Top Traders Unplugged

Mark Rzepczynski joins us today to discuss China’s move to ban Bitcoin trading, the Federal Reserve’s announcement of research into a new central bank digital currency, some of the issues around inflation and how it might affect trading, the psychology of drawdowns and the time in between new highs, how inflation can distort price signals, the recent rise of the ‘Misery Index’, Michael Burry’s huge bet against Tesla, the importance of exits in Trend Following strategies, and matching the right ‘Operation Tempo’ for your trading personality.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HEREIn this episode, we discuss:China's recent banning of Bitcoin trading and miningThe Federal Reserve's announcement of a possible new digital currencyInflation and its effects on tradingThe psychology around drawdownsPrice signals and how they can be distorted by inflationMatching what Mark terms as 'Operation Tempo' with your personality-----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 – Intro02:11 – Macro recap from Niels05:49 – Weekly review of performance11:00 – Further discussion on our recent talking point of discretionary versus systematic, including some comments from Top Traders Unplugged community member, Danny13:38  – Q1; Fernando: Does it get easier with time and experience, to endure drawdowns?22:40 – Some of the issues around inflation and how that might affect trading44:30 – Momentum crashes and decision-clustering57:35 – The importance of matching your personality to the timeframes you trade01:04:10 – When is the best time to invest in Trend Following?01:11:28 – Benchmark performance update01:12:30 - Recommended listening or reading this week: MacroVoices Podcast featuring David RosenbergCopyright © 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 today to discuss the benefits of prioritising price over other factors, navigating a high-inflationary environment, how bad markets for average investors can often be great for Trend Followers, how public awareness of a market uptrend can often precede large price drops, the potential drawbacks of trying to standout too much as a money-manager, how classical Trend Following is an increasing rarity in the CTA space, the benefits of investing in Trend Following via a proven manager, the similarities between amateur golfers and traders, the point at which a trend has been ‘confirmed’, and conquering the fear of losses.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HEREIn this episode, we discuss:Why you should prioritise price over any other form of dataHow bad markets for the average investor is often lucrative for Trend FollowersHow mainstream attention to market trends usually means they're about to endWhy money managers shouldn't always try to stand out too muchThe increasing rarity of classical Trend Following CTAsHow to embrace the mentality of cutting losses-----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 - Intro02:55 - Macro recap from Niels06:07 - Weekly review of returns13:34 - Stanley Druckenmiller’s recent interview criticising the Federal Reserve16:17 - Q1 & Q2; Shibojet: What are your thoughts about a dynamic trading system that focuses more on what’s working over any given time-period, rather than a static trading system with rigid criteria? Why don’t Trend Followers trade cash equities?39:32 - Q3; Aldo: Is it worth trading a small account using micro-futures? What are your thoughts on pyramiding into positions?50:51 - Conquering the fear of losses53:45 - How many markets should we trade?01:06:58 - Benchmark performance update01:07:56 - CBOE announce new Bond futuresCopyright © 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

Moritz Seibert returns to the show today to discuss the Berkshire Hathaway annual general meeting, the possible raise in interest rates by the Federal Reserve, today’s great environment for Trend Following, the unpredictable nature of the markets and future trends, decentralised finance, increasing ESG requirements in the investment industry, the meteoric rise of Lumber prices, new and smaller Bitcoin futures contracts being listed on the CME, thoughts on Ethereum and Ethereum futures, and the possible advantages of being in a Trend Follower in the cryptocurrency space versus the buy & hold speculators.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HEREIn this episode, we discuss:Berkshire Hathaways's recent annual general meetingThe likelihood of the Federal Reserve raising interest ratesHow to overcome the unpredictable nature of marketsThoughts on De-FiIncreasing sustainability requirements of the investment industryThe newer, smaller futures contracts being listed on the CMETrend Following on cryptocurrencies-----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 - Intro01:21 - Macro recap from Niels02:49 - Weekly review of returns11:02 - The Berkshire Hathaway annual general meeting26:24 - Why Lumber prices are on the rise32:44 - New and smaller Bitcoin futures contracts being listed on the CME36:50 - Ethereum futures45:46 - Continued outflows from Cathy Wood’s ARKK innovation ETF46:42 - Q1; John: What is your methodology for selecting which contract month to trade, and when to roll?52:46 - Q2; Brian: What topics, articles, blogs, podcasts or books do you recommend for somebody who wants to learn about cryptocurrencies as fast and easy as possible?59:28 - Benchmark performance update01:00:11 - Recommended listening or reading this week: 'Why the Price of Lumber Has Soared' on the Odd Lots Podcast and Michael Lewis on the Masters in Business Podcast and Tom Basso on Trend Following RadioCopyright © 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 Rob Carver to discuss the process of selecting single stocks for a Trend Following system, Rob’s holy trinity of security selection, the JP Morgan-backed fund making huge bets, via options, on the market remaining quiet, the knock-on effects from funds who make large, risky bets, the sweet-spot for average holding periods in a Trend Following system, ‘caveman-style’ Trend Following versus scaling in and out of positions, how to hedge against inflation, how Trend Following historically has performed really well in rising interest-rate environments, and thoughts on Tesla’s recent earnings, a lot of which were from government subsidies and selling bitcoin.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HEREIn this episode, we discuss:Which stocks to select for a profitable Trend Following systemRob's 'Holy Trinity' for selecting securitiesThe ripple effects of large funds who make large and risky betsThe most profitable holding periods in Trend Following systems'Caveman-style' Trend FollowingHow to hedge against inflationTrend Following's success in rising interest-rate environmentsTesla's recent earnings-----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 - Intro01:36 - Macro recap from Niels04:27 - Weekly review of returns09:38 - Discussion on Tesla’s recent earnings25:13 - Q1; Matt via the Top Traders Unplugged free voicemail service: How do you select single stocks as a Trend Follower?35:02 - Q2; Alfred: Does backwardation lead to price rallies?41:10 - The fund who are now nicknamed ‘Gamma Hammer’ for betting on tranquil markets48:07 - Q3; Riccardo: What does Rob think about mean reversion strategies, and how they can be complimented with Trend Following? What are your thoughts on Systematic Macro strategies, and how do they compare with Trend Following?57:16 - Q4; Michael: How long would it take to convert a system made in Microsoft Excel, to Python?01:00:20 - Q5; James: What do you think about exiting winning trades in stages, rather than at once?01:06:08 - Hedging against inflation01:11:06 - 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, Mark Rzepczynski returns to the show to discuss how Trend Following allows investors to own more risky assets, Systematic Global Macro versus Trend Following, the process of how an investor digests new information, classical Trend Following versus modern Trend Following with AI methods, whether rock-star hedge funds such as ARK Invest can end up being too greedy when seeking AUM, why it can be a good idea to avoid timing the different exposures of your portfolio as much as possible, some of the possible reasons behind Dunn Capital’s successful near 50-year track record, and thoughts on position-sizing in relation to historic volatility.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HEREIn this episode, we discuss:How a Trend Following approach allows safer access to risky marketsThe differences between Systematic Trading based on macro data versus based on price-onlyHow a top trader should efficiently process new dataModern AI-based Trend Following versus classical Trend FollowingWhether the biggest hedge funds in the world fall victim of being too greedy for AUMWhy you should avoid 'timing the market'The possible secrets of success behind Dunn Capital's near 50-year track record-----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 – Intro02:00 – Macro recap from Niels08:46 – Weekly review of performance13:28 – Swedish systematic macro-fund, IPM, closes after losing $4billion during the pandemic28:37 – New style Trend Following with machine learning versus classical Trend Following53:54 – Some of the reasons behind Dunn Capital’s successful near 50-year track record01:05:03 – Q1 Raymond: What are some good methods for market selection, other than liquidity?01:08:35 – Q2; Dirk: Have you found significant differences between volatility-based position-sizing and a one-size-fits-all approach?01:17:10 – 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 returns to the show today to discuss the how investments can often turn into religions, the recent Coinbase IPO, using historical volatility for position sizing, comparing long-term trend following to Buy & Hold, ‘trend strength’ signals, how much of a portfolio should be allocated to Trend Following strategies, mean-reversion systems versus Trend Following systems, and thoughts on finding or adding to new positions.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HEREIn this episode, we discuss:The perils of becoming 'religious' about our investmentsCoinbase's recent stock market listingPosition sizing using historical volatilityBuy & Hold versus Trend Following over long-term look back periodsMean Reversion trading versus Trend-based tradingThe infamous Top Traders Unplugged Trend Barometer-----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 - Intro01:36 - Macro recap from Niels04:37 - Weekly review of returns09:37 - A question for Jerry, from Mark: If Trend Following philosophy assumes the future is unknown, why is normal to use historical price data?24:44 - ‘Trend Strength’ signals, what they are, and if you should use them26:52 - Whether Trend Followers do actually make market predictions35:49 - A question for Jerry from Jim: What are your thoughts on combining a Trend Following system with a mean-reversion system?40:27 - Meb Faber’s recent poll on how much should be allocated to Trend Following48:31 - Q1; Danny: How do you find new positions to trade?53:09 - Q2; Mathew: How do you define a longer-term timeframe?01:00:44 - Performance recap01:01:50 - Jerry asks Niels to discuss the Top Traders Unplugged Trend BarometerCopyright © 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

Moritz Seibert joins us today to discuss the little-known hedge fund Archegos, who recently blew up and cost billions of dollars for large institutions such as Credit Suisse and Nomura. We also discuss whether cracks are beginning to show in the stock market, the bull market in commodities, opportunities for investing in Chinese commodity markets, the risks of trading in emerging markets, how to trade cryptocurrency futures, and combining Trend Following strategies with none-correlated strategies in the same system.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HEREIn this episode, we discuss:Over-leveraged hedge funds showing little regard for riskWhat stage of the bull market in stocks we might be inThe rise in commodity pricesTrading in the Chinese commodity marketsThe possible risks of trading in emerging marketsCrypto futures and how they differ from more traditional futures marketsTrend Following combined with other investment strategies for a complete portfoliocall Gold a 'safe-haven' asset?-----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 - Intro02:19 - Macro recap from Niels05:22 - Weekly review of returns12:48 - Quant trading firms being ready to pounce on a possible upcoming commodity boom, especially in China31:05 - The departure of some CTAs away from major exchanges, and the fund Archegos blowing up costing billions for major global banks49:25 - Arbitraging bitcoin futures01:00:45 - Q1; Jim: What are your thoughts on combining a Trend Following system with a mean-reversion system?01:04:40 - Q2; John: Do you have any advice on which futures contract to trade and when to roll?01:09:14 - Q3; Mark: If Trend Following philosophy assumes the future is unknown, why is normal to use historical price data?01:14:45 - Performance recapCopyright © 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 is back on the show with us today to discuss why short positions are beneficial to a profitable trading strategy, the importance of not over-tweaking an already good system, the case for Trend Following as the dominant strategy in an investment portfolio, the amount of volatility that can be regarded as too risky, and Jerry calls out Niels for a future debate regarding the possible uses of multi-timeframe analysis.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HEREIn this episode, we discuss:The reasons for avoiding a long-only trading systemKnowing when 'good enough' is good enoughWhy investors may be allocating to Trend Following in the wrong amountsWhen volatility equates to riskApproaches to multi-timeframe analysis-----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 - Intro01:46 - Macro recap from Niels04:34 - Weekly review of returns46:37 - Q1; Marcus: What is Jerry’s approach to shorting stocks?49:50 - Q2 & Q3; Nathaniel: Do you have any suggestions for reliable ‘predictors of return’?  Do you recommend trading futures that are in backwardation?57:16 - Q4; Nick:  Are there advantages to trading markets that are unusually volatile?01:00:07 - Performance recap01:01:00 - Recommended listening or reading this week.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 whether it’s a good idea to adjust your strategy during different periods of volatility, Bitcoin’s expected role as an inflation-hedge, whether commodities are more suited to shorter-term trading than other markets, the NFT frenzy & its credibility as an investment asset, volume analysis and whether it can be play worthwhile part in a Trend Following system, and why volatility may not be a good measure of risk.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HEREIn this episode, we discuss:The case for and against Volatility TargetingWhether Bitcoin can offset any risks from a high-inflationary environmentWhether commodities can be suitable for long-term strategiesThe credibility of NFTs as an asset class Volume analysis as a trading signalVolatility as a measure of risk-----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 – Intro02:24 – Macro recap from Niels04:17 – Weekly review of performance31:32 – Q1; Dennis: How can a retail trader with limited capital access the commodity markets?41:47 - Q2; Dennis: How would you deal with big intraday volatility such as in 2020?51:02 - Q3; Cat: Is volume analysis overrated?56:16 - Q4; Gustavo: Why should we be worried about volatility if it is going our way?01:05:52 - Q5; Emra: How often should you recalibrate your system?  Why do you recommend not locking in profits early, after unusually sharp portfolio increases?01:16:08 – Benchmark performance update01:12:25 – Recommended listening or reading this week: Howard Marks’ latest memo01:27:35 – Recommended listening or reading this week: MacroVoices Podcast featuring Juliette DeclercqCopyright © 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

Mark Rzepczynski joins us today to discuss Jerome Powell’s recent speech and how central banks can often confuse markets, the potential of Artificial Intelligence in systematic investing, whether or not holding government bonds is a good idea, the recent rise in interest rates and what it means for the stock market, the relationship between correlations and volatility, why policy makers should avoid trying to engineer future expectations, how recency-bias affects our decision making,  complexity versus complicatedness, robotic systematic investing versus human discretionary investing, how to tell the difference between a systematic and discretionary trader by looking at returns only, and why ‘low-cost’ funds can often end up being more expensive than normal.-----50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HEREIn this episode, we discuss:Whether artificial intelligence has a place in systematic investingInterest rates and their effects on the trading marketsHow correlations can increase volatilityThe benefits of a more 'hands-off' approach to policy-making The common perils of 'recency bias'Spotting a discretionary trader just by looking at returnsThe hidden costs behind supposed 'low cost' funds-----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 – Intro03:14 – Macro recap from Niels06:36 – Weekly review of performance57:46 – Q1; Mike: How useful do you find capture ratios when analysing performance?1:08:29 – Q2; Andy: What do you think about utilising a CTA or Trend Following ETF?1:14:42 – Q3; Craig: Do you think CTAs are missing out by not trading small-cap crypto, and do you think they will eventually?01:24:03 – Benchmark performance update01:12:25 – Recommended listening or reading this week: Howard Marks’ latest memo01:25:25 – Recommended listening or reading this week: MacroVoices Podcast featuring Juliette DeclercqCopyright © 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