Ep. 52: Courtney Smith Interview with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
Michael Covel
4.6 • 732 Ratings
🗓️ 31 August 2012
⏱️ 62 minutes
🧾️ Download transcript
Summary
My guest today is Courtney Smith, a trader, author, money manager, educator, and speaker. Smith has been trading for forty-plus years. He's written seven books and is a frequent commentator on television.
The topic is trading.
In this episode of Trend Following Radio we discuss:
- Smith's start, and his experiences with trend trading and Richard Donchian's systems (and the experience of testing these systems on computers in the mid-70s)
- Today's climate for trading, and how it compares to what times felt like in the 1970's
- The psychological components to trading systems
- The importance of speculators (and why they're often unfairly put in the position as a political whipping-boy)
- "Hope" in the marketplace
- Drawdowns
- How "markets are markets"
- High frequency trading
- The informational value of studying track records
- The idea of being "flat" in the market
- The importance of ignoring television
- Trading methods that should be avoided
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
Click on a timestamp to play from that location
| 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, not filtered, raw, honest. |
| 0:27.3 | That's my passion. |
| 0:33.3 | Today on the show I have Courtney Smith, and Courtney has been a trader, a fund manager, an author, |
| 0:39.8 | and definitely check out his works on Amazon. His website is Courtneysmith.com. I think you're |
| 0:46.4 | going to enjoy this. Courtney and I cover a wide territory in the trading space and I think you'll be |
| 0:52.9 | intrigued at his trend following insights, |
| 0:55.9 | trend following lessons, how long he's been in this game, 40 plus years. And you'll also be |
| 1:01.3 | surprised that a lot of the people he's crossed paths with, quite a wide selection of folks. So |
| 1:08.0 | anyways, enjoy. |
| 1:24.0 | So Courtney, James Dufrain is a young guy at Longboard Asset Management, and that's how we ended up speaking today. Now, I've seen your name and I've seen your stuff over the |
| 1:27.2 | years, and so excuse me for taking so long to find you onto the podcast. But, you know, |
| 1:33.9 | for those that don't yet know of Courtney Smith, Courtney is, he's been in the industry. And I |
| 1:40.9 | know we can call that industry a lot of different things from managing money for clients to teaching, quite a bit of trend following experience. |
| 1:50.7 | That's a pretty good introduction, isn't it, Courtney? |
| 1:53.3 | Sounds good to me. |
| 1:55.3 | So anyways, but the reason we got connected is that James went ahead is a young guy and he uh basically what he sent me |
| 2:03.0 | was an email and he was he had trained with michael marcus who had famously trained at |
| 2:07.5 | secota and he told me though he said you know i've got somebody else in mind that you've got to reach |
| 2:11.9 | out to fantastic trader and uh said he will bring some really entertaining insights. So like I'm just sitting here |
| 2:19.3 | on this delightful Thursday morning ready for the entertainment, Courtney. |
... |
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