4.6 • 730 Ratings
🗓️ 24 November 2025
⏱️ 21 minutes
🧾️ Download transcript
Please enjoy my monologue The Transformation IV 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!
Click on a timestamp to play from that location
| 0:00.0 | Let me say the quiet part out loud. |
| 0:02.6 | Everyone thinks they're smarter than the market until the market takes their face off. |
| 0:07.4 | As we go into Black Friday, as we go into Christmas, as we go into the new year, the annual ritual of mindless buying. |
| 0:15.3 | I'm not here to tell you what to buy. |
| 0:17.5 | I'm here to tell you the truth. |
| 0:19.1 | Most people don't fail in the markets because they lack |
| 0:21.6 | intelligence. They fail because they lack stories of reality. Not theories, not slogans, not memes, |
| 0:29.5 | not buy the dip TikTok garbage. I mean actual lived stories of traders who made money for decades |
| 0:35.7 | while the rest of the world got smacked in the |
| 0:39.3 | head. Today, I'm going to give you some truth through some great examples of those who lived it. |
| 0:47.0 | Number one, the turtles, real people, zero experience, millions and profits. You want real, |
| 0:51.7 | here's real. Rich Dennis did take these 20 random people in the 80s. |
| 0:57.6 | Blackjack player, guard from the Chicago prison system, Dungeons and Dragons Gamer, a pianist, U.S. Air Force pilot, a kid barely out of college. |
| 1:07.6 | They did not have trend following trading experience. Some had some fancy degrees. Some did not. |
| 1:15.5 | One, I recall, and I did not get a chance to interview him, lived over top of a saloon. They didn't |
| 1:22.1 | have forecasting skills, no prediction skills. Dennis gave them two weeks of training. Two weeks. Not two years. |
| 1:31.9 | Not some college time of four years. Two weeks. What did he teach? No prediction. No chart reading. |
| 1:40.4 | No market feel. No fundamentals. He taught enter enter on price action, exit on price action, take small losses, ride big winners, size positions, control risk, ignore emotions, ignore news, ignore opinions, simple, mechanical, uncomfortable, truth. And the result, that group of 20 made over $100 million profit |
| 2:02.9 | after they were done after four years. I mean, that's just a great story. Of course, |
| 2:07.0 | it's the story of my second book. And while my second book is affectionately titled Complete, |
| 2:13.3 | and it is, but you can only put so much information in a book. |
| 2:18.4 | All of the backstory, I've got to figure a way to get it out there. |
... |
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