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Michael Covel's Trend Following
Ep. 1301: Get the Grit with Michael Covel on Trend Following Radio
Aug 19, 2024
Michael Covel, the host of Trend Following Radio, shares insights from his extensive experience in the trading world. He discusses the legendary 'Turtles' and emphasizes how nurture and motivation often eclipse raw talent. Grit and mentorship emerge as critical elements for trading success, highlighting the transformative power of guidance in a trader's journey. Covel also reflects on the importance of perseverance in entrepreneurship, illustrating how overcoming challenges shapes personal growth and achievement.
21:59
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Quick takeaways
- The success of the Turtle Trading experiment illustrates that structured mentorship and clear rules can significantly nurture talent and drive achievement.
- Achieving long-term success requires a combination of grit, perseverance, and proper guidance, surpassing the advantages of innate intelligence alone.
Deep dives
The Turtle Trading Experiment
The Turtle Trading experiment exemplifies how a carefully curated group of high-IQ individuals can achieve remarkable success when given clear guidance and rules. Richard Dennis's experiment involved selecting a group of 20 students whom he trained to become trend-following traders, ultimately leading to a collective profit of $100 million over four years. This outcome highlights the significance of nurturing talent through structured mentorship and rules rather than solely relying on innate ability. The results underscore that even individuals with minimal prior experience can excel in trading when they are properly nurtured and guided by experts.
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