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Recreating the Turtle Experiement in the Information Age

A recent interchange:

Listener: As you know most new Macs don’t have DVD drives. Do you have a download to buy Broke?

Covel: It’s on Amazon and iTunes.

Listener: Thanks. And how about the DVD you send to people who sign up for your newsletter?

Covel: Here.

Listener: Thank you.

A few days later the same listener writes:

Listener: Michael, one of the best trades I make is listening to your podcast at night instead of going out to bars with my friends that don’t understand the value of time. I’ve had email conversations with Jerry Parker, [name] and a response from Salem Abraham. Wondering if you have any suggestions on how I may make a trade with them to take me under their wing and teach me as Richard Dennis taught Jerry and other Turtles? At 26-years old I don’t have as much to offer a billionaire as the value they’d be adding to my life and future income [is far greater].

Covel: No secrets on meeting people. Do read [Seth] Godin book, “Linchpin“. But you need to think carefully about the time needed to become an employee versus just being the boss from the beginning. The Turtle experiment will never be repeated as it was.

Listener: I’ll order it now. I’ve always been my own boss. I don’t want to work for them, I want to be mentored by them. But I can’t ask for value without offering them value. You know them. What could I offer them in return for mentorship? Never say never. You wouldn’t be where you are if you believed in never. Doesn’t mean we cant orchestrate a different version of the experiment.

Covel: DIY. The time wasted chasing the boss, or mentor, can be great. Much of the information and insights and mentoring you want is in front of you. But you want something else–so you don’t see it.

Listener: Your podcast is nothing but people who believed in themselves and didn’t listen to others when they said they couldn’t do something, including yourself. Really surprised you are so quick to discourage me from seeking mentorship. I know the way the experiment was done is extraordinary and rare. Doesn’t mean we can’t figure something out that could persuade Jerry or Salem or at least intrigue them.

Covel: You are not the only one to contact all these great traders in the day of the information age. They only have so much time. Best advice: DIY.


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. 332: Brian Proctor Interview with Michael Covel on Trend Following Radio

My guest today is Brian Proctor, an original TurtleTrader trained by Richard Dennis and Bill Eckhardt and today is a Managing Director at EMC Capital. He began his futures career in 1982, with experience at both the Chicago Mercantile Exchange and Chicago Board of Trade. Proctor was a participant in the renowned Turtle Program, and managed all trading operations at C&D Commodities through 2000.

The topic is Trend Following.

In this episode of Trend Following Radio we discuss:

  • Proctor’s first trading moments and the Turtle program
  • Proctor’s view on Liz Cheval, what she brought to his firm, and why she’s still an integral part of EMC today
  • How trend following strategies have continued to excel over the years
  • Diversification and the Swiss franc
  • Black swans and how the impossible can and does happen
  • Bill Eckhardt’s influence

Listen to this episode:

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The Greatest Trading Experiment Never Gets Old: TurtleTrader

Timeless wisdom with nurture trumping nature in TurtleTrader.


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.

There Is Only One Turtle Story

How do you make it on Wall Street? Some feedback:

Dear Mr. Covel, My name is [Name] and I just finished reading “The Complete TurtleTrader” for the second time. I recently graduated college as a psychology major but I am determined to work in the finance/investment world. Therefore, two quotes from page 15 and 16 really spoke to me:

“I think it’s far more important to know what Freud thinks about death wishes than what Milton Friedman thinks about deficit spending.” “Go down to Wall Street today after work with the hot-shot traders all earning $500,000 a year at the big banks and you’ll find very few who talk about Freud being the ticket to making millions.”

I’m writing this email to get your advice. I’ve applied to many big investment firms and haven’t even gotten a call back. I’ve even applied to Vanguard as a lowly Client Relationship specialist just to get my foot in the door. I did get a call back from them, but it’s been two months.

How can I secure the career I desire? It seems as if nobody recognizes the importance of psychology in finance. I’ve read well over 100 investment books in the past two years, I’ve beaten the market and I’ve even started an investment/personal finance website. I’ve included this in my cover letters and there’s STILL nothing. Right now I plan to go at it on my own and take my Series 65 soon, but I wonder if there’s a better way.

Because your work really affected me and it seems as if you (and Richard Dennis) understand how I feel, what should I do?

Thanks a lot. I appreciate your time, keep up the amazing work!

[Name]

But you missed a big issue. The role of entrepreneur in investing, trading. Trading has a few stories of working for someone else, but the real way to freedom and success in the space is DIY. I would recommend a non-trading book: Linchpin by Seth Godin. 50 pages in I suspect you might see the flaw in your pursuit.

PS. Only one Turtle story.


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.

The Neverending Debate: Nature vs. Nurture

Feedback in:

Nick: Michael, And another thing – have you read this book, English top ranking table tennis player who challenges the regular view of natural talent for the 10,000 hours of hard work and experience? I saw him present on Friday evening, very inspiring.

Covel: Video?

Nick: I will see if I can get one, it was videoed.

A few weeks later:

Nick: Mike, Sorry for the delay. Link attached [is] for the introduction to the presentation that I attended, you will see he is very eloquent and [a] polished performer, this video is disappointingly short, if you are interested I will dig out a longer version.


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.

Richard Dennis Quote: Trading is More Teachable Than Ever Imagined

Stock trading is not an inborn talent, it is teachable. Quote by Richard Dennis, the father of Turtle Trading

Learn more about Richard Dennis.


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.

Spread the Trend Following Word

Trend following in Canada feedback:

Greetings Michael, My name is Abbas xxx and I am a 27 year old trend following advocate from Mississauga a small suburb just 20 miles outside of Toronto in Canada. Since I was 14 years old I knew I wanted to be in control of my own destiny and I developed an obsessive passion to learn as much as I could about the markets and what it would take to become a successful trader. My journey led me to the story of the turtles and the bet between Richard Dennis and William Eckhardt on whether or not trading was a learnable skill or if it was a special talent you had to be born with. I was so fascinated by the story that I wanted to learn as much as I could about the turtles and more importantly trend following. Trend following was a subject that was not covered by many resources and trying to learn more about the subject appeared to be quite the challenge until I found an author by the name of Michael Covel. My quest to master the body of knowledge that is trend following led me to your books and materials. Michael the work you have done to spread the word of trend following has changed many lives including my own. You have shed so much light on trend following that you have become to trend following what the sun is to our solar system. Every time I listen to your podcasts I always get goose bumps when you make your plea to your listeners to spread the word of trend following and help you assemble your team. Listening to you speak I wanted to do my part to spread the message of trend following and I see first hand how your voice has not yet even scratched the surface here in Canada. Then an idea came to me on how I could do my part to spread the message of trend following while being a part of team Covel. Michael I want to be an ambassador for trend following here in Canada; I want to spread the message through your materials…The message of trend following is almost non existent in Canada and I know there are many people whose lives could be changed in the same manner that mine was. Michael I would love to hear your thoughts on my proposition. Any feedback is welcome, I am not afraid to hear no, but I want to hear what you think.

Kind regards,
Abbas xxx

Thank you for your nice feedback. Let me consider options!


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.