all-time highs, Jerome Powell is on the hill this week to answer questions from Congress and we’re heading into earnings season. Get our analysis during this popular segment. Finally, we play the dirty dozen prediction game where Mark asks Matt and Tim to make simple binary predictions across different topics like where stocks will end in 2019, oil, gold and bitcoin as well as some fun topics. 2:10 Jack Schwager Interview 1:15:20 Market Skyline 1:39:40 Dirty Dozen Predictions
There are so many good tips in the book The New Market Wizards that I had to split it up into several parts. For the first part click here. Blog- https://bitbetterhavemymoney.com/ Twitter- @mitchellstulken Steemit- stulkenm Medium- https://medium.com/@stulkenm YouTube link- https://www.youtube.com/channel/UC6d8acRcK9h7bY_HRRucHhA Brave Browser- https://brave.com/bit302 https://brave.com/bit275
There are so many good tips in the book The New Market Wizards that I had to split it up into several parts. For the first part click here. Blog- http://bitbetterhavemymoney.com/ Twitter- @mitchellstulken Steemit- stulkenm Medium- https://medium.com/@stulkenm YouTube link- https://www.youtube.com/channel/UC6d8acRcK9h7bY_HRRucHhA Brave Browser- https://brave.com/bit302 https://brave.com/bit275
I have been reading the book New Market Wizards. In this book very successful traders have been interview and they share their insights. Since many people don’t have time or like to read I have taken notes on things that have stood out to me. Since there are many tips I am going to break […]
I have been reading the book New Market Wizards. In this book very successful traders have been interview and they share their insights. Since many people don’t have time or like to read I have taken notes on things that have stood out to me. Since there are many tips I am going to break […]
In this episode I speak with Charles Faulkner (a man whose work has had a big influence on the way I think about language, metaphor and money). A trainer and a master modeller, Charles was featured in the book The New Market Wizards and other books for his pioneering work modelling the best market traders - so-called Market Wizards. Charles also led the way introducing Cognitive Linguistics as the basis of new metaphoric change processes. As a Visiting Senior Fellow to the University of Surrey School of Management he has been instrumental in getting research in the UK started in NLP. His 2017 TED Talk introduces his newer thinking on the nature of our imagination. You can find Charles' website here: http://www.charlesfaulkner.info/
Listen for more trading magic with George Rolleston and the advice he gives traders after his 15 years in the markets. Hear Chris Tate on the nature of success and Louise Bedford on ‘Lessons from Splash Mountain’. A Little Trading with Chris Tate The reality of success is often a grind… it takes time… it takes effort. So how long should you persist if you aren’t making good profits in the markets? Hear why Chris recommends every trader keep a copy of Market Wizards and New Market Wizards by their bedside. Mindpower with Louise Bedford Even Disneyland holds lessons for traders. Going down a scary ride again and again desensitizes even the most frightened. The more you do something the easier it becomes and less of a rush you get. Traders can suffer from desensitization in the markets. But if you are following a solid trading plan you won’t suffer the GAMBLER’S CURSE. George Rolleston After studying with Stock Market Wizards Mark D Cook and Mark Minervini George continued his education and has been trading professionally for 15 years. In part of two of this interview with George we discuss: How George determines his trade break out and set up The importance of camaraderie and being accountable to your positions The power of investing in yourself Controlling risk and keeping the feedback loop short How ‘If trading were an intellectual endeavor all PhD holders would be billionaires.’ and teaching yourself at an emotional level. To find out more about George and his new trading incubation project go to www.suubee.com
My guest today is Charles Faulkner, an author, trader, and international expert on modeling the knowledge and performance of exceptional individuals. He was originally featured in “The New Market Wizards” by Jack Schwager. His new work is centered on deciphering the complicated from the complex. The topic is trading psychology. In this episode of Trend Following Radio we discuss: Forecasting The rise of magical thinking Reasoning by resemblance Network theory Power laws Crypto currency Complicated vs. Complex vs. Chaos Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!
Charles Faulkner is back on the podcast today. Faulkner is an author, trader, and international expert on modeling the knowledge and performance of exceptional individuals. He was originally featured in “The New Market Wizards” by Jack Schwager. Faulkner has had one of the most popular podcasts on Trend Following Radio. His new work is centered on deciphering the complicated from the complex. Warren Buffett recently said, “In terms of crypto currencies, generally, I can say with almost certainty that they will come to a bad ending. When it happens or how or anything else, I don’t know.” What does Faulkner make of Buffett’s prediction? With all this new technology and language most will turn to others for advice. Unfortunately, there are a lot of fortune tellers pushing agendas. The idea of forecasting is to make people move. It is a way of getting people into action and doing things they would never do if they knew the truth. “Why can’t the magical thinkers be accurate?” Charles points out that unfortunately fortune tellers will be right some of the time and “reasoning by resemblance” is a common fallback trap for people. How should you go about navigating this complexity? Complex and complicated are two very different things and the ability to identify what situation you are in requires a high level of thinking. Complicated situations or problems can be solved by asking a knowledgeable person for advice, reading a book, watching a YouTube video, etc. Complex scenarios take trial and error. Still not sure if something is complicated or complex? Uncertainty is one quality of complex systems. It has non-linear causes and effects. Some little action can have huge ramifications. In the same way, it takes huge amounts of effort and money to change complex situations, for example: healthcare, opioids epidemic, etc. People frequently think that if they just have more information, different information or a smarter “guy” that they would be better off. Unfortunately, when you are in a complex situation, standard rules don’t apply. In this episode of Trend Following Radio: Forecasting The rise of magical thinking Reasoning by resemblance Network theory Power laws Crypto currency Complicated vs. Complex vs. Chaos
Some books take legendary status because of the breadth and depth of the content and their ability to become a guiding force for its readers. On one end, we have books like The Intelligent Investor and Security Analysis from Benjamin Graham which are always in an investors reading list. Similarly, if you ask the traders, two books are always in their list. One is The reminiscence of Stock Operator and the other one is The Market Wizards. Almost every market participant who has read the book has enjoyed it. The book has inspired and guided millions of traders & what differentiate these books from other profiling attempts - is the amount of depth that the interviewer goes into. Today, we have with us the Man behind Market Wizards - Mr. Jack Schwager. Mr. Schwager is a recognized industry expert in futures and hedge funds and the author of a number of widely acclaimed financial books like: Market Wizards (1989, 2012) The New Market Wizards (1992) Stock Market Wizards (2001) Hedge Fund Market Wizards (2012) Market sense & Non sense (2012) Schwager on Futures (1995) Getting started with technical analysis (1999) He is one of the founders of FundSeeder, a platform designed to find undiscovered trading talent worldwide and connect unknown successful traders with sources of investment capital. Previously, Mr. Schwager was a partner in the Fortune Group (2001-2010), a London-based hedge fund advisory firm. His prior experience also includes 22 years as Director of Futures research for some of Wall Street’s leading firms, most recently Prudential Securities. Without much delay, let's profile the profiler: Jack Schwager Notes: [4:00]: The transition from a Fundamental Analyst to a Technical Analyst. [6:00]: Does Fundamental analysis contradicts Risk Management ? [11:00]: Can one person wear both the hats of Trader & Investor ? [17:30]: Views on averaging up & averaging down ? [27:00]: "The best trader that I ever interviewed" [29:00]: Don't judge things on Returns alone - without understanding the underlying Risks taken. [36:30]: Are great traders born or is it a skill that can be cultivated ? [43:00]: Is there a universality in technical strategies & are they equally valid in all markets of the world ? [46:30]: Where to look for inefficiencies while developing an indicator ? [1:00:30]: Process followed to interview the Legends of Investing. [1:03:00]: What things that didn't worked during previous interviews ?
To celebrate my upcoming fifth edition of Trend Following (April 24, 2017)…my mega episode with Tom Basso is here again by popular demand. If you want to know the right way to think, Tom brings it. Michael plays all of Tom’s interviews back to back and throws in a bonus interview at the beginning. The bonus excerpt is a Tom Basso presentation from the early to mid 1990s. Tom is most famously known as “Mr. Serenity” in Jack Schwager’s “The New Market Wizards”. Now retired from managing client money, Tom was president and founder of Trendstat Capital Management. He became a registered investment advisor in 1980, a registered commodities advisor in 1984, and was elected to the board of the National Futures Association in 1998. Throughout this 4 1/2 hour podcast Michael and Tom cover a broad range of topics including: Tom’s background and how he got into trading, speculation, emotional rushes, emotional devastation, catastrophic events, separating trading from politics, behavioral economics, advice to newcomers entering the CTA industry, location independence, time management, stoicism, black swans, and the importance of routine. Michael and Tom also go through listener questions spanning topics including: trading regrets, money management vs. trading, tinkering with current systems, drawdowns, one-system vs. multiple systems, thoughts on Alan Watts, emotions during both losing and winning periods, exit strategies, practice trading vs. live trading, money management, risk control, how to handle skeptics, serenity, John W. Henry, coin flip entry method, percent betting, comfort with uncertainty, initial capital at risk vs. unrealized gains, and fighting against your gut reaction. This podcast includes a wealth of knowledge worth listening to over and over again. In this episode of Trend Following Radio: Speculation Fighting against emotions Catastrophic events Separating trading from politics Advice to newcomers entering the CTA industry Time Management The importance of routine Money management vs. Trading
CTO Interview with Jack Schwager: Author extraordinaire and now co-founder of Fund Seeder. Mr. Schwager is the author of Market Wizards, Hedge Fund Market Wizards, A Complete Guide to the Futures Markets: Fundamental Analysis, Trading Spreads and Options (and the second edition just hit store shelves!) He discusses: Was he surprised by the reaction to Market Wizards? How did that book come about? His new project in the trading tech space: FundSeder What is FundSeeder? How does the funding process work? Do traders have to reveal their secret sauce in order to receive funding? Hot Topics in Tech: What is on our radar from a tech perspective? Tech firm creates Trump monitor for stock markets. A London-based Fintech firm Trading.co.uk is launching an app that will generate trading alerts for shares based on comments made on social media by Donald Trump. Launching an open-outcry trading floor? How very 21st century.Box Options Exchange is building the first new trading floor in Chicago in decades - Boyle expects to attract traders who prefer open outcry for big orders and keep them with a more efficient 21st-century floor model.
CTO Interview with Jack Schwager: Author extraordinaire and now co-founder of Fund Seeder. Mr. Schwager is the author of Market Wizards, Hedge Fund Market Wizards, A Complete Guide to the Futures Markets: Fundamental Analysis, Trading Spreads and Options (and the second edition just hit store shelves!) He discusses: Was he surprised by the reaction to Market Wizards? How did that book come about? His new project in the trading tech space: FundSeeder What is FundSeeder? How does the funding process work? Do traders have to reveal their secret sauce in order to receive funding? Hot Topics in Tech: What is on our radar from a tech perspective? Tech firm creates Trump monitor for stock markets. A London-based Fintech firm Trading.co.uk is launching an app that will generate trading alerts for shares based on comments made on social media by Donald Trump. Launching an open-outcry trading floor? How very 21st century.Box Options Exchange is building the first new trading floor in Chicago in decades - Boyle expects to attract traders who prefer open outcry for big orders and keep them with a more efficient 21st-century floor model.
Blair Hull has been labeled by Forbes as, “One of the most successful traders of the last 40 years,” and he was also profiled in Jack Schwager’s, The New Market Wizards. Prior to trading, Blair was a serious Blackjack player for 5-years during the 70’s. From there he took his winnings to the the Pacific Exchange to trade mispriced options, and in 1985, he founded one of the world’s premier market-making firms, Hull Trading. At its peak, Hull Trading was active on 28 exchanges in nine countries. Then in 1999, the firm was acquired by Goldman Sachs for $531 million dollars. Today, Blair is the founder of Hull Investments—the parent company of an actively managed ETF, Hull Trading Asset Allocation, and proprietary firm, Ketchum Trading. Listening to this interview, you’re going to hear more about Blair’s career and his observations as a trader, why he believes great things happen in teams, and why everything revolves around having an edge. - - Sponsored by TechnicianApp.com – For professional-grade charts and technical analysis tools everywhere you go, use Technician—it’s FREE!
As I’m sure you already well aware, Jack Schwager has been involved with financial markets for many years, he’s the author of the acclaimed Market Wizards series and others, and he’s also the co-founder of FundSeeder. During our talk, we go behind the scenes of the Market Wizards and Jack shares his experiences from conducting interviews with trading royalty and some of his most memorable moments. Of course, I ask Jack to flesh out some of the great knowledge he’s learned from this—discussing; self-confidence, sacrifices, what separates a profitable trader from a super trader, and the issue with seeking comfort. You’ll also hear an update on FundSeeder, as well as something you might be very interested to know, what trading books does Jack recommend to others? The New Market Wizards is now available as an audiobook on Amazon. Get a free copy --- Sponsored by TradeStation.com – A fully-licensed online broker, serving traders globally. Get the benefits of an award-winning platform, competitive commissions, awesome support, and more.
Market Wizard Tom Basso on trading and enjoying the ride In this episode of Talking Trading we hear from Market Wizard Tom Basso and his trading journey from when he started buying mutual funds at the age of 12 to life after retirement and some of the things he learned along the way. Hear why he prefers the word trading strategy to system, how he controls volatility and the two most impactful trades of his career. We hear the story behind the tag line 'Mr Serenity' and why finding the sweet spot of your investment psychology is the most important thing to maintain your… serenity. Tom Basso Tom Basso started trading mutual funds at the ripe age of 12. He went on to trade 600 million dollars at his company Trendstat and became famously known as Mr Serenity in New Market Wizards. Jack Schwager said he had never met a trader who was so darn calm about what he was doing and in this interview we find out why. Tom discusses the two trades in silver, which had the most impact on his life. The first taught him volatility control, which enabled him to be even-keeled in his trading. By using good volatility control Tom could remain tranquil in his trading which was the key to his long term survival… and is also why he believes finding the sweet spot of investment psychology is the most important thing. There are friends of Tom’s in the industry who have committed suicide, even other Market Wizards have burnt out, but Tom has remained Mr Serenity. Another trade in silver taught Tom a different lesson. Never miss trades. The only prerequisite Tom has for going on holiday is a wifi connection. Tom and his wife take cruises around the world but he still trades every day. Tom enjoys the ride, and he wonders that if you are finding your path somewhat miserable, what is the point of all of this? He is still, more than ever, Mr Serenity. To contact Tom, go to Tom Basso on Facebook or Twitter or listen to the interview for his email address.
This week’s episode of Talking Trading features mentoree Stephen Warden. In this interview we get inside his brain, his money scripts and his trading life to discover that the best traders are those who have walked the long and arduous journey. A journey that took Stephen from student of the market to becoming a seasoned player with consistent wins. Find out what keeps him inspired and continually sharpening his trading edge. STEPHEN WARDEN Stephen Warden is a Trading Game mentoree of 2010. He is a battle-hardened trader who has made huge wins in the market and also learnt some hard lessons. Hear about the time his money script came out and threatened to hurt him, the period his account went ballistic and why he is passionate about finding his archetypal trade. In this interview also hear how Stephen: Has 2 expressions pinned onto his computer: Take the next trade - you can’t fail AND Consistency is a state of mind Reads a chapter from Market Wizards each night Uses a checklist when trading Treats trading like a casino with his trading plan as the house edge Believes passionately that it takes no skill to place a winning trade but it takes enormous skill to trade consistently Has 6 favourite trading books: 1. Trading in the Zone by Mark Douglas 2. Market Wizards by Jack Schwager 3. New Market Wizards by Jack Schwager 4. Stan Weinstein – Secrets from Profiting in Bull and Bear Markets 5. Darvas – How I made two million dollars in the stock market 6. Jesse Livermore – Reminisces of a Stock Operator
This week on the show I interviewed Linda Raschke – an active trader since 1981, when she started out on the floor of the Pacific Coast Stock Exchange as an options market maker. In 1992, Jack Schwager interviewed Linda for his second installment of the Market Wizard series; The New Market Wizards. Since then, Linda has traded for several hedge funds, and in 2002 she began one of her own – which has been ranked 17th out of 4,500 hedge funds for ‘Best 5 Year Performance’ by BarclaysHedge. During this interview we covered some great topics, for example; adapting to environment changes, using models to study price behavior, and the part I really enjoyed was Linda’s advice to young traders towards the end. So please, make sure you pay close attention to this part.
Today marks 400 episodes on Trend Following radio. To celebrate Michael has put together a compilation of Tom Basso interviews. Tom has been on Trend Following Radio four times and his interviews have been among the most popular episodes airing on the show. Michael plays the interviews back to back and throws in a bonus interview at the beginning. The bonus excerpt is a Tom Basso presentation from the early to mid 1990s. Tom Basso is most famously known as “Mr. Serenity” in Jack Schwager’s “The New Market Wizards”. Now retired from managing client money, Tom was president and founder of Trendstat Capital Management. He became a registered investment advisor in 1980, a registered commodities advisor in 1984, and was elected to the board of the National Futures Association in 1998. Throughout this 4 1/2 hour podcast Michael and Tom cover a broad range of topics including: Tom’s background and how he got into trading, speculation, emotional rushes, emotional devastation, catastrophic events, separating trading from politics, behavioral economics, advice to newcomers entering the CTA industry, location independence, time management, stoicism, black swans, and the importance of routine. Michael and Tom also go through listener questions spanning topics including: trading regrets, money management vs. trading, tinkering with current systems, drawdowns, one-system vs. multiple systems, thoughts on Alan Watts, emotions during both losing and winning periods, exit strategies, practice trading vs. live trading, money management, risk control, how to handle skeptics, serenity, John W. Henry, coin flip entry method, percent betting, comfort with uncertainty, initial capital at risk vs. unrealized gains, and fighting against your gut reaction. This podcast includes a wealth of knowledge worth listening to over and over again.
On today’s episode of Trend Following Radio Michael talks the timelessness of sticking with your system. Michael uses Jack Schwager and his books Market Wizards and The New Market Wizards as prime examples of timelessness. Although they were written years back, he argues they have not lost an ounce of value in today’s trading world. Michael harps on critics that say the Market Wizards books have no place in 2015 markets, noting that one of the great concepts introduced in Schwagers’ books was the notion of “systems”. Although the concept of having a system had been around for over 100 years, Schwager was one of the first to present and teach in an interview format.Michael then segues into a clip with Howard Lindzon of Stock Twits. Howard further makes the point that having “Any system is better than no system”. He goes on to say, “You have to have a system to beat another system.” Howard talks about Jerry Parker, his trading style and why he has become so successful. Covel asks listeners, “What kind of system do you want? What are the risks and rewards? There are all kinds of systems out there. Have you done the work to find out the pros and cons? What kind of life do you want to have?” The system you choose will dictate that. People who tell you the Schwager books are dated are the same people that will sell you anything. These people go off of gut, intuition or even magical feelings, and that is their decision-making process. Trust that the highest achievers and money-makers on Wall Street trust their systems, painstakingly researched and developed. When times are good they leave it alone, and when times are bad they leave it alone.Covel plays one last legacy excerpt from Bill Dunn. Dunn lays out that his approach is long term trend following and quantitative. His company does not override their signals ever and they have serious risk management programs in place. They have a 1% probability of losing 20% or more in a one month period. However, the client can choose more or less risk. He shows how his firm does not correlate with the S&P and their positions and trades are completely transparent to their clients. Dunn makes it clear that his performance is not a result of anyone’s judgment. It is a result of long tested simulations and models. Timelessness personified. In this episode of Trend Following Radio: Human nature doesn’t change Timelessness Behavioral finance Sticking with a system Risk management Bill Dunn on trend following
My guest today is Tom Basso, the trader most famously known as “Mr. Serenity” in Jack Schwager's “New Market Wizards”. Basso, now retired from managing client money, was president and founder of Trendstat Capital Management. Basso became a registered investment advisor in 1980, a registered commodities advisor in 1984, and was elected to the board of the National Futures Association in 1998. Today, he is a privat trader. The topic is Trend Following. In this episode of Trend Following Radio we discuss: 50% drop in oil and why trend followers have done especially well with this price movement Why people like to blame speculators, and the value of speculation; emotional rushes and emotional devastation Mentally rehearsing catastrophic events Focusing 1,000 trades into the future Separating your trading from your political opinion Trend following and behavioral economics The importance of not letting your trading define you Basso's advice to newcomers to the CTA industry Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!
My guest today is Charles Faulkner, an author, trader, and an expert on modeling the knowledge and performance of exceptional individuals. He was originally featured in “The New Market Wizards” by Jack Schwager. The topic is trading psychology. In this episode of Trend Following Radio we discuss: The notion of fictional people and why famous figures in finance are “fictional” The importance of narratives, stories, and metaphors The halo effect and deluding ourselves The difference between a story and a strategy The nature of independent thinking; herd behavior Ego, ignorance, and authority The five different types of minds: the experiencing mind, the imaginative mind, the reasoning mind, the reflective mind, and the generative mind System one and system two Why words don't change people but experience does Experience base and the difference between amateur and professional traders The two kinds of market wizards Language in the context of the five different types of minds The importance of asking “how” does the market work over “why” The importance of luck and time in the case of Warren Buffett Why you shouldn't get your excitement from trading Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!
Michael Covel speaks with Charles Faulkner today on the podcast. Faulkner is an author, trader, and an expert on modeling the knowledge and performance of exceptional individuals. He was originally featured in "The New Market Wizards" by Jack Schwager. Covel and Faulkner discuss the notion of fictional people and why famous figures in finance are “fictional”; the importance of narratives, stories, and metaphors; the halo effect and deluding ourselves; the difference between a story and a strategy; the nature of independent thinking; herd behavior; ego, ignorance, and authority; the five different types of minds: the experiencing mind, the imaginative mind, the reasoning mind, the reflective mind, and the generative mind; system one and system two; why words don’t change people but experience does; experience base and the difference between amateur and professional traders; the two kinds of market wizards; language in the context of the five different types of minds; the importance of asking “how” does the market work over “why”; the importance of luck and time in the case of Warren Buffett; why you shouldn’t get your excitement from trading. For more information on Charles Faulkner, visit charlesfaulkner.com. Want a free trend following DVD? Go to trendfollowing.com/win.
Michael Covel speaks with Victor Sperandeo. Sperandeo was originally featured in The New Market Wizards by Jack Schwager and has a Wall Street career that spans back to 1966. From trader, to historian, to a man with very strong public policy opinions, Sperandeo comes to the podcast to discuss his career and views with Covel. Sperandeo and Covel discuss recent public policy directions; trading against your public policy interests; zero interest rate policy; whether the S&P is a “bribe”; the Fed mandate to keep stocks from falling and to stop volatility; the wealth effect; why the stock market going up is a very poor instrument to fix the economy; the trend towards socialism; Sperandeo’s experience working with George Soros; Sperandeo’s experience with the DTI index; black swans and the effects of large, catastrophic events on the market; why the only way to protect yourself is extreme diversification; volatility balancing; and Sperandeo’s experience as a young man and how he came into the trading world. Want a free trend following DVD? Go to trendfollowing.com/win.
My guest today is Tom Basso, the trader most famously known as “Mr. Serenity” in Jack Schwager's "New Market Wizards”. Basso, now retired, was a stock and commodities trader who was president and founder of Trendstat Capital Management. He is the author of two books, "Panic-Proof Investing" and "The Frustrated Investor". Basso became a registered investment advisor in 1980, a registered commodities advisor in 1984, and was elected to the board of the National Futures Association in 1998. The topic is Trend Following. In this episode of Trend Following Radio we discuss: Location independence Making sure trading doesn't take up your entire life Stoicism Trend following in the emotional arena Mental exercises The psychology of trend following The “observer self” The mental aspects of success The importance of being able to lose small amounts of money Why trend following does so well when the black swans hit Basso's daily routine and the importance of routine in daily life. Covel and Basso also go through listener questions such as whether Basso would make the same trading decisions that he did from the start Money management v. trading Tinkering with current systems Knowing when it's a regular drawdown v. something really going the wrong way Whether Basso is a one-system kind of guy v. multiple systems Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!
My guest today is Charles Faulkner, an author, trader, and international expert on modeling the knowledge and performance of exceptional individuals. He was originally featured in "The New Market Wizards" by Jack Schwager. The topic is trading psychology. In this episode of Trend Following Radio we discuss: Behavior, emotions, decision-making, and intuition in the world of money--and what money does to us on a biological level Neurolinguistic Programming How money in the mind influences money in the world The schizophrenic-seeming handout to the two recent Nobel Prize winners “System one” and “system two” How “one” is running all the time, how “two” takes effort--and where Faulkner hopes to take this research How experience can teach “system one” New lightbulb moments in current research How the “afraid to lose” (or in Singapore, Kiasu) concept could be terribly dangerous when applied to money Why the less you know about something, the clearer the image--and the more certain you are that it's real and true The need for certainty Money as a living metaphor; sunk costs The Myers-Briggs instrument Rituals and money Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!
Charles Faulkner returns to the podcast for his fourth interview with Michael Covel. Today, he comes to us from Belgrade. Faulkner is an author, trader, and international expert on modeling the knowledge and performance of exceptional individuals. He was originally featured in "The New Market Wizards" by Jack Schwager. Covel and Faulkner discuss behavior, emotions, decision-making, and intuition in the world of money--and what money does to us on a biological level. Topics include Neurolinguistic Programming; how money in the mind influences money in the world; the schizophrenic-seeming handout to the two recent Nobel Prize winners; “system one” and “system two”; how “one” is running all the time, how “two” takes effort--and where Faulkner hopes to take this research; how experience can teach “system one”; new lightbulb moments in current research; how the “afraid to lose” (or in Singapore, Kiasu) concept could be terribly dangerous when applied to money; why the less you know about something, the clearer the image--and the more certain you are that it’s real and true; the need for certainty; money as a living metaphor; sunk costs; the Myers-Briggs instrument; and rituals and money. Faulkner also tells us the heart of what he’s after in his new upcoming book. Want a free trend following DVD? Go to trendfollowing.com/win.
My guest today is Charles Faulkner, an author, trader, and international expert on modeling the knowledge and performance of exceptional individuals. He was originally featured in "The New Market Wizards" by Jack Schwager. Faulkner has a new book coming out this fall called "Higher Level Trading: The Five Stages To Trading and Investor Mastery". The topic is trading psychology. In this episode of Trend Following Radio we discuss: Human behavior and the investor's psyche How Faulkner came to put together his newest book, and the qualitative differences between the five levels of experience, knowledge, and understanding Developing the different levels of thinking that lead to expertise, and the correct path to take to developing these skills Preparation, effort, "doing the work", and the right way to jump into investing Some of the commonalities between those profiled in the "New Market Wizards" book Ed Seykota's recent statements on day trading Behavioral economics The idea that the less you know about something the more convinced you are that it is true--and how a little knowledge can be a dangerous thing "Perfection seekers", variation, and letting perfection slow you down Outliers and the potential to make a change in your thinking Efficient markets, Vernon Smith, and bubbles Imagery, stories, prediction, and the skill of conceiving multiple scenarios Reducing information, and vetting your inputs to find out what information is important and what isn't Why we are most influenced by parts of our environment that we are unaware of Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!
Charles Faulkner visits the podcast for his third on-air conversation with Michael Covel--a conversation that started while Covel was recently in Malaysia and finished while he was in Vietnam. Faulkner is an author, trader, and international expert on modeling the knowledge and performance of exceptional individuals. He was originally featured in "The New Market Wizards" by Jack Schwager. Faulkner has a new book coming out this fall called "Higher Level Trading: The Five Stages To Trading and Investor Mastery". In their free-flowing conversation Faulkner and Covel cover wide territory. Covel and Faulkner discuss Faulkner's thoughts about human behavior and the investor's psyche. This brings the conversation to the idea that the world is getting more complex, and the increase of "magical thinking" in response. Covel and Faulkner move on to discuss further topics such as how Faulkner came to put together his newest book, "Higher Level Trading", and the qualitative differences between the five levels of experience, knowledge, and understanding; developing the different levels of thinking that lead to expertise, and the correct path to take to developing these skills; preparation, effort, "doing the work", and the right way to jump into investing; some of the commonalities between those profiled in the "New Market Wizards" book; Ed Seykota's recent statements on day trading; behavioral economics; the idea that the less you know about something the more convinced you are that it is true--and how a little knowledge can be a dangerous thing; "perfection seekers", variation, and letting perfection slow you down; outliers and the potential to make a change in your thinking; efficient markets, Vernon Smith, and bubbles; imagery, stories, prediction, and the skill of conceiving multiple scenarios; reducing information, and vetting your inputs to find out what information is important and what isn't; and why we are most influenced by parts of our environment that we are unaware of. Free DVD? Go to www.trendfollowing.com/win.
My guest today is Tom Basso, the trend following trader famously featured in Jack Schwager's "New Market Wizards". Basso is a hedge fund manager. He was president and founder of Trendstat Capital Management. Trendstat was closed in 2003 when assets under management fell to $65M. He is the author of two books, Panic-Proof Investing and the self-published The Frustrated Investor. In 1998, he was elected to the board of the National Futures Association. He currently runs enjoytheride.world, a website dedicated to trader education. He is also the chairman of the board of Standpoint Funds. The topic is Trend Following. In this episode of Trend Following Radio we discuss: Video of philosopher Alan Watts How Basso manages his emotions during both losing and winning periods What drove Basso to "enjoy the ride" and whether there were periods in his life when it was difficult to do so Exit strategies on winning positions Basso's use of hedges The process behind taking a developed system from testing to live trading What Basso learned from his earliest large drawdown Basso's use of money management and risk control Basso's advice to the first time programmer How to handle skeptics of trend following Whether Basso considered the notion of serenity from the very beginning of his career The career of John W. Henry Basso's coin flip entry method, and the importance of exit strategies Percent betting Diversification What would cause Basso to stop trading a particular system Comfort with uncertainty Basso's views on initial capital at risk vs. unrealized gains Fighting against your gut reaction when your system tells you otherwise Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!
My guest today is Tom Basso, a trader who was called "Mr. Serenity" when he was profiled in Jack Schwager's "New Market Wizards". Basso was a stock and commodities trader who was president and founder of Trendstat Capital Management. He is the author of two books, "Panic-Proof Investing" and "The Frustrated Investor". Basso became a registered investment advisor in 1980, a registered commodities advisor in 1984, and was elected to the board of the National Futures Association in 1998. Although he is now retired, there's no half-life for experience in the trend trading world, and Basso has a wealth of knowledge that is relevant to today's trader. The topic is Trend Following. In this episode of Trend Following Radio we discuss: The psychology behind his trading How he kept his - and his clients' - emotions in check; and how being an entrepreneur can make you think differently Basso also discusses his beginnings - buying his first mutual funds at age 12 - and how he moved from a chemical engineering position to his career as a trader and money manager How trading for clients can be different than trading for yourself, and the importance of concentrating on process vs. outcome. Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!
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