This is trend following radio where great thinking comes alive.

Nobel Prize winners, legendary traders, bestselling authors, and the pros that know what drive us irrational human beings.

I am your host, Michael Covel, not filtered, raw, honest.

That's my passion.

Are you new to trend following?

Do you not know what it is?

Or even if you do know what it is,

here's your starting point. My trend following book, my turtle trader book, and this podcast.

Specifically on this podcast, if you're into trend following, go to the footer at trendfowing.com and you'll see a link for all my trend following podcast episodes. There you go. That's not

exactly an ad or a PSA, but it's a good place to start for where I'm going to go today.

Because that's the big picture.

You've got to do the homework.

You've got to go listen.

You've got to read.

You've got to wrap your arms around it.

If you don't do that, you're just back to chat forums and listening to people talk bullshit on Facebook and Twitter.

Let's talk about some misconceptions.

Or maybe they're not even misconceptions. Maybe you just don't know. Drawdown. What's a drawdown?

If you got 100 bucks and it goes to 50 bucks, if it's still an open position, that's a drawdown, 50% drawdown.

Not so good.

I mean, it happens.

It's normal.

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