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Michael Covel's Trend Following

Ep. 1378: High Agency Trading with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

Michael Covel

Business, Investing

4.6732 Ratings

🗓️ 23 February 2026

⏱️ 20 minutes

🧾️ Download transcript

Summary

Please enjoy my monologue High Agency Trading 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

Click on a timestamp to play from that location

0:00.0

You know, in the markets, it's pretty easy for people to bring in their emotional and psychological

0:06.7

issues, how they see themselves, how they see life.

0:11.7

I mean, they bring that shit to the markets.

0:14.1

Victimhood.

0:15.7

They blame other people, other institutions.

0:20.2

They don't take ownership.

0:22.1

That's what I want to talk about today.

0:24.3

Let me start with a sentence that sounds harmless.

0:27.7

The market did this to me.

0:29.9

That's the kind of sentence that ends your making money career.

0:33.9

Not because it's emotional.

0:35.6

Obviously it is.

0:37.3

But because it transfers control away from the only

0:40.0

place that ever existed. The control is your decisions. High agency, what we're talking about

0:47.2

today is not only about confidence. It's not about bravado. It's not about believing you can

0:51.5

control the markets. It's about accepting something

0:54.3

far more uncomfortable that every outcome and your profit and loss is the result of a choice

1:01.3

you made, even the bad ones, especially the bad ones. And remember, a loss is not necessarily a bad

1:09.5

outcome because loss is a part of the game.

1:13.2

But, you know, people get defensive.

1:14.9

The market's manipulated.

1:17.3

High frequency traders were front-running me, whatever.

...

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