Ep. 1105: A Double Punch with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Differences Between Discipline and Systematic Trading
The risk for being an excellent discretionary trader seems much different than the systematic styles that you and I are talking about. An average of maybe 10 or 15% a year is, I think, is a reasonable expectation without taking on too much risk. The kind of bets that John Paulson was doing where he took potentially a number of small losses of many years and then had huge outsides returns in one or two years were actually more alike than you might think.
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