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Trend Following with Michael Covel

Bestselling author Michael Covel is the host of Trend Following Radio with 6+ million listens. Investments, economics, decision-making, human behavior & entrepreneurship--all passionately explored. Guests include Nobel Prize winners Robert Aumann, Angus Deaton, Daniel Kahneman, Harry Markowitz & Vernon Smith. Also: James Altucher, Dan Ariely, Jean-Philippe Bouchaud, Kathleen Eisenhardt, Marc Faber, Tim Ferriss, Jason Fried, Gerd Gigerenzer, Larry Hite, Sally Hogshead, Ryan Holiday, Jack Horner, Ewan Kirk, Steven Kotler, Michael Mauboussin, Tucker Max, Barry Ritholtz, Jim Rogers, Jack Schwager, Ed Seykota, Philip Tetlock & Walter Williams. All 600+ eps at www.trendfollowing.com/podcast.
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Bestselling author Michael Covel is the host of Trend Following Radio with 6+ million listens. Investments, economics, decision-making, human behavior & entrepreneurship--all passionately explored. Guests include Nobel Prize winners Robert Aumann, Angus Deaton, Daniel Kahneman, Harry Markowitz & Vernon Smith. Also: James Altucher, Dan Ariely, Jean-Philippe Bouchaud, Kathleen Eisenhardt, Marc Faber, Tim Ferriss, Jason Fried, Gerd Gigerenzer, Larry Hite, Sally Hogshead, Ryan Holiday, Jack Horner, Ewan Kirk, Steven Kotler, Michael Mauboussin, Tucker Max, Barry Ritholtz, Jim Rogers, Jack Schwager, Ed Seykota, Philip Tetlock & Walter Williams. All 600+ eps at trendfollowingradio.com/rss.

Nov 20, 2015

On today’s episode of Trend Following Radio Michael Covel interviews Brett Steenbarger. This is his 2nd appearance on Trend Following Radio. He is a Clinical Associate Professor of Psychiatry at New York State University, author of “The Daily Trading Coach,” “The Psychology of Trading,” and “Enhancing Trader Performance.” His newest work is “Trading Psychology 2.0: From Best Practices to Best Processes.”

Michael and Brett start the podcast off by asking the question, “Do people really have that burning desire to succeed?” Brett says he does believe traders are drawn to trading for the money outcome, but also for the allure of not working a 9-5 job or the dream of scoring easy riches. Brett breaks it apart further by explaining the motivations for different traders: Practice and process are essential. He says, “You hear traders talk about finding your edge and sticking to your edge.” Finding your edge is a continual process because the markets are forever changing. You must adapt.

Brett goes on to discuss the importance of back-testing and how valuable it is to your strategy. He gives the example that elite performers spend more time in preparation than in performance. That preparation helps develop a strategy and prepare the performer mentally. It pushes the performer to develop the best of what they are doing. Brett then details the difference between repeated performance and deliberate practice.

Creativity is the next big topic discussed. Brett says it’s an individual’s creativity that breaks them away from the herd. A trader that has the creativity to diversify and test new strategies. Brett then touches on what it means to “trade your personality,” how paramount it is to have the right trading mentor, and the advantages of creating a checklist to bring out your best practices and make them routine. Lastly, Michael and Brett dig into the necessity of eating, sleeping, physical exercise, and yoga to help fuel a positive emotional experience in life and in trading. If you have been having trouble with the psychological aspects of your trading, this episode is for you.

In this episode of Trend Following Radio:

  • The emotional “buy in”
  • Checklists
  • Finding a smooth equity curve
  • Repeated performance vs. deliberate practice
  • The role of fitness and health in trading
  • The moment of now
  • Systems trading vs. discretionary trader
  • Relationship between volatility and volume
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