Top Traders Unplugged

Special guest, Bastian Bolesta, joins Jason Buck today to discuss why volatility strategies should be added to our portfolios, how to keep improving as a trader while not over-optimising your systems, how recent large equity selloffs have affected Bastian’s approach to the markets, the average duration of his long volatility trades, how to weight recent data versus long-term data, trading VIX contracts intra-day, shorter-term Trend Following, momentum trading, mean-reversion strategies, and the cash efficiency of intraday models.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HEREIn this episode, we discuss:Why we should be invested in volatility strategiesImproving over time but not over-tinkeringHow much markets may have changed in recent yearsThe average duration of volatility tradesRecent data versus long-term dataShorter-term Trend FollowingThe benefits of cash-efficiency within intraday modelsFollow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Jason on Twitter.-----Episode TimeStamps: 00:00 - Intro02:09 - Why should somebody add volatility strategies into their portfolio?04:09 - How do you overcome the problem of getting better but not wanting to tinker too much?11:03 - How has recent market behaviour affected your approach to volatility trading?22:05 - What is the average duration of your long volatility trades?28:02 - How do you weight recent data versus long-term data?31:07 - How do you look at trading intra-day VIX contracts?37:39 - What gave you the confidence to be able to execute short-term Trend Following?48:58 - How do you approach momentum trading?56:16 - Why do you take some of the long-sided trades during equity selloffs?01:01:38 - Tell us about the mean-reverting products you deal with?01:07:52 - Talk to us about the cash efficiency of intraday strategiesCopyright © 2025 – CMC AG – All Rights Reserved----PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here2. Daily Trend Barometer and Market Score One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here3. Other Resources that can help youAnd if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click HerePrivacy PolicyDisclaimer

We’re joined by Hari Krishnan today, to discuss the ways in which Volatility strategies can complement Trend Following as a source of portfolio protection, how to manage expectations of investors, some experiences and thoughts from the large volatility events of 2018 and 2020, how to best protect yourself from large market selloffs, how to allocate between Trend Following and Volatility across different timeframes, and the possible effects of sustained inflation may have on volatility strategies.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HEREIn this episode, we discuss:Complementing Trend Following portfolios with Volatility strategiesMaintaining composure during different market environmentsThe sharp selloffs of 2018 and 2020Sound approaches for re-allocating money at appropriate timesThe resilience of Trend FollowingVolatility strategies during long periods of sustained inflation-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Hari on Twitter.Episode TimeStamps: 00:00 - Intro02:28 - Feel free to share this podcast with like-minded friends using this link: https://top-traders-unplugged.captivate.fm/listen and a big thank you to those who have left a 5-star rating or review on iTunes02:38 - Macro recap from Niels05:11 - Weekly review of returns11:09 - The ways in which Volatility strategies complement a Trend Following portfolio21:33 - Managing investors’ expectations27:57 - Some experiences and thoughts from the large volatility events of 2018 and 202029:44 - Look out for Hari’s new book30:34 - How to protect yourself from large market selloffs42:17 - How to allocate between different strategies across different timeframes44:35 - The relative strength of Trend Following during flash crashes54:55 - How the landscape and returns dispersion for volatility strategies looks like in 2021 58:06 - The possible effects of sustained inflation on volatility strategies01:05:28 - Benchmark performance updateCopyright © 2025 – CMC AG – All Rights Reserved----PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here2. Daily Trend Barometer and Market Score One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here3. Other Resources that can help youAnd if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click HerePrivacy PolicyDisclaimer

In today’s episode, Jason Buck is joined by Stefan Wintner of DUNN Capital, to discuss volatility as an asset class, the evolution of the VIX from its inception until now, some of the mechanics behind the VIX, the relationship between the VIX and the S&P 500, some thoughts on ‘volatility relative-value’ trading, the reliability of the VVIX, building and running models during different market environments, thoughts on kurtosis and skew, and volatility as a necessary component for a large Trend Following firm. -----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HEREIn this episode, we discuss:Volatility as an asset class of its ownThe journey of the VIX from its early days until nowAnalysing the relationship between the VIX and the S&P 500What’s known as volatility relative-value tradingThe usefulness of the VVIXOperating models during different market and economic environmentsKurtosis and skewThe need for Volatility strategies as part of a diversified investment portfolioFollow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Jason on Twitter.-----Episode TimeStamps:00:00 - Intro02:05 - Why should somebody add volatility strategies into their portfolio?04:48 - Do you consider Volatility to be an asset class of its own?05:58 - What was it like during the early days of the VIX market?08:28 - What is the VIX, and what is the calculation that goes into the VIX?14:07 - Tell us a little bit about the relationship between the VIX and S&P 50019:37 - How does volatility risk premium relate to other datasets you use?25:03 - What is ‘volatility relative-value’ trading?27:37 - How do you think about the ratio that you combine between the S&P 500 & the VIX?30:31 - Is it true that if you see a spike in the VIX, you’ll look to take advantage via the front-month volatility in that spike?33:29 - Do you think VVIX is a good measure for the volatility of volatility?35:09 - How do you use options in a creative way in your portfolio?37:22 - How do you identify and think about possible mispricings in the market?40:40 - Do you try to track both the normal price and OTC prices?42:00 - How do you approach building & running volatility models during different market environments?47:22 - Describe what volatility traders experienced during the ‘volmaggedon’ of February 201855:06 - How did you trade through the ‘known risks’ 2020 election?59:15 - How much can you rely on market history as a predictor for the future?01:02:49 - Is it true you’re likely to experience long periods of flat to negative performance while waiting for those huge, profitable moves in volatility?01:06:09 - How do you think about kurtosis and skew, and how they relate to other strategies?01:08:56 - Do you view what you do as a necessary component of a large Trend Following firm?Copyright © 2025 – CMC AG – All Rights Reserved----PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here2. Daily Trend Barometer and Market Score One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here3. Other Resources that can help youAnd if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click HerePrivacy PolicyDisclaimer

Rob Carver joins us today to discuss the perception of cryptocurrencies since the new Bitcoin futures ETF was launched, scaling into and out of positions, the possibility of a synthetic Bitcoin supply resulting from the new futures ETF, how to approach climate change and ESG investing as a Trend Follower, ideas for selecting which markets to trade, the benefits and drawbacks of trading single stocks, and how to embrace a creative mindset.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HEREIn this episode, we discuss:The new credibility of cryptocurrenciesScaling into positions using various methodsESG investing as a Trend Following investorHow to select the optimum markets to tradeTrading single stocksEmbracing creativity as a systematic investor-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Rob on Twitter.Episode TimeStamps: 00:00 - Intro01:14 - Feel free to share this podcast with like-minded friends using this link: https://top-traders-unplugged.captivate.fm/listen and a big thank you to those who have left a rating or review on iTunes03:12 - Macro recap from Niels06:45 - Weekly review of returns15:04 - Niels: Has your opinion of cryptocurrencies changed since the launch of the new Bitcoin futures ETF was announced?20:04 - Q1; Adam: What is your advice for scaling into positions?28:18 - Q2; Brendan: Do Bitcoin cash-settled futures create a synthetic Bitcoin supply?36:08 - How should futures traders approach climate change?49:03 - Choosing which markets to trade01:04:05 - Q3 & Q4; Michael: What are the benefits and drawbacks to trading single stocks? How do you come up with new ideas?01:16:45 - Factor investing and thoughts on longer-term momentum strategies01:21:46 - Benchmark performance update01:23:02 - Next week, special guest Hari Krishnan joins us on the showCopyright © 2025 – CMC AG – All Rights Reserved----PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here2. Daily Trend Barometer and Market Score One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here3. Other Resources that can help youAnd if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click HerePrivacy PolicyDisclaimer

Today Jason Buck is joined by Noel Smith in the second of our series on Volatility. Topics discussed include: the benefits of ensemble investing, the predictability of market volatility, how certain market environments fool investors into thinking they are better than they really are, allocating between different strategies during different market environments, why nothing beats having ‘skin in the game’, balancing judgement calls versus algorithmic calls, pairs-trading VIX & bonds, determining when an asset is cheap or overpriced, and some thoughts on what might happen if markets enter a ‘stagflationary’ environment.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HEREIn this episode, we discuss: Ensemble investing and its benefits Whether market volatility can be predicted ahead of time The ways in which the markets can catch investors off-guard ‘Dialling’ into and out of strategies How Noel’s experience in prop trading and pit trading has helped him today Finding the balance between judgement calls and algorithmic signals Noel’s VIX and bonds pairs trade Assessing the current real value of an asset How to approach investing during a ‘stagflationary’ environmentFollow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Jason on Twitter.Follow Noel on Twitter, LinkedIn, and via his website.-----Episode TimeStamps:00:00 - Intro02:06 - Why should somebody add volatility strategies into their portfolio?03:20 - Do you think that volatility is quite predictable around benign market periods?04:12 - How do you apply your prop trading background to volatility strategies in general?05:13 - Did the days of pit trading leaving a big impression on you?06:28 - Why use ensembles?07:33 - How do you allocate between strategies during different macro environments?09:37 - How do you balance judgement calls versus algorithmic calls?11:38 - How do you think about the timing of adding and removing volatility protection?15:01 - Where did you come with the idea to pairs trade VIX and bonds?19:28 - Is there a volatility risk premium?21:14 - Tell us a little more about your ‘vol-arb’ strategy?26:28 - How are you determining if something is cheap or overpriced?27:53 - Do you put more weight on liquidity flow data as opposed to other fundamental data?30:32 - Can you describe your ‘dispersion’ strategy and elaborate on dispersion trades for those who haven’t heard them?34:30 - Can you describe your ‘dispersion’ strategy and elaborate on dispersion trades for those who haven’t heard them?39:33 - How do you think about past, present and future volatility?41:46 - How do you approach correlations across different timeframes?43:24 - Dispersion trades seem to go in and out of fashion, do you feel that your strategies run dispersion trades when they’re popular only?46:38 - Do you dial into and out of strategies rather than switching allocations?48:11 - Tell us more about the ‘bond vol-arb’ strategy51:01 - Tell us more about the ‘macro-bats’ strategy57:42 - What do you think will happen if markets enter a stagflationary environment?01:03:39 - How would you combine your ensemble investments into a wider portfolio?Copyright © 2025 – CMC AG – All Rights Reserved----PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here2. Daily Trend Barometer and Market Score One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here3. Other Resources that can help youAnd if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click HerePrivacy PolicyDisclaimer

This week, Richard Brennan joins us on the show to discuss how people can benefit from the effects of compounding while others end up a paying a price for it. We also cover some thoughts on ‘path dependency,' why those invested in stocks should diversify using Trend Following strategies, why stable returns can only be correctly judged over long time periods, how to analyse fund performance without being influenced by the effects of compounding, some thoughts on what is known as ‘geometric returns’, and we explain the term ‘ergodicity’.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HEREIn this episode, we discuss:How to stay on the right side of the effects of compoundingHow many strategies can be limited by the make-up of their previous versionsThe profitable & negative correlation of Trend Following to equities when stocks are fallingThe need to zoom-out when judging performanceThe terms 'ergodicity' and 'path dependency'-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Rich on Twitter.Episode TimeStamps:00:00 – Intro01:37 – A Thank you to Shane, our website developer, for his great work in creating the new Top Traders Unplugged website. We hope you all enjoy the new user interface02:09 – A huge thank you to listeners of the show, such as Dave W, for leaving your 5-star reviews on iTunes, and feel free to share this link with 3 of your like-minded friends: https://top-traders-unplugged.captivate.fm/listen 03:02 – Macro recap from Niels04:34 – Weekly review of performance12:04 – Making money to make money, and some insights on the compounding returns40:50 – How to judge different strategies accurately 44:04 – Explaining the term ‘ergodicity’52:17 – The diversifying features of Trend Following and their negative correlation to stocks during market downturns01:01:24 – Benchmark performance updateCopyright © 2025 – CMC AG – All Rights Reserved----PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here2. Daily Trend Barometer and Market Score One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here3. Other Resources that can help youAnd if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click HerePrivacy PolicyDisclaimer

Today Jason Buck is joined by Hari Krishnan in the first of our series on Volatility. Topics discussed include: the benefits of adding volatility strategies to your portfolio, why it can pay to avoid hedging when the crowd is already doing so, explaining the 'Put slingshot', how markets are different today from decades ago, protection against tail-risk, the psychology behind large markets sell-offs, and some thoughts on the effects of leverage on the markets.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HEREIn this episode, we discuss:The benefits of tail-risk hedges / adding volatility hedges to your portfolioThe importance of avoiding group think (in hedging)Some thoughts on what is known as the ‘Put slingshot’The new nature of stock market movementsThe repricing of risk during fast downturnsTail-risk protection versus Trend FollowingHow tail-risk protection can complement an existing allocation to Trend FollowingSome of the psychology and mechanisms behind large and sharp market movesHow positioning and leverage end up creating challenging markets to trade inFollow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Jason on Twitter.Follow Hari on Twitter.-----Episode TimeStamps:00:00 - Intro02:59 - Why should somebody include volatility or tail risk into their portfolio?04:35 - Do you think rolling option puts is a good hedging strategy?07:47 - The tradeoffs between near-term and long-term option pricing09:03 - Can you explain the differences between ‘Gamma’ and ‘Vega’ options profiles?10:15 - What are your thoughts on rolling options?15:05 - How do you think about the timing of adding and removing volatility protection?18:27 - In your book you mention the ‘Sombrero Trade’, can you describe what this is?21:54 - How risk becomes repriced during sharp selloffs25:04 - Does tail-risk protection help long-term Trend Followers?25:04 - Are you looking out for inflection points such as in March 2020, where everybody ran for the exits at the same time?43:15 - What are your thoughts on the huge amounts of passive inflows to the markets and the inelasticity it creates?49:08 - What about the those who say the Federal Reserve (the ‘Fed put’) is the ultimate protection and therefore no other protection is needed?54:10 - How do you think about those funds who use ‘vol targeting’?01:01:12 - How do you think about ETFs when it comes to ‘whales’ positioning?Copyright © 2025 – CMC AG – All Rights Reserved----PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here2. Daily Trend Barometer and Market Score One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here3. Other Resources that can help youAnd if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click HerePrivacy PolicyDisclaimer

This week, Mark Rzepczynski joins us to discuss the Bitcoin ETF and the increasing likeliness that it won’t be banned by the US government, the need for money managers to convey good stories in order to simplify their processes to clients, why having a long track record of success, with one or two scars, is better than a perfect recent history, how Trend Following has been so successful over 6 decades, and how a non-secretive strategy like Trend Following compares to private equity strategies.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HEREIn this episode, we discuss:The future of BitcoinHow money managers can explain their approaches simply to clientsLong, successful, but bumpy track records versus recent strong performersTrend Following's incredible success over 6 decadesThe private equity world compared with systematic investing-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Mark on Twitter.Episode TimeStamps:00:00 – Intro01:54 – A big thank you to listeners of the show for leaving your 5-star reviews on iTunes, and feel free to share our link with 3 of your like-minded friends: https://top-traders-unplugged.captivate.fm/listen 02:49 – Macro recap from Niels04:52 – Weekly review of performance12:33 – Why storylines and narratives matter52:42 – How effectively communicating what we do can be a challenge in any industry55:54 – The strategies that tend that lend themselves easier to good narratives01:06:55 – Some thoughts on the likelihood of upcoming stagflation01:13:01 – Benchmark performance update01:14:28 – Announcement of new and updated version of the Top Traders Unplugged website which is on the way, as well as a new series on the topic of volatility, hosted by recent guest, Jason BuckCopyright © 2025 – CMC AG – All Rights Reserved----PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here2. Daily Trend Barometer and Market Score One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here3. Other Resources that can help youAnd if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click HerePrivacy PolicyDisclaimer

We’re joined today by Moritz Seibert to answer some of the hardest questions in the Turtle Trader entrance exam, as well as discuss the new Bitcoin futures ETF, the drive towards ESG investments and how this affects global supply chains, the years’ top performers so far in our Trend Following systems, whether we can predict if a winning streak is about to end, why Bitcoin is often compared to gold, and whether crypto assets are more suited to shorter-term strategies.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HEREIn this episode, we discuss:The hardest questions in the Turtle Trading entrance examThe SECs' approval of the first-ever Bitcoin futures ETFHow the move toward sustainable investments is affecting current supply chainsOur best performing assets of the year so farHow Bitcoin compares to Gold and if this is a fair comparisonWhich timeframe of Trend Following is best suited for crypto -----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Moritz on Twitter.Episode TimeStamps:00:00 - Intro01:25 - A huge thank you to our listeners who gave us a 5-star review on iTunes & Apple Podcasts02:59 - Macro recap from Niels05:51 - Weekly review of returns11:00 - Niels: What’s been the year-to-date standout winner for you?12:40 - Niels: How much of your performance has come from crypto, compared to other non—classical Trend Following assets?24:45 - Niels: It takes money to money, true or false?29:45 - Niels: After a big profit, the next trend following trade is more likely to be a loss, true or false?33:21 - Niels: Trading stocks is similar to trading commodities, true or false?34:32 - Niels: Volume and open interest are as important as price action, true or false?36:16 - Niels: A trader should be willing to let profits turn into losses, true or false?37:14 - Niels: It helps to have the fundamentals in your favour before you initiate a trade, true or false?38:48 - Niels: It’s better to be an expert in one market, rather than try to trade ten or more markets, true or false?40:10 - Niels: It’s important to know what success in trading will do for you later in life, true or false?40:56 - Niels: A gap-up is a good place to initiate, if an uptrend has started, true or false?42:07 - Niels: All speculators die broke, true or false?43:05 - Thoughts on the new Pro Shares Bitcoin ETF launching soon45:58 - Niels: How did your model react to the recent crypto fall in prices, and do you think crypto assets are more suited to shorter-term trend following strategies?45:58 - Niels: How do you think the average crypto expert views the global macro landscape?55:58 - The drive towards ESG investing and its knock-on effects to current supply chains01:15:12 - Benchmark performance updateCopyright © 2025 – CMC AG – All Rights Reserved----PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here2. Daily Trend Barometer and Market Score One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here3. Other Resources that can help youAnd if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click HerePrivacy PolicyDisclaimer

Jerry Parker joins us for a very special episode today, where we invite him to answer the original interview questions from Richard Dennis’s famous Turtle Trader program. This is a fascinating insight into the world of Trend Following, and one which allows us to see whether Jerry has changed his opinions since working Richard Dennis, as well as explain some of his reasons for the answers chosen today. We’ve posted the questions in the timestamps below, so feel free to take the test and compare your answers to Jerry’s.Also check out my interview with Turtle Trading legendary mentor Richard Dennis here.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HEREIn this episode, we discuss:Favouring long or short positionsHow you can go broke taking small profitsReasons to ‘fade the fundamentals’The importance of down-time and vacationsWhether we can rely on opinions of the crowdSystem diversificationWhy you should trade smallThe questions that Jerry would add to the Turtle Trader test todayAvoiding trades due to gaps in price-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Jerry on Twitter.Episode TimeStamps:00:00 - Intro02:10 - A huge thank you to our listeners for leaving your 5-star reviews in iTunes, and please share this podcast with a like-minded friend: https://top-traders-unplugged.captivate.fm/listen 02:19 - I share a hugely important story to my family, as we mark the 10-year anniversary of my son's Sudden Cardiac Arrest and our KidsHeart charity welcomes your support. For further information, contact us via: info@kidsheart.ch 08:17 - Weekly review of returns12:00 - Jerry retakes the Original Entrance Exam for the Turtle Program:13:08 - Question 1: One should favour long or short positions. Is that true or false?14:56 - Question 2: One should know precisely when to liquidate if a profit occurs. True or false?14:56 - Question 3: One should trade the same number of contracts in all markets. True or false?16:08 - Question 4: If one has £100,000 to trade, one ought to risk £25,000 on every trade. True or false?16:26 - Question 5: On initiation, one should know precisely where to liquidate if a loss occurs. True or false?16:34 - Question 6: On initiation, one should know precisely where to liquidate if a loss occurs. True or false?17:02 - Question 7: It helps to have the fundamentals in your favour before you initiate. True or false?17:26 - Question 8: A gap up is a good place to initiate if an uptrend has started. True or false?17:52 - Question 9: If you anticipate buy stops in the market, wait until they are finished, and buy a little higher than that. True or false?19:29 - Question 10: Out of our 3 types of orders, market orders, stop orders, and resting, market orders cause the least skid. True or false?20:34 - Question 11: The more bullish news you hear, and the more people going long, the less likely an uptrend is to continue after a substantial uptrend. True or false?21:02 - Question 12: The majority of traders are always wrong. True or false?21:29 - Question 13: Trading bigger is an overall handicap on one’s trading performance. True or false?21:57 - Question 14: Larger traders can muscle markets to their advantage. True or false?22:15 - Question 15: Vacations are important for traders to keep the proper perspective. True or false?23:16 - Question 16: Under-trading is almost never a problem. True or false?23:47 - Question 17: Ideally, average profits should be about 3 or 4 times average losers . True or false?24:07 - Question 18: Traders should be willing to let winners turn into losses . True or false?24:45 - Question 19: A very high percentage of trades should be profits. True or false?25:02 - Question 20: A trader should like to take losses. True or false?25:53 - Question 21: It is especially relevant when the market is higher than it’s been in 4 and 13 weeks. True or false?26:19 - Question 22: Needing and wanting money are good motivators for good trading. True or false?26:36 - Question 23: Ones natural inclinations are good guides to decision making in trading. True or false?28:01 - Question 24: Luck is an ingredient for successful trading in the long run. True or false?28:46 - Question 25: When you’re Long, limit up is a good place to take a profit. True or false?29:16 - Question 26: It takes money to make money. True or false?30:21 - Question 27: It’s good to follow hunches in trading. True or false?30:32 - Question 28: There are players in each market one should not trade against. True or false?30:49 - Question 29: All speculators die broke. True or false?31:51 - Question 30: The market can be understood better through social psychology rather than economics. True or false?32:36 - Question 31: Taking a loss should be a difficult decision for traders. True or false?32:55 - Question 32: After a big profit the next Trend Following trade is likely to be a loss. True or false?33:32 - Question 33: Trends are not likely to persist. True or false?34:55 - Question 34: Almost all information about a commodity is at least a little useful in helping to make decisions. True or false?35:39 - Question 35: It’s better to be an expert in one market rather than try to trade 10 or more markets. True or false?36:20 - Question 36: In a winning streak, total risk should rise dramatically. True or false?36:57 - Question 37: Trading stocks is similar to trading commodities. True or false?38:04 - Question 38: It’s important to know how much you are ahead or behind during a trading session. True or false?38:33 - Question 39: A losing month is an indication of doing something wrong. True or false?38:47 - Question 40: A losing week is an indication of doing something wrong. True or false?38:55 - Question 41: The big money in trading is made when one can get long at the lows after a big downtrend. True or false?39:10 - Question 42: It’s good to average down when buying. True or false?39:28 - Question 43: After a long trend, the market requires more consolidation before a new trend starts. True or false?40:43 - Question 44: It’s important to know what to do if trading commodities doesn’t succeed. True or false?41:44 - Question 45: It’s not helpful to watch every quote in the market one trades. True or false?42:32 - Question 46: It’s a good idea to put on or take a position all at once. True or false?42:49 - Question 47: Diversification in commodities is always better than being in one or two markets. True or false?43:07 - Question 48: If today’s profit or loss makes a significant difference to your net worth you’re over-trading. True or false?43:40 - Question 49: A trader learns more from his losses than from his profits. True or false?44:32 - Question 50: Except for commission and brokerage fees, execution costs for entering orders are minimal over the course of a year. True or false?45:03 - Question 51: It’s easier to trade well than to trade poorly. True or false?45:25 - Question 52: It’s important to know what success in trading will do for you later in life. True or false?46:10 - Question 53: Uptrends end when everyone gets bearish. True or false?46:25 - Question 54: The more bullish news you hear, the less likely a market is break out to the upside. True or false?47:11 - Question 55: For an off-floor trader, a long-term trade ought to last 3 or 4 weeks or less. True or false?47:40 - Question 56: Others opinions of the markets are good to follow. True or false?47:49 - Question 57: Volume and open interest are as important as price action. True or false?48:39 - Question 58: Daily strength and weakness is a good guide for liquidating long term positions with big profits. True or false?49:28 - Question 59: Off-floor traders should spread different markets of different market groups. True or false?49:48 - Question 60: The more people going long, the less likely an uptrend is to continue in the beginning of a trend. True or false?50:11 - Question 61: Off-floor traders should not spread the same delivery month across different commodities. True or false?50:20 - Question 62: Buying dips and selling rallies is a good strategy. True or false?51:24 - Question 63: It’s important to take a profit most of the time. True or false?52:04 - Niels: What one or two questions would you add to this test today?55:53 - Jerry’s score results55:57 - Benchmark performance updateCopyright © 2025 – CMC AG – All Rights Reserved----PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here2. Daily Trend Barometer and Market Score One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here3. Other Resources that can help youAnd if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click HerePrivacy PolicyDisclaimer