Michael Covel talks with Tom Basso, the trader most famously known as “Mr. Serenity” in Jack Schwager's "New Market Wizards”. Basso, now retired from managing client money, was president and founder of Trendstat Capital Management. Basso became a registered investment advisor in 1980, a registered commodities advisor in 1984, and was elected to the board of the National Futures Association in 1998. Today, he is a privat trader. This is Basso’s fourth podcast conversation, and Covel and Basso talk about the 50% drop in oil and why trend followers have done especially well with this price movement; why people like to blame speculators, and the value of speculation; emotional rushes and emotional devastation; mentally rehearsing catastrophic events; focusing 1,000 trades into the future; separating your trading from your political opinion; trend following and behavioral economics; the importance of not letting your trading define you; and Basso’s advice to newcomers to the CTA industry. For more information on Tom Basso, follow him on Twitter at @Basso_Tom. Want a free trend following DVD? Go to trendfollowing.com/win.