Ep. 965: The Tom Basso Book with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Importance of Human Nature in Markets
The 800 year study just confirms our understanding of human nature. We're extracting natural divergence in markets which has lasted, they are safe forever. Sometimes when the markets get whipsawed, the risk management actually cost you money. But that's the name of the game. We take small losses and we stay there to survive as Larry said in Market Wizards: "Don't lose"
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