The benefits of a balanced life for market success with Market Wizard Tom Basso
‘Market Wizard’ Tom Basso shares how self-awareness, focus and a balanced life can contribute to a trader’s success in the markets. Learn from a seasoned pro how these elements can help you understand your goals as trader.
Reading time: 36 minutes
Trading level: Beginner
Introduction
It is a fact that you must fill your tank to continue progressing towards your goals, particularly when facing trading pressure. It makes sense to rely on the strength of mentors and those who forged the path before you.
I am about to interview Tom Basso, a trader who was featured in the book ‘The New Market Wizards’ written by Jack Schwager in 1992. In that book, Jack mentions that although Tom's track record is solid, it is by no means striking. And yet, in an important sense, Basso is the most successful trader I have ever interviewed.
This success stems from Tom's ability to perform and remain calm, centred and completely balanced, living the life he wants to live. You'll hear that Tom has managed to combine the twin goals of performing as a trader and living life on his terms.
This combination is quite an inspiring feat, as I'm sure you would agree.
Tom Basso, welcome.
Questionnaire
- Tom, what is the story behind Jack Schwager calling you ‘Mr Serenity’ in his Market Wizard books?
- How much has your background as an engineer impacted your trading methods?
- How can traders choose their emotional state?
- I'd like you to share with us how you think ahead but plan for the worst.
- Traders sometimes want to copy the methods of the ‘Market Wizards.’ But you've suggested that it might not be a good idea. Why would that be?
- What else would your advice be to traders who are looking to develop their confidence?
- In your experience of being even-keeled and calm, is this something that you feel traders are either born with or that they have to cultivate?
- How important is self-talk to traders?
- What are your thoughts on people giving up trading too early?
- What is the importance of knowing your purpose as a trader?
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