Ep. 995: TurtleTrader Philosophy with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Importance of the Entry Price
Dennis Eckhart taught the turtles to trade as though they didn't know what their entry price was. He said once an initiation is made, it should not matter at all to subsequent decisions what the initiation price was. Dennis always came back to the scientific method, saying that when you have a position, you put it on for a reason and you've got to keep it on until the reason no longer exists. The trader who is averse to losses is in the wrong business," he says.
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