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Ep. 654: No Real Magic with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

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The Zero Sum Trading Game

Trading is a zero sum game when gains and losses are measured relative to the market average. Winning traders can only profit to the extent that other traders are willing to lose. On any given transaction, the chances of winning or losing may be near even. To trade profitably in the long run, you must know your edge.

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