BO21: Trading for a Living

Top Traders Unplugged

Niels Kaastrup-Larsen

Business, Business News, Investing, News

4.8 • 670 Ratings

🗓️ 6 June 2019

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

The financial crisis back in 2008 is slowly fading from the memories of investors. But for those of us who lived and traded through it, many important lessons were learned, and usually the hard way. For many investors, it was a period that can be best described as an Emotional Roller-Coaster, where billions of dollars were lost by investment decisions which were primarily driven by emotions. In my hope to make sure that these lessons are not forgotten and wasted, I wanted to share a story that I think many of us can relate to. So I looked through my list of guests to pull a few Golden Nuggets from on this topic, and I thought that Robert Carver, who spent many years at AHL before deciding to share his knowledge about Systematic Trading through his books and blog, would be ideal for this. So enjoy these unique takeaways from my conversation with Robert.

Listen to the full episode here.

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Transcript

Click on a timestamp to play from that location

0:00.0	The financial crisis back in 2008 is slowly fading from the memories of investors.
0:07.0	But for those of us who lived and traded through it, it was a time where many important lessons were learned, usually the hard way.
0:17.0	For many investors it was a period that can best be described as an emotional roller coaster
0:23.9	and where billions of dollars was lost by investment decisions driven by emotions and in my hope
0:31.0	to make sure that these lessons are not forgotten and wasted today i want to share a story that
0:37.2	i think many of us can relate to.
0:40.2	So when I looked through my list of guests to pull a few key lessons from on this topic,
0:46.7	I thought that Robert Carver, who spent many years at AHA before deciding to share his knowledge
0:53.5	about systematic trading through his books and blogs
0:57.9	would be a perfect person.
1:01.1	So sit back and relax and enjoy these unique takeaways from my conversation with Robert.
1:07.2	And if you would like to listen to the full conversation, then just go to top traders on plot.com
1:12.9	forward slash 89 and also forward slash 90.
1:20.1	I would kindly ask you maybe to read a little bit of the preface and then a little bit of the introduction to the book if you don't mind.
1:32.0	Sure. Okay. I'm very bad at making financial decisions.
1:39.4	Like most people, I find it difficult to manage my investments without becoming emotional and behaving irrationally. This is deeply irritating as I consider myself to be very knowledgeable about finance.
1:46.5	I've voraciously read the academic literature, done my own detailed research, spent 20 years
1:52.6	investing my own money, and nearly a decade managing funds for large institutions.
1:58.0	So, in theory, I know what I'm doing.
2:00.7	In practice, when faced with a decision to buy or sell a stock, things go wrong.
2:05.6	Bear and greed washed through my mind clouding my judgment.
2:09.6	Even if I spent weeks researching a company, it's still hard to click the trade button on my broker's website.
	...

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