Ep. 229: William Adams Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

Michael Covel

Business, Investing

4.6 • 732 Ratings

🗓️ 16 April 2014

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

My guest today is William Adams, a private trader and systems developer. He is based in Zurich and works with institutional clients. Adams has over 17 years of experience in financial markets.

The topic is trading.

In this episode of Trend Following Radio we discuss:

If Adams views himself as a trend following trader
Why the word futures can be problematic
Broad diversification and diversifying on a number of different tiers
Risk-based diversification
Why making sure you're in the game is the most important factor
Why every business is seasonal
Why price is the most important aspect to a trade
How Adams has (or doesn't have) the "expertise" to trade certain markets
Informing your system of various events as a quantitative or systematic trader
Thinking about Adams' strategy in the context of evolution
Core baskets vs. satellite baskets
The adaptive aspect of what Adams does
The philosophical and operational aspects of volatility
Average true range as a volatility measure
Trading to make a return vs. trading as an economist
Adams' greatest areas of challenge and frustration
Michael Lewis and whether the markets are "rigged"
Execution strategy

Jump in!

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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.
0:24.0	Not filtered, raw, honest.
0:27.3	That's my passion.
0:33.5	Today in the podcast I have Bill Adams.
0:37.0	Bill is with a hedge fund for a long time.
0:39.2	He is a private trader.
0:41.1	He's a system developer.
0:43.1	That means the logic and the code.
0:46.0	He's based in Zurich.
0:48.0	No retail clients right now.
0:50.3	Just large institutional clients.
0:53.4	This is part two of our conversation.
0:55.8	I hope you enjoy.
1:01.6	So we exchanged some notes.
1:06.0	We talked about some things since your first podcast.
1:10.2	And what I want to clarify from the very beginning is going
1:15.9	through your notes and I'm seeing broad diversification. I'm seeing quantitative futures program.
1:21.5	I'm seeing price based. I'm seeing HR measures, discussions of volatility, but I don't really see the phrase trend
1:29.6	following. Is that how you view yourself? I view myself as a trend follower, but I realize
1:35.7	that I'm not a trend follower, let's say like in the purest sense, but all the fundamental
	...

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