Ep. 758: The Foundation of Good Trading with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
00:00
The Three Golden Rules of Speculation
Ricardo: Never refuse an option when you can get it. Number two, cut short your losses. Number three, let your profits run on. These are indeed golden rules and may be applied with advantage to innumerable other transactions than those connected with a stock exchange. That is from 1830. I don't have the exact date for that one in front of me, but if you call me wrong, I'm almost positive it's 1830. The common delusion that expert knowledge is not required in speculation has wrecked many fortunes and reputations in Wall Street. And though it is popularly believed that any man who has money can speculate, yet the ordinary man without special training in the business is liable
Play episode from 38:41
Transcript
