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“So my biggest challenge? Learning how to do trading outside what the experts have trained all Americans to do…”

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Michael, I have done ok with individual stock selection and buy/hold strategies as I avoid mutual funds the best I can (my company only provides mutual funds in 401k). I have put 50% of my wealth in real estate from 2009-2016 and the results are great. I lost 45% of my wealth in the 2008 draw down of my retirement investments and that is what triggered me to real estate. Now I want to learn how to work both the up and down market to avoid getting crushed in those equity drops. I have never invested market money in anything other than stocks and bonds ( and losing my ass on bitcoin), so I read your Turtle Trader book and I am trying to take time to study and learn more trading skills but I do have a full time job right now until my real estate investments (15 single-family homes) can sustain me for income. I am 50 years old. I am going to learn this trend trading area just like I took the time to learn real estate in 2009, then took action. I am close to retiring corporate america and working remotely on my own projects to sustain my earnings. I don’t want to be a billionaire, just go from $2.7M net income to $6M and then chill. My kids will be fine without me making more than that. I actively trade about $700k but $250k stuck in 401k/403b mutual funds with employers. So my biggest challenge? Learning how to do trading outside what the “experts” have trained all Americans to do.

Scott S.

I can help. A good start.

“I am desperate to trade a successful trading strategy on my own…”

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Hi Mr. Covel,

Thanks for reaching out! And I truly hope you do read this message!

I am desperate to trade a successful trading strategy on my own. I traded with a Wall Street trader and ended up losing everything. It wasn’t his fault. He made millions. It was my own psychology. He was trading weekly options. I tried the weekly and couldn’t stomach the swings. In hindsight, had I have done monthlies, I would probably be a multi-millionaire. I am seeking revenge. I want to murder the market and not only, as we used to say, “peckerslap” the market, but also make it a profession and become an expert trader. I just purchased two of your books. I will read them. I will eventually purchase your program. I just need to know one thing: if I put my blood, sweat, tears, and heart into this, will it compensate me with my goal of being a self-sufficient successful trader? I look forward to hearing back! Thanks.

Best,

C.

I give the big insights for those who want to be self-sufficient traders. Dive in.

“I am loving the podcast and have listened to over 100 so far and have repeated the Tom Basso a couple times…”

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Michael,

I hope you are well. Big changes on my end, moved to Montana and lovin’ it. This quote came to me and I know you will appreciate the idea … “Because I don’t follow trends, I am able to be a trend following trader!” I am loving the podcast and have listened to over 100 so far and have repeated the Tom Basso a couple times. Keep up the good work!

Regards,
Rob

Thanks!

Ep. 906: Rob Chesnut Interview with Michael Covel on Trend Following Radio

Rob Chesnut
Rob Chesnut

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“Show of hands―who in this group has integrity?”

It’s with this direct and often uncomfortable question that Robert Chesnut, General Counsel of Airbnb, begins every presentation to new employees.

Defining integrity is difficult. Once understood as “telling the truth and keeping your word,” it was about following not just the letter but the spirit of the law. But in a moment when workplaces are becoming more diverse, global, and connected, silence about integrity creates ambiguities about right and wrong that make everyone uncertain, opening the door for the minority of people to rationalize selfish behavior. Trust in most traditional institutions is down―government, religious organizations, and higher education―and there’s a dark cloud hovering over technology. But this is precisely where companies come in; as peoples’ faith in establishments deteriorates, they’re turning to their employer for stability.

In Intentional Integrity, Chesnut offers a six-step process for leaders to foster and manage a culture of integrity at work. He explains the rationale and legal context for the ethics and practices, and presents scenarios to illuminate the nuances of thinking deeply and objectively about workplace culture.

We will always need governments to manage defense, infrastructure, and basic societal functions. But, Chesnut argues, the private sector has the responsibility to use sensitivity and flexibility to make broader progress―if they act with integrity.

Bio: ROBERT CHESNUT is General Counsel of Airbnb, Inc. A graduate of Harvard Law School and the University of Virginia, he worked for fourteen years with the U.S. Justice Department as a prosecutor. He joined eBay in 1999 as its third lawyer and founded its Trust and Safety team.

In this episode of Trend Following Radio:

  • Political Leaders
  • Silicon Valley
  • Definition of Integrity
  • Intentional Integrity
  • Discrimination
  • Law Enforcement and Justice

Mentions & Resources:

“I always risk only between 0.75 and 1% of the capital and I set the stop loss accordingly…”

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Hey,

To answer the question I have two main challenges: increase the chances of the trend I spotted to actually go through (based on breakout or pullbacks, not always working) and the stop-loss position. I always risk only between 0.75 and 1% of the capital and I set the stop loss accordingly, which gives me the position size. But sometimes I wonder if I couldn’t reduce this stop loss to increase my position size and win more on the following trend but then it comes back to 1st challenge: how to increase the chances that the trend will move on. Last but not least, I love your content.

Cheers,

Vincent

I want to see you approach it like this:

• Exact rules for selecting your tracking portfolio.
• Exact rules for entering your trades at the right time.
• Exact rules for exiting your trades with a loss.
• Exact rules for exiting your trades with a profit.
• Exact rules for how much money to bet on each trade.

Read more.

If you approach it with my 5-step method? You solve your issues.

“Just to say Larry Hite is the dog’s ballocks…”

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Hello there,

Just to say Larry Hite is the dog’s ballocks. I’ve heard a couple of your conversations now and I always get a laugh and a better perspective on where I am at with my trading and with life in general. Great stuff

Take it easy for now.

Larry is great. Indeed. Fun chats always.

Larry Hite's The Rule: How I Beat the Odds in the Markets and in Life―and How You Can Too
Larry Hite’s The Rule: How I Beat the Odds in the Markets and in Life―and How You Can Too