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Trend Following Is Entrepreneurial By Definition

Feedback in:

Michael, I was just listening to your podcast with Jon Boorman and it was so fitting. I had just connected with Jerry Parker on LinkedIn and was in the middle of contacting him about getting some feedback for someone just starting out. I’d love to get some feedback from you too. I would love to find a business partner who could put up the capital while I put in the “sweat equity”. I want to do my research and develop my system and eventually start my own fund/CTA/RIA. I would, if course, be splitting my fees with my business partner. First, does that sound like a reasonable way to go about getting started. Second, how do I go about making that proposition appealing to potential partners? My goal is to one day be interviewed on your podcast as someone who has been successful in trend following and to give back to the trend following community as Jerry Parker seems to be doing.

Looking forward to your response.
[Name]

Devour my books and podcast then see if you ask the same question! Also, read Seth Godin’s blog. The last few years of his entries should be an entrepreneurial eyeopener.

How Does One Get to Be a Trend Following Trader? A Great One?

Consider wisdom from author Seth Godin:

Wouldn’t it be great to be gifted? In fact…It turns out that choices lead to habits. Habits become talents. Talents are labeled gifts. You’re not born this way, you get this way.

Start. Find an edge somewhere (anywhere) and start.

Ep. 78: Trend Following Style, Prechter, Godin and Gawande with Michael Covel on Trend Following Radio

Trend Following Style, Prechter, Godin and Gawande with Michael Covel on Trend Following Radio
Trend Following Style, Prechter, Godin and Gawande with Michael Covel on Trend Following Radio

Michael Covel talks about his upcoming trip to Asia. His plans include a speech in Tokyo, time spent in Singapore, Bali, Panang, KL Thailand, with various speaking events throughout. Covel’s Asian odyssey is sure to be documented in the podcast. Covel also thanks the listeners for the success of the podcast. People feel stuck, and Covel talks about Stephen Cope’s “The Great Work of Your Life: The Guide to the Journey of Your True Calling“. Most Americans don’t want to be on the endless treadmill, and maybe trend following is a way to get the freedom that you need in order to find your calling. Next, Covel discusses a quote from Bob Prechter, of Elliott Wave fame. Covel doesn’t think that predictive techniques work, but Prechter had a fantastic piece of writing that Covel shares that analyzes some of the Fed actions in the past compared to what they’re doing now. Covel contemplates what this might mean, and how it shows the Fed might be in a panic. But what does this mean to a trend following trader? Very simply, it’s just another reason to employ a trend following strategy. If the Fed has dampened speculation in the past by raising interest rates to pop a bubble, and today you’ve got markets right back at the all-time highs but rates are still at 0%–what might this mean? If this scenario is accurate, what strategy do you employ? You can either trust the system, or you can put in place a strategy that only places trust in price action. Look at what Prechter says to inspire you to become a trend following trader. So how do you adjust? Covel goes on to discuss how to get “unstuck” quoting author Seth Godin: “Starting without seeing the end is difficult, so we often wait until we see the end.” Next, a quote from Atul Gawande that talks about knowing your fallibility, and the importance of practice and nurture (in trend following). Covel also discusses an upcoming massive searchable .PDF file that he’s putting together featuring 15 years of research containing background documents, systems, and other research materials.

Listen to this episode:

“Covel, Why Are You Not on CNBC All of the Time?”

Seth Godin writes:

Media volatility makes more people and more ideas famous for ever shorter periods of time. What the fine art market shows us, though, is that real value isn’t created by this volatile fame. Consistently showing up on the radar of the right audience is more highly prized than reaching the masses, once then done. This works for every career, even if you’ve never touched a brush.

My work, my creativity, my thought–is driven around reaching the right people–not necessarily the masses.

Think about what drives the masses.

But: “Covel, Why Are You Not on CNBC All of the Time?”

Answer.

Great Line from Seth Godin

From ‘Poke the Box’:

Golf is not safe. My grandfather died playing golf. Speaking up is not safe. People might be offended. Innovation is not safe. You’ll fail. Perhaps badly. Now that we’ve got that out of the way, what are you going to do about it? Hide? Crouch in a corner and work as hard as you can to fit in? That’s not safe, either. Might as well do something that matters instead.

Or said another way, “Don’t be a ****y!”

I live and breathe my firm. Passion for this subject courses through my veins. Why is that? Who knows. It just does. Reaching and teaching people what I have learned — is an adrenaline rush. Take advantage of my work, and you will either make or save a great deal of money.

Learn to be a trend following trader.
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