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Ep. 1155: Trading Psychology Redux with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
Rules Based Trading and Rules Based Investing - It's Not About C to Your Pants
If you had to sum up the behavioral investor book in like a phrase, it would be something like, your gut's wrong 100% of the time. You have to set rules and lock those things in place because you're nearly always going to want to do the wrong thing at the wrong time if left your own discretion. I looked at over 200 studies on comparing discretionary decision-making to simple rules-based, algorithmic rules-based systematic decision-making and found that 94 percent of the time the rules beat discretion.
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