Ep. 90: Richard Weissman Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

Michael Covel

Business, Investing

4.6 • 732 Ratings

🗓️ 21 December 2012

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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

Jump in!

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I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show.

To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/

You can watch a free video here: https://www.trendfollowing.com/video/

Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast

My social media platforms:
Twitter: @covel
Facebook: @trendfollowing
LinkedIn: @covel
Instagram: @mikecovel

Hope you enjoy my never-ending podcast conversation!

Transcript

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0:00.0	This is Trend Following Radio, where great thinking comes alive.
0:10.9	Nobel Prize winners, legendary traders, bestselling authors, and the pros that know what drive us irrational human beings.
0:21.2	I am your host, Michael Cobell.
0:24.0	Not filtered, raw, honest.
0:27.4	That's my passion.
0:33.1	Today in the show I have Richard Weissman.
0:35.6	He's a professional trader with over 25 years of experience.
0:39.2	His most recent book is, Trade Like a Casino, Find Your Edge, Manage Risk, and Win Like the House.
0:46.3	I got to love that. I'm a fan. I don't, I'm a fan of Vegas. I know there's a lot of bad things about Vegas, but I love aspects of Vegas.
0:56.0	I don't gamble, but I do love the idea that smart guys can build things in the desert and make
1:00.4	themselves a lot of money. I think that's cool. And I'm on the road right now in Virginia,
1:07.6	and so that's been the slight delay in podcasts. I will have some monologues coming up
1:11.9	and some more interviews before the year is over. But let's jump right into my conversation with
1:17.1	Richard Weissman.
1:29.1	Hey, Mike.
1:30.3	Hey, Richard. How are you?
1:32.4	Good. How's the sound? Okay?
1:36.4	Yeah, I'm on the road. So I'm kind of adjusting here.
1:41.0	You said you were adjusting to the software. I'm kind of adjusting as well, but I think we're all good.
1:47.3	Good, good. I had tried it once when I was teaching in Singapore with my wife, and it worked pretty well then.
1:50.3	No, I think we're all good.
1:53.2	So let me ask.
	...

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