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Category: Trend Following

Ep. 270: Laurie Santos Interview with Michael Covel on Trend Following Radio

Posted on by Michael Covel
Laurie Santos
Laurie Santos

My guest today is Laurie Santos, a professor of psychology and cognitive sciences at Yale University. Her research explores the evolutionary origins of the human mind by comparing the cognitive abilities of human and non-human primates. Santos is able to look at monkeys and their behavior in markets and money, and see the similarities with humans.

The topic is cognitive abilities.

In this episode of Trend Following Radio we discuss:

  • Santos’ early “ah-ha” moments
  • Teaching monkeys about currencies
  • Whether the monkey economy is as irrational as ours
  • The endowment effect
  • How monkeys’ behavior in markets quantitatively matches human behavior
  • Whether some monkeys took to the experimental economy better than others
  • Mistakes and predictable errors
  • Why humans might be uniquely irrational when it comes to enjoying what we pay more for
  • Vernon Smith’s work
  • Relationships between Santos’ work and the financial crisis of 2008
  • Bubbles, monkeys, and Daniel Kahneman
  • The “G.I. Joe fallacy”
  • Why we have trouble accepting cognitive limitations rather than our biological limitations

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Ep. 267: Dennis Gartman Interview with Michael Covel on Trend Following Radio

Posted on by Michael Covel
Dennis Gartman
Dennis Gartman

My guest today is Dennis Gartman, the editor and publisher of The Gartman Letter. Gartman appears on CNBC, ROB-TV and Bloomberg television, discussing commodities and the capital markets, and speaks before various associations and trade groups around the world.

The topic is outside the box market perspectives.

In this episode of Trend Following Radio we discuss:

  • How Gartman first got started
  • Chicago trading in the late 70’s to the mid 80’s
  • Why you should never add to a losing position
  • Buying strength and selling weakness
  • Systems from Gartman’s perspective, and keeping your systems simple
  • Being patient with winning trades and impatient with losers
  • Gartman’s daily grind and process
  • Mass psychology, efficient markets, and behavioral economics
  • Gartman’s thoughts on the market today and geopolitical events
  • How we hear about geopolitical events today compared to the past

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Danger Real; Fear a Choice

Posted on by Michael Covel

Money management, or position sizing, is a critical component of trend following trading success: Consider wisdom from Ralph Vince:

You want the fewest moving parts (less parameters and less system rules) in your system. Primitive and simple grinding out profits over the long term. It’s not how profitable a system is, but rather that it is profitable. Money management takes the positive expectation, moneymaking system, and performs the real magic.

More.

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.

Nassim Taleb and Daniel Kahneman Discuss Antifragility

Posted on by Michael Covel

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.

“Despite all my rage, I’m still just a rat in a cage…”

Posted on by Michael Covel

John Cochrane: “Rats in cages do a pretty good job of utility maximizing. Yet, when you ask them why they’re doing things they just chew up the survey forms. Are we really so much more self-aware?”

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.

Noah Smith: Misinformed View of Trend Following

Posted on by Michael Covel

Zero understanding of trend following can be seen in Noah Smith’s piece here. Trend following is almost the exact opposite of his description. Lazy research and writing.

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.

Becoming a Hedge Fund Titan

Posted on by Michael Covel

Feedback in:

Hi Michael, so I’ve read the book Linchpin and indeed is full of great advice. It reminds me of the book The Leader Who Had No Title, by Robin Sharma, and I totally agree with the philosophy that everyone should do their absolute best and create “art”. Now I understand better your business model of giving so many gifts to the community like your podcast (which I started listening), your PDFs, videos and all that; I wanted to thank you for offering so many valuable information to the world. Now, Linchpin focuses mostly on how an employee should act and think, indeed the ideas can be applied to entrepreneurship as well but the thing is that I want to excel in the financial markets and there’s not much art you can do there. Here’s the thing, I have a vision in mind to make Master of the Universe type of money. I want to become a Market Wizard and I want your advice. My plan for now is to simply learn as much as I can from the experts (like you and [name]) and start growing my account. My question is, is there a better way? should I be looking to go into the money management business, maybe go work for a hedge fund or open one? Or can I achieve my goal just by trading my own account? Which is better? Oh and one more thing, I know you’ve studied Tony Robbins and he kept mentioning that he coached a guy who made $500 million in the 1987 crash, do you know who he’s talking about? Because he never mentioned his name.

Thank you,
[Name]

I believe the trader Tony Robbins is talking about is Paul Tudor Jones. I don’t think working for a hedge fund is necessarily how you become a hedge fund titan. Starting a hedge fund is the path. Right? Trade your own account, then friends and family, then others. That’s the path.

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.