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Chat With Traders
030: Tom Basso – The Logic of Trend Following, and How to Improve Your Trader Psychology w/ a Market Wizard
Jul 23, 2015
01:23:10
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Quick takeaways
- Psychology is the most crucial aspect of profitable trading, requiring a balanced mindset and disciplined execution.
- Trend following and systematic trading were key strategies at Trenstat, involving data analysis and positioning portfolios with market trends.
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The importance of psychology in trading
Psychology is considered the most important aspect of profitable trading. Good trading involves three components: buying/selling decisions, portfolio management, and psychology. Traders need to develop a strategy and stick to it, regardless of whether they make money or lose money on any given day. It is crucial to maintain a balanced mindset, follow the strategy, and execute trades unemotionally to avoid second-guessing and impulsive decisions.
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