Author: Michael Covel

Feedback in:

Hi Michael,

Thanks for reading this. My biggest problem is not getting out of losing trades fast enough… like those calendar put spreads I just bought on June 3rd – UGH! It’s hard to adjust when the market does such a volatile about face. I’m actually a fairly adept trader, so what I meant as a bear trade turns into a bull put calendar, and I will dance around for the next 6 weeks hoping to sell enough premium against my long put, whose value nearly evaporated in a heartbeat, just to get to break-even. Sorry, was that a run-on sentence? So when I’m wrong on a trade, instead of just getting out quickly, I often waste a ton of time and energy in my fight to get even. I found a crisp looking copy of your book “TurtleTrader” on my bookshelf yesterday, and was shocked when I opened it to find I had underlined things in it. My brain must be going, as I didn’t recall when or where I got it, and didn’t recall reading it. Looks like I didn’t make it to the end, but I’m going to carefully read every page this time, I promise!

Have a good weekend!
Gerri

Don’t promise me, promise yourself!

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Hi Michael

I live in South Africa, I’ve only been trading for about 6 months and have doubled and halved my account 4 times now (boom and bust as Mark Douglas puts it). I grew up with nothing and has worked myself up into a very good corporate finance position (which is not my passion) but I think growing with without any money left me with some subconscious challenges which might be holding me back. I’m open to any suggestions with regards to helping me overcome this if you have any.

I find that when I’m successful in my trading (i.e. doubling my account) I become to aggressive and as a result I pyramid my leverage to quickly which results in my stop becoming to narrow and expensive. I guess my biggest challenge is sticking to my rules, being too impatient and over trading.

Kind Regards,

[Name]

A great place to start.

Also? My books.

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.

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The biggest problem that I faced was once I first created my first system, I had serious problems using way too many indicators and constantly switching them when I lose a few trades. This for me was the hardest thing to get over. The best thing was that I started with a very small amount of money, so I didn’t lose any significant amounts. I am know a trend follower in heart and use indicators but only to guide me on the strength of the trends I am trading. I have your trend following book and can relate to everything written. I currently just bought your complete turtle trader book. I one day hope to be featured in books like these, trading is my life. I have a full time job that allows me to pay bills and constantly add funds to 1 of many accounts that I have. I currently trade Forex, Stocks, Options and Cryptocurrencies. Use my same trading methods on all but with different time frames. Sorry that I went a little beyond the scope of the question, its just this is what I love to do and its very hard to find like minded people to even discuss this stuff with. Thank you for your time.

You are welcome. More reading.

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 guest today is Esther Wojcicki—“Woj” to her many friends and admirers. She’s famous for three things: teaching a high school class that has changed the lives of thousands of kids, inspiring Silicon Valley legends like Steve Jobs, and raising three daughters who have each become famously successful. Her husband is Stanford University professor of physics Stanley Wojcicki. They have three daughters: Susan (CEO of YouTube), Janet, a Fulbright-winning anthropologist, Assistant Professor of Pediatrics and researcher, and Anne (co-founder of 23andMe).

The topic is her book How to Raise Successful People: Simple Lessons for Radical Results.

In this episode of Trend Following Radio we discuss:

• Woj’s secret to raising successful people: Trust, respect, independence, collaboration, and kindness

Mentions & Resources:

• Esther Wojcicki
• @EstherWojcicki

Listen to this episode:

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

Jump in!

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Hello Michael, first of all thank you for this opportunity…biggest challenge that’s a tough one…I would say coming to a point which i have a clear plan, strategy or analysis that’s understandable without having to study every type of analysis…I would say once I read your post it made sense to me to focus on the 200 MA if I understood correctly and that’s not the first it me I have come across this idea, but today it clicked…and it’s not that I am lazy, it’s just which way to go and just how much TA and how many years will it take…

And to my credit I am not a big trader, but I seem to have latched onto, for short term scalping, an ability to at least be correct more often than not…but the issue is off uncertainty and I end up not being patient enough once I have a position there is this desire to get out because I don’t want to watch it constantly…so lately I have been listening to [name], [name] and I like this longer term trend approach…

Thanks again for reading,

Darryl

Uh oh. Scalping?

I would leave that ASAP.

And the TA made popular in all of the books? Run from that. Read more.

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.

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Hi Michael,

In hindsight, my biggest challenge was my biggest mistake.

I did not know when to cover my position be it profit or loss.

I let my losses run and took my profits immediately which resulted in a slightly positive to negative ledger.

I realised that mistake too late in the day.

Also, I thought that a trading strategy should be “perfect”, which I later on realised was an incorrect notion. (Also realised that my understanding of the term “strategy” was quite narrow)

I did not pay attention to the risk associated with options trading (especially time decay)

This resulted in me blowing my initial capital set aside for trading in 2016.

The current challenge that I face is understanding how a mechanical trading strategy works and how one can design, set parameters and test the operating effectiveness of a mechanical trading strategy.

I will be reading [name] by [name] to gain some insight into this.

Regards.

I recommend my book Trend Following as a primer. Dive in!

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 Wake Up and Think with Michael Covel on Trend Following Radio. This episode may also include great outside guests from my archive.

Listen to this episode:

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

Want to learn more Trend Following? Watch my video here.