OI10: The Untold Side of the Turtle Trading Legacy ft. Bill Eckhardt & Rob Sorrentino
Top Traders Unplugged
Niels Kaastrup-Larsen
4.8 • 670 Ratings
🗓️ 23 October 2024
⏱️ 76 minutes
🧾️ Download transcript
Summary
In his first podcast episode ever, Bill Eckhardt emphasizes that successful trading hinges more on risk control than on predicting market movements, a theme that resonates throughout his conversation with Moritz Siebert and Rob Sorrentino. The episode explores Eckhardt's journey from the renowned Turtle trading experiment to his current systematic trading strategies at Eckhardt Trading Company. The conversation provides insights into the evolution of trading strategies, the importance of maintaining emotional discipline, and the necessity of adapting to changing market conditions. The discussion also delves into the challenges of overfitting in trading models and the significant role that robust statistical methods play in managing risk. With anecdotes about the unique characteristics of traders and the importance of maintaining a diversified portfolio, this episode offers a fascinating look into the mind of a trading legend and the principles that guide his enduring success.
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Episode TimeStamps:
02:30 - Introduction
03:59 - Eckhardt's relationship to Richard Dennis
06:34 - Can trading be taught?
08:50 - The story behind the trading rules
12:32 - What characterises Eckhardt Trading?
13:44 - How did their perception of risk change over the years?
22:01...
Transcript
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| 0:00.0 | The structure of the market is that the money flows from the many to the few. |
| 0:14.3 | So you have to be among the few, not among the many. |
| 0:18.3 | If you do normal human reflexes, normal human reactions, then you'll almost |
| 0:24.8 | always find yourself among the many, and you'll be a loser. Trading doesn't feel good. |
| 0:32.4 | If you're enjoying it too much, you're probably doing something wrong. |
| 0:38.3 | I tell people that to be a money maker is sort of negative some emotion. |
| 0:46.3 | You're going to have to suffer a certain amount to make money. |
| 0:50.3 | You can't simply succeed by following your inclinations. Imagine spending an hour with the |
| 1:00.4 | world's greatest traders. Imagine learning from their experiences, their successes, their |
| 1:05.7 | failures. Imagine no more. Welcome to Top Traders Unplugged, the place where you can learn from the best hedge fund managers in the world, |
| 1:14.8 | so you can take your manager, due diligence, or investment career to the next level. |
| 1:19.4 | Before we begin today's conversation, remember to keep two things in mind. |
| 1:23.0 | All the discussion we'll have about investment performance is about the past, |
| 1:27.2 | and past performance does not guarantee or even infer anything about future performance. |
| 1:32.1 | Also understand that there's a significant risk of financial loss with all investment strategies, |
| 1:36.4 | and you need to request and understand the specific risks from the investment manager about their product |
| 1:41.8 | before you make investment decisions. |
| 1:44.3 | Here's your host, veteran hedge fund manager, Niels Kostrup Larson. |
| 1:53.4 | Welcome to another episode in the Open Interest series on Top Traders Unplocked, hosted by Moritz-Seepard. |
| 1:59.5 | In life, as well as in trading, maintaining a spirit of curiosity and open-mindedness is key, |
| 2:06.0 | and this is precisely what the Open Interest Series is all about. |
| 2:10.3 | Join Moritz as he engages in candid conversations with seasoned professionals |
... |
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