As frequent listeners know, SteadyTrade co-host Tim Bohen is quite the bookworm. He’s explored just about all of the trading books out there, and he knows the good stuff.
Today’s guest Michael Covel writes some of the best books about trading out there.
Most notably, he’s the author of “The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires” and “Trend Following, 5th Edition: How to Make a Fortune in Bull, Bear, and Black Swan Markets.”
In today’s episode, Tim and Michael discuss the books, trading tips, and how to work on improving all the time. You’re bound to be inspired by this discussion — don’t miss it!
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Michael’s Origin Story
In the mid-90s, Michael had just gotten his MBA from Florida State University. He wanted to go to Wall Street, but where to start?
He checked his personal connections and landed a meeting with a former CEO of Solomon Brothers. It was one of the biggest firms at the time. Nope, he didn’t get a job … but the connection made him more certain that finance was his future.
He got obsessed and started reading everything he could about the financial world. That’s when he came across an article about 100 influential finance figures.
He read about a trader who made millions doing something called “trend trading.” This trading style didn’t rely so heavily on fundamentals … that pulled him in.
Michael hated fundamentals. He figured, “If this is a thing, it’s possible for others to do it, too.”
Learn how this chance finding led to Michael connecting to Richard Dennis and the premise for his unique TurtleTraders book.
The TurtleTraders Premise
Here’s a quick recap on the TurtleTraders story … It’s about how trader Richard Dennis, a Wall Street millionaire, made a bet that he could turn novice traders into success stories by teaching them his methods.
In the episode, you’ll learn the entire backstory behind the popular book. Fact: It actually had something to do with the movie “Trading Places” … Don’t miss this fascinating story.
Is It Possible to Find Success With the TurtleTraders Model?
If novice traders got rich using the TurtleTraders model of trend-following … can anyone do it?
Tim and Michael discuss some of the best ways to take advantage of the advice in this book in your own trading career.
They talk about sharp ways to approach trading if you want to avoid the scary 90% failure stats … And no SteadyTrade podcast would be complete without talking a least a little bit about your mindset. Learn why your attitude can be a huge contributor to success or lack thereof.
Could it really be as simple as learning the rules and following them? Tune in now!
Advice for New Traders
This episode is full of sage advice for new traders.
No, this isn’t for newbies who want to buy a Lambo next week. It’s for traders in it for the long haul. It’s for those who want to improve over time. Sound like you? If so, this episode has a ton of great info.
You’ll learn why Michael says, “buy and hold isn’t a strategy for trading.” And you’ll hear a sound argument for why you must know your exit before you get into a trade.
Michael and Tim also talk about stock research. Want pro tips on how you can make it more efficient and effective? Check out the full episode now.
They also dig into how your trades should be within what Michael calls a “narrow universe.” It’s a way to help you maintain as much control as you can.
And definitely don’t miss Michael’s favorite resources for new traders — including his own podcast, Michael Covel’s Trend Following Radio.
Got a Question?
Did you love hearing what Michael Covel had to say? What are your thoughts?
If you have questions or comments, please send a line. Remember: if your question is chosen as an on-air topic, you could win a SteadyTrade mystery gift box. Drop a comment below or hit us up on YouTube.
Thanks for tuning in to the SteadyTrade podcast. Stay tuned for weekly episodes featuring the hottest topics for aspiring traders.
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