Ep. 1081: Wise Trading Voices with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Importance of Risk Management
I think risk management is essential and stop losses are a key way of doing it, but not the only way. I think all the people in this book exercise extremely strong risk discipline. That's why you get these very large returns, but their maximum drawdowns tend to be small. Every then people who early in the career lacked risk management,. so I think if somebody like Jason Shapiro, but learn from that and learn what they were doing was exactly what a bad trader does you have to do the exact opposite.
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