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Episode Synopsis "001 Stan Ehrlich - Trading and Investing at the Highest Levels"
KEY TAKEAWAYS09:36 – Dr. Richard welcomes to the show Stan Ehrlich who speaks to his extensive experience with investing and breaks down the acronym LYLA-LYPR19:10 – Stan explains how being a gymnast influenced his trading methodology22:30 – Richard asks Stan to describe the psychology behind his trading style26:44 – Stan explains the functionality of the market indicator Relative Strength Index (RSI)31:16 – Stan asserts the importance of planning and explains the meaning of the acronym, SIRABID35:39 – The most important lesson Stan has learned from his investing career and advice he would give to those looking to get into investing40:54 – Dr. Richard recaps the highlights from the episode and shares several new projects in the works.TWEETABLE QUOTES“LYLA-LYPR is ‘limit your losses and let your profits run.’ Basically, it’s what everybody should do but most people don’t do. And they usually don’t know how to, or why to, or when to, or what to do.” (03:01) (Stan)“The point is, you’re not gonna be right all the time. You have to plan for the mistakes. And money management is all about that.” (12:47) (Stan)“It’s not the tool you use, it’s how you use the tool.” (20:02) (Stan)“We are human beings and it is our nature to do this [trading and investing]. And this is one of the things that’s crazy about trading in particular, and investing to a degree, it’s counter-intuitive.” (26:54) (Stan)“What looks good is not and what looks bad is good. Again, trading in particular and investing in general is counter-intuitive.” (31:13) (Stan)LINKS MENTIONEDDr. Richard Smith’s Website – https://richardmsmith.com/Stan’s LinkedIn – https://www.linkedin.com/in/stan-ehrlich-29403b7/Foundation For the Study of Cycles - https://cycles.org/BOOKS MENTIONEDBeing Right or Making Money by - Ned DavisNew Concepts in Technical Trading Systems - J. Welles Wilder🎙️🎙️🎙️Podcast production and marketing by FullCast
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