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EP 208 — Dr. Keith Witt: Integral Wisdom
Spirit Gym with Paul Chek
How Can I Help You Grow as a Licensed Psychiatrist?
You can find out my stuff on Dr. Keith with DR, K-E-T-H-W-I-T-T. You can find my eight of my books on Amazon.com. There's a, if you sign up for my website, which is for free, you'll get a free copy of my book The Atoon Family. If you just do what you love to do, and we all do a little bit of that as a gift to everybody else every day, the world will transition quickly and efficiently. But if you sit around creating devils or waiting for the devil to come get you, then well, you're going to find out how powerful your
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Speaker 2
Yeah, great analogy. In fact, just what you'll say before I was actually thinking about a minute before you said it. And then this guy's smart. And you just said, I'm not, I'm no smarter than anyone else. I'm thinking, and this guy's a lot of different level here. But anyway, let's jump into the field that way. Let's jump into the quick fire round. And then we'll wrap things up here. So how long did it take you to go from newbie to consistently profitable? Probably consistently
Speaker 1
profitable. I would say, I mean, really starting year three, I was making money, but I still had high variance in returns. So I would say probably year five, year six is when I essentially at the start of the year had a pretty good idea of where I was going to land and what my movement bands were going to be. So that's when I would consider a little more efficacy in the returns.
Speaker 2
What's your favorite entry set up?
Speaker 1
Favorite entry set up again depends on the strategy, but more often than not, I like things that are high volatility where implied volatility is drastically overpriced compared to historic volatility. I know for a lot of people that doesn't sound super sexy, but for a derivatives trader, that is, that's where it's at. What about strategies for exiting or managing trades? What do you do? Easy, easy day. That's all predefined by the strategy before the trade even goes on. So the favorite method is literally following a predefined approach. And the way that I think about that is I think about the strategy. What am I trying to accomplish on a profit side? What kind of risk side makes it positively expected? That's it.
Speaker 2
What book or resource would you recommend?
Speaker 1
There's two of them that I think should be reads for everybody specifically when we talk about derivatives. It's a little different. So I would kind of save people that side of things. Although I do think options as a strategy. I think options as a strategic investment on pulling up my little Kindle library here because there's two books that I think are useful reminiscence of a stock operator by Edwin left fair. That's how to pull it up. I can't say that dude's name. That is probably one of the more, the more transformative books I've read. And then this same thing is there it is. Sorry. How to make money in stocks by William J. O'Neill. Those are like my two kind of preferred equity, equity pieces, broader trend pieces, stuff like that.
Speaker 2
Brilliant.
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