My guest today is Richard Weissman, a professional trader with over 25 years of experience and an author. Weissman considers himself a “swing trader”. He is one of the world’s foremost authorities and thought leaders in the fields of derivatives, risk management and technical analysis.
The topic is his book Trade Like a Casino: Find Your Edge, Manage Risk, and Win Like the House.
In this episode of Trend Following Radio we discuss:
- Weissman’s path from how he started trading with his father in 1987 to how he made his way to where he is today
- Background to Weissman naming his book
- The influence of Jack Schwager’s work
- Risk management
- Positive expectancy
- How Weissman defines trends and signs of strength
- The idea of “don’t anticipate, just participate”
- Positive expectancy and the probability skew
- The connection between table limits and risk management
- How there are no truly “safe investments”
- Some tools that Weissman has used to influence his own trading psychology and smooth out the emotional highs and lows
- Not letting a high price stop you from buying, and not letting a low price stop you from selling
- Weissman’s concept of “the opaque urn”
- The three things you can guarantee
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