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Podcast Making Waves II

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Hi Covel,

I was listening to your last podcast (the best ones are the monologues), and finally, you spoke about the subject of you making money selling systems and books on the subject.

Before going forward, I must say that I’ve been in the markets professionally since 1996 and as a CMT, I’ve listened and studied everything there is about technical analysis, fundamental analysis, psychology. I come to point where there is nothing more to see, and I have to agree to a point that the only thing valid to make money in the market is a trend following approach. I’ve been doing it for a long time and I have a track record with real money to prove my point to myself. It’s frustrating that after all the time and effort put in technical analysis, trend following is all there is. That makes life boring, but at the end the day it’s not about the thrill and emotion, but the money and the growth of your wealth.

Moving forward, I think that any intelligent character out there can have doubts about the validity of trend following, and ask you the most obvious question, that is – If it’s so good, why are you selling books and systems? – don’t bother to answer because I have been asked a lot the same question from newbies that sit beside me to learn about the market.

I’ve read all your books and others on the subject, and the most important thing that separates you from the rest is that you focus on modeling the mindset of the person. You are not giving them the rules because like someone said, if you only published the rules then no one would follow. It’s the mindset that we have to shape; the rules are not important, because if your mind isn’t there, then the rules have no value whatsoever.

So, this is all to say, that you have the right to sell and be paid well for your services because if you gave it for free, then no one would place and effort to follow. If I’m paying I sure will spend some time on it, even if it’s only to get my money back.

I’ll probably try to get in touch with you if I happen to be in the same location, even if it’s for a quick coffee and to thank you for keeping this alive.

One last thing, I tried to trade client’s accounts, but it’s very difficult. People want returns big and for yesterday; they don’t want sideways and drawdowns periods, which makes your account the only profitable in the group. People want the get rich fast theme CNBC format, and this is not what this is, so I gave up. Today it’s only my account.

Keep posting and podcasting,

Cheers,

[name]

Thanks.

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