Ep. 1293: If You Can't Measure It with Michael Covel on Trend Following Radio
Jun 24, 2024
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The podcast discusses the importance of measuring progress, contrasting trend following with predictive technical analysis. It explores trust in predictive technical analysis and societal constructs, while highlighting 'crazy' behavior in trading. The speaker emphasizes evidence-based decision-making and offers further engagement through email.
Measuring performance is essential for effective management, 'If you can't measure it, you probably can't manage it.'
Utilizing data analysis and quantifiable results leads to informed decisions and performance improvements.
Deep dives
Importance of Measuring Performance
Being able to measure performance is crucial as it directly impacts management. The statement 'If you can't measure it, you probably can't manage it' emphasizes the significance of quantifying outcomes for effective oversight. The example provided regarding box jumping illustrates how measuring progress leads to improvement and risk mitigation in physical activities.
Use of Concrete Numbers and Data Analysis
Utilizing concrete numbers and data analysis is highlighted as essential for evaluating progress and making informed decisions. The podcast discusses the importance of quantifying results, such as the number of jumps achieved and the corresponding heights for each repetition. By tracking and analyzing performance data over time, individuals can observe improvements and measure endurance accurately.
Contrasting Trend Following and Predictive Technical Analysis
The podcast differentiates between trend following, based on reactive technical analysis, and predictive technical analysis. Trend following involves following price movements without predicting them, backed by extensive data and performance records. In contrast, predictive technical analysis relies on making forecasts and interpretations, lacking the concrete evidence and proof that trend following provides. The need for measurable, evidence-based strategies is emphasized throughout the discussion.
Please enjoy my monologue If You Can't Measure It with Michael Covel on Trend Following Radio. This episode may also include great outside guests from my archive.
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I’m MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I’m proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show.
To start? I’d like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/