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Two Quants and a Financial Planner | Bridging the Worlds of Investing and Financial Planning
Practical Lessons from Jerry Parker
Oct 14, 2024
Jerry Parker, a legendary trader and original Turtle Trader, shares his insights on trend following and investment strategies. He discusses the psychological challenges of adhering to a trading system and how his goals have shifted from growth to preservation over time. Jerry highlights the unique return profiles of trend-following strategies and stresses the importance of allowing winning positions to run. He also reflects on retirement, revealing his plan to keep trading as long as possible while navigating the evolving landscape of investing.
56:05
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Quick takeaways
- Adhering to a trading system is psychologically challenging, as even trained traders like Jerry Parker often struggle with discipline during market volatility.
- Long-term goals in trading can shift from aggressive growth to capital preservation, highlighting the psychological stress of avoiding significant losses after initial success.
Deep dives
The Challenge of Following a Trading System
The podcast highlights the difficulties traders face in adhering to a structured system, particularly in the context of the turtle trading program. Despite rigorous training, individuals often struggle to trade according to preset rules, as illustrated by Jerry Parker's experience where he executed only half the trades he was supposed to. This emphasizes the inherent challenge of overcoming personal instincts and fears, especially when real capital is at stake. The need for accountability in trading, including regular check-ins and feedback from mentors, proves essential for success in maintaining discipline.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode