Podcast appearances and mentions of Richard Dennis

Forrest Claypool has one of the most impressive and varied resumes in politics...early campaign and operative work with David Axelrod and Rahm Emanuel, two-time Chief of Staff to the mayor of Chicago, opposing Barack Obama in mock debates in his 2004 Senate race, running the Chicago Park District, Chicago Transit Authority, and Chicago Board of Education, elected to the Cook County Board, intense races against the Chicago machine, and now author of the new book - The Daley Show - about the 20+ year tenure of Chicago Mayor Richard M. Daley. In this conversation, Forrest talks his path from small town Southern, IL to breaking into politics to his time running major city departments to being an integral part of the Chicago machine before running against the machine a few years later and deep into the last 40+ years of Chicago politics through the impact of the mayoralty of Richard M. Daley. IN THIS EPISODE...Forrest's roots in Southern Illinois and the state politics of his youth in the 60s and 70s...Forrest connects with David Axelrod at the start of the Axelrod rise as a national media consultant...The x-factor that made Axelrod such an effective political consultant...One of Forrest's favorite races he worked on as a political consultant...Forrest plays the role of Alan Keyes in Barack Obama's 2004 debate prep...Forrest's initial impressions of the 1990s Barack Obama who started making the rounds in Chicago politics...Forrest remembers the Rahm Emanuel he first worked with in the mid-1980s...Of the numerous positions he held around Chicago and Cook County politics, which did Forrest find most exciting...Why Forrest turned down an almost sure-thing, safe seat in Congress...What he learned when he ran for Cook County office himself...The Forrest Claypool 101 on effectively running organizations...His evolution as a foot soldier of the Daley machine to a prominent machine critic and opponent...What made Forrest write his new book, The Daley Show, about the 20+ year mayoralty of Richard M. Daley...How the original Mayor Daley, Richard J. Daley, dominated Chicago politics for decades...The story of Richard M. Daley in the political wilderness after the death of his father, and how he rose to the mayor's office via an "outside game"...Details on how the Chicago mob controlled an entire city ward into the 1980s and 90s...The importance of "abandoned cars" in running a city...The most important accomplishment of the Mayor Richard M. Daley era...The biggest "missed opportunity" from Daley's time as Mayor...The "most brilliant ploy" Forrest saw from Mayor Daley during the 1990s wars over Chicago-area airports...The story from Forrest's first race in Cook County, with his opponent trying to convince voters that Forrest (who is white) was a Black candidate...How far one has to go back in Chicago politics to find election-counting interference...Forrest's take on why Chicago is no longer "a city that works"...Forrest's favorite story of the influential Chicago columnist, Mike Royko...Forrest's must-see recommendations around Chicago for political junkies...AND AKPD, Yasser Arafat, Thomas Barnes, Evan Bayh, Michael Bilandic, Rod Blagojevich, Jane Byrne, Jimmy Carter, council wars, Fred Cowan, Andrew Cuomo, John D'Arco, Richard Dennis, economic invalids, eye-glazing agencies, Paul Findley, Newt Gingrich, The Grateful Dead, iron-handed bravado, Brandon Johnson, Martin Kennelly, Martin Luther King, Lori Lightfoot, Machiavellian power plays, Ron Madison, Millennium Park, The Rolling Stones, John Stroger, Ed Vrdolyak, & more!

Trend Following Legend & Former Turtle Trader Jerry Parker Shares Timeless Advice- Do The Hard Thing Bio: Jerry Parker is the Chairman and Chief Executive Officer of Chesapeake Capital. Chesapeake is a Commodity Trading Advisor in Tampa, Florida. Chesapeake uses a diversified, systematic, trend-following approach. Chesapeake seeks to generate uncorrelated returns across more than 400 global futures and securities instruments. He founded Chesapeake in February 1988. Chesapeake is a subadvisor to the Blueprint Chesapeake Multi-Asset Trend ETF, the Cambria Chesapeake Pure Trend ETF, and the AXS Chesapeake Strategy Mutual Fund. Jerry started his trading career in 1983 in Chicago when Richard Dennis hired him for the Turtle trading program. He received a Bachelor of Science in Accounting from the McIntire School of Commerce at the University of Virginia in 1980. Websites: Chesapeakecapital.com The fund websites are tfpnetf.com https://www.cambriafunds.com/mfut and https://www.axsinvestments.com/eqchx/ --- Support this podcast: https://podcasters.spotify.com/pod/show/smartmoneycircle/support

Today's returning guest is Jerry Parker, CEO of Chesapeake Holding Company. Jerry began his career in 1983 when he was accepted into Richard Dennis' Turtle Program. In today's episode, Meb & Jerry discuss the launch of their new ETF, the Cambria Chesapeake Pure Trend ETF (MFUT). They delve into the fund, which uses a systematic trend following strategy across stocks, bonds, currencies, and commodities. Jerry covers the key principles of trend following, the importance of capturing big trends, and the benefit of trend following in a portfolio. (0:26) Welcome to our guest, Jerry Parker (0:42) The Cambria Chesapeake Pure Trend ETF (10:10) The various assets the fund trades (13:09) The benefit of short positions (19:08) Trend following principles (22:08) The importance of following rules and hunting outliers (33:16) How trend following fits in a portfolio (43:00) Excitement about ETFs and the future of managed futures ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today's episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world's largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!  Learn more about your ad choices. Visit megaphone.fm/adchoices

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Welcome to the OVTLYR Trading Room! Today, we're delving into market insights and trading strategies. Despite some technical glitches with the microphone earlier, we're here to bring you valuable content. Today's discussion revolves around potential market reversals and navigating the current FOMO-driven market. While we share a trading style using OVTLYR, remember that every trader's approach is unique. Emphasizing consistency and discipline, inspiration is drawn from market wizards like Richard Dennis. Even when there are no immediate trades, showing up every day is crucial. We explore option trading strategies, focusing on buying deep in-the-money calls as a stock replacement strategy. This approach minimizes extrinsic value and maximizes leverage, allowing for significant gains with controlled risk. When it comes to exit signals, a structured approach is followed, including stop-loss points based on technical indicators and selling into strength. It's essential to adapt these strategies to your risk tolerance and market conditions. Join us as we continue to refine our trading techniques and navigate the dynamic markets together. Stay tuned for future updates and insights. Happy trading, and we'll see you in the next session! #TradingStrategy #MarketInsights #OVTLYRTrading #OptionTrading #TechnicalAnalysis #StockMarket #Investing #DayTrading #FinancialEducation

Chapter 1 What's Way of the Turtle Book by Curtis Faith"Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders" is a book written by Curtis Faith. In this book, Faith shares his personal experience as one of the famed "Turtle Traders" who were taught a unique trading system by the renowned trader Richard Dennis. Faith outlines the rules and strategies that were taught to him and his fellow Turtle Traders, and provides insights into their successful trading techniques. The book delves into the psychology of trading, risk management, and the importance of discipline in becoming a profitable trader.Chapter 2 Is Way of the Turtle Book A Good BookThe Way of the Turtle by Curtis Faith is generally regarded as a good book among traders and investors. The book tells the story of how a group of traders, known as the Turtles, were taught a specific system and trading strategies by renowned trader Richard Dennis. The book covers various aspects of trading, including risk management, money management, and psychological aspects.Many readers find the book informative and insightful, as it provides a detailed account of how a successful trading system was developed and implemented. Curtis Faith shares his personal experiences as one of the Turtles, giving readers both a theoretical and practical understanding of the trading concepts discussed.However, it is important to note that the book was published in 2007, and since then, markets and trading techniques have evolved. Some traders feel that the strategies discussed in the book may be outdated or need to be adapted to current market conditions. It is always advisable to complement your learning with up-to-date resources and adapt the concepts to your individual trading style.Overall, if you are interested in learning about the development of a successful trading system and the psychology behind trading, The Way of the Turtle is considered a valuable read.Chapter 3 Way of the Turtle Book by Curtis Faith SummaryThe book "Way of the Turtle" is written by Curtis Faith and is a memoir that outlines his experience as one of the original Turtle Traders. The Turtle Traders were a group of novice traders who were recruited by famous commodity trader Richard Dennis and trained in his proprietary trading system.In the book, Faith describes how he was selected to be part of the Turtle program and the intensive training that he underwent. He explains the underlying principles of the trading strategy, which mainly focused on following trends and using technical analysis to make trading decisions.Faith goes on to discuss the various markets he traded, such as commodities, currencies, and stocks, and shares his ups and downs in the unpredictable world of trading. He explains the key lessons he learned along the way, including the importance of risk management and discipline in trading.Throughout the book, Faith emphasizes the importance of having a systematic approach to trading and sticking to the rules of the trading system. He provides examples of successful trades he made using the Turtle strategy and also shares some of his mistakes and losses.In addition to sharing his personal journey as a Turtle Trader, Faith also delves into the history of the Turtle program and its impact on the trading industry. He explores the controversy surrounding the program and discusses its validity as a profitable trading system.Overall, "Way of the Turtle" provides a comprehensive overview of the Turtle trading program, offering insights into the mindset and techniques of successful traders. It serves as a guide for aspiring traders who are looking to develop their own trading strategies and learn from the experiences of those...

My guest today is Salem Abraham, the President of Abraham Trading. Salem graduated cum laude from the University of Notre Dame in December 1987 with a bachelor's degree in finance. He began his investing career as a futures trader while still in college, using quantitative models to trade global futures markets beginning in 1987. Throughout his career, Salem has managed investments in stocks, bonds, options, derivatives, and private equity. He has held full membership seats at both the Chicago Mercantile Exchange and the Chicago Board of Trade. Salem has bought and sold more than 200,000 acres of land and resources. He manages investments in oil and gas properties, wind rights and residential, commercial, and agricultural real estate properties. The topic is Trend Following. In this episode of Trend Following Radio we discuss: His personal background and values Meeting Jerry Parker and his trading strategy Influence of individuals like Richard Dennis, Jim Simons, and Paul Tudor Jones on trading Concerns about extreme events and risk management Diversification Inflation and its impact on stocks The role of trend following and CTAs Jump in! --- 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!

My guest today is Salem Abraham, the President of Abraham Trading. Salem graduated cum laude from the University of Notre Dame in December 1987 with a bachelor's degree in finance. He began his investing career as a futures trader while still in college, using quantitative models to trade global futures markets beginning in 1987. Throughout his career, Salem has managed investments in stocks, bonds, options, derivatives, and private equity. He has held full membership seats at both the Chicago Mercantile Exchange and the Chicago Board of Trade. Salem has bought and sold more than 200,000 acres of land and resources. He manages investments in oil and gas properties, wind rights and residential, commercial, and agricultural real estate properties. The topic is Trend Following. In this episode of Trend Following Radio we discuss: His personal background and values Meeting Jerry Parker and his trading strategy Influence of individuals like Richard Dennis, Jim Simons, and Paul Tudor Jones on trading Concerns about extreme events and risk management Diversification Inflation and its impact on stocks The role of trend following and CTAs Jump in! --- 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!

Làm thế nào để các nhà giao dịch thành công nhất thế giới tích lũy được hàng chục, hàng trăm triệu đô la mỗi năm? Có phải họ nắm giữ khả năng huyền bí, những người may mắn ngẫu nhiên, hay những thiên tài bẩm sinh của thị trường chứng khoán? Để tìm kiếm câu trả lời, Jack D.Schwager đã phỏng vấn hàng chục nhà giao dịch hàng đầu trên thị trường tài chính Mỹ, trong đó có các nhà quản lý quỹ đầu tư vĩ đại nhất, các nhà giao dịch hàng đầu và các nhà đầu tư chứng khoán tư nhân: từ Richard Dennis, huyền thoại của Sàn chứng khoán Chicago kiêm người sáng lập của Turtles; đến nhà vô địch giao dịch Martin “Buzzy” Schwartz; hay William O'Neil trứ danh, và cả Paul Tudor Jones, người đứng đầu của quỹ đầu tư với lợi nhuận hằng năm trong 5 năm liên tục là 100%... Tác giả không những truyền đạt câu chuyện từ những nhà giao dịch siêu hạng, mà còn chắt lọc những phản hồi của họ thành một bộ nguyên tắc hướng dẫn để bạn tự mình trở thành "ngôi sao" phố Wall.  --Về Fonos:Fonos là Ứng dụng âm thanh số - Với hơn 3.000+ nội dung gồm Sách nói có bản quyền, Ebook, Tóm tắt sách, Thiền định, Truyện ngủ, Nhạc chủ đề, Truyện thiếu nhi. Tất cả chương 1 đều miễn phí, tải app ngay: https://fonos.link/PCFonos--Tìm hiểu thêm về Fonos: https://fonos.vn/Theo dõi Facebook Fonos: https://www.facebook.com/fonosvietnam/

In this week's Talking Life, Rory speaks to Richard Dennis about the importance of things that are organically grown, especially in his field of expertise – wine! 

In this episode, Adam Cox is joined by Richard Dennis, one of the co-founders of Terra Organica, to unveil research released for Organic September. Richard provides insights into the concept of organic wine and its environmental advantages compared to conventionally produced wine. They further explore the intriguing disparity between British knowledge of traditional wine and their limited awareness of organic wine. Additionally, they offer a glimpse into the future prospects of the organic wine industry. https://terraorganica.co.uk/

My guest today is Jerry Parker, the founder of Chesapeake Capital Corporation, a global investment manager headquartered in Richmond, Virginia, in 1988. He was an original TurtleTrader and was also the most successful TurtleTrader. His trading career started in 1983 when Richard Dennis hired and trained him. The topic is Trend Following. In this episode of Trend Following Radio we discuss: Trend following Turtle trading CTAs Hunting outliers How important is trading nowadays Dealing with the smartest people New ETF Jump in! --- 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!

My guest today is Jerry Parker, the founder of Chesapeake Capital Corporation, a global investment manager headquartered in Richmond, Virginia, in 1988. He was an original TurtleTrader and was also the most successful TurtleTrader. His trading career started in 1983 when Richard Dennis hired and trained him. The topic is Trend Following. In this episode of Trend Following Radio we discuss: Trend following Turtle trading CTAs Hunting outliers How important is trading nowadays Dealing with the smartest people New ETF Jump in! --- 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!

Episode 351: This podcast is a summary of The Short Bear's Excellency Vault from his substack. The Short Bear's SubstackSocial MediaDavid CapablancaTwitter: reverse_longInstagram: reverselongYouTube: Friendly Bear ResearchProfitly: reverse_long Cobra Trading Click the link and get 33% off commissions for life as well as one month of free DAS Trader PlatformEdgeToTrade Use coupon code FRIENDLYBEAR15 for 15% off EdgeToTrade, the financial research platform for traders.Dilution Tracker Click the link and get 10% off of Dilution TrackerTraderSync Use coupon code FRNLYBR for 15% off monthly, 55% off yearly for TraderSync trading journal software TradeIdeas Use coupon code FRIENDLYBEAR for 15% off TradeIdeas real-time data stock scannerFlashSEC Click the link and get 15% off 12 months of FlashSECDisclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the show

In this episode, Ben Okopnik, an experienced trader, talks with Agnieszka about the importance of balancing emotions and rational thinking in trading. Ben emphasizes the need for a clear evaluation of risk and potential outcomes before making a trade. He also stresses the importance of learning to think rationally and developing a trading plan with clear risk parameters to avoid emotional decision-making. The conversation also touches on the difficulty of finding the right path to learning trading, given the noise and nonsense in the market. Ben recommends finding trustworthy professionals to learn from and emphasizes the importance of hands-on experience in addition to academic knowledge. The conversation highlights the importance of education, discipline, and a focus on the process in trading.About Ben OkopnikBen has managed to pack several lifetimes into one so far, with a broad range of experiences. After emigrating to the US in the 1970s, he's been a soldier in the US Army, an electronics technician, a taxi driver in New York City, a Blue Water sailor, a teacher. He's held a number of highly lucrative positions and ran a couple of successful businesses. His trading experience has been mostly in options, surfing the line between quant and discretionary - but includes futures, FX, crypto, DeFi, and passive investment. Recently, he's been concentrating almost exclusively on learning directional stock trading via the Strat.Contact Agnieszka Wood | Ahead Coach: Website: aheadcoach.comTwitter: @Ahead_CoachYouTube: @aheadcoachFacebook: Agnieszka WoodInstagram: ahead.coachLinkedIn: Agnieszka WoodContact Ben Okopnik:Twitter: @https://twitter.com/okopnik?s=20Mentioned References:https://www.turtletrader.com/it/http://sepiagroup.com--Transcript[00:00:00] - AgnieszkaI am Agnieszka Wood, and on today's show, I'm very excited to introduce my special guest, Ben Okopnik. Ben has managed to pack several lifetimes into one so far with a broad range of experiences. After emigrating to the US. In the 70s, he has been a soldier in the US. Army, an electronics technician, a taxi driver in New York City, a Blue Water sailor, a teacher on mostly computing-related topics, and a large variety of other things. One of them, he just told me he was also a Hollywood star.[00:00:36] - Ben[chuckles] I don't know if I'd call it that.[00:00:38] - AgnieszkaVery nice having you here. Welcome![00:00:41] - BenIt's a pleasure to be here, Agnieszka. Thank you.[00:00:43] - AgnieszkaBen has been trading for about a decade, and his trading experience has been mostly in options, surfing the line between quant and discretionary but includes futures, forex, crypto, DeFi, and passive investments. And recently, he has been concentrating almost exclusively on learning directional stock trading via the Strat. I met Ben on Twitter recently, actually, where we had a very interesting exchange about what you should focus on first when you get into trading in order to be successful, getting your skin in the game, or the psychology of trading. And since our belief seems to differ on this topic, I ask Ben to join us today to have this conversation here on my podcast and hopefully shine some light on this intriguing and quite controversial topic. Welcome to episode number six, A Chicken and Egg. Hi, Ben. Again, welcome to my podcast, and thank you for being open to discussing your beliefs in this open forum.[00:01:42] - BenMy pleasure, Agnieszka. I think that putting it as the chicken and the egg, this very much parallels what we're discussing because I don't think either one of us is saying, no, no, only this piece is necessary. Both are necessary. Of course, the question is, where should most of the focus be? And that's a great discussion in itself. So looking forward to it.[00:02:06] - AgnieszkaThat's awesome. Ben, when we had our initial conversation, what became very clear to me at first was your rational approach. Considering that trading, as you said, is an intensely human activity, one that engages our strongest emotions, we have to learn to approach it rationally, almost mechanically. For me, as a mindset coach, there is so much to unpack here. But let's begin with this. Could you elaborate a little bit more on what you mean by the mechanical approach to trading and how that can help traders with controlling their emotions during trading sessions?[00:02:47] - BenOkay, so as I'm sure you know, a lot of clinical psychology, right? As a coach, I'm sure you know about this, right? Comes down to correcting irrational thinking, right? If somebody says, oh, everybody always hates me, generalization, right? Everybody. There we go. There we go. So you have to learn to think rationally, because if your perception is not correct, then the outcome of your thoughts and actions is very unlikely to be anything other than random.[00:03:20] - AgnieszkaRight.[00:03:21] - BenTo me, that is the basis, because if you go in and trade, trading particularly focuses that any mistakes of rationality, any mistakes in perception, you're going to pay for those directly.[00:03:34] - AgnieszkaVery directly.[00:03:35] - BenYeah. There is no softening layer, there's no buffer between you and the money.[00:03:41] - AgnieszkaRight.[00:03:41] - BenIf you make a mistake, you're going to pay for it 100% of the time. So to me, that is the classic foundation of everything else. On top of that, and to me, the layer that has to come next is you could theoretically say that it's a psychological layer, but also a half and half, I would say, perception of risk. You have to have a rational evaluation of risk. Right.[00:04:07] - AgnieszkaAnd I think that's a lot where it goes wrong.[00:04:09] - BenRight, absolutely. Now, in order to do that, you have to have a clear evaluation of what your perception of risk is. How do you establish that? By actually trading. By actually going in and trading. Throwing yourself into an environment where you are at risk. Otherwise, you can think about it ahead of time all you want, but until you've done it.[00:04:34] - AgnieszkaYeah. So you have to feel it. You mean you have to feel the risk in order to establish your perception of risk. I mean, you can feel how it feels, but you think there is no way to protect yourself upfront before you throw yourself to the fire.[00:04:52] - BenOf course, you definitely must risk limiting your trades. There's no way out of that. You don't just go in, throw your money in and go, well, I'll just sit here and see what happens. No, put in your stop, put in your limit, and sit there and watch what happens as the price moves between the two of them, whichever one of them it hits, whether you win, whether you lose, preferably and this is interesting, you should lose preferably first off. You know what I'm talking about.[00:05:20] - AgnieszkaYes, absolutely. Especially that very first trade. Everyone says lucky trade. I always say this is the unlucky trade because you win that first trade with completely bad expectations.[00:05:34] - BenWorse.[00:05:35] - AgnieszkaYes.[00:05:35] - BenThe worst thing, the worst thing that could possibly happen to you is you win your first trade, then you're so excited and your estimation of risk becomes incorrect. It's the one thing you can't afford.[00:05:48] - AgnieszkaRight. I think the dilemma of many traders is because you say you have to put your parameters, you have to put the risk. And that's where I see a lot of times going exactly wrong, because they don't, and I didn't, and nobody does. I mean, most of the traders who are getting into trading, I mean, they open an account and they just put a trade. They don't even think there isn't, you know, that they can lose. They only think about they can make money.[00:06:20] - BenYou may be right. And this, to me, again, comes down to rational estimation of what's, you know, what's true. You have to look at it rationally. When you put your money into a trade, the chances of you losing versus winning are exactly the same as we put it. In the options world where we do a lot of calculations, the expected value of any trade at entry is zero.[00:06:49] - AgnieszkaRight.[00:06:50] - BenThat is, if you do 100,000 trades, if you go strictly by chances with nothing else influencing it, if you don't have any definite alpha, as we call it, 50,000 of those trades are going to go to the good, 50,000 of them are going to go to the bad. The outcome is zero.[00:07:11] - AgnieszkaYes. And in general, rationally speaking, you should note it before placing a trade.[00:07:18] - BenAbsolutely.[00:07:19] - AgnieszkaBut somehow there is this difference between when you go, let's say to a casino and when you're trading. Because when you go to a casino, I always say the difference is when you want to play the slot machine, you first have to put the money in. Right. So you kind of accept the risk and you're actually assuming, well, I might lose it. And that's where you rationally accept the risk with trading because you don't have to pay upfront, you have to pay after. Deep inside. A lot of traders do not accept that risk.[00:07:55] - BenYou may be right to some degree. To me, as soon as you click that button, whether you buy or whether you sell, you always have some definite. Every single trading platform I know of shows you risk versus reward. And so the moment you click that button, you are at risk. You know that you have an open risk. You may be right in that it is not as clear how should I say this does not have the same exact emotional impact as actually taking money out of your pocket and shoving it into a machine.[00:08:35] - AgnieszkaExactly.[00:08:35] - BenSo you're right to that degree. People don't see those numbers on the screen as being quite as meaningful as taking actual cash out of their pockets and plunking it down. So I would agree with you there.[00:08:47] - AgnieszkaThat's why a lot of times they say, oh, I have a loss, but I haven't taken it. A lot of traders believe that not taking a loss is not hurting them. And I tell you, I have learned the hard way and I have waited years for the price to come back on my very first trade. And I can tell you at some point it was a souvenir I was like I have this at that point, after all those splits, I think it was like I had three shares left for the price. The price of that stock was just incredibly high, while this whole stock just never really came back. And I thought this is such a good warning that the price does not have to come back. No, that was the untaken loss. So when I hear people saying that, I'm like, oh, well, you might learn the hard way. I know I did.[00:09:41] - BenAgain, from the calculated perspective, I'm coming from the perspective of options. There's a kind of a saying that every options trader basically memorizes from the beginning, and that is volatility is mean, reverting price is not. There is no means by which the price has to come back. In fact, it almost never does. If you look at the general trend of prices in, let's say, SPX, it's an upward trend. It never reverts. Okay.[00:10:12] - AgnieszkaYes. From a rational point of view, if you put those facts on paper, you will agree with them. The moment that traders get into trades, even if they know that they make decisions completely irrationally right, based on emotions.[00:10:30] - BenAnd this is exactly why I say that you have to actually do some trading. Because then you can sit back, look at your actions, and say, wait, why did I do this? The rational thing to do was X, Y, and Z. But I did A, B, and C. Why in the world did I do this? And now you have perceptions that are much more aligned, or that you can drive back toward rationality because you see yourself acting emotionally beforehand. You could say to yourself, oh, I'm going to be cool, calm, and collected. I'm always going to do the right thing. If the price goes against me, I'll just exit. No, you won't.[00:11:09] - AgnieszkaRight?[00:11:10] - BenNo, you will not. Stop lying.[00:11:13] - AgnieszkaThat's the two emotions that are completely switching the moment that you enter a trade, fear, and hope, right? They completely go upside down.[00:11:22] - BenExactly, right? I absolutely agreed.[00:11:27] - AgnieszkaYeah. So let's say for people who are already in trading, right, and they have made so many irrational decisions, and now they're like, okay, I do want to think rationally, but I'm still struggling because those emotions are just simply taking over. How do you do that? Because you have a very rational approach. What are the best ways to control your emotions during trading? Do you have any emotions because you're thinking rationally, right? Of course. How do you deal with it?[00:11:55] - BenSo there are two things when you're already trading and again, you look over your past trades and you say, you know, I'm acting emotionally and I can't stop myself. If you're a self-starter like myself, then you look for ways to correct the impact of those emotions, to set them aside. If you're not, and many people aren't, and there's nothing positive or negative about this, then the best thing to do is to look for a coach like yourself who has actually thought about this and who can help you. Redirect your whether redirect your emotions into a more rational channel or find a mechanical approach to your strategy where your emotions simply can't get involved. No matter what you think, no matter how you feel, as an example, again, let's say that you decide that you're going to always trade with a stop and a limit, but as soon as you get into it, oh, my God, the price is moving in the wrong direction. Well, if I move the stop away a little bit, you understand exactly what I'm talking about, right? Of course, yeah. And people will do that. And then the limit oh, well, maybe the price yes, price is going in my direction, but if I move the limit down, I can at least take some profit.[00:13:11] - BenRight. Wrong thought patterns. Right. What do you do about those? Well, you have to correct those misperceptions. You have to have a hard set of rules. Like, I'm going to do my best to compute what is a reasonable stop and what is a proper limit for this trade. I'm going to set those and I'm going to walk away from the computer. If need be, I'm going to switch it off.[00:13:36] - AgnieszkaRight, right.[00:13:36] - BenIf that's what it takes for you, then do that.[00:13:39] - AgnieszkaYes.[00:13:40] - BenRight.[00:13:40] - AgnieszkaI totally agree with you. It's funny because you're talking about those perspectives, I call it, in my coaching mindset, shifts, because you have to shift your perspective and start thinking about what works in the environment of the market, which is very different than how we normally think, how we do things, how we achieve success in our daily life. They're so different. And I think the biggest problem is that we just take our perspectives of what we know and we just bring it to the market and we think.[00:14:16] - BenThis is going to work. I'm going to take that and run with it. Actually, one of the emotions and the perspectives that we bring in from daily life into the market are not just a little wrong, they're literally 180 degrees away.[00:14:30] - AgnieszkaCorrect.[00:14:31] - BenI'm not going to say the market is designed because I don't believe that there's anyone sitting there pulling strings, but the market is perfectly configured, and perfectly structured to take money away from you. If you think as a let's call it a civilian, absolutely. 100%. Look, the price is trending this way, therefore I should get into it. Oh, the price is trending down, therefore I should shirt the stock. Too late. Yes, you are too late. And if you get in at those times, someone will take your money. Guaranteed. Yeah, guaranteed.[00:15:08] - AgnieszkaIt's almost like advertising is playing on our emotions and they know exactly how we react.[00:15:12] - BenRight, yes.[00:15:13] - AgnieszkaThe same way the market is constructed, because it's a business model and I think everyone has to understand it. Just like in a casino, the house always wins. So it is not like you have to trick the market. No, you have to trick yourself into not thinking that whoever you think you are, you're nobody there. Right. And you're really lucky if you will be able to pull money out of the market, out of that huge machine that is designed for you to fail, basically.[00:15:47] - BenRight, yeah. Again, if you come in with those emotions of a civilian. Yes, it is. Absolutely. A model that will make you fail. It will take your money, as I call it. All you will do is provide liquidity to professionals. Yeah.[00:16:06] - AgnieszkaIt's funny. I love to call it. You have to take yourself out of the equation. You are in your own way, because when you're talking about designing a process that will help you to do those things mechanically so basically for you, I don't know, sometimes it might mean placing bracket orders. Right. And just walking away. Because the moment you sit there and you're watching and you see all these price movements, your mind is simply going to play with you. It is. I mean, there is no other way. And yes, I always say, like, yes, you can make it very difficult for yourself and sit there and watch it and say, no, but I want to be disciplined. I have to be. I'm like, if this is really so difficult for you, why would you do that? Trading is difficult enough. Design the process that will make it easier if you lose money after eleven, and stop trading after eleven.[00:17:02] - BenRight, yeah. To me, that's actually I like to take a kind of an outside perspective of myself whenever I see myself getting emote. And this isn't just about trading. This is something I've learned from sources as disparate as Zambudism and yoga and so on. There is a concept of the watcher which is you understand what I'm talking about, sort of an abstraction of yourself that sits in your head. Does not judge the awareness. Right, yeah. Does not judge, but just sits there. And it was absolutely fascinating to me when I started trading to have that, to look down onto myself and go, look at the emotions you're experiencing, all you're doing, you just bought one share. The most I can lose is maybe a dollar. But look at you. Look at your heartbeat. Look at your breathing. This is amazing that this is happening to you. How is this? As you've mentioned, I'm a sailor. I've sailed the ocean. I've been in hurricanes as a soldier. I've been in scenarios where I've been shot at. I've been in some really amazing stuff in my life. And the emotions brought forth by trading, by risking nothing more than a dollar, were so outrageous, were so huge that I just had to sit there, look at it, and go, what in the world is happening to you?[00:18:36] - BenIt's fascinating.[00:18:38] - AgnieszkaFascinating. And why do you think that is? Is it the scenarios we make in our heads that we are scared of? Which absolutely, I think what is it? 90% of which does never happen.[00:18:49] - BenOf course, there are the scenarios, there are the average person's concepts of what money is and what it means. Right. Money affects us at the deepest level. Normally, we don't think about it. Money comes in, we spend it, big deal. But as a trader, you are again faced with direct gains and losses with nothing between you and the market. And I think those things hit you directly in emotions, in ways that most people can't even predict. They don't know what it is.[00:19:22] - AgnieszkaYeah. I think that part of it is that a lot of people value themselves through money, right? Through their success, what they have, and what they can present to others. So the moment that you are losing money or that you are not having success, you take several losses after each other, even though it can be the most rational thing right? Because it's probability. So yeah, it's very probable you're going to be experiencing it still. It hits so much so deep that the whole confidence and everything about you, you start just doubting yourself as a person, which I find the trading experience is just so much more than just trading. Just because of that.[00:20:08] - BenI agree.[00:20:09] - AgnieszkaAdditional emotional side. Right.[00:20:10] - BenI agree. I lost a dollar. I must be worthless as a human being. What in the world? So this is one of the things that makes trading fascinating to me now. One of the things that and again, of course, I have had to learn enough relevant psychology, trading psychology, in order to trade well, you basically have no choice once you have learned, once you've established something that will produce alpha for you, something that does have a positive return overall. Now the only thing you can work on is improving your execution, obviously, but really mainly yourself. Right?[00:20:52] - AgnieszkaYeah.[00:20:52] - BenAnd so one of my favorite things that I ever saw was Mark Douglas. Of course, I'm sure you've heard of Mark Douglas, right? Mark Douglas wrote this wonderful book, Trading in the Zone, and he said something in there that to me is absolutely key. He said, once you have defined how you're going to trade, and what your trading strategy is, do 20 trades. It doesn't matter whether you win or lose, you do not pay attention to that. You are committed to doing 20 trades, win or lose.[00:21:24] - AgnieszkaYes.[00:21:25] - BenAt the end of those 20 trades. Now sit back and evaluate. Do you need to change your strategy or do you keep going forward? And I love that concept. That's another version of what we've been talking about.[00:21:36] - AgnieszkaYeah. And that's a very rational approach. Right. And if you manage to stay within that rational area while you're evaluating it, you're actually learning from it and moving forward. Right. A lot of traders that I talk to that come to me with a problem, they don't even journal or they don't even evaluate because they're so fed up with the losses that they go like, I don't even want to look at this. So that brings me actually to our second topic. So most traders that come to me for help, struggle with accepting the risk we talked about a little bit already. And technically, yes, they can place the stop, but because of various emotional reasons, they don't accept it. So they don't place the stop. Right. And they will keep lowering it or simply remove it. Now, in one of your tweets, you mentioned that there is nothing anyone can do for them. I'm sure the audience does not want to hear that, but basically, they need basic education. Right. This has nothing to do with mindset. You also mentioned that some people aren't suited for trading, just like some aren't suited for truck driving.[00:22:57] - BenRight.[00:22:57] - AgnieszkaI, on the other hand, believe that you can do anything if you put your mind to it. And throughout my life, I kept proving it to myself every time again. So while you're saying focusing on the mindset before experience in dealing with problems that needed doesn't make sense to you? In my mind, if you deal with your mindset first, you can prevent the problems so that you don't have to deal with them, or at least you can be prepared for how to handle them. Right. So I would love to understand where you're coming from. Would you like to elaborate on your point of view?[00:23:41] - BenSure. A lot of people come to trade. The thing that drives them into trading is purely emotional. I don't think there's ever someone unless you go to school and you get a degree in finance and you go to work for Susquehanna or whoever, one of these big trading houses or market makers.[00:24:05] - AgnieszkaRight.[00:24:05] - BenThat's a rational path. And that's something that takes years and years of tremendous effort.[00:24:11] - AgnieszkaJust like a career. Right. You learn it like you would want to be a doctor. Pretty much.[00:24:16] - BenThat's exactly what it is. Yeah. And by that point, you're not really dealing with emotions or any of that stuff that you have worked through so much. It is such a rational, structured discipline. Frankly, professionals can't afford to have this emotional, irrational approach. That's just not going to happen. Let's set that aside because that's a completely different area. So let's talk about retail traders. Retail traders are, I would say, always driven by emotion to start trading.[00:24:53] - AgnieszkaYeah.[00:24:54] - BenOh, I heard of this guy that made, you know, $10 million in GME in three days from starting from $100. I want that too.[00:25:04] - AgnieszkaGME. Oh my God. They just had earnings last night. This morning, I texted my or I put in a chat room to my students, like, are there any GameStop wannabes oh, dear? You guys keep focus. Just make sure you're not biased because you can really get biased by it. Right.[00:25:31] - BenI've actually made very good money in GME, but certainly not by buying or selling stock, by shorting Volatility, basically by saying around earnings, around events like that, people are going to get crazy about price, they're going to overpay. And so I'm willing to take the other side of the trade. This is where options come in handy. And so shorting volatility in something like GME, around events that's proven quite profitable.[00:25:58] - AgnieszkaYeah. But you see, you trade the market. You don't trade the stock, the price. I want to make money. You know what I mean? It's very different. It's the distance that you take the distance approach and say, okay, what is the real opportunity here?[00:26:16] - BenExactly.[00:26:16] - AgnieszkaInstead of getting sucked into that swirl sorry, you were talking.[00:26:22] - BenYeah, no, it's fine. I'm sorry. I also get diverted. To me, this trading is absolutely fascinating. All aspects of it, including the psychology of it. As I said, most traders begin trading from an emotional perspective.[00:26:36] - AgnieszkaRight.[00:26:37] - BenAnd as long as they stay with that purely emotional perspective, they're never going to make it. All they're going to do is contribute liquidity to the market, put money in professionals' pockets, and that's the end of that. I think that, again, for those people, if they are stuck, the only next step they can take is either go to someone like yourself or learn about how the psychology of trading works and change it themselves. But again, most people are not well suited to that.[00:27:08.360] - AgnieszkaYeah. It takes a lot of work, and it takes a different perspective. So if you cannot stand outside of yourself, like you were saying, and I call it leader position.[00:27:19] - BenI like it.[00:27:20] - AgnieszkaYes. During my program, I review sessions, and trading sessions of my students, so I also pay very much attention to their body language because I can tell whether you are in a leadership position or if you are in an operator mode. Right. And most traders begin in the operator mode with 90% time spent on clicking the buttons.[00:27:47] - BenThey're hunched over all the classic signals.[00:27:53] - AgnieszkaYour hand over that mouse.[00:27:57] - BenYeah. Warren Buffett actually has this thing that he tells people once in a while, and I think it's a wonderful idea. He said if you had a card with ten spots on it where you could only every time you took a trade for the rest of your life, you had to punch one of those things out. If you could only take ten trades for the rest of your life, how careful would you be entering those trades?[00:28:21] - AgnieszkaYeah, I think waiting for the opportunity is the most difficult thing for people to do because that means pretty much doing nothing or distracting yourself from trading. But if you're so you're saying basically, when people are focused on the emotions, I call it to focus on the money.[00:28:47] - BenYeah. You can't afford to do that.[00:28:50] - AgnieszkaYeah. Switching the focus to the process, that's just such a significant change of perspective or mindset shift, and then just work out what your process is and what you were saying. Like, if you do those 20 trades right, and they don't work, or they work now, you can work on the process. What do most traders do? They ask themselves, what's wrong with me?[00:29:19] - BenYes. What did I do wrong?[00:29:22] - AgnieszkaSo tell me about your journey, about your trading journey. How do you tackle the challenges? Because since you were in the military, there's a lot of former military people who are trading, and they're doing great because of the discipline. Right. Do you see it, how it contributed to your trading?[00:29:43] - BenYes, I do. It's somewhat indirect. My military experience is quite a while back. It's interesting. I was actually at a veteran's meet-up this morning, which happens every two weeks, just so happens. But yes, mission orientation, working out the structure of the mission and executing it, you not only learn those things, you sort of inculcate them into your life process in the military is just something that you learn to do. And yeah, that definitely does relate to trading.[00:30:20] - AgnieszkaSo how do you deal with distractions that take your focus away from that mission?[00:30:28] - BenYou don't let them distract you.[00:30:31] - AgnieszkaYou just reject the thoughts.[00:30:33] - BenNo, there's a thing called mission focus. All right? This is the primary thing. You got to keep your eye on the ball. If something happens that is distracting, you have to give it some weight because some distractions are actually threatening to the mission or whatever it happens to be. And that's the only evaluation that you do. Is it a threat to the mission? If so, how much of the mission effort do I have to devote to it? If so but other than that, no. You judge it again from a rational perspective, even though the impact is emotional.[00:31:09] - AgnieszkaI see. That is so interesting. So basically what you do is you evaluate it, but looking at your mission has this impact on my mission. So you basically just look at it pretty much like when you have a trading strategy, right? And you have all these opportunities coming at you, all you have to do is evaluate, if this fits into my strategy. Is this fitting into my strategy? Is this what I want? Is this what I said I want?[00:31:43] - BenYeah. And you have to learn, as a great coping skill in trading, you have to learn to stop making deals with yourself.[00:31:54] - AgnieszkaNo negotiations.[00:31:56] - BenNo negotiation. But this is really close. Okay, maybe I haven't seen the exact trade that I want, but, you know, this is really close, and maybe I should risk a little. No, don't do that. Do not do that.[00:32:11] - AgnieszkaYeah, I have a few extra punch cards.[00:32:18] - BenThat's a bad idea.[00:32:19] - AgnieszkaYeah, definitely a bad idea. If you have to convince yourself, I always say, well, if you don't see a setup, if it doesn't jump out at you, it's probably not there. If you really try to see and you have to turn your computer upside down to convince yourself this is actually a flag. It's probably not a flag. Oh, that's fascinating. In one of your messages, you mentioned that you are still going for basic competence in trading. Right. And that's what I'm talking about. Sounds good. The things that I. Am talking about sound like a good next-level things and stuff to aspire to once you get those basics ironed out. And in this case, I was talking about being present a the moment. Now I understand that you are also actually talking about being that observer. So we are actually talking about the same thing which I consider a basic competence for every trader to be present in the moment. Simply because if your mind wanders into the past and brings pain from previous losses, right, or it runs into the future and triggers this high expectation of yourself, all the money you're going to make or fears all the money you're going to lose, this will impact your decision-making process.[00:33:42] - AgnieszkaRight? So then you basically let the emotions decide about your trade. So this brings us to the question of what comes first, a chicken or an egg?[00:33:53] - BenI was just thinking that that's a very exact parallel to the whole chicken or the egg. And so again, to me, you have to at least experience how trading impacts you. And going from there forward, how much of the emotional basis can you shift to the rational? How much do you need help with? How much can you do by yourself? So possibly again, chicken versus egg. Maybe both. Maybe both coming up at the same time via ramping process. You can do so much of one, then a little more of the other, then a little more of one, then a little more of the other. And so perhaps it's that sort of ramp-up process.[00:34:42] - AgnieszkaYeah. And actually when you were talking about it, what I notice is, or what I notice how we are being impacted, our decisions are because of our experiences from the past, right? And a lot of times people would say, yeah, but I am just like this because of all the things that happened to me. And in fact, those are all irrational thoughts because you're taking something that happened maybe 20 years ago and now you're bringing it into your trading that those thoughts have nothing to do or even those experiences have nothing to do with your trading. Right. So that is a pretty irrational thing to do, right? Even though people are trying to make it rational because they say, yeah, but this is the way I am.[00:35:29] - BenNo, the reality is the market does not care about your story.[00:35:33] - AgnieszkaThat's a good point.[00:35:34] - BenIt absolutely does not care. Either you did the right thing or you're going to lose.[00:35:42] - AgnieszkaSo it's really about doing the right thing.[00:35:46] - BenOne of my favorites, I don't know if you've ever heard of Nassim Nicholas Taleb.[00:35:52] - AgnieszkaI have not.[00:35:53] - BenSo he's the guy who came up with the Black Swan theory.[00:35:56] - AgnieszkaOh yeah. I have actually read the book, so I'm not so good at names. So maybe was this the Outer then? I have heard of him, yeah.[00:36:05] - BenTaleb. Absolutely. Fascinating guy. Good thinker. Really good thinker. And many years ago, he wrote a white paper with a guy named Espin Hogg about how market makers evaluate risk in options. And there's a wonderful quote from it that I just love. He said Trading is neither philosophy nor mathematics. It is a rich craft with traders learning from traders or copying other traders, and tricks developed under evolutionary pressures. In a bottom-up matter, it is techne, not episteme, meaning that is craft rather than academic knowledge.[00:36:50] - AgnieszkaWow.[00:36:51] - BenAcademic knowledge.[00:36:52] - AgnieszkaThat's amazing.[00:36:53] - BenYou can sit and study as long as you want. It will not help you until you actually experience it. It's like wood carving, for example. You can sit and read about wood carving for the rest of your life, but until you put that knife to the wood right. You will not know what it is to actually carve wood.[00:37:16] - AgnieszkaYes. So that's about the experience and then the risk that goes with the experience, you can also read about it, and you should read about it, and you should learn about it so that you know what to expect. But if you do not trade, you will never experience it. So you will actually never know what your reaction will be.[00:37:37] - BenAnd that is exactly my point. Yes.[00:37:39] - AgnieszkaSo, yeah, the circle around the mindset is important, and the experience is important.[00:37:47] - BenI agree.[00:37:48] - AgnieszkaThat's wonderful.[00:37:49] - BenNow, okay, so here's something else. Have you ever heard of "Turtle Traders"?[00:37:55] - AgnieszkaNo.[00:37:56] - BenSo this is fascinating. There's a book, I believe it was called "The Turtle Trading Method" or something (Official Title: Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders). But this was an experiment that came from a bet between two very successful Chicago futures traders, William Eckhart, and Richard Dennis. Okay. And Eckhart believed that you had to be born with the right emotional makeup and could not trade successfully without it.[00:38:21] - AgnieszkaOh, wow.[00:38:22] - BenYeah. Dennis, on the other hand, believed the opposite, that he could grow traders like they grow turtles in Singapore, was his exact statement. He had just been to Singapore, and he saw how they grow turtles in these ponds, and he said, we can do this. And so Dennis put out this ad that I think a lot of people simply didn't believe that they could just go to work for one of the most successful traders in the world, and he would teach them how to trade. Good God. And so he assembled a group of people who had either never traded before or did some trading and perhaps were unsuccessful, didn't really matter much. And he taught them a very simple strategy. And the key was, as long as they stuck to that strategy, they would make money. And as it turned out, Dennis was right. Every "Turtle Trader" who was able to follow his rules became a successful trader. Some went on to make fortunes and create hedge funds on their own.[00:39:24] - AgnieszkaBut when you say were able to follow the rules, how were they able? Because that's where the emotions come in.[00:39:33] - BenRight, right.[00:39:35] - AgnieszkaOr where did they all have this special makeup?[00:39:38] - BenNo. And this was exactly the difference between the two sides of the bet. They did not have to have a special emotional makeup. The rules were clear-cut. They were simply when the market has been and I don't remember exactly what the rules were. Yeah, they're not particularly applicable today, by the way, with computer trading systems and so on. But it was something like if the market dips below a certain percentage for X number of days you enter if it stays above, you exit, whatever it happened to be. But they were purely rational, mechanistic rules. Now comes the point that you're talking about, which is they started following these rules, and now you have to remember they were not using their own money. They were trading specifically for this firm. Right.[00:40:29] - AgnieszkaYes.[00:40:30] - BenIt's different, but still, when you trade money, especially large amounts of money in the market, those emotions are still going to hit you. Right. Now, in the second part of the book, once these folks started trading and were able to execute the rules and so on, now the emotions hit them.[00:40:47] - AgnieszkaOh, that's so interesting, isn't it?[00:40:50] - BenI think you would really enjoy this book.[00:40:53] - AgnieszkaYeah, I should definitely look at that.[00:40:54] - BenHurdle Traders. So a fascinating study of how that worked. And a lot of people actually dropped out of the program for the specifically stated reasons of, I just can't do this. I can see it being successful.[00:41:08] - AgnieszkaSo what was it? Was the money getting into their head?[00:41:10] - BenYes. When you imagine yourself trading $10 million, or $100 million, having that at risk at any one time, some people simply can't handle it.[00:41:21] - AgnieszkaYeah, there's something that I call emotional immunity that I work with my students on to develop emotional immunity, and just exactly for that reason. And that's not just on the profit side, but also on the risk side. To start with, what is the level that you are immune to? And you can always grow that immunity. You can always increase that resistance and teach yourself. It's a sort of muscle memory that touches you less and less, and then once you go too high, you will feel it. Right. I can always go back. The problem is that a lot of traders, they just want to make big steps. Yeah, I want to make a leap, and I want to make a million dollars.[00:42:04] - BenYeah, that's a guaranteed way to lose.[00:42:06] - AgnieszkaYeah. Because you hurt yourself, the wounds are deep, and then it's very hard to heal them. Right. The last thing that I wanted to touch upon with you is what is that learning process. What would you recommend? Like, how to learn to trade? Because learning by doing costs money, time, and money. And is there any way to shorten the curve? Because there's so much help out there. There are courses, chat rooms, and YouTube videos, and it seems like everyone makes money, but it somehow it doesn't seem like the success rate is growing among retail traders. I think it's still over 90% failing. Right. So what would be that perfect process?[00:43:01] - BenSo I agree with you completely. I actually think that given the huge influx of traders into retail traders into the market, I saw a graph probably about a year ago. The number of retail traders has increased more than 1000 fold in the last six or seven years, which is incredible.[00:43:25] - AgnieszkaHence the good earnings from brokerages.[00:43:28] - BenOh, yes. This is why all the brokerages can now give us free stock trading and all of that. Here's what I'm going to say. I think it is incredibly difficult, it is almost impossible to find the right path on your own unless you get lucky. There's so much noise, there's so much nonsense by so many quote gurus who are simply out to squeeze a buck from you, that it's almost impossible to find anything. I was incredibly lucky. Okay, maybe this is worth boasting about a little. Maybe because of my personality, maybe because of how I speak to people. I was lucky enough to connect with some old-time professional traders, some people who are actually retired from CBOE, and several people of that sort who helped me along. Now, again, none of them would simply come out and say, do this, this, and this, and you'll make money. That's not how it works.[00:44:37] - AgnieszkaIsn't it interesting that actually people who you can trust, will never promise you that you will make money or that you will make million or 100,000 a month because they know they cannot promise it? So maybe that's the first warning for everyone.[00:44:51] - BenExactly.[00:44:52] - AgnieszkaIf anyone makes this kind of claim, that's a red flag for sure.[00:44:57] - BenRight, I agree. And this is what is out there. 99.99% of everything that is out there is literally that.[00:45:05] - AgnieszkaI wish when I was learning that there would be someone I could completely trust and that they would take my hand and help me. But still, till this point, I feel that there are not really many people in the market that can do that for you. And because of that, still, the path is people losing accounts many times and losing their confidence and end up in that failing cycle and stuck.[00:45:33] - BenNow, I actually do have a positive recommendation.[00:45:36] - AgnieszkaGood. Oh, thank God.[00:45:39] - BenOne of the incredibly few. And this, I must admit, I was lucky to run across this myself. And it's free.[00:45:46] - AgnieszkaAll right, bring it on.[00:45:48] - BenI will. Now, again, nobody gives away Alpha. Nobody tells you how to just go in and make money and that's it. No, that does not happen. You can just throw that completely out of your head. It simply does not happen. Simply because if someone can actually make money in the market, why would they want to charge you money?[00:46:09] - AgnieszkaRight?[00:46:10] - BenWhy would they need to why do they need to take that counterparty risk and deal with you and charge you and go through setting all that up when they can simply go into the market and make money? Okay? So that's an absolute rationale. Someone who sets out to charge you money to teach you. That should be the biggest red flag there is. And that's, as I said, 99.99% of the market. Okay. I happen to be lucky to connect on a personal level with professionals and learn enough of the right thinking from them to actually build that into myself and start learning how to make money. So it's a very indirect, very difficult approach, certainly not for everyone.[00:46:59] - AgnieszkaGot you.[00:46:59] - BenAnd again, involved quite a bit of luck, that is from the options trading side of the house, if you will. It's difficult on the stock trading side of the house. This is actually something that I ran across in a Futures Forum talking to an old-style trader, a guy named Daniel Bones, a wonderful guy to follow on Twitter. And Dan mentioned this strategy put together by a guy named Rob Smith called The Strat. And after seeing a million gurus advertising this stuff, I was incredibly skeptical, and I sort of kept that at the back of my mind, but I kept running across it on Twitter, and other places, and I thought, I don't really believe in directional trading, as most options traders don't. We trade volatility. Directionality, that's a really questionable thing. How the hell can you possibly predict which way the stock is going to move? But I decided at one point, and with the market being varying in volatility as much as it did, there was a point during last year when I said, you know, I need to back off because very few good trades are coming down the pike, and I don't want to take an extreme risk.[00:48:23] - BenLet me put some time into finding out if this is real in the first place. And Rob Smith, he's also a retired trader. I seem to run across a lot of these people really quickly. Rob has put together the strategy from all of his experience in the market called "The Strat", and it is directional trading. And this is what I'm trying to learn. A lot of it, again, goes against what I always thought that directional trading. Is it really possible? Well, it is. And in my experience, and with the tremendously helpful community around "The Strat", I have been gaining some measure of success around directional trading, which has been amazing to me. Yeah.[00:49:10] - AgnieszkaWow, that's amazing. Thank you for sharing that.[00:49:12] - BenAbsolutely.[00:49:13] - AgnieszkaIf you have any links, we can post them. So if anyone wants to check it out or just probably Google the name and they will find it. Right?[00:49:23] - BenYeah. "The Strat" is at the site called sepiagroup.com. Sepia, as in the collar sepiagroup.com. There's a lot of tremendous amount of free material on YouTube from him and from people who work with him, but also sepiagroup.com check him out.[00:49:47] - AgnieszkaAwesome. Thank you for that recommendation. And that brings us to the end of this episode. Thank you so much, Ben, for joining us and for this candid conversation today.[00:49:59] - BenAgnieszka, it's been a pleasure talking to you. A pleasure to be here.[00:50:03] - AgnieszkaI hope it will help traders who are listening to this to gain some perspective and understand that, first of all, learning trading is a process. And since this is one of the most challenging and demanding jobs out there with a huge amount of risk, it requires more learning and preparation than any other occupation. And to survive, you must know your weak sides and address them as soon as possible, whether it is a strategy, technical knowledge, or the emotional and mindset side of it. Thank you so much for listening to the podcast. If you enjoy my show, please rate it, review it on Apple Podcasts, and be sure to subscribe so you can come back for a real-life conversation in the next episode. Until then, this is Agnieszka Wood from Ahead Coach. And don't forget, you too can realize your dream without losing yourself and your confidence in the process. Thank you so much, Ben, for being here.[00:51:03] - BenMy pleasure. Contact Agnieszka Wood | Ahead Coach: Website: aheadcoach.comTwitter: @Ahead_CoachYouTube: @aheadcoachFacebook: Agnieszka WoodInstagram: ahead.coachLinkedIn: Agnieszka WoodYou can email me at launchyourlife@aheadcoach.com

Fill the Gap LIVE: Tenets of TrendfollowingThis fireside chat was broadcast live from midtown Manhattan on April 28, 2023 as episode #28 of Fill the Gap: the Official Podcast of CMT Association. One of the famed Turtle Traders groomed under Richard Dennis, Jerry Parker has continued to thrive through multiple market cycles as a systematic trend-following manager and CEO of Chesapeake Capital. Co-host of Fill the Gap, David Lundgren  explores Jerry's time-tested approach to trend following, and what it takes to succeed, both as a portfolio manager and business owner, using this “simple but not easy” style of investing. Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout:@dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/@_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/@CMTAssociation orhttps://www.linkedin.com/company/cmtassociationCMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India.Learn more at: www.cmtassociation.org

In this episode, our guest Jerry Parker, founder and CEO of Chesapeake Capital, a global systematic trend-following investment manager, shares his insights on: His journey from being a student of legendary trader Richard Dennis to running his own trend-following fund The importance of sticking to a disciplined process despite market noise Why trend following is the ultimate solution for diversifying portfolios How to navigate compliance hurdles and get exposure to trend following strategies The potential benefits of maximizing convexity in a portfolio How to create the perfect standalone portfolio that doesn't rely on passive indexes The role of education versus pain and reward in motivating change and decision-making Jerry's approach to risk management and how it can lead to both serious strategies and potential profits The vast potential of ETFs in providing access to more markets And so much more This is a fascinating and informative episode for anyone interested in trend following, portfolio diversification, and risk management in today's markets.   This is “ReSolve's Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management Inc.   *ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, we talk Trend Following with Chesapeake Capital founder Jerry Parker. We talk about his participation in Richard Dennis' famous turtle trading program and what he learned from it. We also take a deep dive into trend following and look at the many aspects of running trend following strategies in the real world. We hope you enjoy the discussion. ABOUT THE PODCAST Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors. SEE LATEST EPISODES https://www.validea.com/excess-returns-podcast FIND OUT MORE ABOUT VALIDEA https://www.validea.com FOLLOW OUR BLOG https://blog.validea.com FIND OUT MORE ABOUT VALIDEA CAPITAL https://www.valideacapital.com FOLLOW JACK Twitter: https://twitter.com/practicalquant LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094 FOLLOW JUSTIN Twitter: https://twitter.com/jjcarbonneau LinkedIn: https://www.linkedin.com/in/jcarbonneau

Legends of the Jumper Punch | Jon Doritich & Richard Dennis | Part II

Legends of the Jumper Punch | Jon Dorotitch & Richard Dennis

Trend Following legend Jerry Parker joins me today, where we answer questions regarding the effectiveness and risks of Richard Dennis' “Pyramiding” methodology, how single stocks have performed differently than the indices recently, how to most optimally apply breakout systems, how to react to a drastic fall in a market like we saw in LUNA and the difference between performance of short and long trades in non-volatility targeted systems, how to avoid harmful research pursuits and popular ideas that just don't work, different ways that ownership of a CTA passes on to a new owner, designing systems that gives you a high degree of consistency and much more. ---- ---- Follow Niels on https://twitter.com/toptraderslive (Twitter), https://www.linkedin.com/in/nielskaastruplarsen (LinkedIn), https://www.youtube.com/user/toptraderslive (YouTube) or via the https://www.toptradersunplugged.com/ (TTU website). IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written https://www.toptradersunplugged.com/Ultimate (here). And you can get a free copy of my latest book “The Many Flavors of Trend Following” https://www.toptradersunplugged.com/flavor (here). Learn more about the Trend Barometer https://www.toptradersunplugged.com/resources/market-trends/ (here). Send your questions to info@toptradersunplugged.com And please share this episode with a like-minded friend and leave an honest Rating & Review on https://www.toptradersunplugged.com/reviewttu (iTunes) or https://open.spotify.com/show/2OnOvLbIV3AttbFLxuoaBW (Spotify) so more people can discover the podcast. Follow Jerry on https://my.captivate.fm/@RJParkerJr09 (Twitter). Episode TimeStamps: 00:00 - Intro 06:32 - What has caught Jerry's attention? 13:34 - Q1, Sascha: The Richard Dennis “Pyramiding” methodology 18:35 - Q2, Jeff: Jerry's current positioning in single stocks 23:10 - Q3, Louis: Parameter selection for different breakout systems 32:16 - Q4, Adam & Scott: How to deal with a drastic fall in a market like LUNA 41:49 - Q5, Carl: What doesn't work in Trend Following? 48:34 - Q6, Brian: How to pass on ownership of a CTA Business 53:34 - Designing consistent Trend Following systems 01:09:17 - Trend, trends and no diversification 01:22:36 - Performance update Copyright © 2022 – CMC AG – All Rights Reserved ---- PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey: 1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. https://www.toptradersunplugged.com/resources/ebooks/ (Click Here) 2. Daily Trend Barometer and Market Score One of the things I'm really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! https://www.toptradersunplugged.com/resources/market-trends/ (Click Here) 3. Other Resources that can help you And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. https://www.toptradersunplugged.com/resources/ (Click Here) https://www.toptradersunplugged.com/legal/privacy-policy/ (Privacy Policy) https://www.toptradersunplugged.com/disclaimer/ (Disclaimer)

This week, Patrick Ceresna and Kevin Muir welcome Chesapeake Capital founder, Jerry Parker. They talk about answering the Richard Dennis turtle ad, why he believes in Trend Following plus nothing, and finally, how to adapt that strategy to fantasy hockey. ⭐️Visit our merch store!!! 👉https://www.markethuddlemerch.com/ ⭐️ *Got questions for Kevin and Patrick? Submit your questions to: 📩nostupidquestions@markethuddle.com To receive our emails with the charts and links each week, please register at: https://markethuddle.com/

(Starts at 0:53 mark) City of Corner Brook is required to uphold a crematorium pernit that was given to a funeral home by the previous council, (8:55) Bay d'Espoir Academy celebrates being in a brand-new school building, after the former school was damaged by arson, (18:32) Newfoundland father and son bring home medals from an international competition in Lithuania, and (25:50) the Corner Brook business community mourns the passing of prominent automotive dealership owner Richard Dennis.

Jerry Parker joins us for a very special episode today, where we invite him to answer the original interview questions from Richard Dennis's famous Turtle Trader program. This is a fascinating insight into the world of Trend Following, and one which allows us to see whether Jerry has changed his opinions since working Richard Dennis, as well as explain some of his reasons for the answers chosen today. We've posted the questions in the timestamps below, so feel free to take the test and compare your answers to Jerry's. Also check out my interview with Turtle Trading legendary mentor Richard Dennis https://www.youtube.com/watch?v=94nUnXsYpLY (here). In this episode, we discuss: Favouring long or short positions How you can go broke taking small profits Reasons to ‘fade the fundamentals' The importance of down-time and vacations Whether we can rely on opinions of the crowd System diversification Why you should trade small The questions that Jerry would add to the Turtle Trader test today Avoiding trades due to gaps in price Follow Niels on https://twitter.com/toptraderslive (Twitter), https://www.linkedin.com/in/nielskaastruplarsen (LinkedIn), https://www.youtube.com/user/toptraderslive (YouTube) or via the https://www.toptradersunplugged.com/ (TTU website). Follow Jerry on https://twitter.com/RJParkerJr09 (Twitter). IT's TRUE

Today we are joined by Jerry Parker to discuss how shorter-term systems can be more susceptible to market noise, the importance of sticking with your system during different market environments, how major investment firms have consistently performed well by keeping Trend Following in their portfolios, some insights into Jerry's approach to backtesting, the drawbacks of being labelled as a CTA, Jerry's bold prediction that Trend Following firms will be the most popular type of investment fund in the future, how trading smaller during bad periods can set you up for success during favourable conditions, ensuring protection against cyber attacks, and why past correlations can't always be relied upon. Also check out my interview with Turtle Trading legendary mentor Richard Dennis https://www.youtube.com/watch?v=94nUnXsYpLY (here). In this episode, we discuss: The case for longer-term strategies Not over-optimising strategies to adapt to every market condition How adding Trend Following to a portfolio increases its robustness Why Trend Following firms will be the number one choice among investors in the future How to prevent cyber attacks Why you can't always rely on past correlations to continue Follow Niels on https://twitter.com/toptraderslive (Twitter), https://www.linkedin.com/in/nielskaastruplarsen (LinkedIn), https://www.youtube.com/user/toptraderslive (YouTube) or via the https://www.toptradersunplugged.com/ (TTU website). Follow Jerry on Twitter. IT's TRUE

Jerry Parker is on the show with us today to discuss Ethereum's recent rise after a new ‘hard fork', auto-correlation and its effects on Trend Following strategies, how trading extra markets can improve performance, drawdowns as a key to profiting from huge trends, how Trend Following firms who try to be too unique often end up underperforming, the power of pure Trend Following versus over-optimisation, why ESG investing should also take into account human rights issues, why you should love your trading rules but not your positions, and how trading in smaller sizes can lead to much bigger returns. Also check out my interview with Turtle Trading legendary mentor Richard Dennis https://www.youtube.com/watch?v=94nUnXsYpLY (here). In this episode, we discuss: The recent comeback in crypto markets and trading crypto futures Thoughts on autocorrelation The benefits of trading a wide range of markets How over-optimisation can result in underperformance Why ESG investing should consider human rights issues as well as environmental Why your rules are more important than any one position How decreasing position size can increase a system's profits Follow Niels on https://twitter.com/toptraderslive (Twitter), https://www.linkedin.com/in/nielskaastruplarsen (LinkedIn), https://www.youtube.com/user/toptraderslive (YouTube) or via the https://www.toptradersunplugged.com/ (TTU website). Follow Jerry on https://my.captivate.fm/@RJParkerJr09 (Twitter). IT's TRUE

Jerry Parker returns today to discuss why margin perhaps isn't as important as people perceive it to be, the resurgence of ‘classical' Trend Following, the importance of having a low Sharpe ratio, an update on Jerry's Bitcoin positioning, the drawbacks of trading a single, longer-term timeframe, how European CTAs successfully compete with American CTAs, the best methods for measuring open risk, and why capturing the fewer large trends may be more important than the many small trends. Also check out my interview with Turtle Trading legendary mentor Richard Dennis https://www.youtube.com/watch?v=94nUnXsYpLY (here). Follow Niels on https://twitter.com/toptraderslive (Twitter), https://www.linkedin.com/in/nielskaastruplarsen (LinkedIn), https://www.youtube.com/user/toptraderslive (YouTube) or via the https://www.toptradersunplugged.com/ (TTU website). Follow Jerry on https://my.captivate.fm/@RJParkerJr09 (Twitter). IT's TRUE

Our guest today is Jerry Parker, Chairman and Chief Executive Officer of Chesapeake Capital and long-time trend-follower.   In this episode we start by going back to Jerry's days as a “Turtle Trader” under Richard Dennis and the lessons he learned from the experience. We walk through some of the keys to trend-following, what 2020 looked like from his point of view, and the benefits of a rules based approach. In a world of Dogecoin and meme stocks, Jerry provides a rational perspective on the markets.   Our local co-hosts today are Chris Cannon, CFA, and Colby Donovan, both of which are board members of CFA Orlando. Please enjoy the episode.  Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL  

Jerry Parker joins us on the show today to discuss why CTAs could be mistaken in excluding single stocks from their strategies, the possible benefits of having exposure to multiple trading systems, why price action is more important than predictions derived from fundamentals, recommended books for learning about Trend Following, the differences between paper-trading and disciplined execution of real trades, comparing Bitcoin futures to commodity futures, and the extent of simplicity a good trading system should have. Also check out my interview with Turtle Trading legendary mentor Richard Dennis https://www.youtube.com/watch?v=94nUnXsYpLY (here). Follow Niels on https://twitter.com/toptraderslive (Twitter), https://www.linkedin.com/in/nielskaastruplarsen (LinkedIn), https://www.youtube.com/user/toptraderslive (YouTube) or via the https://www.toptradersunplugged.com/ (TTU website). Follow Jerry on https://my.captivate.fm/@RJParkerJr09 (Twitter). IT's TRUE

Jerry Parker joins us today to discuss the benefits of prioritising price over other factors, navigating a high-inflationary environment, how bad markets for average investors can often be great for Trend Followers, how public awareness of a market uptrend can often precede large price drops, the potential drawbacks of trying to standout too much as a money-manager, how classical Trend Following is an increasing rarity in the CTA space, the benefits of investing in Trend Following via a proven manager, the similarities between amateur golfers and traders, the point at which a trend has been ‘confirmed', and conquering the fear of losses. In this episode, we discuss: Why you should prioritise price over any other form of data How bad markets for the average investor is often lucrative for Trend Followers How mainstream attention to market trends usually means they're about to end Why money managers shouldn't always try to stand out too much The increasing rarity of classical Trend Following CTAs How to embrace the mentality of cutting losses Also check out my interview with Turtle Trading legendary mentor Richard Dennis https://www.youtube.com/watch?v=94nUnXsYpLY (here). Follow Niels on https://twitter.com/toptraderslive (Twitter), https://www.linkedin.com/in/nielskaastruplarsen (LinkedIn), https://www.youtube.com/user/toptraderslive (YouTube) or via the https://www.toptradersunplugged.com/ (TTU website). Follow Jerry on https://my.captivate.fm/@RJParkerJr09 (Twitter). IT's TRUE

So, for today’s show, I’d like you to imagine you could get on the Copywriters Podcast Time Machine and travel back 31 years to 1990. Location: Key West, Florida. One of Gary Halbert’s legendary week-long seminars. Let’s take this one step further. After you get off the time machine and onto the ground, you find out you have been selected to write copy, on the spot, under Gary’s watchful eye, for people who attended the seminar. What an opportunity! Well, since all that is all imaginary, you’ll be happy to know we have someone who’s actually been there and done that… and is going to tell us all about. He’s our guest today — Richard Dennis. Richard’s going to share a lot of his experiences from those exciting early days for many of us in direct marketing copywriting. And at the end of the show, he’ll tell you about an intriguing offer where you can get use of some of his copy at no charge. Here’s the link he referred to in the show: www.LinkedLeg.com/Download.

Jerry Parker returns to the show today to discuss the how investments can often turn into religions, the recent Coinbase IPO, using historical volatility for position sizing, comparing long-term trend following to Buy & Hold, ‘trend strength' signals, how much of a portfolio should be allocated to Trend Following strategies, mean-reversion systems versus Trend Following systems, and thoughts on finding or adding to new positions. In this episode, we discuss: The perils of becoming 'religious' about our investments Coinbase's recent stock market listing Position sizing using historical volatility Buy & Hold versus Trend Following over long-term look back periods Mean Reversion trading versus Trend-based trading The infamous https://www.toptradersunplugged.com/resources/market-trends/ (Top Traders Unplugged Trend Barometer) Also check out my interview with Turtle Trading legendary mentor Richard Dennis https://www.youtube.com/watch?v=94nUnXsYpLY (here). Follow Niels on https://twitter.com/toptraderslive (Twitter), https://www.linkedin.com/in/nielskaastruplarsen (LinkedIn), https://www.youtube.com/user/toptraderslive (YouTube) or via the https://www.toptradersunplugged.com/ (TTU website). Follow Jerry on https://my.captivate.fm/@RJParkerJr09 (Twitter). IT's TRUE

Many lawyers are still struggling to find just the right guidelines or protocols for taking or defending remote depositions. The opportunities for deposition misconduct are many in the absence of binding agreements about who's going to be where doing what. In this episode, Jim Garrity spotlights two decisions, one just five days old, in which the courts approved excellent, detailed protocols for conducting depositions remotely. The two cases are cited in the show notes. If for some reason you can't access them, email our staff at jim@jimgarritylaw.com, and we'll gladly send you copies of both decisions at no charge. As always, thanks for listening, be sure to leave us a five star review wherever you get your podcast. It literally takes less than 10 seconds, and means a great deal to us.SHOW NOTES:Old Republic General Insurance Corporation v. Amtrust International Underwriters Ltd., et al., Case No. 1:20-CV-00778-NONE-JLT, 2021 WL 1164426 (E. D. Cal. March 26, 2021)Richard Dennis, et al v.. JPMorgan Chase & Co., et al., No. 16-CV-06496 (LAK), 2020 WL 5658624, at *1–7 (S.D.N.Y. Sept. 23, 2020)

Este es uno de los episodios de los que se aprende bastante, se disfruta leyendo y sabemos que les va a encantar, el episodio de hoy es sobre el famoso Richard Dennis. Richard es el creador de la famosa historia de las tortugas de Richard Dennis, esta es una historia en donde un grupo de traders fueron adiestrados y puesto a prueba en los mercados de una forma análoga a como las tortugas marinas de Tailandia salen al mar, esta es una parte de la historia que cuenta Richard. Durante el podcast le hablaremos de esta historia y otros eventos curiosos de la vida de Richard Dennis, les hablaremos sobre cómo terminó siendo un pionero como trend follower y de por qué decidió alejarse del mundo del trading. A pesar de esto y sin lugar a dudas, es un trader del que con toda seguridad podrán conseguir ideas y vivencias para aplicar a su desarrollo como traders, se los podemos asegurar ya que nosotros 3 tomamos muchos de sus consejos. Esperamos que esta sea una semana muy rentable y que disfruten el episodio! dejen sus comentarios y sugerencia en este post y gracias por escucharnos. --- Support this podcast: https://anchor.fm/hablemos-de-trading/support

Jerry Parker returns today to discuss how Trend Following is perfectly suited for both inflationary and deflationary environments, why investors tend to underperform the S&P500 index, how to look at open trade risk & current equity curve, the perils of designing the ‘perfect’ trading system with all the bells & whistles, whether or not it’s a good idea to tighten stop-losses on profitable trades that have risen sharply, why financial media tends to dramatise the impact CTAs have on the markets, and why Trend Following on Bitcoin may be a better option than buy & hold. Check out our interview with Turtle Trading legends Richard Dennis & Jerry Parker here. If you would like to leave us a voicemail to play on the show, you can do so here. Check out our Global Macro series here. Learn more about the Trend Barometer here. IT's TRUE

Turtle Trading legend Jerry Parker joins us today to discuss why smart people often struggle with systematic investing, the benefits of non-predictive investment strategies, what changes Jerry would make to Richard Dennis and William Eckhart’s original Turtle Trading rules, why predefined trade exits are good for your mind-state, why Trend Following strategies are so suited to unexpected market events, the importance of sticking to the core principles when applying a Trend Following system, whether Trend Following traders should have learned anything from the markets in 2020, why you should take as little as possible from a backtest, and what having a robust portfolio actually means. If you would like to leave us a voicemail to play on the show, you can do so here. Check out our Global Macro series here. Learn more about the Trend Barometer here. IT's TRUE

Jack Schwager on the worlds greatest unknown traders.An interview with Jack Schwager, the author of The Market Wizards series of books, on his new book, Unknown Market Wizards. Jack has been involved in financial markets for over 45 years, he worked as a market analyst, a trader, managed institutional portfolios of managed accounts, and has written extensively on the futures industry.  He is most famous for his Market Wizards series of books, interviews with great traders in all financial markets. He has just released the newest installment of that series Unknown Market Wizards, which I reviewed in my Top Ten Books for Traders list earlier this week.  Schwager has interviewed Bruce Kovner, David Shaw, Paul Tudor Jones, Ed Seykota, Michael Steinhardt, William O'Neill, William Eckhardt, Monroe Trout, Stanley Druckenmiller, Mark Ritchie, Blair Hull, Larry Hite, Jim Rogers, Edward Thorp, Richard Dennis, and many more of the worlds most famous and highest returning traders.Patrick Boyle asks Jack about the characteristics these great traders have in common, what it takes to be a great trader, and what kind of returns do market wizards make in the long run. They discuss the efficient markets hypothesis, risk management, and how markets change over time.Patreon Page: https://www.patreon.com/PatrickBoyleOnFinanceUnknown Market Wizards by Jack Schwager:  https://amzn.to/3om6SHJJack Schwager Author Page on Amazon: https://amzn.to/3mBTq1LJack's Website: https://jackschwager.com/Patrick's Books:Statistics for the Trading Floor:  https://amzn.to/3eerLA0Derivatives for the Trading Floor:  https://amzn.to/3cjsyPFCorporate Finance:  https://amzn.to/3fn3rvC Visit our website: www.onfinance.orgFollow Patrick on Twitter Here: https://twitter.com/PatrickEBoyleFind Patrick on YouTube at: https://www.youtube.com/c/PatrickBoyleOnFinanceSupport the show (https://www.patreon.com/PatrickBoyleOnFinance)

This is the podcast interview we have been waiting to do all year. We have been huge fans of the Market Wizards series of books since the first one landed with a splash in 1989. That was a time when trading had first exploded beyond the confines of the old-fashioned stock and commodity exchanges. There were new futures floors, new instruments, and rapid expansion of trading activities buoyed by the growth of futures and derivatives contracts and juiced up by the early computerised trading systems.Through a series of interviews for the book Jack Schwager introduced the world to trading legends, until then relatively unknown outside their small corner of the world. Traders such as Michael Marcus, who busted time after time after time, before finally growing $30,000 into $80,000,000 over a 10-year period. We learned of the wisdom of Ed Seykota, the feats of Paul Tudor-jones, and the skills of Richard Dennis. Jack introduced us to the Trading Turtles, and to many quotes which even now people repeat over and over again as inspirations. Schwager followed up the original book with 3 more outstanding versions, the New Market Wizards, Stock Market Wizards, and Hedge Fund Wizards, and now he has done it again, taking us in one sense back to the beginning and in another sense into the 2020s, with Unknown Market Wizards.We were delighted to have a chance to talk with chat, and for once Jack the interviewer, become Jack the interviewee. You can hear the fantastic insights Jack shares with us in his own words from years of talking to and working with the best around.It was a pleasure for us to this interview, and we are sure you will get something from it, whether you are new to the scene, or like us, have been around the markets for decades. You can find out more about Jack Schwager at his website https://jackschwager.com/Jack is also a partner of Fundseeder, a financial data and analytics company which provides a free trader platform that provides performance analytics, data tracking, and monetization opportunities for promising traders. You can find out more about Fundseeder at https://fundseeder.com

In today’s episode, we discuss David Harding's interview from 2013 with the SEC Historical Society, possible mistakes to avoid in Systematic Investing, if there are any differences between market confidence and the strength of a Trend, thoughts on Excel vs Python, and the importance of preserving capital during bad periods.  We also answer your questions, including: Does the rise of Volatility trading have any effect on the effectiveness of Trend Following strategies?  How is trend strength calculated? If you would like to leave us a voicemail to play on the show, you can do so here. Learn more about the Trend Barometer here. IT's TRUE - most CIO's read 50+ books each year - get your copy of the Ultimate Guide to the Best Investment Books ever written here. And you can get a free copy of my latest book "The Many Flavors of Trend Following" here. Send your questions to info@toptradersunplugged.com Follow Niels & Moritz on Twitter: @TopTradersLive, and @MoritzSeibert, And please share this episode with a like-minded friend and leave an honest rating & review on iTunes so more people can discover the podcast. Episode Summary 0:00 - Intro 1:27 - Weekly review of returns 7:38 - David Harding interview with the SEC 14:44 - Richard Dennis quotes 15:57 - Hedge Nordic magazine article featuring Niels & Rob Carver 18:44 - Question One; Brian: Does the rise of Volatility Trading affect Trend Following strategies? 33:48 - Question Two; Brian: How is Trend Strength calculated? 41:37 - Performance recap Subscribe on:

Estimation and accounting for JobKeeper has been in the news of late and the Australia Institute's Richard Dennis helps unravel the nature of the $60 billion muddle that the Federal Government has found itself in. He talks about job keeper, the use of economic jargon or 'econobabble' and whether he thinks change is possible in industrial relations and taxation. What did he say? No spoilers! Listen in .... See acast.com/privacy for privacy and opt-out information.

The global economic downturn is straining our financial system, and it’s hitting our superannuation funds. But is the way we’ve structured our $2 trillion super industry making things worse? Today, Richard Dennis on the secrets of our superannuation and how we could take back control.Guest: Chief economist at the Australia Institute Richard Denniss.Background reading:Super heroes or super villains? in The MonthlyThe Saturday PaperThe MonthlyFor more information on today’s episode, visit 7ampodcast.com.au. See acast.com/privacy for privacy and opt-out information.

Richard Dennis, host of The Lucky Country, introduces Schwartz Media's new podcast, 7am. Hosted by Elizabeth Kulas, 7am is a daily news show from the publisher of The Monthly and The Saturday Paper. Hear the country's best reporters, covering the news as it affects Australia. This is news with narrative, every weekday.   Subscribe in your favourite podcast app to hear the first episode on Monday, May 27.

On today’s podcast, Dr. Jason Gospodarek talks are Forex traders born or made.  Richard Dennis and the Turtle Traders  Around 1983, Richard Dennis, a wealthy investor, got together with his investor friends and tried to answer the question of if successful traders are born or made. They took 21 men and women, gave them 2 weeks of training and 1 month to actually trade. A few of the people in the group actually made it through and he let them trade anywhere from $250,000 USD all the way to $2M USD of his own company’s money. Are Forex Traders Born or Made Results What’s exciting, over the next 5 years the traders who made it through the training that he taught right off the street, went on to make over $175M USD in profit! There were some low points along the way, it wasn’t all roses. But what Dennis’ experiment showed was that anyone could become a successful trader with no background experience. They took a survey on https://www.babypips.com (Baby Pips) of 468 people if they thought traders were genetically predisposed to be successful traders or they could be taught. 25 said they were born and 443 said they could be made. Psychology is Key You have to be able to ask yourself if it’s possible to become a successful and consistent trader. The answer is yes if you have the right mindset. Does this mean you need to be genetically predisposed to handle the flight or fight response? It’s common knowledge that the mind can be challenged and expanded. The more effort, the more time, the more dedication you put into anything you are going to become better at. To hear what Dr. Jason says about the stress of trading and what it takes to be successful in the long-term, download and listen to Are Forex Traders Born or Made. Connect with Jason: TheForexWarrior Facebook Snapchat Instagram YouTube Twitter Don’t forget to subscribe and leave a positive rating and review on https://itunes.apple.com/us/podcast/id1370496464 (iTunes) if you enjoyed Are Forex Traders Born or Made. Thank you for tuning in to The Forex Warrior podcast!

My guest today is Moritz Czubatinski. He started off as a professional poker player but wanted a more legitimate way of making money. He started his trading career with zero education in finance and now trades off 8 to 10 charts for 6 to 8 hours a day. He was use to playing 24 tables of poker at a time (online) so Moritz is use to the constant action. Moritz Czubatinski specializes in helping traders get going. He has been traveling, trading and running a business for about 8 years. Tradeciety, his first business, was formed to help traders get started in the markets. Next, Moritz started a trading journal software company called Edgewonk. Every trader needs a journal, and when Moritz started out trading, there were no practical journals available. The topics are trading and poker. In this episode of Trend Following Radio we discuss: Bitcoin Currencies Win rates vs. Risk ratios Trading time frames Poker Day trading Winning vs. losing probabilities Richard Dennis in the trading pits Trading journal Sleep hygiene Jump in! --- 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!

My guest today is Francisco Vaca. Vaca can be called a second generation turtle trader. He worked with Richard Dennis at C & D Commodities, and for the last 15 years has been closely associated with Paul Rabar. He is now the Co-Chief Investment Officer at Rabar Market Research. Before he became a trader, Vaca was a particle physicist and worked at the famous Fermi lab. This is not an insignificant fact, as his background in mathematics and statistics became very useful in his career as a trader. The topic is Trend Following. In this episode of Trend Following Radio we discuss: The importance of distinguishing between long term and short term track records “Alpha” and “beta” trading strategies How the holding period length affects the risk-reward profile and return streaks The benefits of diversification across different holding times Using high frequency trading technology in long term trend following How correlations are often misinterpreted Knowing the limitations of your tools Jump in! --- 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!

My guest today is Brian Proctor, an original TurtleTrader trained by Richard Dennis and Bill Eckhardt and today is a Managing Director at EMC Capital. He began his futures career in 1982, with experience at both the Chicago Mercantile Exchange and Chicago Board of Trade. Proctor was a participant in the renowned Turtle Program, and managed all trading operations at C&D Commodities through 2000. The topic is Trend Following. In this episode of Trend Following Radio we discuss: Proctor's first trading moments and the Turtle program Proctor's view on Liz Cheval, what she brought to his firm, and why she's still an integral part of EMC today How trend following strategies have continued to excel over the years Diversification and the Swiss franc Black swans and how the impossible can and does happen Bill Eckhardt's influence Jump in! --- 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!

My guest today is Jerry Parker, an original Turtle, trained by Richard Dennis. However, since then he has very successfully run a managed money firm called Chesapeake Capital. The topic is Trend Following. In this episode of Trend Following Radio we discuss: Series of tweets written by Parker and use them as a jumping-off point for conversation. Topics include price action, “normal” market behavior Recent moves in the Swiss Franc Paying attention to entries as well as exits Why investors are often their own worst enemy The first moment that Parker heard about price-based trading Becoming obsessed with asymmetrical risk and reward Why looking at trend following losses is important Why you can tell a system is robust if it has big drawdowns Backtesting and treating all trades with equal weight Jump in! --- 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!

Jerry Parker takes us inside 2014 for his firm, and how his models reacted to the Swiss Franc move in January of 2015. He looks at the year and makes a case for trend following as an asset class, as well as highlights what we can learn from a year like 2014.-----EXCEPTIONAL RESOURCE: Find Out How to Build a Safer & Better Performing Portfolio using this FREE NEW Portfolio Builder ToolIn This Episode, You'll Learn:How the year ended up for Jerry's firm.The date when his system started getting short Crude Oil.What they could have done better in 2014.How he dealt with the Swiss Franc move in January 2015 and how many ATR he made and lost on 2 different CHF positions.The minor changes they've made to increase diversification of their trading systems.What he wishes for 2015.-----ATTENTION TTU TRIBE : SIGN-UP for Rick Rule's Symposium: Once in a life-time natural resource insights from the BEST investors in the world via a first-class livestream or Live event!Resources & Links Mentioned in this Episode:Listen to 2 hour-long episodes with Jerry on this podcast here and here.Also check out my interview with Turtle Trading legendary mentor Richard Dennis here.Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “The Many Flavors of Trend Following” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Jerry on Twitter.Copyright © 2023 – CMC AG – All Rights...

Imagine you found an advertisement in the newspaper offering a position with a one sentence application process.Would you take it?What if it was for a position where you would learn a proprietary trading system in which you would trade solely for owner of the firm?What if that man was Richard Dennis?Our next guest took that position in 1983 and it changed his life forever, for the better. He found himself with what was to become a famous title, a Turtle. He was given the opportunity to manage a million dollar account with specific rules to follow. Rules that he would learn to love and perfect.-----EXCEPTIONAL RESOURCE: Find Out How to Build a Safer & Better Performing Portfolio using this FREE NEW Portfolio Builder ToolIn This Episode, You'll Learn:About the Turtles and how the unique experiment grew into the Managed Futures/CTA IndustryHow Wall Street Leaks inspired Jerry into understanding the industryHow Jerry encountered trend following for the first timeThe One Sentence culture in Richard J. Dennis's officeHow to excel at unprecedented tests from leading tradersWhat it was like moving to Chicago to train as a TurtleWhat the Turtle training was like and the mindset provided in the trainingThe most challenging thing about Trend Following when Jerry started with Richard DennisAbout the transition from Turtle Trading to starting his own organization, Chesapeake Capital in 1998The evolution of Chesapeake's strategy from day one after leaving Richard Dennis's programThe early focus on diversification and adding new marketsIssues with trying to improve the original Richard DennisThe shift in investor expectations with the growth of institutional investment organizations while operating on of the largest CTA firms in the industryWhy it's best to take an optimal loss rather than a small lossOn the meaningfulness of track records and what else investors should be encouraged to explore when choosing an investment management decision-----ATTENTION TTU TRIBE : SIGN-UP for Rick Rule's Symposium: Once in a life-time natural resource insights from the BEST investors in the world via a first-class livestream or Live event!The advertisement Jerry responded to in 1983:Richard J. Dennis and CD commodities is accepting applications for the position of Commodity Future Trader to expand his established group of traders. Mr. Dennis and his associate will train a small group of applicants in his proprietary trading concepts. Successful candidates will then trade solely for Mr. Dennis. They will not be allowed to trade futures for themselves or others. Traders will be paid a percentage of their trading profits and will be allowed a small draw. Prior experience will be considered, but is not necessary. Applicants should send a brief resume with one sentence giving their reason for applying.Resources & Links Mentioned in this Episode:The Barefoot Trader (Article about Richard Dennis in Wall Street Journal)Learn more about Richard J. Dennis the founder of the Turtle programFollow Niels on Twitter, LinkedIn,

My guest today is Jerry Parker, an original Turtle, trained by Richard Dennis. However, since then he has very successfully run a managed money firm called Chesapeake Capital. The topic is Trend Following. In this episode of Trend Following Radio we discuss: Mean reversion trading What the definition of momentum trading is compared to trend following Why “good enough” is more rigorous than any metric How the intervention of the Fed has broken up trends and made volatility drop in markets How the idea of uncertainty and talking in probabilities makes people uncomfortable The difference between managed futures and trend following Why buy and hold is predicated on trust of the Fed Why trend followers don't look to “beat” the market Jump in! --- 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!