Ep. 1231: TurtleTraders In the Womb with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
Michael Covel
4.6 • 732 Ratings
🗓️ 10 November 2023
⏱️ 34 minutes
🧾️ Download transcript
Summary
Please enjoy my monologue TurtleTraders In the Womb 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/
You can watch a free video here: https://www.trendfollowing.com/video/
Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast
My social media platforms:
Twitter: @covel
Facebook: @trendfollowing
LinkedIn: @covel
Instagram: @mikecovel
Hope you enjoy my never-ending podcast conversation!
Transcript
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| 0:00.0 | This is trend following radio where great thinking comes alive. |
| 0:10.9 | Nobel Prize winners, legendary traders, bestselling authors, and the pros that know what drive us irrational human beings. |
| 0:21.2 | I am your host, Michael Covel, not filtered, raw, honest. |
| 0:27.4 | That's my passion. |
| 0:33.6 | When I was writing my book, The Complete Turtle Trader, after chapter five, which were the rules, |
| 0:41.5 | the rules that Richard Dennis and Bill Eckhart taught the turtles, chapter six, I titled, |
| 0:47.3 | In the Womb. |
| 0:48.9 | Because at that moment in time, armed with Richard Dennis and Bill Eckhart's rules, the turtles were in the womb, |
| 0:56.1 | so to speak. They were controlled. They were in an office. They had someone else's money. They had |
| 1:01.7 | someone else's rules. And they had to follow those rules. And if they did not, there were problems. |
| 1:08.8 | But you can imagine if you take an experiment like this with so much money on the |
| 1:14.0 | line, so many different personalities on the line, and you put them all in a room, it's kind of like |
| 1:19.9 | a Twilight Zone episode, some kind of weird experiment on a desert island. A fascinating case study |
| 1:27.2 | into the human element, the human psychology. |
| 1:30.7 | Now, if you listen to this podcast, you know there have been very successful turtle |
| 1:34.3 | traders, starting with Jerry Parker, Tom Shanks, Paul Raybar, Liz Chival, and several others. |
| 1:42.1 | There have also been some that I can best describe as psychotic nut jobs. |
| 1:48.2 | And if you really need to find out who the psychotic nut job turtle traders were, you can find |
| 1:53.3 | that out. Now, the only thing you can really learn from those types of people are perhaps how to |
| 1:58.7 | not be a psychotic nut job. So in case you are close to being a |
| 2:03.6 | psychotic nut job, it might help you to investigate those particular turtles, the ones that |
| 2:09.5 | kind of went off the rails. But for the ones that had success, and for those of us out there |
... |
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