Author: Michael Covel

Feedback in:

Hi Michael,

I just wanted to express my sincere thanks for your book The Complete TurtleTrader. It fundamentally changed the way I approach commodity trading.

I’ve never felt more confident trading futures. While I’ve slightly tweaked the entry and exit parameters to suit my style, the core principles from the Turtle system remain the backbone of my strategy — and it’s been working remarkably well.

Your work didn’t just educate; it gave structure and conviction to my trading. Thank you for preserving and sharing that legacy.

Thanks,
J. V.

Welcome!

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How can you move forward immediately to Trend Following profits? My books and my Flagship Course and Systems are trusted options by clients in 70+ countries.

Also jump in:

• Trend Following Podcast Guests
• Frequently Asked Questions
• Performance
• Research
• Markets to Trade
• Crisis Times
• Trading Technology
• About Us

Trend Following is for beginners, students and pros in all countries. This is not day trading 5-minute bars, prediction or analyzing fundamentals–it’s Trend Following.

Subscribe to Trend Following Radio on iTunes

My guests today are Jerry Parker, Moritz Seibert, Richard Liddle and Gareth Abbot.

Jerry Parker, the founder of Chesapeake Capital Corporation, a global investment manager headquartered in Richmond, Virginia, in 1988. He was an original TurtleTrader, the most successful TurtleTrader.

Moritz Seibert, Founder & CEO at Takahē Capital, a systematic investment manager targeting absolute returns through resilient trading strategies. He is also the co-host at Top Traders Unplugged.

Richard Liddle is the CEO of Bowmoor Capital. Richard is also a former military officer with 21 years of experience serving in both the Royal Navy and Royal Air Force as a helicopter and fast jet pilot.

Gareth Abbot is the Investment Manager of Bowmoor Capital. He is a mathematician by profession and passion and is a Fellow of the Institute of Mathematics and its Applications (FIMA).

The topic is Trend Following.

In this episode of Trend Following Radio we discuss:

• Evolution and historical context of trend following and the TurtleTraders
• Challenges of trend following in volatile 2025 markets
• Applications and limitations of AI in trading and operations
• Trend following system design (diversification, rebalancing, psychology, volatility)
• Future adoption, perception, and positioning of trend following strategies

Mentions & Resources:

• Jerry Parker
• Chesapeake Capital
• Moritz Seibert
• Takahē Capital
• Bowmoor Capital

Listen to this episode:

• Listen to this podcast on iTunes. (Please leave a rating!)
• Listen on Spotify.
• Libysn RSS.
• Download as MP3 by right-clicking here and choosing “save as.”
• Free Video.

Jump in!

Feedback in:

Hi Michael,

I am interested in your trend following Essentials course. I’ve been trading for around 5 years now, learned from many services and different educators. Considering that, I’m more inclined to learn from people who are actually traders themselves and preferably making their living off their trading. I saw no mention in your site that you are a trader, but I do know that you did extensive research on trend following systems speaking with many trend following legendary traders (Market Wizards among them). I believe that this is a question you face frequently: Why would a trader learn from someone who isn’t a trader about trading? That is my main question.

Regards,
Dor S.

Fair question. I am not running a fund, so there is no performance posting. But I have helped a lot of people for a long time:

Success
Clients in 76 countries

I’m sure I can help you. Ultimately, what is your risk?

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How can you move forward immediately to Trend Following profits? My books and my Flagship Course and Systems are trusted options by clients in 70+ countries.

Also jump in:

• Trend Following Podcast Guests
• Frequently Asked Questions
• Performance
• Research
• Markets to Trade
• Crisis Times
• Trading Technology
• About Us

Trend Following is for beginners, students and pros in all countries. This is not day trading 5-minute bars, prediction or analyzing fundamentals–it’s Trend Following.

Feedback in:

Mike,

Thank you.

I enjoyed the presentation and have started reading “Trend Following“.

I will revert back after following The Starting Steps for 2025.

I like the emphasis on absolute return, system and process. It follows what I did as an insurance underwriter in markets across the globe.

Regards,
[name]

You are welcome.

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How can you move forward immediately to Trend Following profits? My books and my Flagship Course and Systems are trusted options by clients in 70+ countries.

Also jump in:

• Trend Following Podcast Guests
• Frequently Asked Questions
• Performance
• Research
• Markets to Trade
• Crisis Times
• Trading Technology
• About Us

Trend Following is for beginners, students and pros in all countries. This is not day trading 5-minute bars, prediction or analyzing fundamentals–it’s Trend Following.

Feedback in:

Hi Mike,

I’ve read 2 of your books (“Complete TurtleTrader” and “Trend Following 5th ed”) and they’ve converted me from the Daytrading Dark Side. Your books are comprehensive and I started implementing turtle rules.

But I still have one question: I know each trade should be 1% of capital, but how much of the total account should I deploy at any one time? For example, if I have a $10,000 account, I know that no one trade should risk more than $100. But I’m also supposed to trade every signal. If I’m looking at commodities (ETFs), Forex, and stocks, I quickly get at least 50 trading signals for either System 1 or System 2. At 1%, that’s 50% of my capital deployed.

Are there any turtle rules for how much capital I should deploy, or perhaps the better question, what percent of my capital should I always hold back so that I survive if all investments tank?

Thanks for all the work you’ve put into this. I would never have learned about it if not for your books.

Jack M.

I do help A to Z clients understand trend following and trend following position sizing. The short answer is you use a structure of units, whereby each unit will be a %, ie. 1-2%, etc. Then you have a max number of units to deploy at any one time. That’s to start.

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How can you move forward immediately to Trend Following profits? My books and my Flagship Course and Systems are trusted options by clients in 70+ countries.

Also jump in:

• Trend Following Podcast Guests
• Frequently Asked Questions
• Performance
• Research
• Markets to Trade
• Crisis Times
• Trading Technology
• About Us

Trend Following is for beginners, students and pros in all countries. This is not day trading 5-minute bars, prediction or analyzing fundamentals–it’s Trend Following.

Subscribe to Trend Following Radio on iTunes

Please enjoy my monologue Sun Tzu with Michael Covel on Trend Following Radio.

Listen to this episode:

• Listen to this podcast on iTunes. (Please leave a rating!)
• Listen on Spotify.
• Libysn RSS.
• Download as MP3 by right-clicking here and choosing “save as.”
• Free Video.

Feedback in:

50 years a trend trader.
98% of my life’s income is from trading.
Saw your YouTube podcasts – Moritz Seibert & Christopher Cruden – both with absolutely correct premises. IMO.

Thanks.

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How can you move forward immediately to Trend Following profits? My books and my Flagship Course and Systems are trusted options by clients in 70+ countries.

Also jump in:

• Trend Following Podcast Guests
• Frequently Asked Questions
• Performance
• Research
• Markets to Trade
• Crisis Times
• Trading Technology
• About Us

Trend Following is for beginners, students and pros in all countries. This is not day trading 5-minute bars, prediction or analyzing fundamentals–it’s Trend Following.