Ep. 816: A Trading Primer with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Importance of Market Economics
When I was seven years old my father showed me a slipper which is the Polish unit of trade. He asked for the bakery to give him how much is a loaf of bread. Baker said something on the order of one lit. So my father said fine let's make the loaf of bread and then he handed him a flop. And so there was a lesson in market economics you don't get very often but here was a real lesson for me. My father explained that the only way you can figure out how much currency is worth is in the marketplace. Never mind what the government tell you. Government said there's lot in the lit where you're identical. Well that's not true
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