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Please enjoy my monologue Hedge Fund Market Wizards Redux with Michael Covel on Trend Following Radio. This episode may also include great outside guests from my archive.
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Hey Michael,
In a word, the biggest challenge I am facing with my Trading is “Discipline”.
Constantly, I enter trades with the expectation of taking profit on half my position once the move has at least gone up/down the size of my stop. However, I am finding that I twitch out of my full position prematurely thinking that I’ll find a better entry.
I follow a strategy of sizing up when I stop out of a trade with the assumption that I will be more selective with the next trade I enter, however, I continually enter trades in consolidation periods or enter during retracements thinking that I’ve found a point where the trend has reversed.
There’s also a level of confirmation bias when I look for trades, seemingly finding signs in different timeframes that confirm what I feel the direction of the trend is.
These are all issues of discipline because to an extent, I understand the strategy I need to follow and I would have been much better off if I had just stuck to these rules from the beginning.
I’ve started trading full time recently and I’ve found that listening to the “Trend Following” (5th edition) audiobook help as it goes into great detail articulating the emotion cycles of traders and explains them well.
Looking forward to taking on this ecourse.
Thanks,
Andrew
Run away from the notion of retracement trading. Run.
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.
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The biggest challenge I have faced in my trading are;
1. Selling at my targets.
2. Setting a stop loss.
Basically exiting my trades.
How do you pick targets? That’s a prediction.
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.
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Biggest challenge: Determining when to get in and at what price. I consistently end up with options that hit the strike price a month or more after buying (whether singles or spreads), but the current price is below my purchase price. Very frustrating to be correct about direction, but still lose money.
Don
I see it more than that. A lot more. You need:
That’s a system. That’s what you need.
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.
Subscribe to Trend Following Radio on iTunes
My guest today is Donald Wieczorek, the Founder and President of Purple Valley Capital, Inc. (PVC). He started his career in finance at JPMorgan as a summer analyst in their Equity Capital Markets Group while still an undergraduate at Williams College. Upon graduating Williams with a B.A. in Economics in 2008, Don officially launched PVC and began managing client capital professionally using his systematic risk management strategy.
The topic is Trend Following.
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Feedback in:
Hi Michael,
Every time when I buy or sell something (long/short) the price is going in the opposite direction. If I do nothing, buy or sell something, just think about it, the price is going in that direction I guess. At the beginning it seems like this, that’s why my biggest challenge is to learn to be patient.
Best regards
Ozgur
Let me be blunt. You need:
See my FAQS.
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.
Feedback in:
I have been thinking a lot about your podcast about Purpose, Audacity and Sleep. It led me to say why not write Michael and share how much his podcast means to me. Here is the Audacity of my reaching out. My father was diagnosed with stage 4 lung cancer in 2019 and for some reason I thought it would be good to learn to trade then. Lets says its didn’t go great but wasn’t as bad as watching your parent die. I found trading to help me stay alive mentally. I came across your books, read them and continue to use that knowledge everyday. My wife and I found out we we were to have out 1st daughter the day after my fathers funeral. April 2020 rolls around we have a baby in a pandemic. Then My wife is diagnosed with the same lung cancer as my dad and my mom (who we got married in hospice for. My wife is 35 and has a terminal illness and is just the kindest person on the planet. Needless to say life has been relentless.Thank you for the effort you put in and I hope you know it doesn’t go unnoticed. The Best Alec
Thanks. Best of luck. Hang in there.
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.