69 min listen
Ep. 388: Logic Over Faith with Michael Covel on Trend Following Radio
Ep. 388: Logic Over Faith with Michael Covel on Trend Following Radio
ratings:
Length:
30 minutes
Released:
Oct 12, 2015
Format:
Podcast episode
Description
On today’s episode of Trend Following Radio, Michael Covel opens the conversation by taking a look at the concept of faith, and how it has no place in the trading world. In trading, logic and reason trump faith. If you can’t “grow” up and use reason to gather information and form strategy, Michael notes, then you have no place at the “adult” table.
Next, Michael outlines core decision-making precepts. Sometimes making the right move means going against your instincts, and it’s at these times that you need to force yourself to make a decision – even if it means quitting. People tend to equate quitting with failure when the truth, as Michael points out, is that sometimes quitting is what keeps you in the game. This line of thinking is again linked to logic rather than faith – the erroneous faith that if you necessarily stick it out (i.e. a losing trade in the markets) success will follow.
Other topics covered in this episode touch on how financial advisors primarily exist to push mutual funds and buy and hold orthodoxy, why investing without a plan dooms you before you begin, and why embracing the challenge of how the world and investing really works makes you a smarter investor.
In this episode of Trend Following Radio:
Logic over faith
Financial advisors: there to give mutual fund advice
Adapting your strategy
How quitting can keep you in the game
Forcing yourself to make decisions
Risk and reward
Want a FREE Trend Follоwing DVD? Find it here.
Next, Michael outlines core decision-making precepts. Sometimes making the right move means going against your instincts, and it’s at these times that you need to force yourself to make a decision – even if it means quitting. People tend to equate quitting with failure when the truth, as Michael points out, is that sometimes quitting is what keeps you in the game. This line of thinking is again linked to logic rather than faith – the erroneous faith that if you necessarily stick it out (i.e. a losing trade in the markets) success will follow.
Other topics covered in this episode touch on how financial advisors primarily exist to push mutual funds and buy and hold orthodoxy, why investing without a plan dooms you before you begin, and why embracing the challenge of how the world and investing really works makes you a smarter investor.
In this episode of Trend Following Radio:
Logic over faith
Financial advisors: there to give mutual fund advice
Adapting your strategy
How quitting can keep you in the game
Forcing yourself to make decisions
Risk and reward
Want a FREE Trend Follоwing DVD? Find it here.
Released:
Oct 12, 2015
Format:
Podcast episode
Titles in the series (100)
Ep. 5: Nick Radge Interview with Michael Covel on Trend Following Radio: Michael talks to Nick Radge (www.thechartist.com.au) author of the new book, "Unholy Grails". Nick has been trading and investing since 1985. During this time Nick has worked for numerous international investment banks and spent time on the trading... by Michael Covel's Trend Following