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042: Trade Like A Casino w/ Richard Weissman

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Trade Like A Casino w/ Richard Weissman

“Trade like a casino” sounds like an awesome idea, right?

After all, what do casinos do? They have a system/strategy to ensure that they are going to have an edge over the long-run.

Does that mean the casino is going to win every poker game? Not at all, but over time, it is almost guaranteed to make money.

In episode 42 of the Desire To Trade Podcast, I interview Richard Weissman, the author of Trade Like A Casino and a number of different trading-related books that showcase a very insightful and researched methodology to trading.

The interesting thing about Richard is that he focuses a lot on research and backtesting. That allows him to develop mechanical trading systems that he is then able to use with a positive expectancy.

During this episode, Richard and I discuss what it means to “trade like casino” and how traders can apply this principle in their trading. It’s not only about the trading strategy, but also in regards to emotions and psychology.

These days, Richard focuses on his role as the CEO of CNV Capital Management, focusing on trading and system development.

 

Question & Cheat Sheet – Richard Weissman

  • What it means to “trade like a casino” & why it’s crucial
  • How to reach the level of trading like a casino
    • Doing research
    • Having a mechanical trading system
    • Building confidence
  • The types of strategies used by great traders
  • How to backtest properly
  • Discretionary trading like a casino
  • And much more!

What is one thing you are going to implement after listening to this podcast? Leave a comment below, or join me in the Facebook group!

The music at the end of the podcast has been produced by Daniel Hoshor. If you want custom & tailor-made music for your business, make sure to check him out at http://www.thedannyboiexperience.com.

Visit the show notes!

To know more about what I’ve been working on: http://www.desiretotrade.com/new