Ep. 744: TurtleTrader with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Statistic Mindset of Larry Bird
To add to a losing position was like being the kid who's been burned on a hot stove once already but puts his hand back on the stove just to prove it was the stove that was wrong. If after taking a small loss the turtle got a signal to get into the market again, they got back in. An example using legendary hedge fund manager Paul Tudor Jones best explains the point. He went through this process 10 or so times in a row until he got a position that actually kept trending.
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Transcript
