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You Think It Is All About Lucky Survivors? Wrong. It Is About Effort!

Jonah Lehrer writes:

Because work isn’t fun. It doesn’t matter if we’re engaging in deliberate practice or studying algebra – the most necessary activities are often the least pleasant. Furthermore, success requires that people learn how to exert effort for extended periods of time, engaging in 10,000 hours of practice (+/- 5000 hours), suffering through 12 years of school and going through draft after draft. There are no shortcuts: even those blessed with raw talent still need to stay on task. Practice is never optional.

Consider the work of Francis Galton, the 19th century British polymath who spent decades amassing biographical information on the lives of eminent judges, politicians, poets, musicians and wrestlers. Although Galton hoped to identify the hereditary origins of genius – he wanted to lend support to his cousin Charles Darwin’s new theory of evolution – he eventually concluded that innate intelligence was not sufficient for high-achievement. Rather, these successful men needed to also be blessed with “zeal and with capacity for hard labour.”

Who said work isn’t fun?


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The Moment One Definitely Commits Oneself, Then Providence Moves Too

William Hutchinson Murray, The Scottish Himalayan Expedition (1951):

“Concerning all acts of initiative (and creation), there is one elementary truth, the ignorance of which kills countless ideas and splendid plans: that the moment one definitely commits oneself, then Providence moves too. All sorts of things occur to help one that would never otherwise have occurred. A whole stream of events issues from the decision, raising in one’s favor all manner of unforeseen incidents and meetings and material assistance, which no man could have dreamed would have come his way. Whatever you can do, or dream you can do, begin it. Boldness has genius, power, and magic in it. Begin it now.”

THAT is so critical to trend following success, or any success for that matter.

Note: Tip to Tim Ferriss.


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.

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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.

Trend Followers Are Lone Wolfs, Not Coyotes

In a new book derived from his letters the late General Patton offers:

“It never pays to fight an underdog. You can fight for them, but never against him.”

He also wrote down very appropriate advice for investors even though probably not intended as such:

“It is very foolish, but quite understandable, that one should run around raising hell, but it gets one nowhere and betrays a lack of self-confidence. A man who is self-confident does not run around with a gang. It is much better to be a lone wolf than a coyote.”

Trend following 101 wisdom. Stand your ground by yourself. Avoid running with packs of coyotes, even though the vast majority of modern society has become a coyote pack. Packs don’t hold the secret to wealth.

Note: Thanks to Ed Moy for the idea. Also be sure to check out Patton i read your book!

A Short Course in Thinking About Thinking

Session #1 from Daniel Kahneman, the psychologist who is the co-creator of behavioral economics (with his late collaborator Amos Tversky), for which he won the Nobel Prize in Economics in 2002:

Sessions #2-5 here.

Why interesting? His work is truly one of the foundational reasons why everyone will never be a trend follower.


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.

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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.

Ep. 3: Charles Faulkner Interview with Michael Covel on Trend Following Radio

Charles Faulkner
Charles Faulkner

My guest today is Charles Faulkner, a trader, mentor and author who has been featured in Jack Schwager’s “Market Wizards” series. Faulkner is an international expert on modeling the knowledge and performance of exceptional individuals, teams and organizations, and applying the latest research in cognitive neuroscience and linguistics.

The topic is trading psychology.

In this episode of Trend Following Radio we discuss:

  • Mental mapping, risk, expertise, the metaphor of trading to motorcycling, and how human nature and biology influence investment decisions

Listen to this episode:

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Quote from Patton: “Rommel, You Magnificent Bastard. I Read Your Book!”

Paul Tudor Jones as quoted in the Foreword to The Alchemy of Finance:

In Patton, my favorite scene is when U.S. General George S. Patton has just spent weeks studying the writing of his German adversary Field Marshall Erwin Rommel and is crushing him in an epic tank battle in Tunisia. Patton, sensing victory as he peers onto the battle field from his command post, growls, “Rommel, you magnificent bastard. I read your book!”

Every day I say the same thing to myself.

patton and rommel
The German General Rommel. In the film of the same name Patton declares to have read the Rommel book.

The Erwin Rommel book in question is most likely to be Infantry Attacks, published in the middle of the 30’s as ‘Infanterie greift an’. It discusses the Stoßtruppen tactics used in the first world war. Reading as many books as possible on a subject, especially by your competitor, may just give you the advantage you need to win.


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.

Want to Make Money? Forget the Daily News Drivel. Here Is Some Inspirational Thinking

Firemen, donuts and meetings.
The more or less choice.
Is America at a digital turning point?
Optimism has its advantages, but some worry the region may lose touch with the rest of the world.
Entrepreneurial grab bag.
Leadership lessons from the Shackleton expedition.

Yes, you need a technical indicator as part of your trend following system, but you need those links even more for a chance at profit in our charmingly chaotic world.

Is it all good out there? Stuff I found to be white noise, but clearly popular:

A Few Tips For Developers On How To Get Hired By A Startup
SEC Ups Its Game to Identify Rogue Firms
Answers to Google Interview Questions


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.