048 - Interview w Market Wizard Tom Basso - Consistent Profits Podcast

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048 - Interview w Market Wizard Tom Basso

January 18, 2024 • 45 mins

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 three books: Panic Proof Investing, which is dedicated to helping investors, and Successful Traders Size Their Positions – Why and How? which helps traders size their trading positions, and The All-Weather Trader which is a sort of biography of how Tom evolved from a new trader to a seasoned, successful trader and Market Wizard.

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.

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Watch it here on YouTube ---> ⁠https://youtu.be/BFkgzEoCd2s

Show Notes

Tom's background in chemical engineering and transition to trading.
We discuss on the commonality of engineers in the trading space.
Tom's representation as "Mr. Serenity" in "The New Market Wizards" and his recent book, "The All Weather Trader."
Overview of EnjoyTheRide.world, where Tom shares thoughts on mental techniques, trading, health, golf, wine, and personal matters.
The impact of AI on trading and the potential for personal AI assistants.
Discussion on the potential challenges and swings associated with high-return strategies.
He talks about the importance of selecting the right tools and strategies in trading.
We discuss on the psychological aspects of trading, including the importance of stepping back, maintaining a big-picture view, and understanding that losses are part of the process.
He emphasized the importance of enjoying the journey in trading, especially given the ups and downs of the markets.
He advised traders to maintain balance in their lives and not let the stress of trading overwhelm them.
He stressed the importance of having a well-defined strategy rather than making impulsive decisions based on social media or other sources.

This podcast is brought to you by https://InsideOutTrading.com, where the focus is specifically on CONSISTENCY, so you'll find all sorts of unique resources to help you trading profitably and with confidence.