Podcast appearances and mentions of toby crabel

In this episode we’re going to be talking about the pits. The trading pits may be closed (or most of them are anyway) but there is a lot of history there. There are lots of stories and events that occurred in the pits over the years that we can still learn from today. On this podcast episode we have special guest Damon Pavlatos who has been extensively involved in the commodity and financial futures industry since 1978. He has held Exchange Memberships on the CME, CBOT and Mid America Exchange. Not only did he trade on the floor for himself but he also executed for some of the biggest players around, including Paul Tudor Jones, Louis Bacon, Monroe Trout, Toby Crabel and others. In Damons 40+ years of experience he’s seen a lot, and he’s experienced a lot too. So, in our chat today he’s going to share some interesting stories from the floor, and some valuable lessons for traders of all levels of experience too. Some of the things you’ll discover in my chat with Damon are: The crash of ’87 – what it was like leading up to, trading through it and how the crash of 2008 was scarier than the crash of 87, One of the biggest causes of traders blowing up their accounts - it may not be what you think, Why volume could be the most important indicator and how order flow ‘clues’ can impact trading results, Why it so important to ‘stay ahead of the curve’ and adapt to changes in technology and the markets, Why some types of brokerage firms are dangerous and how to check if they’re properly capitalised, And so much more. We cover a lot in this episode so let’s jump over now to my chat with Damon.

Today’s combo episode consists of four classic episodes aggregated into one big modern podcast. Jack Schwager, Peter Brandt, Larry Williams and Toby Crabel are four pro traders who hopefully give every listener an aha moment. Jack Schwager is author of the Market Wizards series and just completed his second edition of A Complete Guide to the Futures Markets: Fundamental Analysis, Technical Analysis, Trading, Spreads, and Options. Peter Brandt is author of Diary of a Professional Commodity Trader: Lessons from 21 Weeks of Real Trading, and a trader who has been in the commodity trading space since 1976. He has traded his own proprietary account from the late 1970’s until today, and is currently entering the hedge fund world by running a multi-CTA fund-of-funds. Larry Williams is the author of eleven books, most on stocks and commodity trading. He is also a stock and commodity trader, and politician. He has been in the trading game for over four decades and his name is well known in all trading circles. Toby Crabel is founder of Crabel Capital Management. Toby is a short term systematic trader which is a much different trading style than trend following. Toby is also a former pro tennis player and has a philosophical nature in discussing the trading world. In this episode of Trend Following Radio: Fundamentals vs. Technical analysis Risk management Contrarian view on fundamentals Charting Science vs. art in trading Whipsaws Exploiting trends Sharpe ratio Efficient market hypothesis Five minute chart patterns vs. a weekly chart patterns Mistakes as a novice trader Averaging losers Risk management Upside volatility Reducing incessant head chatter Living in the moment of now. Price movement and volume Price shocks Diversification Objectivism

Today is another mega eclectic episode featuring Douglas Emlen, Toby Crabel, Robert Aumann, Ryan Holiday, Sally Hogshead and Michael Mauboussin. Douglas Emlen is a professor at the University of Montana. He is the recipient of the Presidential Early Career Award in Science and Engineering from the Office of Science and Technology Policy at the White House. He has also earned multiple research awards from the National Science Foundation, including their five-year CAREER award. Toby Crabel is founder of Crabel Capital Management. His approach is very different from Covel’s, but there are some commonalities: price action driven, systems, models, risk management. Crabel works on a whole different timeframe than the typical trend follower, typically turning his portfolio over in less than a day. Crabel, a former pro tennis player, has a philosophical nature and discusses how he executes these philosophies in the trading world. Robert Aumann is an Israeli-American mathematician and a member of the United States National Academy of Sciences. He is a professor at the Center for the Study of Rationality in the Hebrew University of Jerusalem in Israel. Aumann is the 4th Nobel Prize Laureate in economics to be a guest on the podcast. Ryan Holiday is an American author, writer, and marketer. He is the media strategist behind authors Tucker Max and Robert Greene, the former Director of Marketing for American Apparel and an editor-at-large for the New York Observer. Sally Hogshead is an American speaker, author, former advertising executive, as well as the Chief Executive Officer of Fascinate, Inc. Hogshead’s newest book is “How The World Sees You: Discover Your Highest Value Through The Science of Fascination.” Michael Mauboussin is an author, investment strategist in the financial services industry, professor at the Columbia Graduate School of Business, and serves on the board of trustees at the Sante Fe Institute (an independent, nonprofit theoretical research institute). He is managing director and head of Global Financial Strategies at Credit Suisse, where he advises clients on valuation and portfolio positioning, capital markets theory, competitive strategy analysis, and decision making. In this episode of Trend Following Radio: Humans and animals International hacking Game theory Economics World champions of peace The book writing process Flow state Personal branding Multi-disciplinary thinking Luck vs. Skill Outcome bias

"I never really wanted to be a manager - the idea that you could compete against everybody else and make money was just brilliant." - Barnaby Cardwell (Tweet) Our next guest is a fund manager in the short-term space, and thus is distinct from many of the guests on this podcast. He discusses how he got into the financial markets from a young age, and why he decided to trade in the short term space in order to separate himself from the competition. Listen in for details into his program and how he started his hedge fund. Thanks for listening and please welcome Barnaby Cardwell. Subscribe on: In This Episode, You'll Learn: How Barnaby grew up and what got him interested in the financial markets. "One of the first books I read was Market Wizards - at about age 20." - Barnaby Cardwell (Tweet) Why he left being a broker and went in to a more systematic approach. How he met his future business partner. How they started his fund in late 2008. What it was about the Market Wizards books that captured his imagination. What he does to compete outside of trading. His first mentor and what he taught Barnaby. Why he decided to go short term. "It’s very hard to distinguish ourselves in the long-term timeframe." - Barnaby Cardwell (Tweet) How automation has changed his industry. How he gets through the hard times in the market. "If you know you’re system is correct, you know when the market moves happen you’re going to make money." - Barnaby Cardwell (Tweet) An overview of the program that his company runs. How he set up his company and attracted investors. The challenges that let to auto-execution of trades. "I wouldn’t say our model has evolved too much." - Barnaby Cardwell (Tweet) How he builds a strong culture in an organization. How he wants people to look at his track record. Why he uses time-based stops. "We’re trying to deliver market movement on short-term timeframes." - Barnaby Cardwell (Tweet) The details of the short term models he uses. How he creates a strategy. Resources & Links Mentioned in this Episode: Learn more about Market Wizards and Jack Schwager. Check out information on Toby Crabel and his book. This episode was sponsored by Swiss Financial Services: Connect with Cardwell Investment Technologies: Visit the Website: www.c-i-technologies.com Learn more about Cardwell Investment Technologies on LinkedIn Follow Barnaby Cardwell on Linkedin "We want to trade across as many markets as possible - that’s how we know a system is robust." - Barnaby Cardwell (Tweet)

My guest today is Toby Crabel, a tennis player who is now a commodities trader. In 2005, the Financial Times called Crabel "the most well-known trader on the counter-trend side". The topic is commodity trading. In this episode of Trend Following Radio we discuss: Crabel's history as a pro tennis player Longevity and consistency in tennis and trading Where Crabel stands with the total number of systems he employs The source of Crabel's profits and the philosophy behind it Price action Winning and losing volatility Why Crabel needs price movement and volume The idea of price shocks and the importance of being aware of them The process of moving from high drawdowns to a much lower drawdown The importance of diversity Early lightbulb moments that informed Crabel's trading style Crabel's experience with Victor Niederhoffer How the philosophy of Objectivism has informed Crabel's life The liquidity of futures markets The importance of persistence 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!

Michael Covel speaks with Toby Crabel of Crabel Capital Management. Covel first reached out to Crabel, who is a short term systematic trader, in 2005. Crabel’s approach is very different from Covel’s, but there are some commonalities: price action driven, systems, models, risk management. But Crabel is working on a whole different time frame, turning his portfolio over typically in less than a day. Crabel, a former pro tennis player, has a philosophical nature and discusses how he executes these philosophies in the trading world. Crabel and Covel discuss Crabel’s history as a pro tennis player and the connection between tennis and the drive he has in the asset management field today; longevity and consistency in tennis and trading; where Crabel stands with the total number of systems he employs; the source of Crabel’s profits and the philosophy behind it; price action; winning and losing volatility; why Crabel needs price movement and volume; the idea of price shocks and the importance of being aware of them; the process of moving from high drawdowns to a much lower drawdown; the importance of diversity; early lightbulb moments that informed Crabel’s trading style; Crabel’s experience with Victor Niederhoffer; how the philosophy of Objectivism has informed Crabel’s life; the liquidity of futures markets; and the importance of persistence. For more information on Toby Crabel, visit crabel.com. Want a free trend following DVD? Go to trendfollowing.com/win.