The All Weather Trader | Market Wizard | Tom Basso

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In this interview with Tom Basso, Market Wizard, we discuss how to develop a trading system and how to become an all weather trader. This is a wide ranging discussion covering entries/exits, judging systems, position sizing, and managing risk.
Enjoy!
- The TL Team
Connect with Tom:
Tom's New Book: amzn.to/3Botpw4
/ basso_tom
enjoytherideworld.odoo.com/
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Timestamps:
0:00 Introduction
0:45 Thoughts on the current market
3:15 Tom's Style and background
7:50 Building a full trading system
13:00 building in contingencies
14:15 We are all traders
23;30 Filling potholes
28:00 Trading has to co-exist with your life
35:40 Tom's Favorite indicators to build strategies
44:22 Think in terms of your next 1000 trades
48:00 Designing strategies, batting averages, risk reward
50:20 Total portfolio risk
55:45 AI and trading, ChatGPT
1:00:50 Should traders start with systems trading or discretionary
1:07:00 ETR Comfort Ratio
1:08:00 All weather trading

[@TraderLion]

📘 Get your FREE 115-page Ultimate Trading Guide! - traderlion.com/YTC-UTG 👇 What you'll learn! -------------------------------------------------------------------------------------------------------------------------------------------------------------- Lesson 1: Build a sturdy trading foundation to overcome the biggest obstacles holding you back. Lesson 2: Master 3 powerful trading setups to adapt and thrive in various market conditions. Lesson 3: Efficiently screen and find top-performing stocks with strong momentum and high growth potential. Lesson 4: Establish a streamlined risk management strategy using stop losses, position sizing, and portfolio heat analysis. Lesson 5: Optimize selling decisions by identifying late-stage bases or key trend reversals by analyzing daily and weekly charts. Lesson 6: Sharpen your trading analysis and decision-making by integrating cutting-edge analytical tools and techniques. Lesson 7: How to establish and maintain routine weekly and daily trading practices to ensure consistent performance and continuous improvement.

[@RichardMoglen]

Always great chatting with Tom, loved his thoughts on integrating trading into your life

[@Trendlines_mc]

Damn, the fact that you have all these market wizards talking to you is special, God loves you, I'm a bit jealous, no market wizards are speaking to me...

[@TraderLion]

Thanks!

[@realpristinecap]

Loved Tom's point about thinking of your next 1000 trades to de-emphasize the significance of each individual trade. Well done Richard!

[@TraderLion]

One of my favorite parts as well. Thanks Andrew!

[@Trendlines_mc]

Since me and the legendary Trader Tom Basso are Market wizards we both agree about that controlling drawdown

[@TraderLion]

😉

[@TraderLion]

Timestamps: 0:00 Introduction 0:45 Thoughts on the current market 3:15 Tom's Style and background 7:50 Building a full trading system 13:00 building in contingencies 14:15 We are all traders 23;30 Filling potholes 28:00 Trading has to co-exist with your life 35:40 Tom's Favorite indicators to build strategies 44:22 Think in terms of your next 1000 trades 48:00 Designing strategies, batting averages, risk reward 50:20 Total portfolio risk 55:45 AI and trading, ChatGPT 1:00:50 Should traders start with systems trading or discretionary 1:07:00 ETR Comfort Ratio 1:08:00 All weather trading

[@apoorvsingh_ASR]

which three indicators he said

[@angle0angle096]

perfect. I have been following Tom Basso a very long time. He didn't emphasized position size at early stage .The changes I noticed are position size and cloud orientation strategy build , thats quite big progress.

[@MartyBegley]

Thank you, Richard! Another great interview. And, thank you Tom Basso for sharing your knowledge. A lot of great tips for all traders and investors.

[@TraderLion]

Glad you liked it!

[@LeftSideCapital]

The PERSPECTIVE he offers on trading is mind blowing. The comfort/discomfort ratio concept really helps me feel content with my personal strategy that works for me! Thanks for the content. 🤝

[@TraderLion]

Thrilled to hear that, Caz! Thanks for tuning in and happy trading! 🤝

[@successhighway]

Absolutely brilliant insights.

[@TraderLion]

Thanks for watching!

[@gloriajaimesa2811]

What i would love to know is Tom's multi systematic returns. I think his vol target is 17%. I would assume he compounds returns a touch lower than vol...? How the fund performs across various timeframe and liquidity cycle. Anyway...i ordered his latest book today...

[@rolodex3452]

a friend of mine considers himself an investor, fell in love with the fundmentals and just like oneil, mark and tom say, they disregard reading the charts and using good positioning and only think about fundamentals. u can imagine my friend hasnt been doing too good 😂

[@TraderLion]

People think technical analysis is just magic lines on the chart, when in reality it's best use is for risk management.

[@jameswalker366]

Would be great to hear the software/platforms he uses to automate his trades. I assume he uses the IBKR API as the trading platform, but understanding what is used for the automation engine would be interesting.

[@sphanationsphanation2426]

For a 100$ account how much leverage would you recommend

[@alexanderdiazlarsson829]

It's not about how much leverage it's about knowing your risk and setting your stop loss appropriately. if it happens to be a 0.5% stop loss but you keep tour risk at 2% you want a 4x levrage