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My biggest challenge is my psychology and fear.

Do you have a strategy?

Yes I do have a strategy. I use chart patterns and harmonic chart patterns.

That ends one way–badly. Apologies for the bad news. More.

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Aha Moments with Michael Covel on Trend Following Radio.

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Hello Micheal,

Firstly I would like to say I admire your work, and appreciate all the good content you provide on all your platforms. My biggest challenge was changing my beliefs about the market. I often over-complicated trading and convinced myself that it was a very complex task which only individuals with insider knowledge or an innate ability to trade could be Successful in, However, it Dawned upon me after the study and application of trend following principles, that trading success starts with your beliefs and the more simple your strategy the better.

Kind Regards,
Jamie G.

Good point!

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Why is paying for things painful? Why are we comfortable overpaying for something in the present just because we’ve overpaid for it in the past? Why is it easy to pay $4 for a soda on vacation, when we wouldn’t spend more than $1 on that same soda at our local grocery store?

We think of money as numbers, values, and amounts, but when it comes down to it, when we actually use our money, we engage our hearts more than our heads. Emotions play a powerful role in shaping our financial behavior, often making us our own worst enemies as we try to save, access value, and spend responsibly. In Dollars and Sense, bestselling author and behavioral economist Dan Ariely teams up with financial comedian and writer Jeff Kreisler to challenge many of our most basic assumptions about the precarious relationship between our brains and our money. In doing so, they undermine many of personal finance’s most sacred beliefs and explain how we can override some of our own instincts to make better financial choices.

Exploring a wide range of everyday topics—from the lure of pain-free spending with credit cards to the pitfalls of household budgeting to the seductive power of holiday sales–Ariely and Kreisler demonstrate how our misplaced confidence in our spending habits frequently leads us astray, costing us more than we realize, whether it’s the real value of the time we spend driving forty-five minutes to save $10 or our inability to properly assess what the things we buy are actually worth. Together Ariely and Kreisler reveal the emotional forces working against us and how we can counteract them. Mixing case studies and anecdotes with concrete advice and lessons, they cut through the unconscious fears and desires driving our worst financial instincts and teach us how to improve our money habits.

The result not only reveals the rationale behind our most head-scratching financial choices but also offers clear guidance for navigating the treacherous financial landscape of the brain. Fascinating, engaging, funny, and essential, Dollars and Sense provides the practical tools we need to understand and improve our financial choices, save and spend smarter, and ultimately live better.

Bio: Jeff Kreisler is a typical Princeton educated lawyer turned award-winning comedian, best-selling author, international keynote speaker and champion for behavioral economics.

In this episode of Trend Following Radio:

• Human Irrationality
• Hoarding Toilet Paper
• What is Money?
• Behavioral Science

Mentions & Resources:

• Jeff Kreisler
• Dan Ariely
• Daniel Kahneman
• Dollars and Sense: How We Misthink Money and How to Spend Smarter
• Get Rich Cheating: The Crooked Path to Easy Street
• Vernon Smith
• Coronavirus
• peoplescience.com

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Hi Michael,

Absolutely love your work and coverage of what we’re experiencing through your guests. I love your bluntness and no BS and sugarcoating attitude. The world needs more of that. I know you’ve had guys like Ed Seykota and Salem Abraham on your podcast before, and it would be a gem to hear their thoughts on the current situation and have someone like yourself pick their brains again. You might have heard of him, but [name] might be an interesting guest for you to have. He’s a big advocate for gold and in a way called the 08 crisis. Just a thought, but love your work and look forward to you future podcast.

Cheers,
Sameer

Thanks!

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Michael,

I loved the interview with Alexandra Carter! It was fantastic. I’m an engineer working at a very high level in the healthcare industry and have to utilize such skills often.

I also owned my own investment advisor business for several years (what brought me to your podcast long ago). In studying the COVID illness for my work, with publicly-available information, I decided to liquidate a majority of my portfolio a week before the shit hit the fan. Whew…

Keep up the great work!

Dave M

Thanks!

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Michael,

I hope you are doing well. I am an old open outcry guy an have been waiting and preparing for these markets for the last 10 years. I am looking for someone to backtest my system. I have ADHD, bipolar, PTSD, and have been sober for over 15 years. That is the long-winded way of saying I am horrible at the “guts” of the technology part of this. I have the rules and the triggers I just need someone to test it. Do you have a recommendation? I am bootstrapping this and documenting it on LinkedIn. Hustle up a couple of thousand bucks (mowing lawns, light work, caddying, etc.) and start trading it… turning it into something big. I am mono-manically focused on your books, Mark Douglas, and not consuming news. I hope this is clear. I would love to chat if you are interested in a good story. Please feel free to give me a call. I don’t answer numbers I don’t know so leave a message or shoot me a text so I know its you. [number]. Have a great day Michael!

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