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Episode: Be Water My Friend

Synopsis: Michael Covel starts off the podcast with two famous film speeches: one that you’ve probably heard and one that perhaps only those with some Wall Street experience may be familiar with. Covel notes that this is how most young men begin their understanding of Wall Street: through the brokerage lens (hence the 2nd speech). It’s how Covel first understood it, too: through the lens of Liar’s Poker and Salomon Brothers. The idea is that if you work for this big investment bank and become a broker, you can make yourself a fortune. And you can call yourself a trader. But, being a broker doesn’t make you a trader. You have to put your time in and you have to allow yourself to be in learning mode. Can you put off all the distractions and focus on the education of learning a trend following system and trend following psychology? Or do you operate under society’s rule that if you lift a finger someone has to pay you first? If you have the opportunity to learn trend following trading don’t worry about the silly stuff: how much time it will take, how much money you’ll have to spend, etc. As long as you don’t go broke it will be fine. The important thing is taking the proper amount of time and effort to prepare. In stark contrast to the earlier clips Covel transitions into playing and analyzing several excerpts from legendary trend following traders Bill Dunn, Jerry Parker and David Harding. These excerpts are not the Hollywood speeches: they’re real, raw and full of priceless trend following insights. Covel ends with a quote by Harding: “We know that we know almost nothing, but the almost nothing we know isn’t completely nothing and we only bet on that.” We all know the price action; we know whether a market is moving up or down. We can follow that flow. If you can follow the flow of a market either up or down you’ve got a chance. Don’t try and predict tomorrow, it’s impossible. Take what you do know for sure and look for a way to use it and be prepared for when the next black swan swoops in, the next big event appears suddenly. As Bruce Lee says: “Be water, my friend.” DVD:

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