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The AlphaMind Podcast

#18 Greg Gossett - 24 Years as a Retail Trader

Oct 12, 2019
57:40
Snipd AI
Greg Gossett, a seasoned retail trader with over 24 years of experience, shares vital trading insights and lessons learned throughout his journey. He discusses the importance of emotional control, position sizing, and patience as key elements for success. Greg passionately explains the power of reflection in decision-making. The conversation takes an intriguing turn as they explore the cognitive benefits of chewing gum in trading and sports, including its role in enhancing performance and focus. A truly enlightening dialogue filled with actionable wisdom!
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Podcast summary created with Snipd AI

Quick takeaways

  • Position sizing is crucial for risk management, allowing traders to sustain losses and maintain emotional stability during market fluctuations.
  • Patience and adherence to a comprehensive trading plan significantly enhance decision-making and foster systematic approaches for trading success.

Deep dives

The Importance of Position Sizing

Position sizing is highlighted as a fundamental aspect of successful trading, with an emphasis on its direct impact on risk management and emotional stability. New traders often make the mistake of taking large positions, which can lead to significant losses and destabilization. A conservative approach, such as limiting positions to 10% of total capital, is recommended to ensure traders can endure the inevitable ups and downs of the market without jeopardizing their overall trading longevity. By focusing on appropriate position sizes, traders can maintain a long-term perspective, understanding that each trade is merely a part of many to come.

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