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Tag: where to start

Recreating the Turtle Experiement in the Information Age

Posted on by Michael Covel

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.

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.

Starting Point: Trend Following Suggestions

Posted on by Michael Covel

Feedback in:

Hello Michael! Honestly thank you so much for this opportunity, unfortunately I am 21 and do not have enough money to take you up on this offer. I will most definitely get both of your books. Your podcasts usually get me to laugh! You are a true bad ass as well. If you could suggest any books to me (the more the better) that I can also read to start my mastery of being a trader I would appreciate that. Thanks in advance.

Sincerly,
[Name]

Go: 1, 2, 3, 4.

That list should keep you busy.

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.

Starting Out: One Man’s Story

Posted on by Michael Covel

An excerpt from my book:

Even though he loved his job in the markets, David Druz soon entered medical school to hedge his bets. Medicine was interesting to him, but he was 100 percent fascinated with the markets. Did he have lots of money? No. The only money he had was $5,000 in stock that his father had given him. Druz cashed that out and put it into his account. At that same time the brokerage firm offered him a job, a full-time job to quit medical school and go work for them. They offered Druz $50,000 to start. That was really good money in the 1970s. A slightly drunk friend told him, “Dave, don’t take that job. You can be a really good trader, but if you take that job, you’ll never be a great trader. You’ve got to get a nest egg for security. You don’t want to trade with scared money. Finish medical school, be a doctor, and then you’ll be a great trader.” Does that make sense to you? Maybe not at first blush, but it was the wisest piece of information anyone ever told Druz. He has since seen many people over the years trading with scared money—meaning they would make decisions on the value of the money to them (read: emotional decisions about a new car, suit, or wife), and not follow the exact rules of their trading plan. “Don’t quit your day job” is another critical success lesson—write it down and tape it over your desk. Druz took his $5,000 and started to trade. He wasn’t very good at first, and his account dropped down to around $1,500. At that point he had hit rock bottom and trading success was beginning to move out of sight. He then received a message from his brokerage firm, “You got a fill on your trade.” Druz said, “I don’t have any orders in. I’m out of business.” The brokerage replied, “No, you had a ‘Good Til Cancelled’ order (GTC) in and it is ‘limit up’.” Druz was back in business! The universe apparently would not allow him to quit—he truly believed that. You too might think sometimes, “If I only had one more chance,” but when the next opportunity or chance does come around again you have to be willing to get in the game and play again—without thinking about your negative first experience. Second chances are telling you something. Heed their advice.

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.

Learning Always Happens Unexpectedly

Posted on by Michael Covel

Send me your feedback and I will send you a free CD:

Hello Michael, I just started listening to your podcast from the beginning and am up to Ep. 39 where you said that If I can show proof of purchase of any of your books you would send additional material to read, (see attachment).

Regards,
[Name]

What address can I send to? A day later the conversation continues:

Hello Mike, if this is the same [set of] articles you were giving…then I just received the CD last week. If this is something new to read then you can send it to the following address: [Address]

When I was 18 I really wanted to trade the markets but living in the small town of Stratford, Ontario, Canada, it was hard for me to find an easy way to get into the markets. Back then, (1989), I looked at and plotted charts to see the patterns but was never able to take the next step.

Just so your aware, your podcasts are a real eye/mind opener and reminded me of what I saw back then. I am currently putting my plan together.

My goal is to make money. My plan is to read as much as I can find on the trend following methods. Before I start I plan on reading all 4 of your books at least once and get through 75% of your podcasts, (currently at Ep. 47). At the moment I see my only hold back is fully understanding and setting up my risk management plan and my position sizing. Right now I only have between $5k and $10k, but next year I will have $24k more when I am able to transfer one of my Canadian LIRAs over to the US. Yes, I was a buy and hold guy.

If you can recommend what you think are the best books to read for Risk Management and Position Sizing that would be a great help to me. I have a very analytical mind therefore I plan to tackle Ralph Vince’s books to see what insights I can find there.

Thank-you again for all you have done, Best Regards, [Name]

Same CD! In terms of books check out my favorite books. Thanks for all of the nice words.

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.

Where Should Beginning Trend Followers Start?

Posted on by Michael Covel

Feedback in:

Hello, I am currently a college student, and am very interested in learning about stock trading. I just listened to your interview on the Tropical MBA podcast, and it was great! As someone who is new to stock trading, with little experience, where should I start? Any advice from you would be greatly appreciated!

Thank you,
Adam D.

Three places:

1. Resources here: trendfollowing.com/resources
2. Training here: trendfollowing.com/products
3. Podcast here: trendfollowing.com/podcasts

That should get you started. Plus, books.

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.

Where Do I Start?

Posted on by Michael Covel

Feedback in:

Thanks so much for taking my email. I was recently pointed to Michael Covel’s podcast while listening to a Stansberry Radio podcast. I’m a touring musician, and these podcasts are what I listen to when I get the late shift to drive the bus! Really keeps my brain thinking. As with most musicians, I have a passion for what I do and have enjoyed the past 20 years doing so. However, the financial hardships that this can bring to a family are evident. My wife and girls have been an incredible help to me, and have supported me in all my escapades. We have had the opportunity to travel the world, and feel really blessed. Now, although I am still touring, I’m looking for a different opportunity for the future. Before moving into music for a career, I worked with in a financial advisory role out of college with a local firm. I obtained all the “needed” certifications to do so. However, looking back, I was nowhere near a place to be giving out financial advice. I was just selling. As I have gotten older, I am truly considering diving back in for the benefit of me and my family. I don’t have much to start with, but have been pouring through material. I have always loved the markets and the work behind the scenes. However, I don’t always understand the entire process. I know that I need to be taught a plan/system and rules to follow to start, but really have no idea where to begin in that. I have been reading everything I can get my hands on as money and time allows including the book about the Turtles. I really feel like this system, once understood, I can stick with. The rules to me do not appear to be hard for my personality type to grasp/hold on to. I like to win… even when a system might take some losses to grow. I guess I am really contacting you all to reach out and ask for some help. I have opened a small trading account with low transaction fees. I’m really starting from scratch and wanted to get your advice on what is the best way to approach things and what steps you would recommend. Thanks again for the time, and for the podcasts and books. I have really enjoyed the experience already. I look forward to hearing your recommendations and advice.

Brian [name]
[name], TX

There is no short answer, but here are some:

1. My books.
2. My training and systems.

Those are the best places to start.

Note: A great benefit to trend following? You don’t have to be glued to a screen. Far from it.

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.