"Most people are not as good at trading as they think they are." - Robert Carver (Tweet)

Robert Carver spends most of his book telling you that he is not a good trader. So why did he devote his life and a whole book to the subject?

Because he believes in systematic trading; making a simple trading system and sticking to it.

In this episode, we dive into his new book and explore why simplicity is the key, people think they are better traders than they are, and so much more.

Thanks for listening and let's welcome our guest, Robert Carver.

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In This Episode, You'll Learn:

Why Robert decided to write his new book, Systematic Trading

Robert reads the preface to his new book

He explains one of the biggest investing mistakes of his career

The book that got him interested in the financial industry

"From quite a young age, I was fascinated by computers." - Robert Carver (Tweet)

How he got a job with AHL

"From 2006 to 2013 when I left AHL, it was probably the most exciting period to work in financial markets." - Robert Carver (Tweet)

Why he wrote a book with very little math involved so that he spoke to a large audience

The 3 types of investors that he defines in the book

How cognitive biases in humans make them bad traders

"If you use a system with simple rules, you can overcome those cognitive biases." - Robert Carver (Tweet)

Why he spends a lot of his book explaining how bad he is at trading

Whether trend following and other divergent strategies work or not

Why sticking to a plan is so important

"You need to make the assumption that the future will be at least a bit like the past." - Robert Carver (Tweet)

How the markets and CTAs will change once the interest rate changes

The differences between a subjective and an objective system

Things that people should avoid when creating a trading system

Why few people have a good handle on overtrading

Machine learning approaches vs. idea approaches to creating trading programs

"I personally prefer the ideas-first method to creating trading systems." - Robert Carver (Tweet)

How systematic trading adapts

Resources & Links Mentioned in this Episode:

Listen to our two episodes with Kathryn Kaminski here and here.

AHL

Liar's Poker by Michael Lewis

Thinking, Fast and Slow by Daniel Kahneman

"I try to pick up on human behaviors that have not changed for thousands of years." - Robert Carver (Tweet)

This episode was sponsored by Eurex Exchange:

Connect with Robert Carver:

Buy his book on Amazon.

Follow Robert Carver on Linkedin

"Overconfidence is the fundamental human flaw that effects most people." - Robert Carver (Tweet)

Full Transcript

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Niels

Welcome to Top Traders Unplugged, where my goal is to give you the clarity, confidence and courage you need to invest like or invest with one of the top traders in the world. It is the stories that you never get to hear set out as the most honest and transparent account that I can make of what goes on inside the minds of some of the best investors in the world. Today you're listening to episode 89. If this is your first episode you've heard, you might want to go back and listen to all the earlier conversations. Before we find out who’s on today’s show, I want to mention that today’s podcast is brought to you by the Eurex Exchange. In today’s conversation I actually learn about a brand new contract from my guest that Eurex has just launched, which my guest finds to be very useful for many investors and which you can find out much mor...