Tom Basso Best Quotes For Traders From Book 'THE NEW MARKET WIZARDS'
Tom went from trading his own money, to forming
TrendStat and managing other peoples money. At the peak of his career, TrendStat
managed $600million dollars of capital.
Tom
is one of best traders featured from Market Wizards on the psychology of
trading. Here are favorite quotes from his interview in this book.
“I realized that every time I had a loss, I
needed to learn something from the experience and view the loss as tuition at
the College of Trading. As long as you learn something from a loss, it’s not
really a loss.” – Tom Basso
“When your account has these massive swings up
and down, there’s a tendency to feel a rush when the market is going your way
and devastation when it’s going against you. These emotions do absolutely
nothing to make you a good trader. It’s far better to keep the equity swings
manageable and strive for a sense of balance each day, no matter what happens.”
– Tom Basso
“I probably do more mental exercises now than I
ever did. Each morning while I’m driving to work, I make a conscious effort to
relax. I mentally rehearse any conflict that might happen that day. The process
of mentally organizing and relaxing before I get to work helps me start my day
in a very positive frame of mind.” – Tom Basso
“Also, it helps if you view your life as a
movie. If you go to a video store and rent a horror movie, you’re voluntarily
letting yourself be horrified, and it’s not stressful because deep down
you know it’s just a movie. What if you had the same attitude about life?” –
Tom Basso
“I think investment psychology is by far the
most important element, followed by risk control, with the least important
consideration being the question of where you buy and sell.” – Tom Basso
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