Ep. 287: Toby Crabel Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

Michael Covel

Business, Investing

4.6 • 732 Ratings

🗓️ 27 October 2014

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

My guest today is Toby Crabel, a tennis player who is now a commodities trader. In 2005, the Financial Times called Crabel "the most well-known trader on the counter-trend side".

The topic is commodity trading.

In this episode of Trend Following Radio we discuss:

Crabel's history as a pro tennis player
Longevity and consistency in tennis and trading
Where Crabel stands with the total number of systems he employs
The source of Crabel's profits and the philosophy behind it
Price action
Winning and losing volatility
Why Crabel needs price movement and volume
The idea of price shocks and the importance of being aware of them
The process of moving from high drawdowns to a much lower drawdown
The importance of diversity
Early lightbulb moments that informed Crabel's trading style
Crabel's experience with Victor Niederhoffer
How the philosophy of Objectivism has informed Crabel's life
The liquidity of futures markets
The importance of persistence

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.
0:26.6	I am your host, Michael Cobell, not filtered, raw, honest.
0:38.9	That's my passion. I first reached out to my guest today in 2005. It just struck me, and we talk about it in our conversation.
0:42.7	Nine years ago.
0:45.3	Damn.
0:46.6	Time flies.
0:49.5	Toby Crable is my guest today.
0:51.1	Crable Capital Management.
0:53.9	Short-term systematic trader,
0:56.8	Quant. Very different than most of my world. Now, a lot of commonalities. Price action-driven,
1:08.3	systems, models, risk management.
1:11.6	But Toby is working on a whole different timeframe,
1:15.6	turning his portfolio over typically in less than a day.
1:19.6	But I still remember our first meeting.
1:23.6	It was a great conversation.
1:25.6	And what struck me about Toby was his philosophical nature.
1:29.6	The competitive sports side, a former pro tennis player, but that philosophical nature,
1:38.0	and then executing it in the systematic trading world.
1:43.1	I thought it was such a unique story then and today.
1:48.2	I hope you enjoyed this conversation.
1:57.3	Toby, Mike Covell.
	...

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