This is Trend Following Radio, where great thinking comes alive.

Nobel Prize winners, legendary traders, bestselling authors, and the pros that know what drive us irrational human beings.

I am your host, Michael Covel, not filtered, raw, honest.

That's my passion.

Today is sort of like talking to myself.

I'm going to give you nine small excerpts about life,

trading, trend following that I've not played on this podcast before. At first glance,

they might sound a little different, but keep with me, there is something different about them.

And after I play all nine, very short, like a couple minutes long, after I play all nine clips,

and I promise you, you will enjoy these, I will share with you the talking to myself part of it.

Without any further delay from me, please enjoy. I moderated a panel recently in Paris.

The panel included Peter Borish and Salem Abraham.

The most interesting thing from the panel for me was Peter Borish's comment.

And Borish said, you've got to have a prenuptial agreement with the market.

Meaning, before you ever get in to any kind of trade for any reason, you've got to have a

predefined exit point, a predefined stop loss point.

If you don't have that, you're in trouble.

Look, let's say you get into some position, some trade.

You spend $10,000.

It goes to $9,000.

Take your $1,000 loss, get out.

That's a prenuptial agreement with the market.

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