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“I am definitely starting to see that longer term trend following has much more potential than the short term trading…”

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I am definitely starting to see that longer term trend following has much more potential than the short term trading I have been focused on for far too long. I just finished your newest book over the weekend and am thinking very seriously about enrolling in your Flagship Program. Many of the managers you mentioned in the book traded a large number of markets. To do that you need to be well capitalized. When they first started out (like would be and many of your other readers) how many markets did they focus on?

Capital and markets discussed: here, here, here.

“My goal is to be wealthy from trading after 10 years. Is that possible? And what do you advise me to do to reach my target?…”

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Hi Michael, I have been trading for a year now, and I still can’t be profitable consistently, I lost all my money twice, and every time I trade with a demo account, I make a good profit, but when I put real money, everything goes wrong. I am not the kind of person who gives up quickly, and I always say, if it is working with someone, it should work with me. Therefore, I have decided to read more and study trading seriously. I am reading your book “The Complete TurtleTrader,” It is great by far; I just finished chapter 5. My goal is to be wealthy from trading after 10 years. Is that possible? And what do you advise me to do to reach my target?

My books are a good start to that goal. My training too. Jack Schwager’s books too. Resources too. But you have to decide to become you and make it happen. No one can do it for you.

“In stoic philosophy you have a set of rules, that you set for yourself, because they make sense, and then you‘re disciplined about it and follow them…”

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Hey Mike, I listen to your podcast regularly and I really like your intended link between trend following and the concepts of trend following applied as a practical life philosophy. And I always think, that actually this philosophy already exists. In stoic philosophy you have a set of rules, that you set for yourself, because they make sense, and then you‘re disciplined about it and follow them. Maybe you should check out the stoics and check, if there‘s a link for you. I would be intrigued by your response. All the best, Michael

Absolutely. Stoicism and Zen both dovetail with trend following.

Ep. 1008: David Schonthal Interview with Michael Covel on Trend Following Radio

David Schonthal
David Schonthal

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Most marketers, innovators, executives, activists, or anyone else in the business of creating change, operate on a deep assumption. It is the belief that the best (and perhaps only) way to convince people to embrace a new idea is to heighten the appeal of the idea itself. We instinctively believe that if we add enough value, people will eventually say “yes.”

This reflex leads us down a path of adding features and benefits to our ideas or increasing the sizzle of our messaging – all in the hope of getting others on board. We call this instinct the “Fuel-based mindset.” The Fuel-based mindset explains so much of what we do, from adding countless trivial features to software, to bolting a sixth blade onto a shaving razor.

By focusing on fuel, innovators neglect the other half of the equation – the psychological Frictions that oppose change. Frictions create drag on innovation. And though they are rarely considered, overcoming these Frictions is essential for bringing new ideas into the world. David Schonthal highlights the four Frictions that operate against innovation:

  • Why their best ideas get rejected – despite their undeniable value.
  • How to disarm the forces of resistance that act against change.
  • How to transform the very Frictions that hold us back into catalysts for change.

David Schonthal’s The Human Element is an great resource to help people overcome the powerful forces of human nature that instinctively resist change.

Bio: David Schonthal is a Clinical Professor of Innovation & Entrepreneurship at Northwestern University’s Kellogg School of Management, where he teaches courses in new venture creation, design thinking, business acquisition, healthcare entrepreneurship, corporate innovation and creativity. He is also a Senior Director of Business Design at IDEO.

In this episode of Trend Following Radio:

  • New Ideas and Innovation
  • The Human Element
  • Improving the Idea
  • Four Primary Frictions
  • Apple Products
  • Simplicity in Design
  • Dating Apps
  • Medical Innovations

Mentions & Resources:

“Since then I have invested both time and money into reading Trend Following and Turtle Trader…”

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It has been some time since we exchanged emails. Since then I have invested both time and money into reading Trend Following and Turtle Trader. I have also noticed there are some changes to your program offering since I had last looked. Reading through the material that is available on your website I believe this is still in the frame of mind since we talked last. Last time you encouraged me to embark on the two prerequisites prior to investing into the program. With those being accomplished do you have any other recommendations prior to entering into the program? Are your other books (I have started to listen to Trend commandments) that are included with the Flagship Program? I wish this finds you well and I thank you for opening the doors to your material.

The biggest requisite to trend following comes from Dale Carnegie: “Inaction breeds doubt and fear. Action breeds confidence and courage. If you want to conquer the negative elements in your life, don’t sit at home and think about it. Go out and get busy!”

My books and all translations are here.

“My greatest challenge is establishing a time efficient strategy/trading system as there is so much information & noise + my time is limited…”

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Hi Michael, I started investing about a year ago when money was growing on the trees and i was watching my P&L growing green but I got shaken out on a correction without putting anything in my bag. That’s when I learned the importance of the stop loss and that there is more to learn… My greatest challenge is establishing a time efficient strategy/trading system as there is so much information & noise + my time is limited (I’m a full time employee) and it will get even more limited (I’ll be a full time dad in 3 months). The good part is that I actually enjoy the process of learning and observing the market and my emotions.

Hope it’s not to boring …

Greetings,

Andrei

Start here and here and here and here and here.

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