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Episode 73:
On today's show I speak with a Market Wizard - Tom Basso - also known as Mr. Serenity. Tom has been trading for about 50 years! Tom Basso is one of the most balanced and brilliant traders - a modern day Renaissance Man with a full life outside of trading which consists of winemaking, singing and so much more! Tom founded Trendstat Capital Management and has written many excellent books on trading. Tom is a true entrepreneur. His website ETR - Enjoy The Ride - showcases many of his great talents! Let's learn from the best!
Chapters:
00:00:00 - Concerns about the government's race to the bottom
00:03:14 - From Chemical Engineering to Stocks and Investing
00:06:05 - From Rookie to Successful Trader - A True Success Story
00:08:56 - Transitioning from Engineering to Money Management with Risk Management in Mind
00:12:01 - Developing a Balanced Mindset in Trading and Life
00:14:58 - Finding Balance Beyond Trading and Money Management
00:17:53 - Learning from losses and bear markets in trading
00:20:50 - Lessons Learned from a Life-Changing Trade
00:23:45 - The Importance of Methodical Trading and Staying Calm in the Face of Market Volatility
00:26:45 - Learning from Mistakes and the Basso Reversal Strategy
00:29:47 - The Origins of Trend Following
00:35:49 - Trend Following Indicators and Attacking Risk
00:38:26 - Trading with Bands and Ranges and the Basso Timing Strategy
00:41:32 - Focus on Trend and Simplification in Trading
00:44:27 - Mismanagement of National Affairs
00:47:22 - Preparing for a Broken Machine World
00:50:15 - Self-Responsibility and Being Prepared for Emergencies
00:53:04 - Adjusting Investment Strategies during Uncertain Markets
00:55:58 - NASDAQ Trading Strategy and Bitcoin's Potential Future
00:58:56 - The Value of Cryptocurrencies and Gold in Economic Disasters
01:05:14 - Understanding Portfolio Hedging Strategies
01:08:18 - Designing Trading Strategies for Your Own Risk Tolerances
01:11:18 - Importance of Correcting trading mistakes immediately
01:14:11 - The Importance of Stop Losses, Managing Risk, and Thinking Strategically in Trading
01:17:09 - Importance of Proper Position Sizing and Diversification in Trading
01:19:52 - Thinking Outside the Box in Trading
01:22:46 - Balancing Yourself Mentally During Market Drawdowns
01:25:46 - Building Self-Awareness to Improve Trading Discipline
01:28:55 - How to Stay Calm During Emergencies and Crisis Situations
01:31:56 - Importance of Observer Self and Cognitive Biases in Trading
01:34:54 - The Value of Market Prices and Getting Rid of Predictions
01:37:48 - Overconfidence and Bias in Trading
01:40:38 - The Importance of Evaluating Strategy Drawdowns and Diversification
01:43:33 - Finding Return Streams with Low Correlation Coefficients
01:46:14 - Wine Making and Trading: A Conversation with a Renaissance Man
01:49:18 - Trading Strategies and the Future
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