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You have to know who you are in the investing world.
Otherwise, the market will figure it out for you.
As I talk about in Investing 101, you have to find what works for you, and what makes sense to you.
If your investing strategy and your personality/risk tolerance are not aligned, then it will be very difficult to become successful.
Richard Weissman, author of Trade Like a Casino, found that technical trading appealed to him and he went after it.
In this episode, Richard shares some great insight on the important factors of investing success, so I know you’ll really get a lot out of it!
In This Podcast, You’ll Learn:
- The big mistakes that Richard made at first.
- The 1% rule.
- How much you should risk in investing.
- How to not get stopped out on random noise.
- The myth of limited successful strategies.
- The best risk adjusted rate of return based on our unique personalities.
- Why you need to understand your timeframe and your assets.
- How you build successful investing models.
- Why you need to start early, and focus on taxes.
- The types of mechanisms that you need to take advantage of as a YoPro.
- How to manage risk.
- And much, much more!
- Market Wizards by Jack Schwager – This is a stellar book and one of the next ones that the mastermind group will be reading together (and Jack will be on the YoPro Wealth podcast very soon)!
- Reminiscences of a Stock Operator – Edwin Lefevre
- For new traders, be sure to check out my friend Steve Burns’ book New Trader, Rich Trader
Best Financial Advice Ever Received:
- There are two basic rules: (1) If you don’t bet, you can’t win. (2) If you lose all your chips, you can’t
bet. – Larry Hite
- Trade Like a Casino – a book I highly recommend!
There is so much gold in this podcast, that I want you to go and listen to it to be sure and take in all that he shares.
As we talked about, successful trading is not easy, but it is simple. Here are the 3 common characteristics among successful traders:
- Positive expectancy model
- Prudent risk management
- Discipline and fortitude to stick with it
- Investing 101 covered a lot of some important topics that we discussed. (hint, hint)
- I really enjoyed Richard’s book, and would suggest that you read it if you’re a serious investor/trader.
- Join our Mastermind group for regular detailed discussions on investing, real estate, health/wellness, passive income, and some of these great books that Richard suggested. Add me on Facebook and let me know that you’re interested in the group. We want only motivated people on the team!