Hey Mr. Covel! My biggest challenge with trading has been evolving past the stage of “unconscious incompetence,” i.e., not knowing what I don’t know. I read the wrong books, went down the wrong rabbit holes online, listened to the wrong people, etc. I don’t blame anybody except myself, as it was my own judgment that got swept up by their marketing tactics.
*Side note: I love that you mentioned how your journey led you to Robert Cialdini. Getting familiarized with frameworks from advertising, copywriting, and marketing gave me the knowledge to understand how good advertising hits the consumer right where it hurts. I have the discernment I lacked before, so I can come across the next bright shiny object in trading with the proper level of scrutiny.*
My ignorance doesn’t justify my past mistakes, but I did feel there to be a silver lining to the pain upon reading a quote you included by Denise Shekerjian:
“Confidence comes from success, to be sure, but it can also come from recognizing that a lot of carefully examine failures are themselves one path to success.”
Kudos to you for putting all those quotations in the book by the way. So many authors in the trading world keep their audience in an echo chamber, and always forgo mentioning anybody else that is not them. Based on how many quotations you put in the book, and how much emphasis you put on profiling great trend followers in chapter 2, I knew that you would be somebody worth learning from because you pay homage.
Anyway, I had read the book by Nicholas Darvas recently and found your book Trend Following shortly thereafter.
Needless to say, I can’t put the book down. I’m only on the second chapter, but this is by far the best book on trading I have ever read.
I will absolutely give you a shining five star review on Amazon once finished.
I’ve been telling my friend all about it, urging him to read it. He and I don’t have any connections to the finance world, but we consistently run ideas past each other.
I am new to the trend following philosophy, I am only on chapter 2 of your book, but I have found it all to be truly profound—not just in terms of trading, but life as a whole. I’ve been reading snippets here and there to my fiancé as well, showing her how well written the book is. It is coherent, and it flows incredibly well. Trend Following is is an absolute joy to read.
Whether you reply to this email or not, I want to commend you for writing an incredible contribution to the world of traders. I subbed to your podcast, just trying to soak it all in and get up to speed. I intend to become a proficient trend follower myself, and look forward to the journey of learning from you and the rest of the greats.
Thanks a million. I hope you and your loved ones enjoy the holidays!